I am helping my bf work on his credit score. He has never had a real credit card. He had a charge account for a jewelry store that was in good standing when it closed and he has an account with Old Navy that reports as open but he never used it.
He applied for a Capital One card and we expected that he would only be approved for the secured card which is fine. HE WAS DENIED !!!
We got the letter in the mail that explained he can't have any Capital One accounts without a checking account. UGH!!! I was so mad when he told me he closed the account, had i known i would have made him wait to apply. Obviously, you can't have a credit card if you don't have a way to pay on it. He said that every month he was being charged a fee for paper statements that he wasn't getting. Grrrr i sent him to the bank to fix this over a year ago and apparently the fees drained the account.
Well, since then i made him open a checking and savings account with a credit union and i am now in charge of how they are all to be handled.
Is it possible to have him call Capital One and explain that he has since opened a checking account? Would they review his application without doing another HP?
BTW, i have informed him that from now on, he is to refer to me a SWMBO (She Who Must Be Obeyed) 
@Creditaddict wrote:1. Was the application in the last 30 days?
2. What was his credit score they listed? I assume EQ?
Yes, he apped on the 5th of this month.
Score was 591 from TransUnion.
The letter we got shows 4 reasons, first one is no checking account. The 3 other reasons they give seem like they are just there to fill the lines in but they say they are from Experian and Equifax. He doesn't have much of a credit history besides a car loan from years ago and student loans.
@Creditaddict wrote:
Send a Facebook message to capital one for them to call you about an application and they will very quickly and ask them reconsider as he has bank accounts now and trying to build repationship.
But I would address the baddies, can't believe his score would be that low just because of no credit.
+1
I agree as well to see what is keeping his score down. Based on what you said he has, his scores should be higher.
18 late payments on student loans, those are his baddies. He is starting loan rehab soon, the paperwork just came today.
The rest of his credit report is good, there are a bunch of loans and charge accounts that are good but closed. The only open account he has is from 2009, its an Old Navy with a $600 limit and he doesn't even remember opening it.
In 2012 his score was 741 and then when i noticed the loans went bad i checked his scores. On the 6th EX showed 524 (bank denial) and on the 5th TU was 591 (from capital one's letter). Everything he remembers ever having is still on his credit report so i don't see how the score drop could have been from goodies falling off.
I am guessing that there just isn't enough good to dilute the bad. While he rehabs his loan i will be figuring out what else i can do.
There is always the chance that recon'ing the app could work, but the baddies definitely will take center stage in the process. It never hurts to try... if denied through the recon, see how things look again in a few months.
@Carrie_in_Pa wrote:18 late payments on student loans, those are his baddies. He is starting loan rehab soon, the paperwork just came today.
The rest of his credit report is good, there are a bunch of loans and charge accounts that are good but closed. The only open account he has is from 2009, its an Old Navy with a $600 limit and he doesn't even remember opening it.
In 2012 his score was 741 and then when i noticed the loans went bad i checked his scores. On the 6th EX showed 524 (bank denial) and on the 5th TU was 591 (from capital one's letter). Everything he remembers ever having is still on his credit report so i don't see how the score drop could have been from goodies falling off.
I am guessing that there just isn't enough good to dilute the bad. While he rehabs his loan i will be figuring out what else i can do.
Since he has nothing positive on his reports, the baddies are impacting his score. It's admirable that you are helping him but it would be better for him if he takes an active role in repairing his credit. This way, he'll see how much work is involved when undoing late payments and not remembering accounts are being closed.
Just my .02.
