Help with light stream denial

[Manicete]

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@FicoMike0 wrote:

@JoeRockhead makes a lot of good points, but why question the given reason?

I would think a secured card would be a red flag for a request of $50,000 in unsecured credit.

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The secured credit card is my oldest credit card when I was building my credit back in the day. So eliminating it would hurt my score, given the length of the account. It's a "self" credit card btw.

[Vinjints]

What good is a high score if you can't get the credit you need with it?

[Manicete]

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@Vinjints wrote:

What good is a high score if you can't get the credit you need with it?

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This was my thoughts exactly...

[Vinjints]

Then you know what to do and you don't need the forums permission. Cut bait with the secured card since it's actually hurting you. Payoff your cards so less than 1/3 are reporting. Keep your aggregate as low as possible on those that do. It doesn't sound like you need to worry about snowballs and avalanches. Which ones can you payoff immediately? It honestly seems like it should be a super quick fix and then let your reports update. 

[JoeRockhead]

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@Vinjints wrote:

What good is a high score if you can't get the credit you need with it?

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Score alone isn't everything. Any lender is going to be looking a little harder at someone trying to borrow $50k unsecured. 

[Jnbmom]

I have never seen that reason for a denial having a secured card , but in a strange way I can somewhat see their point possibly?

But you can close that it will still report and shouldn't hurt your scores .

[Manicete]

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@Vinjints wrote:

Then you know what to do and you don't need the forums permission. Cut bait with the secured card since it's actually hurting you. Payoff your cards so less than 1/3 are reporting. Keep your aggregate as low as possible on those that do. It doesn't sound like you need to worry about snowballs and avalanches. Which ones can you payoff immediately? It honestly seems like it should be a super quick fix and then let your reports update. 

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With it being my oldest card I think it would hurt more than help in this scenario. It would cut my credit length by half in this case. And I can pay off all my cards now. 

[Jnbmom]

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@Manicete wrote:

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@Vinjints wrote:

Then you know what to do and you don't need the forums permission. Cut bait with the secured card since it's actually hurting you. Payoff your cards so less than 1/3 are reporting. Keep your aggregate as low as possible on those that do. It doesn't sound like you need to worry about snowballs and avalanches. Which ones can you payoff immediately? It honestly seems like it should be a super quick fix and then let your reports update. 

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With it being my oldest card I think it would hurt more than help in this scenario. It would cut my credit length by half in this case. And I can pay off all my cards now. 

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Incorrect a closed account in good standing can remain on your reports for up to 10 years after closure .

it will not cut your age of accounts in half 

[FicoMike0]

Ditto @Jnbmom  I've got cards going on 10 years closed still on my reports.

Doesn't this card ever graduate?

[FicoMike0]

@Manicete 

Beside closing the secured card, you might try another lender. One thing I've noticed is that each bank seems to have their own rules. The chase 5/24 is famous. Penfed has something similar, imagine my surprise when their letter turning me down for too many recent accounts also gave my fico as 850.

So, I can see a bank having a rule, no large insecure loans for anyone with a secure card. Another bank might not care.