I've learned personally that each bank has basic guide lines for approving people. You should ask what they are before applying if possible. Might save an inq.
Numbers below are exaggerated to make a point.
If their minimum requirements were:
Min annual income of $18,000
Score of 300
UTL max of 30%
Max revolving debt of $5,000
No more than 1 credit card maxed.
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You would be denied if your:
Annual income of $10,000,000
Score was 850
UTL was 1%
Revolving debt of $5,100 CL $510,000
Each credit card is below 1%.
Or
You would be denied if your:
Annual income of $10,000,000
Score was 850
UTL was 1% CL $20,000
Revolving debt of $200
2 credit cards, $100 CL, balance of $100 each.
----------------------------------------------
While an 850 score is impressive, your score is only 1 of many requirements. All you need to do is meet the minimum requirements and higher scores in many cases means nothing. As you all know I won't be applying any more. This was an older app that I just received notification of being denied.
All other factors were not taken in to consideration and "ignored" the CSR said because I didn't meet guide lines. It's going to be a long while before I meet their guide lines since I use my credit for business.
Message Edited by ilovepizza on 10-15-2007 07:23 AM
Numbers below are exaggerated to make a point.
If their minimum requirements were:
Min annual income of $18,000
Score of 300
UTL max of 30%
Max revolving debt of $5,000
No more than 1 credit card maxed.
----------------------------------------------
You would be denied if your:
Annual income of $10,000,000
Score was 850
UTL was 1%
Revolving debt of $5,100 CL $510,000
Each credit card is below 1%.
Or
You would be denied if your:
Annual income of $10,000,000
Score was 850
UTL was 1% CL $20,000
Revolving debt of $200
2 credit cards, $100 CL, balance of $100 each.
----------------------------------------------
While an 850 score is impressive, your score is only 1 of many requirements. All you need to do is meet the minimum requirements and higher scores in many cases means nothing. As you all know I won't be applying any more. This was an older app that I just received notification of being denied.
All other factors were not taken in to consideration and "ignored" the CSR said because I didn't meet guide lines. It's going to be a long while before I meet their guide lines since I use my credit for business.Message Edited by ilovepizza on 10-15-2007 07:23 AM
I will send in the RECON letter next year when debt is lower. I was pushing to get it now instead of later so it would age with my other new accounts. It will just take a year longer to hit my best score. I could transfer my debt to business credit but I'd pay a higher interest rate. When it comes between saving money vs higer scores, saving money always wins. My score can wait another year to jump 3-6 more points. 
Huh? @#$%^&!!