@Anonymous wrote:I am 4.5 years out of Chapter 7 and I have established a lot of good credit.
However I am still amazed at what gets approved and what gets denied for me.
The bad:
Most sync cards won't increase my limit but Sync B&H Payboo went from $1,500 to $5,000 within 45 days.
Denied for Verizon Visa, Denied for Apple Card, denied for increase from Barclays
Discover lowered my limit a couple of month ago and I just got $300 CLI on 1 of the 2 cards.
The good
New Lowes card $1,500 SL
New B&H Payboo store card $2,000 limit raised to 5K within a month or two
Bloomingdales now 25K limit after starting 1 year ago at $1,500.
DCU Visa just upped Visa from 1K to 5K and cut interest to 9.5%
Visions Visa just upped Visa from 5K to 10K left interest at 8.25%
I knew to ask for DCU and Visions increases despite the hard inquiry because I knew they both use FICO mortgage scores annd what mine were for Equifax and Experian respectively.
It's easy to get frustrated when Discover lowered my limit and won't increase yet my Visions Visa is 10K at 8.25% (is my credit good or does it suck - so confusing)
I guess the point of my rambling is that there are so many FICO scores that it really pays to know what will be pulled be it soft or hard inquiry before you app. Not just the bureau but what version and then make smart choices.
Just wanted to share.
Yes, but the FICO score doesn't tell the whole story. I once applied for a credit card with a credit union which I knew would pull the highest score in my entire portfolio -- the TU FICO 9 which was sitting at 829 at the time. And that is exactly what they did pull, and it was 829 when they did.
Everyone here will tell you that once your score is 760 or above you can qualify for all the best stuff.
Guess what? I was denied.
@Anonymous wrote:Yes of course average age of accounts , number of new accounts, number of cards with balances types of credit , oldest account, time since late all matter.
With a 829 I am guessing your age of accounts and/or mix was lacking.
Also while it doesn't affect your score length of time on job and salary can be considered along with your score as well as relationship with that bank or credit card.
They rejected me because of new accounts and high available credit.
BK's will mess with what you can get approval for significantly. It has been well known that filing for one is an act that will change the way your info is interpreted for years to come. Sure some lenders will let you have loads of credit with them like Synchrony Bank with the Lowes and B&H Payboo because of the lower tier. While the higher tier Verizon Visa is denied from the same lender. Others will approve the account but CLi's will not be available. The whole process is lopsided. Good news is that in 5.5 years the BK will be gone and you will regain access to most normal things from lenders that you did not burn. The burned ones might hate you forever depending on who they are.
@SouthJamaicaHaving a score at 760+ means there is a good chance of approval. It does not mean that a particular lender will not add minor other things to the mix like under x credit amount, no BK's, or even not credit seeking. I have been denied with a high credit score too with Wells Fargo due to inquiries. It sucks but is realistically understandable.
@SouthJamaicaHaving a score at 760+ means there is a good chance of approval. It does not mean that a particular lender will not add minor other things to the mix like under x credit amount, no BK's, or even not credit seeking. I have been denied with a high credit score too with Wells Fargo due to inquiries. It sucks but is realistically understandable.
I just don't think there's any magic to having scores of 760 or better. I don't know why we go around spouting that.
What's best is to try to have the best scores you can possibly attain. If you're at 829, shoot for 830; it might make the difference if it's a close call. And bear in mind that whatever score you're talking about, there are going to be a wide range of scores among the various scoring models, so we should always be trying to maximize the scores we're focused on; it might help boost some of the scores to which we're not paying attention, but which can come up and bite you.
No offence but concentrating on models that nobody uses is a waste of time. You do not try to improve your score on the zerofire scoring model do you? The thing is that most models that are used are either FICO models(8-9) or FICO Derivatives(Bankcard, Mortgage) so by working to boost the FICO score you are also boosting all the other ones. You can always take into account the intricacies of the individual derivatives to try to make the score higher on them. Other than VantageScore and proprietary internal scores that occasionally get used everything is based on FICO. Do things that make FICO happy and then everything else in the FICO family gets increased too, just by a different amount based on the score model.