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Discover wanted the last word, I guess..

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Regular Contributor

Discover wanted the last word, I guess..


A couple weeks ago, I did the online soft-pull pre-qual from Discover for a $30,000 personal loan. Instant approval, but I didn’t pull the trigger as I was only exploring options. I then got emails from Discover over the next two weeks, reminding me of my interest and telling me I should take advantage of their offer. I never did.

Today, I get a letter in the mail stating my offer had expired. On the back side, it said the standard shtick about how they take my credit reports into account in making decisions, and gave their reasons for denying me. They said:

EQ FICO score 782
Key Factor 1 TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED (yep, thin file, only 1 active card showing at the time)
Key Factor 2 LACK OF RECENT LOAN INFORMATION (ditto)
Key Factor 3 TOO MANY ACCOUNTS WITH BALANCES (umm, one, my only CC, a Discover)
Key Factor 4 TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT (11 months)

It’s kind of like getting angrily rejected by someone you politely turned down for a date, LOL. Well, to be honest, I did ghost them....😂🤣😅😁
Started 4/2018 - TU 637
3/2019 - TU 785 EX 778 EQ 782
4/2019 - TU 800 EX 764 EQ 784
9/2019 - TU 816 EX 796 EQ ? (well, I haven't checked....)
10/2019 - TU 825 EX 800 EQ 822

Scores entirely bolstered by one old, closed Wells Fargo card due to fall off in 2022.

Discover it $4,000
Chase Freedom Unlimited $11,900
AMEX Blue Cash Everyday $18,000
Chase Ink Biz Preferred $9,000
Message 1 of 7
6 REPLIES 6
Moderator Emeritus

Re: Discover wanted the last word, I guess..

Hah yeah, I have had limited time offers expire too.

At some point when you aren’t needing to leverage your credit substantially you should thicken your file some: some things are calculated via percentages much like you see with that 1/1 credit cards reporting a balance.

You’ll wind up sorting the installment loan with a mortgage or similar loan eventually when / if you build that house but if that is in a while might be worth exploring a baby secured loan from somewhere.



        
Message 2 of 7
Frequent Contributor

Re: Discover wanted the last word, I guess..

That's hilarious and seems like bad public relations to me.  They didn't do a HP to come up with any of that did they?




Message 3 of 7
Community Leader
Senior Contributor

Re: Discover wanted the last word, I guess..


@BlueOak wrote:

A couple weeks ago, I did the online soft-pull pre-qual from Discover for a $30,000 personal loan. Instant approval, but I didn’t pull the trigger as I was only exploring options. I then got emails from Discover over the next two weeks, reminding me of my interest and telling me I should take advantage of their offer. I never did.

Today, I get a letter in the mail stating my offer had expired. On the back side, it said the standard shtick about how they take my credit reports into account in making decisions, and gave their reasons for denying me. They said:

EQ FICO score 782
Key Factor 1 TOO FEW ACCOUNTS CURRENTLY PAID AS AGREED (yep, thin file, only 1 active card showing at the time)
Key Factor 2 LACK OF RECENT LOAN INFORMATION (ditto)
Key Factor 3 TOO MANY ACCOUNTS WITH BALANCES (umm, one, my only CC, a Discover)
Key Factor 4 TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT (11 months)

It’s kind of like getting angrily rejected by someone you politely turned down for a date, LOL. Well, to be honest, I did ghost them....😂🤣😅😁

Or fired after you already quit 😂🤣😂🤣

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 7
Valued Member

Re: Discover wanted the last word, I guess..

They probably send that letter with whatever negatives they can think of to anybody whose offer is rescinded.  Because the law says they have to give reasons whenever they refuse someone.  So they have to give some kind of reason and maybe "offer expired" is not on the government's approved list.

Message 5 of 7
Regular Contributor

Re: Discover wanted the last word, I guess..

I agree, not the best customer relations, but oh well, that’s what you get when the bots are in charge. I was vastly amused.

And, yes, I’m working on thickening the file. I just ignored credit for so long, especially post grad school, I don’t have much of a file. It’s been cash and carry, and one joint card I never used much. Originally, I had planned on a mortgage two years-ish from now, so applied for two more cards at the beginning of the month. Another mixed blessing, as I am now in the process of co-borrowing with my mom on her HELOC for my business fiasco. The bank is all narrow-eyed and suspicious at these very recent hard pulls. But, I think it’ll all come out well, and that will also thicken the file. I’ll add another card or two in the future, maybe a good couple travel cards with no FTFs.

As long as I don’t get fired by the CC lenders again. 😁
Started 4/2018 - TU 637
3/2019 - TU 785 EX 778 EQ 782
4/2019 - TU 800 EX 764 EQ 784
9/2019 - TU 816 EX 796 EQ ? (well, I haven't checked....)
10/2019 - TU 825 EX 800 EQ 822

Scores entirely bolstered by one old, closed Wells Fargo card due to fall off in 2022.

Discover it $4,000
Chase Freedom Unlimited $11,900
AMEX Blue Cash Everyday $18,000
Chase Ink Biz Preferred $9,000
Message 6 of 7
Moderator Emeritus

Re: Discover wanted the last word, I guess..

Laugh!

I think one of the important things I have learned is that in the credit world you can always get a second chance as someone will want those swipe fees.

While I would be disappointed if Chase closed my credit accounts (and as such I won’t be coloring outside the lines with them, well not much anyway) with the knowledge acquired here over time I’ll be fine.

You should be fine too, even if the existing lenders tell you “you’re fired!”



        
Message 7 of 7
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