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@Anonymous wrote:
My fico scores are in the low 600s with old debts being settled, and I have been pre qualified for two credit cards, but when I apply, I get denied. Two more inquiries I could have saved myself gone.
Welcome to the forums.
Unfortunately pre-qualified does not always translate to pre-approved.
Wait a year or so and try and get those scores up and be aware that inquiries will stop affecting your score after 12 months although they remain on your reports for two years.
Thanks for the response, and the clarification. I have a credit card right now with a 500 dollar limit from capital one. I've had it since April and it went from 300 to 500 in September. Hopefully my credit will go up until next April and when I pay off of work of my installment loans next month
@Anonymous wrote:
My fico scores are in the low 600s with old debts being settled, and I have been pre qualified for two credit cards, but when I apply, I get denied. Two more inquiries I could have saved myself gone.
What lenders were those pe-qualified offers with? If you read the details in those pre-qual offers, it simply says "based on our screening creiteria" and of course you have no way of knowing what they are.
What are you trying to achieve ... a certain score or a robust credit profile? Each requires different strategies and amount of patience.
I'd like to get my score in the 700s. I'm planning on buying a house in the middle of next year. I was able to get an awesome gig contracting in Afghanistan and I've been able to pay off my collections. I have 6 installment loans, 5 are student loans totaling about 21k, and 1 is for 800 from the snap on toolbox I bought a few months ago.
Did your offer state that it was made based on having received your name from a listing provided by the CRAs?
If so, it is a "firm offer for credit" under the FCRA that must be met if you apply and you are found to still meet the criteria they provided in obtaining your name.
If you want to know theri stated criiteria when making their promotional inquiry to the CRA, you can send teh CRA a request under the provisions of FCRA 609(a)(1) for a copy of their letter of inquiry. Requests under section 609(a)(1) require payment of a processing fee, which is currently $11.00.