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

[Chris123nTx]

Chase pulled experian for me. Im in Texas, could be different where you are. Preapproval letters are by no means a guaruntee that they will give you a cc.

[MarineVietVet]

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@Anonymous wrote:

No, I mean they finished reviewing my info and setting up my checking account. I haven't applied for a card with them.

What's a FAKO score? Fake FICO? lol

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(With all due credit to long time member llecs for this):

"Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores. Experian and TransUnion do not sell FICO scores on their website. We call these non-FICO scores, FAKOs, and can easily be as much as a few points to 100+ points off your real FICO when pulled the same day. If it didn't say "FICO" next to the score, then it isn't.

Other companies (e.g. freecreditreport.com, freescore.com, truecredit, creditkarma, Equifax Credit Complete, Quizzle, and dozens of others out there) sell scores, but they are nothing more than gimmicks and lenders don't use them. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. The scores are off because the formula is different, factors in different things as compared to FICO, and score ranges are different than FICO's (e.g. FICO is 300-850, Vantage is 501-990, PLUS is 330-830, TransRisk is 350-850, and so on)."

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[bichonmom]

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@Anonymous wrote:

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Since TU doesn't have any negative marks reporting then I would recommend to join the following credit unions that pull TU Navy Fed, Lake Michigan CU, Consumers Credit Union and talk to them about what card they could offer you based on your current credit criteria.

If you want to try for a credit card with a bank I would suggest Discover and Barclays since they pull TU most of the time

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Navy Fed pulled EQ for me.

GEMB pulls TU, and is a good way to start to build credit. Walmart (issued by GEMB) will also give you your monthly TU FICO free.

I'd try to GW the late payments, or else look through your records and see if you can substantiate that the payment was made timely. If so, I'd send that to the OC and ask them to remove.

One old late payment isn't the primary issue for you; it's establishing a postive credit history.

Capital One is a relatively benign way to start. They usually have lower AFs and have starter cards. The only thing is that you shouldn't expect the CL to grow. If you get a "step" card, you'll get one CL about 6 months later, and that's it. But it is a good way to establish credit. Avoid CCs like Orchard and First Premier at all costs. They gouge you with their fees.

I'd also talk with local CUs and see if they'd be willing to give you a lower limit card to start They are often more willing to work with you than the big CCCs. A secured CC with a CU or your local bank is another option.

Your "pre-approval" in all likelihood is not a guaratee of approval. It means they got info from the CRBs that meet certain minimum criteria for their promotional purposes. I wouldn't bank on approval from them.

As others have noted, your "scores" are not FICOs, they're FAKOs. Each CB has their own version of the credit score, but it's only FICO if it says, FICO(r). There can be a major difference between FICOs and FAKOs.

I also use USAA's CMS and it's really great. It's only $12.25 a month and you can see all 3 CRs. You can actually pull a new report daily if you want. They also monitor all 3 CRs and let you know of inquiries, new accts, etc. The only thing they don't notify you of is change in balances. So, if you want to see when a balance reports on a CC, you kind of have to watch that yourself. But it's a great service. Highly recommend it!

[Anonymous]

Thanks bichonmom. Man, this forum is full of helpful people!

My experian and equifax scores I got from the CC companies when they rejected me, so those would be real scores, right?

I've already tried twice to get a goodwill removal, but they told me federal regulation forbids them to report anything inaccurately, and they cited the code.

I'm really leaning toward applying for that Chase Freedom card because the rewards are fairly nice and no annual fee. Do you think it would be too big of a risk of getting rejected by them and making it harder to fall back on Capital One or my local credit union because of hard inquiries?

Also, related to hard inquiries, Amex got a report from Experian, and Citi Bank got a report from Equifax. Does that mean I'll have 1 hard inquiry on each report now, or do the bureaus share the info, causing me to have 2 hard inquiries on each?

[bichonmom]

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@Anonymous wrote:

Thanks bichonmom. Man, this forum is full of helpful people!

My experian and equifax scores I got from the CC companies when they rejected me, so those would be real scores, right?

 Yes... and no. Sometimes CCCs use their own algorithms and formulas based on FICO. So, they probably are FICO, but could be their own version. Also, there are different versions of FICO, which personally I don't keep track of (TU 98, TU 04, TU 08 and a couple of Beacons, which are EQ and CC-enhanced, etc.) It gets complicated. Personally, I just rely on the FICO trademarked logo. I *know* Walmart is giving me a true TU08 FICO, even tho it might be different than the TU98 FICO... I don't really care. I get  my EQ FICO with my EQ Scorewatch. (Note: other EQ product give the EQ score and NOT FICO.)

I've already tried twice to get a goodwill removal, but they told me federal regulation forbids them to report anything inaccurately, and they cited the code.

I seriously doubt disputing it will help. It will only come back verified and may even have an more current date reporting. I'd just let it age off.

I'm really leaning toward applying for that Chase Freedom card because the rewards are fairly nice and no annual fee. Do you think it would be too big of a risk of getting rejected by them and making it harder to fall back on Capital One or my local credit union because of hard inquiries?

 I don't really know. Most people will say it's not too many inq. But it does show the banks/CCCs that you're looking for credit, which can be to your disadvantage. You might want to post a thread asking about Chase Freedom and showing your credit history and ask if others who have gotten the CC think you could be approved. I have no exp w/Chase, but some have posted here really LOW CLs and needing to recon with them.

Also, related to hard inquiries, Amex got a report from Experian, and Citi Bank got a report from Equifax. Does that mean I'll have 1 hard inquiry on each report now, or do the bureaus share the info, causing me to have 2 hard inquiries on each?

One inq on EX and one on EQ. However, *sometimes* EX does pull more than one CR, if you're borderline and they're trying to get you approved.

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[Anonymous]

Thanks a lot, very helpful. I doubt I was borderline on Amex because I got an instant denial.