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Learn from my Denials!! (and approvals)

cvltmxnd
New Member

Learn from my Denials!! (and approvals)

I made the mistake of relying on credit karma before I applied for new credit. Not saying that their score isn't accurate, they just don't show experian's scores. Turns out, a colletion agency took an old debt and renewed it making it look like I missed payments. I didn't realize this until it was too late. Thankfully I used my brain and instead of just applying for regular credit cards I went for retail cards as well. Before this credit grab I only had two secured capital one cards (1000CLI, 550CLI), an auto loan(13,000), a Zales card(1,000), and a Blue Nile card (13,000).

 

Below is what my denial letters said from each place I applied for. Also I will list the places that did approve me. All of these credit cards were applied for within a week.

 

DENIALS:

 

Card: Barclays Hawaiian Airlines Card (thought I could get one since no one is traveling anymore)

Pulled from: Transunion

Score: 666

Denial Reasons:

-Bankcard utilization too high (Zales and 1K Capital One at 0 balance. The 550 C.O. was at 495.)

-Recent Deliquency ( Ive had 43 months of on time payments so it must be the old repo)(also in 2017 bank of the west chared off a balance of 146 which I paid right after.)

-Insuffient Credit History (oldest account is almost 4 years old) (average of a little over 2)

-Presense of Charge off Accounts (old repo from the divorce in 2015)

 

Card: Wells Fargo Platinum Visa

Pulled from: Experian

Score: 620

Denial Reasons: 

-Serious Delinquency

-Too many accounts with balances

-Length of time revolving accounts have been established

-Proportion of balances of credit limits is too high on revolving accounts

-Number of credit bureau inquiries

 

Card: Discover it with 0% APR for 14 months

Pulled from: Equifax and Experian

Score: 659

Denial Reasons: 

-Delinquency

-Collections filed

-Length of Credit

 

Card: Express Card (retail card)

Pulled from: Equifax

Score: 720

Denial Reasons: 

-Too many inquires (this was at the end of my credit grab)(9th application in)

 

Card: Gordon Jewlers

Pulled from: Experian

Score: 674

Denial Reasons:

-Delinquent Status on account

-Lack of first mortgage account

-Not enough available credit on revolving accounts

-Unpaid collections

 

APPROVALS:

 

Below are the cards I was appoved for. I looked at my credit report to see what bureaus they pulled from. I don't know what scores I had when I was apporved but all of this was done within a week. 

 

Card: Target Red Card

Pulled from: Equifax

Credit Limit: 1,000

 

Card: Amazon

Pulled from: Transunion

Credit Limit: 1,600

 

Card: GAP Visa

Pulled from: Transunion

Credit Limit: 2,000

 

Card: JC Penny

Pulled from: Transunion

Credit Limit: 500

 

Card: Kohls

Pulled from: Experian

Credit Limit: 300

 

Card: Helzberg Diamonds

Pulled from: Equifax

Credit Limit: 3,100

 

Card: Discover it with 24.49% APR

Pulled from: Experian and Equifax

Credit Limit: 1,250

 

BONUS**

CREDIT LIMIT INCREASE ON MY ZALES FROM 1,000 TO 1,750. (suprised they gave me an increase because by this time I had put a freeze on Equifax and Transunion.)

 

** I did this to increase my overall credit so that my utilization would go down. Also I wanted to have at least 11 accounts so that  I could show that Im responible enough to handle multiple accounts.

 

** I placed a credit freeze on all three credit bureaus and I will not be removing untill 2022 when all of my inquiries are off. Also by then I will have two more years of handling multiple accounts. I should be able to buy real estate in 2022 with no problem.

 

I've made a lot of mistakes so hopefully this information helps the next person who's deciding on if they should apply for a card or not.

On the road to 800...
32 REPLIES 32
slickwidit
Frequent Contributor

Re: Learn from my Denials!! (and approvals)

Congratulations on your approval spree

"Achieving your goal is great and everything.. But The journey is where all the amazing stuff happens" *Slickwidit*
Score goals - 800+ (85 points away)
Message 2 of 33
AllZero
Super Contributor

Re: Learn from my Denials!! (and approvals)

Congratulations on your approvals!

Message 3 of 33
M_Smart007
Epic Contributor

Re: Learn from my Denials!! (and approvals)

Welcome To myFICO Forums and

 

 

 

 

 

Message 4 of 33
nuohlac
Valued Contributor

Re: Learn from my Denials!! (and approvals)

Congrats!!!








Message 5 of 33
UH_HUH
Valued Contributor

Re: Learn from my Denials!! (and approvals)

Congratuations on those approvals!!

Allways look on the bright side of life,

Now I have the Monty Python song stuck in my head!!

Enjoy your success,

Cheers

Message 6 of 33
jberry
New Contributor

Re: Learn from my Denials!! (and approvals)


@cvltmxnd wrote:
 

 

 

** I did this to increase my overall credit so that my utilization would go down. Also I wanted to have at least 11 accounts so that  I could show that Im responible enough to handle multiple accounts.

Nice!!! and Congrats! This is exactly what im doing, trying to get cards to get my overall credit utilization lower, hasnt been working out, PayPal did give me a good SL of $7,800 - really felt I got lucky there, trying for NavyFed now, after that im gonna be in the garden awhile Smiley Happy Thanks for posting! 

Message 7 of 33
jberry
New Contributor

Re: Learn from my Denials!! (and approvals)

Also wanted to ask if you tired the Toyota Card?? there is a pre appoval:

 

https://d.comenity.net/toyotacreditcard/pub/prequalify/Prequalify.xhtml

Message 8 of 33
CreditAggie
Senior Contributor

Re: Learn from my Denials!! (and approvals)

Congratulations on your approvals!

Current Cards (in order of approval):


Current FICO 8 | 9:

Credit Age:

Inquiries (24 month):

Banks & CUs:

Goal Cards:



Currently: 2/6, 2/12, 5/24
Message 9 of 33
cvltmxnd
New Member

Re: Learn from my Denials!! (and approvals)

Thanks!

On the road to 800...
Message 10 of 33
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