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@wacdenney wrote:
@Anonymous wrote:
@fot1 wrote:I would get the backdoor numbers and start calling. It might be as simple and not having a verifed income source on credit report.
Hope......?????
my friend Mantis suggests that I do recon.
however, that was after the Cap 1 denial. Many seemed to think that the cap 1 ( QS) was a logical choice. ( and the Cap 1 website said " very good chance")
Then my own cards denied my CLI requests.
Sosomething is very wrong
Possibly something a simple as income...as you thoughtfully suggest.
But with 3 denials .... I shall wait.
I suggest you recon as well. At this point you have nothing to lose. Start with Lowes and get on the phone and give Credit Solutions a call. Next call Barclay and they might actually tell you why you were denied.
I don't know how much good a Cap1 recon would do, but I would definately call Credit Solutions on the Lowes card and Barclay on the Sears card. There's no real reason not to now that they've already done the hard pulls.
Now that make sense..
When you tried the Capital One pre-qualier, did it say "Congratulations! We think you'll like this pre-qualified card offer..." or did it say "We recommend..."? And after you applied did it say you were denied or did it give you the standard "we'll let you know in 7-10 days"?
Also, this might sound like a silly question, but you did put your "annual" income amount on the apps, and not your "monthly" income right?
@Anonymous wrote:
@Anonymous wrote:That sucks, I would be so mad at all those HP.
They are rolling in.....but the CS is holding firm. It had been improving but it has leveled off and not lowered.
Sorry about the denials, but I would not expect too much score impact from the HP on each bureau.
I would suggest taking a step back, and not reconing the CapOne card. You have a fairly short CC history, with relatively significant utilization balances.
You have income from your rental units. Where do you bank that cash? What bank handles your checking account? Has that been a two year (or longer) banking relationship? This leads to a suggestion to talk directly with that bank, or credit union, in branch, to see if they have any credit cards which you could apply for. If it is a bank like Bank of America or US Bank, even their secured card products are an option to get started on a third card.
@Anonymous wrote:Also, this might sound like a silly question, but you did put your "annual" income amount on the apps, and not your "monthly" income right?
I was wondering the same. Utilization is likely the reason for the denial, and a smaller possibly contributing factor may be no single 5K or higher credit line.
@Anonymous wrote:
@Anonymous wrote:Also, this might sound like a silly question, but you did put your "annual" income amount on the apps, and not your "monthly" income right?
I was wondering the same. Utilization is likely the reason for the denial, and a smaller possibly contributing factor may be no single 5K or higher credit line.
Yikes....now I can't remember. The quicksilver was there and then the venture below. Said "you might like this one as well".
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Also, this might sound like a silly question, but you did put your "annual" income amount on the apps, and not your "monthly" income right?
I was wondering the same. Utilization is likely the reason for the denial, and a smaller possibly contributing factor may be no single 5K or higher credit line.
Yikes....now I can't remember. The quicksilver was there and then the venture below. Said "you might like this one as well".
Well I suppose if you do recon you can ask them what they have as your income so you can make sure they have your annual income and not monthly. As for Capital One, when I got my first card with them I wasn't approved right away. I got the "we'll let you know our decision by mail in 7-10 days." The card came in the mail about 2 weeks later. So there's a chance it could still be approved, especially if you were pre-qualified for it. Maybe they just need verification (or perhaps you listed your income wrong.) You can wait for the letter or just give them a call to see.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Also, this might sound like a silly question, but you did put your "annual" income amount on the apps, and not your "monthly" income right?
I was wondering the same. Utilization is likely the reason for the denial, and a smaller possibly contributing factor may be no single 5K or higher credit line.
Yikes....now I can't remember. The quicksilver was there and then the venture below. Said "you might like this one as well".
Well I suppose if you do recon you can ask them what they have as your income so you can make sure they have your annual income and not monthly. As for Capital One, when I got my first card with them I wasn't approved right away. I got the "we'll let you know our decision by mail in 7-10 days." The card came in the mail about 2 weeks later. So there's a chance it could still be approved, especially if you were pre-qualified for it. Maybe they just need verification (or perhaps you listed your income wrong.) You can wait for the letter or just give them a call to see.
I am somewhat frazzled...I will look at the rejection letter and compare with the CLI denials and take stock. hopefully there is a common thread (income ?) . I should give you all a little break as well
UTILIZATION, INQUIRIES, and asking for CLI would be concerning for CC companies.
When too much activity is found within 2 years your score starts to dip along with increasing chances of being denied for anything.
Too much activity can be DUMB, just 3 INQUIRIES in that time frame (2 Years) will start to harm you. Companies like to see 2 or less in 2 years.
UTILIZATION is also a major factor, companies like to see 30% or less of the card being used at any given time, going over this produces a risk for them.
@Anonymous wrote:So sorry.
You do have great scores and sounds like a great report! My guess would be Utilization as the only thing holding you back. Lowes is at 50% and Barclay at 75%. With rent being as it is, the DTI looks a bit weary for a lender IMO.
If your Utlization was dropped to 20% total, 10% and 10%, not only would those good looking scores raise to great levels, but your chance of cards I bet would dramatically increase. Rumor mill states 1-9% as the best, but let's be realistic here, under 20%.
Just my thoughts.
+1, the red flag is that the little credit you do have is almost maxed out. If you don't have a lot of active accounts and you have high utility it's a huge red flag. Pay them down and then apply.