@Seatown1two wrote:I guess I'm going to recieve a letter in the mail explaining why I was denied. My AAoA is 6 years, 1 paid tax lien, 7 collections reporting, no late payments for over 4 years. Actually guess I'm not too surprised I was denied. Utilization was around 21% on report that was just checked. Might there be any other hope for me in obtaining new credit??
There are your 2 reasons. Almost guaranteed.
@Carlile92 wrote:
Yes Barclays will approve you maybe not instantly but call for recon and I bet they approve with a decent cl depending on card wanted
I'm not so sure they would with 7 collections and 1 public record reporting. I would try to get these removed before apping for anything else.
@Seatown1two wrote:Just received the email response from walmart and they listed the following reasons for denial:
LACK OF INSTALLMENT LOAN INFORMATION
HIGH RATIO OF REVOLVING ACCTS OPENED LAST YEAR TO ALL REVOLVING ACCTS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
SUM OF CREDIT LIMITS ACROSS ALL OPEN REVOLVING ACCOUNTS TOO LOW
NUMBER OF INQUIRIES ON CREDIT REPORT
Is there any chance to recon this or would it be best to garden for another year and try again?
You can try, but these 2 are gonna be hard to recon.
@Anonymous wrote:I plan on applying for Walmart later in the year. I still have 3 old COs/collections listed on my TU report. My Fico for TU is 711. Will those collections cause me to get a denial too? Can you have NO collections listed on your report in order to get approved?
You can have collections/public records (I only had the public record when I was approved). But multiple ones I'd say 3+ either/or can make you look bad. esp. if they are recent and unpaid.