What should I do after being rejected by a credit card company when I have a score of 990.

[Anonymous]

I was just rejected by a store credit card company even if the credit score is 990. The reason it supplied is "Excessive obligation in relation to income". Last year, I quit my full time job to take care of my daughter. This thanksgiving, I took some advantage to apply two store credit cards to get some price reduction, which were approved. This is the third store credit card, which was being rejected. I freezed my spouse's credit in order to prevent fraud. So I suppect, the credit card company will not be able to pull our information together. Based on my 0 income, I was rejected by the credit company?

So my question is "what I should do now", close some store credit card? I always pay off all the credit card balance, besides mortgage, I have no other debts. If I closed some of the credit card, would it reduce my credit score？Would it help me apply for other credit?

Thank you for any advice.

[myjourney]

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@Anonymous wrote:

I was just rejected by a store credit card company even if the credit score is 990. The reason it supplied is "Excessive obligation in relation to income". Last year, I quit my full time job to take care of my daughter. This thanksgiving, I took some advantage to apply two store credit cards to get some price reduction, which were approved. This is the third store credit card, which was being rejected. I freezed my spouse's credit in order to prevent fraud. So I suppect, the credit card company will not be able to pull our information together. Based on my 0 income, I was rejected by the credit company?

So my question is "what I should do now", close some store credit card? I always pay off all the credit card balance, besides mortgage, I have no other debts. If I closed some of the credit card, would it reduce my credit score？Would it help me apply for other credit?

Thank you for any advice.

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Welcome to the forum 

More info needed:

Are you listing income on apps as $0?  

If so are you aware that household income can be listed meaning combined?

Do you know your real Fico scores because 990 score is a FAKO what we call fake score? Real score from all 3 CB's can be purchased here

What other accounts are listed on your CR's ...example mortgage, car loans, student loans, personal loans etc etc?

Any baddies? 

[Anonymous]

Thank you for your information. I did use the household income to apply. I have a mortgage, that is the only debts, no car loan, student loan or personal loan. I do have a line of credit for another rental unit, however, I didn't use any of revolving line. Any advice? Thank you.

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@myjourney wrote:

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@Anonymous wrote:

I was just rejected by a store credit card company even if the credit score is 990. The reason it supplied is "Excessive obligation in relation to income". Last year, I quit my full time job to take care of my daughter. This thanksgiving, I took some advantage to apply two store credit cards to get some price reduction, which were approved. This is the third store credit card, which was being rejected. I freezed my spouse's credit in order to prevent fraud. So I suppect, the credit card company will not be able to pull our information together. Based on my 0 income, I was rejected by the credit company?

So my question is "what I should do now", close some store credit card? I always pay off all the credit card balance, besides mortgage, I have no other debts. If I closed some of the credit card, would it reduce my credit score？Would it help me apply for other credit?

Thank you for any advice.

---

Welcome to the forum 

More info needed:

Are you listing income on apps as $0?  

If so are you aware that household income can be listed meaning combined?

Do you know your real Fico scores because 990 score is a FAKO what we call fake score? Real score from all 3 CB's can be purchased here

What other accounts are listed on your CR's ...example mortgage, car loans, student loans, personal loans etc etc?

Any baddies? 

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[myjourney]

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@Anonymous wrote:

Thank you for your information. I did use the household income to apply. I have a mortgage, that is the only debts, no car loan, student loan or personal loan. I do have a line of credit for another rental unit, however, I didn't use any of revolving line. Any advice? Thank you.

1) Yes, pull your real scores so you can see exactly where you are and report back with that info..

2) Pull your free annual credit report to make sure everything is reporting in good standing

3) see how many hard pulls you have on each CB and report back with that info 

https://www.annualcreditreport.com/requestReport/landingPage.action

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[Anonymous]

Hi, myleader:

According to your suggestion, I pulled my three credit reports from the website you recommended, here are answers for your 3 questions:

1) I've just known the credit report is free, but the score is not. So I didn't pay for a credit score. I believe it is around 840, my Walmart credit card application sent me one. You're right, 990 is the fake score. 

2) I saw all green ok in 3 reports besides black for closed account. It means everything is in good standing, right?

3) I am not so sure what do you mean "hard pull"? Do you mean how many companies pull my credit? If yes, I saw 2 reports show 2 companies pulled in 2015, 1 report how's 3 companies. The Experian is the company that the credit card company pulled reports and then rejected my application. All the info seem correct to me.

I did have lots of revolving lines (credit card) open, but I never borrow from credit card, always pay them off. Exquifax has debt analysis, it shows my 98% debt of credit from mortgage, 2% debt from credit card. 

Based on on my understanding about "excessive obligation over income", my November 15's credit card balance is $3000, I report the household gross income $10,000 per month, the debt ratio is 30%. It is not over income. Unless, it considered the mortgage balance, I do have 2 rental units with mortgage, but they are all covered under rental, otherwise, the 3rd mortgage (primary home mortgage) will not consider to lend. My primary home mortgage is $3000 a month. So The credit card and mortgage are $6000, it is still under income. If including two other mortgage, total debts are $9000, I know it will be too high, but they were all rented out. I also have savings to cover the rainy days. So how the credit card company made the rejection decision?

Please help, what should I do to reduce the debts?

[lg8302ch]

It is good you did not purchase the scores from the CRAs as these are FAKO and not FICO scores. Can you list all your credit cards with CL and balance reported. You mention you always pay in full and do not borrow but how many of your credit cards are reported with a balance and what is the utilization?

[elim]

which lender denied you? (what store?)

[Anonymous]

Lg8302ch：

Here the CL and balance

1. CL=$10,800, bal=$136

2. CL=$18,000, bal=$298

3. CL=$18,000, bal=$564

4. CL=$7,000, bal=$773

5. CL=$3,250, bal=$8

6. CL=$2,700, bal=$99

7. CL=$5,000, bal=407

Those are daily use, 4 of them, we use often, 2 are store credit card, 1 for Costco.

[Anonymous]

Kohl's store card denied, which surprised me.

[myjourney]

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@Anonymous wrote:

Hi, myleader:

According to your suggestion, I pulled my three credit reports from the website you recommended, here are answers for your 3 questions:

1) I've just known the credit report is free, but the score is not. So I didn't pay for a credit score. I believe it is around 840, my Walmart credit card application sent me one. You're right, 990 is the fake score. 

2) I saw all green ok in 3 reports besides black for closed account. It means everything is in good standing, right?

3) I am not so sure what do you mean "hard pull"? Do you mean how many companies pull my credit? If yes, I saw 2 reports show 2 companies pulled in 2015, 1 report how's 3 companies. The Experian is the company that the credit card company pulled reports and then rejected my application. All the info seem correct to me.

I did have lots of revolving lines (credit card) open, but I never borrow from credit card, always pay them off. Exquifax has debt analysis, it shows my 98% debt of credit from mortgage, 2% debt from credit card. 

Based on on my understanding about "excessive obligation over income", my November 15's credit card balance is $3000, I report the household gross income $10,000 per month, the debt ratio is 30%. It is not over income. Unless, it considered the mortgage balance, I do have 2 rental units with mortgage, but they are all covered under rental, otherwise, the 3rd mortgage (primary home mortgage) will not consider to lend. My primary home mortgage is $3000 a month. So The credit card and mortgage are $6000, it is still under income. If including two other mortgage, total debts are $9000, I know it will be too high, but they were all rented out. I also have savings to cover the rainy days. So how the credit card company made the rejection decision?

Please help, what should I do to reduce the debts?

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Here's the problem from what I can see 

You listed income as 10k -9k =1k  a month not a lot of wiggle room left here

Is the 10k income including rents collected?

Reason I ask is rent can be listed as income