Confused on denial reason and score

Anonymous · ‎12-09-2013

I am 18 and looking to build my credt. I got a cap one PLatinum unsecure card 11/13/13 $500 limit. denied for everything else I tried. I got my denial letter from Discover student card and it says denied due to number of inquiries in 6 months I have 2. Says score is 504 from 0-850 scoring model. They pulled Transunion. Reason for score given is Credit histiory is delinquet. I went and got free copy of TU report and it shows zero tradelines. So how do I have such a low score and how can I be delinquent with nothing showing?

Anonymous · ‎12-09-2013

If you have no tradelines you cannot have a FICO score.

Am also not sure who has a score range of 0 - 850 but I know it isn't FICO. Theirs is 300 to 850.

As for inquiries, different creditors will put much more emphasis on them than others.

Have you pulled all 3 of your reports from annualcreditreport.com?

To establish credit, I would try to get a secured CC from Cap 1 or your bank or credit union. Get added as an AU on someone elses CC that has a decent CL and no lates.

Anonymous · ‎12-09-2013

This is why I am confused about having a score given on my denial letter. Says type of credit score L2C. I pulled all 3 and I have no tradelines on any of them. I am waitinf for my Cap one card to report.

Anonymous · ‎12-09-2013

It is just another company that devise credit scores. They are not FICO scores but some CCC will use something other than FICOs sometimes.

Once your Cap 1 reports, it will take 6 months to generate a FICO score. Now would be a good time to try and get a secured card or 2. Not sure who will approve without a score.

On your Cap 1, it can take them up to 4 months to report. Sometimes they are quicker though. Once they do report, make sure your reporting balance is 9% or under. Then pay it off before the due date.

CenturyChild · ‎12-11-2013

The delenq. reference may just be a generic code. I do not think you have anything to worry about at this time.

From what you described, it simply means you have no history. And no history means no score. (FICO needs a minimum of 6 months history)

And if there are no negatives of anything listed on your report, this is the issue. Its quite likely just the code they used and doesn't mean you are really late.

Theres good advice already, it will just take about 6 months to get going.

And from my experience, Cap One takes a while to report a new account. Once they do, monthly updates are like clockwork. in my case 3-5 days after statement close. Just the initial report of a new account that takes awhile.

flan · ‎12-15-2013

@Anonymous wrote:
This is why I am confused about having a score given on my denial letter. Says type of credit score L2C. I pulled all 3 and I have no tradelines on any of them. I am waitinf for my Cap one card to report.

L2C are a company who collect data from non-traditional sources (utlilities, cellphone, whatever else they can scratch up). They get used for thin file/ no-file scores, where a traditional agency can't. They have some arrangement with TU, but I don't know the details.