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Looks like it puts more emphasis on utilization, and also looks at the remaining balance on installment loans.
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.
sweet, glad I checked on this. I applied for an off road motorcycle loan but was denied because my credit file is too thin. I applied for 3 cc's today and was declined, but I was approved for the walmart card. So I added another trade line to my credit file thanks to this thread.
I have a question, I just opened my account today, do I need to make a $100 purchase today to qualify to see my TU score, or is that to qualify for the $20 cash back rebate thing? Also, right now I just have a temporary number and I can't even see it, all I see is xxxx-xxxxx-xxxx-5419, do I need to wait till I get my card and letter from them to have my account number so I can register online and see my score?
Once again, thanks for this site, its holding my hand while I build my credit.
to qualify for the 20 bucks off. I think it was to be on the same or first purchase too.
@MagicShot wrote:to qualify for the 20 bucks off. I think it was to be on the same or first purchase too.
The purchase needs to be made today online, otherwise you won't get it.
@Anonymous wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but they left marks on both EQ and TU.
Are those 7 accounts fairly newish?
@Anonymous wrote:
@Anonymous wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.Are those 7 accounts fairly newish?
Yes, It's fairly new with most of them under 6 months old. They should give more accurate reasons like " insufficient history on revolving accounts" rather than not enough number of revolving accounts.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.Are those 7 accounts fairly newish?
Yes, It's fairly new with most of them under 6 months old. They should give more accurate reasons like " insufficient history on revolving accounts" rather than not enough number of revolving accounts.
I'm guessing that is GEMBs way of saying "insufficient history" on your current accounts. Still, I have to agree with you-- It would be lovely if lenders could be more precise, and less vague. I guess that's too much to hope for, though, huh?
Should I wait for my acocunts to age a year before I apply for Walmart or Target? Most of my accounts are 6 months old or less.
Pulled the trigger on the walmart card... Approved for $500 CL.... Worth it to get free TU FICO scores! I'll use it once in a while if I ever go to walmart, but hey it's a new trade line so it can't be that bad!