Clueless: why do I get rejected with a high FICO score?

[marty56]

Some other things to check.  Certian CCCs issue cards that they won't do a CLI on regardless of your FICO score.  Capitol 1 comes to mind.  Also some CCCs reject applications if you have another card with them, or have closed an account or had problems with them in the past.  Some don't like to see multiple apps or new accounts either.

[haulingthescoreup]

---

@GQ-007 wrote:

I'm a bit confused of your frustration. Either I mis-read your comments or you said you are unemployed. If that means you have no income, why would anyone extend credit?

---

Well, I'm not saying that this necessarily is so in this case, but depending on your major, many CCC's have historically fallen over students, even those without a current income. They want to sign you in early.

Engineering majors, IT majors, those who took the MCAT (medical school admission test), you wouldn't believe the offers they get.

I'm guessing that we French and psych and Ancient Mediterranean Civilization majors might not experience this.

[Anonymous]

---

@haulingthescoreup wrote:

---

@GQ-007 wrote:

I'm a bit confused of your frustration. Either I mis-read your comments or you said you are unemployed. If that means you have no income, why would anyone extend credit?

---

Well, I'm not saying that this necessarily is so in this case, but depending on your major, many CCC's have historically fallen over students, even those without a current income. They want to sign you in early.

Engineering majors, IT majors, those who took the MCAT (medical school admission test), you wouldn't believe the offers they get.

I'm guessing that we French and psych and Ancient Mediterranean Civilization majors might not experience this.

---

Yeah, they probably figure you guys are just crazy Frenchmen who would run off and live in the Bahamas after maxing out your cards. 

[Anonymous]

---

@GQ-007 wrote:

I'm a bit confused of your frustration. Either I mis-read your comments or you said you are unemployed. If that means you have no income, why would anyone extend credit?

---

This is a fair question, and I think others have offered some good replies.  In my case, I was employed and making a lot of money for years before voluntarily taking a few years off to go back to school full-time.  Since my credit score is good and I have some history of repaying large lines of credit, it seems that being temporarily unemployed might not detract much from my credit worthiness.

SO, after posting this thread yesterday I did some credit card research and decided to apply again for a card because some of my FICO variables have changed in the past few months. I was approved for a Citi Forward card with a limit of 10x what was offered to me last year and a 12.99 APR!  This is amusing given the timing of my post yesterday, but in any case I'm happy now, and I learned a few things from this thread.  I've also set a target to raise my FICO by 60 points this year (as a friendly wager with my girlfriend who claims to have an 810  )  Now to research how exactly I'm going to accomplish this feat...

[Anonymous]

I'm sure is is an old topic, but I have to voice my opinion here. When I ordered my triple credit report with scores (from Experian), I got back what I thought was good informative and useful info. What a found out today when I applied for a mortgage, this info is worthless (the scores). ONLY FICO scores are used.

I'm sorry. This is just another way to FRAUD the consumer once again. THERE SHOULD BE ONE SCORE for anyone, ever, not a score that can be manipulated in the interest and gain of the creditor. I can understand 3 agencies having different info, but when a company manipulates the data differently to derive a score AND WE ARE PAYING FOR IT, that is FRAUD!!. We need to all voice our opinions to these crooks.

I have spent a significant amount of money buying my credit info. I found LOTS of info in the reports to be wrong and got those fixed that were incorrect. I was delighted to see my new scores I thought were appropriate for my credit behavior, only to be shot down by a mortgage company anyway. WHAT A WASTE OF TIME and money! We need even more credit reporting fixes from our wonderful government I guess.

[marty56]

Welcome to the forum.  So it seems you have learned the difference between what we call a FAKO score and FICO score.  Places like Truecredit oofer an affordable way to monitor your credit report but the scores they offer and the advice they give to improve them are generally worthless.  Generally anything you do to improve your credit like reduce your debt or clean up invalid derog information will improve youe FICO score. 

A good stratedgy in the credit repair process would be to monitor your credit report and when the invalid items are taken off, then come here to pull your TU and EQ scores.

[Anonymous]

Then legislation should fix this descrepancy. It is fraud.

[marty56]

---

@Anonymous wrote:

Then legislation should fix this descrepancy. It is fraud.

---

Not fraud but more like a case of  Read the fine print.  Trust me you don't want the government involved in any aspect of your credit score.  Even among FICO scores, there are different scores, all of which could vary in their value.