Hello community, this is my first post 
I have no idea why I'm getting rejected for credit. I opened my first account with my utility company, and the results of their "credit check" indicated that I had to put a deposit down to open the account. I've also been turned down for a couple credit cards.
My FICO score is 747. Perfect payment history. $10K outstanding student loans. The only negatives in the report are a "short revolving history" and a "short account history," both at just under 5 years. I have just one credit card, with a $600 limit (they refuse to increase it!) I recently paid in full a $25K auto loan after making payments on it for 4 years. I also have a Macy's store card open for 5 years but never used. I recently ran a free report from all 3 big agencies and they all looked the same (although they didn't give me numerical scores.)
What gives? And, how can I determine exactly why these credit companies or utility companies don't like my score?
@Anonymous wrote:Hello community, this is my first post
I have no idea why I'm getting rejected for credit. I opened my first account with my utility company, and the results of their "credit check" indicated that I had to put a deposit down to open the account. I've also been turned down for a couple credit cards.
My FICO score is 747. Perfect payment history. $10K outstanding student loans. The only negatives in the report are a "short revolving history" and a "short account history," both at just under 5 years. I have just one credit card, with a $600 limit (they refuse to increase it!) I recently paid in full a $25K auto loan after making payments on it for 4 years. I also have a Macy's store card open for 5 years but never used. I recently ran a free report from all 3 big agencies and they all looked the same (although they didn't give me numerical scores.)
What gives? And, how can I determine exactly why these credit companies or utility companies don't like my score?
Hello and welcome.
May I ask where you bought your score? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but they make it very hard to find.
Many places will sell you a "credit score" but if it's not a FICO it's really worthless as far as knowing that part of your credit profile. Also a credit score is often just one factor involved in granting credit.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Hi Lel, thanks for the reply.
I really only have one credit card -- I use it maybe once a month and always (automatically) pay the minimum balance, usually the full balance. The other card is a Macy's charge card that I have never used. I don't even have the physical card. I wonder if I should try to close that account?
I was employed for 3 years the last time I applied for a CC and was offered only a low $500 limit. Now I've moved into the exciting realm of an unemployed grad student racking up student loans 
Concerning the utility company, I suppose it could be because I have moved often. They wouldn't say. I'm not sure why they would run a credit check at all, then.
You also note that your credit history is short. That can make a difference. Creditors like to see a long history of proper management of credit. Here is how your score is broken down:
What is your AAoA (Average Age of Accounts)? FICO High Achievers (760+) have an AAoA of between 6 and 12 years. Also their oldest account was opened on average 19 years ago. So you can have a nice score but still be penalized for a short history.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@Anonymous wrote:
Hi Lel, thanks for the reply.
I really only have one credit card -- I use it maybe once a month and always (automatically) pay the minimum balance, usually the full balance. The other card is a Macy's charge card that I have never used. I don't even have the physical card. I wonder if I should try to close that account?
I was employed for 3 years the last time I applied for a CC and was offered only a low $500 limit. Now I've moved into the exciting realm of an unemployed grad student racking up student loans
Concerning the utility company, I suppose it could be because I have moved often. They wouldn't say. I'm not sure why they would run a credit check at all, then.
Yeah, I know something about life as a grad student. The lack of income (and increasing debt) could be a difficult hurdle. Are you applying for student cards? Back in the day, it was quite easy to get credit cards, even in the absence of an income. If I recall correctly, I think one CC company used my loan disbursements as "income" to qualify me for their card. I bet they're not doing that any more.
Don't close the Macy's card. Keep it open, because it is helping your average age of accounts. You might want to consider requesting a replacement card and using it every once in a while, so that it doesn't get involuntarily closed.
