30 second online decision, Deception? Please note

[pokerpro]

I am eager to know what happens with all those online 30 second self-proclaimed decisions

I have not tried that route in years, but I was always turned down before granted I had a FICO of 500 or so 5 years ago

but now I have a 687 score, and without getting into details I have a bankruptcy back in 04, and my current credit utilization is less than 10 percent.

But what is really factored in those scores in such a quick decision,

any experience feedback would be appreciated

Message Edited by pokerpro on 08-26-2008 02:46 PM

[smallfry]

The public records pops immediately. That's enough to kill a lot of deals especially with one so recent.

[pokerpro]

smallfry -

thank you so much for the feedback

I am able to conclude now that FICO score for a guy like me is mis-leading even if I go above the 700 since the public record will still show for another 5 years or so

[haulingthescoreup]

There are any number of cards that you can get with a semi-recent BK (see the thread stickied at the top of the page), but you might get declined with the instant approval. If this happens, you'll want to call back for recon and have a human go over your reports with you. Therefore, you'll want to go with banks that have a reputation for being willing to recon, as well as working with BK's.

[smallfry]

IF you have decent income no new accounts and a good DTI you might be successful with Penfed. I would call them and ask a CSR how they would view you. Make sure your utilization is low. You might get some info. Good luck.

[anca21bi]

What might be some banks that will do a recon?

[pokerpro]

Smalfry -

I have less than 10% utilization ratio, but the wife just opened two new accounts one is AMEX which shows on my report as an Authorized user

would that count as a new account against me in consideration at a place like Penfe

[Anonymous]

If the open dates are less than a year old on AU accounts they will appear like new accounts to the AU as well.

Amex reports Month of application and member year when they report.

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pokerpro wrote:

Smalfry -

I have less than 10% utilization ratio, but the wife just opened two new accounts one is AMEX which shows on my report as an Authorized user

would that count as a new account against me in consideration at a place like Penfe

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[pokerpro]

Timothy - I just learnt that the hard way

PLUS score droped from 680 to 666 cause its a new account

do I play the time game and wait to get the benefit out of the 15,000 CL

or do I just delete my name off the account, if I could

[Anonymous]

Unless you are applying for credit in the next 60 days-

I say wait it out.

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pokerpro wrote:

Timothy - I just learnt that the hard way

PLUS score droped from 680 to 666 cause its a new account

do I play the time game and wait to get the benefit out of the 15,000 CL

or do I just delete my name off the account, if I could

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