Hello:
In response to your post, I thought I'd add mine. I just received the same denial (using same scoring system) from GE Capital Retail Bank for a recent app at Walmart. My current TU FICO (myfico) score is 570. This is my 1st app after a bout with unemployment 7 months ago (cost me some 30 and 60 day lates). Prior to that, no lates for over 2 years with a couple of new toy limit subprimes CC's opened between 1-2 years ago as rebuilders.
I did not expect to be approved but wanted to find out where I was at on GE's scoring system as I'd like to take a shot at another GE serviced account next year. I had read about this scoring model on another site, looks like GECRB and others are using this scoring now (or at the very least - on their decline letters). Hope this helps others to not have to waste an INQ.
"GE Capital Retail Bank has received your request for a credit program with WALMART. 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:
TOO MANY ACCOUNTS OPENED IN LAST 24 MONTHS HAVE BEEN 30 DAYS PAST DUE
TOO MANY ACCOUNTS 30 OR MORE DAYS PAST DUE IN LAST 12 MONTHS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
HIGH RATIO ACCOUNTS 30+ DAYS PAST DUE TO ACCOUNTS OPENED 3+ MONTHS
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,POBOX1000
CHESTER,PA19022
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: 395
Date: 12/11/2011
Scores range from a low of 300 to a high of 620.
Key factors that adversely affected your credit score:
TOO MANY ACCOUNTS OPENED IN LAST 24 MONTHS HAVE BEEN 30 DAYS PAST DUE
TOO MANY ACCOUNTS 30 OR MORE DAYS PAST DUE IN LAST 12 MONTHS
ACCOUNTS IN COLLECTION OR 60 DAYS PAST DUE OR ADVERSE PUBLIC RECORDS
HIGH RATIO ACCOUNTS 30+ DAYS PAST DUE TO ACCOUNTS OPENED 3+ MONTHS
SINCERELY,
CREDIT MANAGER
GE Capital Retail Bank"
