HELP! Have credit scores in high 600s but can't get approved!

[Jennzmom]

Help! I am rebuilding my credit and have allowed most of my stuff to age off. A few baddies still there, but from 2007, 2009. My scores are EQ 696, EX 677 and TU 676. I started a Fingerhut fresh start acct about a year ago, paid it off and have had multiple credit line increases since then. I'm also an authorized user on hubby's USAA secured credit card. I was denied at Walmart, JCP and Lane Bryant in December, all because of a "lack of credit history.". How long do I have to wait to try another application? For the same companies and maybe for Macy's too? I understand that I still don't have a lot of credit, and that Fingerhut and a secured card are pretty cheesy, but really, one of my scores is pushing 700! How long until I can apply for something and get approved? I can't get a "credit history" if no one gives me credit! LOL

[apandabear]

Do a search on the forums for FAKO ... I'm sure you'll find lots of reading. 

Unless that Experian score was a lender pull, you have FAKOs. You can buy your Transunion and Equifax FICO scores here.

There's a big difference between FAKOs (what you can buy from USAA or Credit Karma) and FICOs (what lenders use).

It's possible that your FICO scores are lower than your FAKOs.

[RobertEG]

I would suggest taking a long, hard look at the AU account. 

I presume that it is giving you some score boost or you would have ditched it.  However, if a creditor is doing a manual review of your CR, it may raise a concern.

It is not your history.  If they should choose to evaluate your risk based only upon your own history, the inclusion of the AU in your scoring prevents that.

They cannot generate a FICO score that excludes that history.  Thus, they may choose to discount the value of your high 600 score in their decision making.

If that account has a high age, and yet they are still telling you that your credit history is low, that would tell me something.....

[Jennzmom]

Oh my gosh, I didn't even think that they'd be using my husband's scores to evaluate mine. The secured card is about 9 months old? No lates, ever. Wow. That must be it. His credit has gotten much more dinged along the way since everything is in his name. Lots of my stuff was old and has aged off. =(

[Jennzmom]

Okay, I just joined myfico and found out my Equifax score is 681. It showed on Identity Guard as 696, but 681 is still pretty high to be turned down! Any ideas, anyone?

[Revelate]

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@Jennzmom wrote:
Okay, I just joined myfico and found out my Equifax score is 681. It showed on Identity Guard as 696, but 681 is still pretty high to be turned down! Any ideas, anyone?

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Follow Robert's suggestion and really look at that AU account you're on.  If it has negatives associated with it such as lates, or a high balance on it (though this can be paid down if you can afford it), just get it off your records ASAP and you'll be in better shape.

9 months clean history on a card isn't a bad place to be.  If you have no derogatories I'd probably just wait for 3 months till it ticks over the one year mark, and then look at the usual suspects of entry level cards: Amex Zync, Discover More, maybe Chase Freedom now, and Citi Forward though I don't know much about this last card but it's a pretty common suggestion here.

Edit: I'm an idiot, if your husband has a secured USAA card, that implies you're full members.  Definitely add a USAA CC application into the list I mentioned, perhaps before any of the others.  Also, if you do have a direct military affiliation, join NFCU and apply for a card from them as well.  My apologies it's late and I'm hungry, both of these suggestions supercede the preceeding list I posted.  If you can do both, USAA, NFCU, Amex Zync and probably forget the rest.  I wouldn't worry about rewards just yet, those'll come in time.

[Jennzmom]

Okay, one quick clarifying question...being the authorized user on one CC, would the credit be checked for just that card, or for hubby's total credit? Thanks!

[Revelate]

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@Jennzmom wrote:
Okay, one quick clarifying question...being the authorized user on one CC, would the credit be checked for just that card, or for hubby's total credit? Thanks!

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Just that one card assuming you're applying as an individual.  If that tradeline is peachy and the rest of your husband's file is a mess, then it's OK.