So I've been rebuilding for a while now. 3 months ago I was instantly approved for the Walmart store card ($400) on the 15th I thought I would go ahead and apply for two of the three other GE cards I wanted Amazon, Chevron, (Lowes being the third I did not apply for.) Amazon was instantly approved for $400 but Chevron was denied so I didn't even try Lowes. I would like to try Lowe's in the next three months (but I would probably be better off gardening.)
EDIT: TU FICO IS 615, Walmart Fico as of 8/6 - 610 2 BADDIES (FIRST PREMIER CHARGE OFF, FALLS OFF 2/15; AND ONE NEVADA CU CHARGE OFF, FALLS OFF 5/15) AAoA from USAA is 2.3 years.
Take a look at the denial letter and tell me what I can do to get approved for Lowe's later this year if possible. Thanks.
GE Capital Retail Bank
P.O.Box 965014
Orlando, FL 32896-5014
08/18/2013
GE Capital Retail Bank has received your request for a credit program with CHEVRON AND TEXACO. Regretfully, your request cannot be approved at this time. The boxes checked indicate the following:
The request was judgmentally reviewed and denied for the following reason(s):
Our decision was based in part on a credit scoring system that was used to evaluate your application. The reason's where you did not score well compared with the other applicants have been determined and are listed below:
HIGH RATIO OF REVOLVING ACCTS OPENED LAST YEAR TO ALL REVOLVING ACCTS
(Means too many new accounts)
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
(First Premier and One Nevada Credit Union chargeoffs, won't fall off until 2015)
AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH
(Balances to high, because of midcycle update Wal-Mart card reported balance of $306/$400)
HIGH RATIO ACCOUNTS 30+ DAYS PAST DUE TO ACCOUNTS OPENED 3+ MONTHS
(No ideas, but in the last 3 months I have opened one Auto Loan with USAA everything else is more than 3 months old.)
If more than one agency is disclosed below and if box above is completed,the reason(s) shown in that box are based on the report provided by the first listed agency.
Some information used to make this decision was obtained from the consumer reporting agency (agencies) listed below. This consumer reporting agency (agencies) did not make this credit decision and is unable to provide you with the specific reason(s) for our action. If you want a copy of your credit report, or if you think that there is an error in your credit report, please contact the consumer reporting agency.
T.U. CONSUMER RELATIONS
2 BALDWIN PLACE, PO BOX 1000
CHESTER, PA 19022
800-888-4213
Information from an outside source other than a consumer credit reporting agency was relied on in whole or in part in reaching our decision.
Information about your External Credit Score used in this evaluation for credit
In addition, we also used a credit score developed by us in making our credit decision. Your credit score is a number that reflects the information in your credit report. Your credit score can change, depending on how the information in your credit report changes. The credit score below was developed using standard industry methods and was used to evaluate your application. The credit score may differ from the score you obtain from a consumer reporting agency.
Your Credit Score: 431
Date: 08/14/2013
Scores range from a low of 300 to a high of 620.
Key factors that adversely affected your credit score:
HIGH RATIO OF REVOLVING ACCTS OPENED LAST YEAR TO ALL REVOLVING ACCTS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
AVERAGE RATIO OF REVOLVING BALANCES TO CREDIT LIMITS IS TOO HIGH
HIGH RATIO ACCOUNTS 30+ DAYS PAST DUE TO ACCOUNTS OPENED 3+ MONTHS
SINCERELY,
CREDIT MANAGER
GE Capital Retail Bank
PLEASE SEE BELOW FOR IMPORTANT INFORMATION.
ALL PERSONS TO WHOM THIS LETTER IS ADDRESSED
Please direct any inquiries concerning this notice to the creditor whose name and address is located in the upper left hand corner of the reverse side.
Requests for a copy of your credit report should be sent to the credit reporting agency listed on the reverse side. If no agency is listed, a credit report was not utilized in making this decision.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Creditor: GE Capital Retail Bank. The federal agency that administers compliance with this law concerning this creditor is the Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20006.
Creditor: General Electric Capital Corporation. The federal agencies that administer compliance with this law concerning this creditor are the Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
Creditor: Monogram Credit Services. The federal agencies that administer compliance with this law concerning this creditor are the Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20006 and the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.
Under the federal Fair Credit Reporting Act, if a consumer reporting agency or agencies is identified in this letter, you have the right (i) to obtain, within 60 days from your receipt of this letter, a free copy of a consumer report on you from the identified agency or agencies and (ii) to dispute the accuracy or completeness of any information on you in a consumer report furnished by the consumer reporting agency or agencies.
OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Well, you have a really bad credit score. 431 on a range of 300 - 620. Lets adjust that score to fit a more normal 300 - 850 FICO range: 525. OK, that still looks really bad.
Basically they let you have a credit card with a very small limit. Applying for that card dinged your credit score, and being granted the new credit card dinged your score some more. 3 months isn't much time for a score to recover, but you managed to squeak in one more approval for another small credit limit, once again dinging your score twice.
But don't expect GE to keep approving cards for you.
You need to age those accounts and not apply for anything, so that your credit score can improve. And figure out what baddies you have on your credit reports, and do whatever you can to improve that. You would probably get better assistance in the "rebuilding your credit" forum.
@Themanwhocan wrote:Well, you have a really bad credit score. 431 on a range of 300 - 620. Lets adjust that score to fit a more normal 300 - 850 FICO range: 525. OK, that still looks really bad.
Actually myFico says that my TU score is 615 which is what is pulled by GECRB, I know it is not great by any means but a 6 months ago I was in the 525 range, so I have been working hard on that.
@Themanwhocan wrote:
You need to age those accounts and not apply for anything, so that your credit score can improve. And figure out what baddies you have on your credit reports, and do whatever you can to improve that. You would probably get better assistance in the "rebuilding your credit" forum.
Also the only 2 baddies on my report are First Premier and One Nevada Credit Union of which neither will budge. I have made every offer and attempt possible to get them removed. But thanks for the insight, I appreciate all the help that I can get.
I'd say just stick with what you have right now and garden a bit 6 months then try GE again they are very giving IMHO ... and looking at your sig you stil havent done quite so bad for yourself i still cant get approved for Chase Freedom .... although its not one of my preferred cards but still lol...
@shaun2009 wrote:I'd say just stick with what you have right now and garden a bit 6 months then try GE again they are very giving IMHO ... and looking at your sig you stil havent done quite so bad for yourself i still cant get approved for Chase Freedom .... although its not one of my preferred cards but still lol...
The Freedom is my girlfriends card, was an AU, then Chase offered to make it a joint account so we did. So I am not quite sure how it works, but I think that it is just a glorified AU account that I am financially responsible for.
