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Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO score?

sean31732
Member

Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO score?

I have enjoyed the culmination of a lot of time and effort in regard to my current credit scores.

 

It took me just over three years to go from a slightly below-average credit score of 628, to a nearly PERFECT FICO SCORING AVG of 849 across all three bureaus. (FICO S8*: EQ: 848, EX: 849, TU: 850) 👍

 

*Roughly the same since early Dec. 2020.

 

Much to my extreme disappointment, I have not received ONE credit card offer from any one of the major banks or financial institutions over the past four months. NOTHING. ZIP. ZILTCH. NADA. Smiley Indifferent

 

Not even some of the second-tier companies like Credit One Bank have sent me an offer... Smiley Sad

 

What is the point of all that work...if you can't cash it in for an outstanding intro/bonus offer?

 

I must be doing something wrong here. But what?

 

Can you guys please help me figure out why there seems to be COMPLETE RADIO SILENCE (for me) when it comes to getting those highly coveted (maximum-intro bonus) targeted offers ???

 

I was sure that would happen after I surpassed the 800 FICO milestone. (last fall) But that doesn't seem to be the case for me for some reason.

 

I keep all three of my credit reports locked (I have an active monthly subscription with each one of the three credit beaureus), to prevent fraud and identity theft. Could that also be hurting my ability to get all those amazing targeted offers I keep hearing others talk about on the boards? 

 

I thought the main driver was a super high FICO score??? Is that not enough info to trigger these offers?

You can't have BAD CREDIT and a 850 credit score. What more do they want? 

 

Three other troubling  FICO RELATED DATA POINTS that I'd like to share...

 

1) Asked for a small credit limit increase in the past week on TWO different existing CC that I use every day. I've had a relationship with each one for over 10 years now. (DENIED in both cases)

 

2) Asked for a review of my car insurance policy in light of my improved FICO score...the NEW QUOTE was HIGHER than the current policy I have now with no changes to the coverage parameters!

 

3) Asked for an interest rate reduction on three different credit cards in light of my nearly perfect score...yep, you guessed it...DENIED ON ALL THREE ATTEMPTS.

 

Why does this keep happening? 

 

Please help? All opinions welcome. Thanks!

 

 

Message 1 of 19
18 REPLIES 18
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

Message 2 of 19
sean31732
Member

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

OMG...are you kidding me!

 

So that's the secret password!

 

Is that why I haven't had any offers? 

 

Could it really be that simple?

 

But what about my ability to get the best interest rates on my current existing credit cards? 

 

Is that also tied into my 'opt-in' status as well?

 

 

Message 3 of 19
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc


@sean31732 wrote:

OMG...are you kidding me!

 

So that's the secret password!

 

Is that why I haven't had any offers? 

 

Could it really be that simple?

 

But what about my ability to get the best interest rates on my current existing credit cards? 

 

Is that also tied into my 'opt-in' status as well?

 

 


Unfortunately, rate reductions and CLIs require a lender's super secret handshake. 




Message 4 of 19
Slabenstein
Valued Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

Other than confirming that you're not opted out, as @Brian_Earl_Spilner suggests, I don't know why it would happen that you wouldn't recieve pre-screened mailers at 800+, only that that's been my experience for my entire credit life.  My scores have been near or above 800 for a long as I've monitored them, and the only prescreened cc mailers I've ever recieved have been from US Bank, and that was only after I became a deposit customer with them last year.  I recieve a ton of insurance mailers and I'm not opted out, so I'm not sure why cc companies don't want me to know I'd be preapproved.  My best guesses are either that there's some random thing in my file that excludes me from their criteria or that my parents, who are very credit conscious, were able to put some other sort of block on my file when I was a minor.

 

With regards to the CLI and APR reduction denials, what denial reasons and negative reason codes did the lenders give you?  Decisions to extend credit or change terms are based on more than just credit score.  As an example, Discover keeps denying my CLI requests due to lack of use of my existing CL w/ them, which is true.

 

For the insurance scores, I know that they're a different version from classic FICO8, if you live in a state where rates can be based on them, but I don't know much about what those differences are, other than that I think they take average revolving CL into account.


Message 5 of 19
simplynoir
Community Leader
Super Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

For pre-screened offers sent via snail mail or even email for some people most of the time it is simply marketing at play. They check data on customers and based on their pre-determined data points see who reaches the initial baseline for receving marketing on their card products. This doesn't necessairly mean that you are solid for an approval though which is something to keep in mind

 

It's kind of like various credit companies' pre-approval websites: just because you don't get any offers to pop up doesn't mean you won't be approved if you apply. The best advice you can get is to research what cards can fit your spending for the long term (unless you want to dabble in churing SUBs) and go forth and apply for the cards you want

 

With regards to credit limit increases and rate reductions that's all determined by the credit card companies which especially depending on the lender take more than just asking. Having a high score doesn't mean as much as you're thinking it does. For insurance they don't simply look at your scores to determine your rate. You can have a perfect driving record and still get increased rates. Source: me 😐

Message 6 of 19
sean31732
Member

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

LOL...Secret Handshake. Smiley Happy

 

It's just frustrating to work so hard to get to the top of the hill, and then NOTHING.

 

I must say I'm certainly bummed at how the financial institutions are slow to respond to me in a positive manner. (based on my current credit profile)

 

I did all this to lower the cost of credit for me and my family, and to improve the quality of our lives in a very real and tangible way. But I am getting very little cooperation from these credit card companies in actually changing or improving any real aspect of my current credit situation.

 

In fact, one company (AMERICAN EXPRESS) literally seemed IRRITATED that I would have the UNMITTEGATED GAUL to even ask them directly for an interest rate reduction. The customer service rep was taken aback and seemed to be confused when I made the request. She literally did not know what to do, or how to process my request. She put me on hold for 5 MINUTES just to find out what to do next. She told me they don't take such requests (directly from customers) regarding lowering credit card interest rates. If they review your account and THEY feel inclined to lower it...then it gets lowered.  You have no part in that decision. What YOU want or deserve is irrelevant. That's the inference that I got from her and her supervisor that chimed in. Great. Thanks for nothing.

 

The interest rates for these financial institutions (for them to borrow money) is  ZERO or near ZERO %, and I'm paying them 23.99% on a credit card with an 849 composite FICO score across all three bureaus. And less than 6% utilization. 

 

Un friggin' believable. 

 

And I get chastised when I call to complain about it being too high. This is what I'm faced with when I approach these credit card companies. 

 

What I thought would happen three years ago (when I started this credit journey), compared to what has ACTUALLY transpired along the way, is about as diametrically opposed as I could have possibly imagined. Smiley Sad

 

 

Message 7 of 19
Slabenstein
Valued Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

Consumer-initiated APR reductions are more the exception than the rule for credit cards.  Discover and NFCU are the only two I can think of that do it, though I'm sure there are others.  Amex, I think, used to, but, as you've found out, they don't anymore.  For most lenders, if you want a card with a lower rate after score improvement, you have to open a new card.  A 760+ credit score is still definitely a valuable thing to have as a credit consumer, since you'll have the best products and rates available to you on new apps.  Just be aware that credit scores are not the only thing lenders take into account when making lending decisions and that individual lenders will have their own policies and ways of doing business regardless of what scores anyone has.


Message 8 of 19
GApeachy
Super Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc

@sean31732 sometimes you have to toot your own horn....meaning go to the sp preapprovals, fill them out, don't app but just toot really loud. You'll find this thread helpful:  

https://ficoforums.myfico.com/t5/General-Credit-Topics/Soft-pull-PREAPPROVALs-Updated-4-15-21/td-p/5...

Have your cr's unlocked to generate all those sp's.  

Also, make sure you don't have any other cra frozen like Sagestream, Factortrust, etc.

I found that after a couple of months filling out different apps that I started receiving mailers, before that....crickets.  

So it may well work for you too....just gotta let'em know you're here.

"My Take Home Pay Don't Take Me Home"
Message 9 of 19
Mr_Mojo_Risin
Senior Contributor

Re: Possible reasons why I'm not getting any targeted credit card offers with nearly perfect FICO sc


@GApeachy wrote:

@sean31732 sometimes you have to toot your own horn....meaning go to the sp preapprovals, fill them out, don't app but just toot really loud. You'll find this thread helpful:  

https://ficoforums.myfico.com/t5/General-Credit-Topics/Soft-pull-PREAPPROVALs-Updated-4-15-21/td-p/5...

Have your cr's unlocked to generate all those sp's.  

Also, make sure you don't have any other cra frozen like Sagestream, Factortrust, etc.

I found that after a couple of months filling out different apps that I started receiving mailers, before that....crickets.  

So it may well work for you too....just gotta let'em know you're here.


This is how I started receiving mailers. Doing the SP pre-approvals and few months later I started getting some in the mail and email, not a lot of them but enough to put a smile on this face. 😀

Peachy to the rescue! 😎

NFCU More Rewards 28K CL
AODFCU Visa Signature 5K CL
Citi Custom Cash 4.5K
NFCU Cash Rewards 8K
Discover IT 2K
Cap 1 600
NFCU auto loan
Message 10 of 19
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