Rejected for 2 CCs. Need some help with a couple questions

[Anonymous]

I'm trying to get a credit card to 1) build credit and 2) get some rewards from my purchases. I had 1 store credit card in the past, but I closed it because I wasn't using it and I didn't know anything about how credit scores are calculated at the time (I did a bunch of research recently, so I understand now). 

I haven't had much luck in getting a credit card; 2 applications rejected. I'll make this post in chronological order so you can see the process I went through.

• Got my Transunion score from creditkarma.com: 695
• Got my Transunion credit report: no bad marks.
• Applied for Amex Blue cash card, got instantly rejected. They told me my Experian score is 652.
• Got my Experian credit report: one 30-day late payment on a student loan that's closed out.
• Applied for Citi Forward card, got rejected after a review of my report (not instantly). They told me my Equifax score is 605.
• Got my Equifax credit report: same 30-day late payment, no other bad marks.
• Tried sending a goodwill letter to my college to have the bad payment removed, but no luck.

So that's where I'm at now. I have 2 questions for you guys:

1. Should I try disputing the late payment with the credit bureaus, saying my payment wasn't late? I'm hoping they either won't care enough to investigate and just delete the record or will be unable to verify the late payment.
2. I have an application letter sitting here for a pre-approved Chase Freedom card. Should I apply for that one since they already pre-approved me? Also, the letter says $150 cash back for signing, though I've seen $200 offers online. Will I have a better chance of being accepted for the Freedom card if I go through the "pre-approved" letter they sent me, or can I apply through a $200 offer and have the same chance of being approved?

Thanks for your help.

[tcbofade]

I would suggest that you apply through the pre approval offer.

If you get denied, I would suggest you consider a Cap One type card.

Good luck!

[Anonymous]

Doesnt sound like you have too many inquiries right now and you have decent to good scores. Go ahead and app for the Chase freedom and if you are denied try a recon. If you are still denied then go for the capital one no hassle cash rewards card for average credit and wait 6 months and see how your scores improve.

How old is your 30 day late?

[Anonymous]

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@Anonymous wrote:

I'm trying to get a credit card to 1) build credit and 2) get some rewards from my purchases. I had 1 store credit card in the past, but I closed it because I wasn't using it and I didn't know anything about how credit scores are calculated at the time (I did a bunch of research recently, so I understand now). 

I haven't had much luck in getting a credit card; 2 applications rejected. I'll make this post in chronological order so you can see the process I went through.

• Got my Transunion score from creditkarma.com: 695
• Got my Transunion credit report: no bad marks.
• Applied for Amex Blue cash card, got instantly rejected. They told me my Experian score is 652.
• Got my Experian credit report: one 30-day late payment on a student loan that's closed out.
• Applied for Citi Forward card, got rejected after a review of my report (not instantly). They told me my Equifax score is 605.
• Got my Equifax credit report: same 30-day late payment, no other bad marks.
• Tried sending a goodwill letter to my college to have the bad payment removed, but no luck.

So that's where I'm at now. I have 2 questions for you guys:

1. Should I try disputing the late payment with the credit bureaus, saying my payment wasn't late? I'm hoping they either won't care enough to investigate and just delete the record or will be unable to verify the late payment.
2. I have an application letter sitting here for a pre-approved Chase Freedom card. Should I apply for that one since they already pre-approved me? Also, the letter says $150 cash back for signing, though I've seen $200 offers online. Will I have a better chance of being accepted for the Freedom card if I go through the "pre-approved" letter they sent me, or can I apply through a $200 offer and have the same chance of being approved?

Thanks for your help.

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Hi crmccar and welcome to the forums!  Glad you're here.

And the answer to your question highlighted in red is - No. Never dispute accurate information.  Doing so violates our Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines that prohibit the promotion of certain types of credit repair. Please read these guidelines before posting anything further about credit repair.

Thanks for contributing to these forums and for your cooperation!

[Tommy5746]

Capital One or maybe even Orchard Bank may be your best shot.. Of course expect an annual fee... BUT its a small price to pay to rebuild your credit. Whatever you do don't be lured into FirstPremier! From what you tell me I can almost guarantee you'll be getting a "pre-approval" letter from FirstPremier any day now..

[learnin113]

Look into either getting a CU account/credit card or a card from a not so prime lender (Barclays/Crap 1/Orchard)

[Anonymous]

Thanks for the replies! This certainly is an active forum.

Dadaluma83: The late payment is from May 2007, so it'll be gone in a couple years, but there are a lot possible reasons I might wish I had a higher score before then.

beamMEup: Noted. I actually don't remember if the payment was late or not. I may have been trying to set up an auto-pay at the time.

Also, does anyone have any insight on whether I'd be more likely to be approved for the Chase Freedom through the pre-approval letter? I'd like to the $200 signup bonus rather than the $150, but I'd give it up if it improves my odds.

[navigatethis12]

Does the letter actually say pre-approved? If not, then it's just inviting you to apply. I'm not an expert at these things. But 605 is not very high. Creditkarma doesn't give the Fico score, which is what most lenders use. Although sometimes Chase uses their own scoring system.

If you choose to respond to the mailing for $150, if approved you can message or ring them and tell them you saw an offer for $200 (there is also one for $300) and you would like to know if they could credit you the difference.

[Anonymous]

Yeah, it says pre-approved on it, but I'll take a closer look at it when I get home.

Actually, all three numbers I listed are FICO scores, just from the different credit bureaus. Here's what wikipedia has to say about it:

"Each individual actually has three credit scores for the FICO scoring model because the three national credit bureaus, Experian, Equifax and TransUnion, each has its own database. Data about an individual consumer can vary from bureau to bureau."

Good idea with calling them about the bonus. Maybe I'll try that.

[navigatethis12]

If it's from creditkarma it isn't a Fico score. Creditkarma gives you what Transunion calls a Transrisk score which is something they made up on their own. They also give a Vantage score which is something the three major bureaus cooked up together. Neither of these scores are used by any lenders that I know of, certainly not Chase, and in my opinion is just a way to get money out of people if you pay for it. Your Fico score can be close to these scores, it could be higher, lower, or the same. So you can use it as a guidline.