So Frustrated

[Anonymous]

Been working hard to improve credit situation. Finally achieved scores in mid-600's after starting around 500.  understanding that there are two ways to improve utilization, I decided to apply for 3 cards today (Discover IT, BOA Rewards, Chase Freedom). Got the dreaded, we cannot make an instant decision message on all 3.  very frustrating since the inquiries will bring the score down even further. 

[Anonymous]

Call the back door / analyst numbers in the sticky in this forum and recon right away. Ask them if there is any information you can provide to help their decision along.

[FinStar]

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@Anonymous wrote:

Been working hard to improve credit situation. Finally achieved scores in mid-600's after starting around 500.  understanding that there are two ways to improve utilization, I decided to apply for 3 cards today (Discover IT, BOA Rewards, Chase Freedom). Got the dreaded, we cannot make an instant decision message on all 3.  very frustrating since the inquiries will bring the score down even further. 

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What do you believe is holding you back?  Keep in mind that lenders consider several factors for creditworthiness and scores alone are not the only item they look at.  What was your AAoA when you applied and how old is the oldest account?  How about your overall utilization?  Inquiries in the last 6-12 months?  How about any derogs?

[Anonymous]

I can only see two things on my report that could be holding it back. First, utilization on current cards is above 50%. i will have this down to the 1% -9% range by March. Secondly, there is a 30 day late that was as recent as 6 months ago.  Been on-time before and after. AAoA is 11 years. Income @ 140k. One mortgage payment, 1 car payment, 3 cc payments. employment history is good. 10 years at current employer. 

[Anonymous]

+1

Definitely call and recon. And if that doesn't work, nicely ask for a supervisor for re-consideration. Have your info in front of you so you can give good and clear answers.

Companies WANT to give credit, because that's how they make money. If you can prove you're a good risk, they'll do it. Show them how much you're working to improve things (without mentioning how bad things were).

[Anonymous]

Thanks everyone for the responses. I will definitely give them a call tomorrow. 

[Creditaddict]

you may not see a single point change with a few INQ's.... people really hold way to much concern to INQ's.

People with super high scores will see more change with INQ's then people in the lower range.

I would also suggest trying pre-qual on some of these sites in future before cold applying.

have you had the chance to call anyone yet to see what they like/don't like on the credit?

[wHiTeSoL]

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@Creditaddict wrote:

you may not see a single point change with a few INQ's.... people really hold way to much concern to INQ's.

People with super high scores will see more change with INQ's then people in the lower range.

I would also suggest trying pre-qual on some of these sites in future before cold applying.

have you had the chance to call anyone yet to see what they like/don't like on the credit?

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+1 and the more INQs you have typically the less each one impacts. Going from 0 > 1 normally is the hardest hit (although still very small) and 6>9  for instance may not move at all. 

[FinStar]

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@Anonymous wrote:

@I can only see two things on my report that could be holding it back. First, utilization on current cards is above 50%. i will have this down to the 1% -9% range by March. Secondly, there is a 30 day late that was as recent as 6 months ago.  Been on-time before and after. AAoA is 11 years. Income @ 140k. One mortgage payment, 1 car payment, 3 cc payments. employment history is good. 10 years at current employer. 

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IMO, it's gonna be a tough sell on your high utilization and if you recently had a late payment (i.e. less than 6 months) on one of your tradelines, that can definitely spook any prospective lender from extending any additional credit as this is demonstrative of some signs of trouble and overextension.  If you feel that your profile warrants reconsideration, then give it a try.  However, chances seem skecthy if not borderline at best, YEMV.

[FinStar]

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@Anonymous wrote:

+1

Definitely call and recon. And if that doesn't work, nicely ask for a supervisor for re-consideration. Have your info in front of you so you can give good and clear answers.

Companies WANT to give credit, because that's how they make money. If you can prove you're a good risk, they'll do it. Show them how much you're working to improve things (without mentioning how bad things were).

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This is not totally acurate.  Financial instituions make money in a variety of ways and they will extend credit to creditworthy individuals - that's the distinction.   If it were that easy, then everyone would qualify.  All lenders have various standards to assess risk and it is up to them to decide whether those risks are worth it by extending such a relationship.  Some reconsiderations are successful, others not so much (even after a 2nd, 3rd or 4th attempt).  It all depends on the lender and their underwriting standards.