Credit score and denials

[MDBII]

Hello, maybe someone can assist me in understanding what is going on. I just pulled my information again on 7/18/14 for a progress update and these were my numbers as of May -  EX - 636 EQ - 585 TU - 588 and now they are Ex - 608 - TU - 629 - EQ - 634. Im happy to see that I am going in the right direction after only 2 months, but I have been trying to get limit increases on my cards I have as well tried to see if I could get better cards then the Cap 1's I have. The issue I am getting is being denied saying my score is too low but the score that is reported on the letter I am getting is much much lower then what my fico report says. I was under the impression that Myfico was the true and correct score yet every place is using something different that shows worse information than I see. 

[Jarnog]

Most issuers have their own score model that the follow.  It may or may not be a FICO version of a score.  It could be a FICO version but a different one than you can get on MyFico.  Then it could be an internal score that they use to determine "credit worthiness".  It's kind of a crap shoot as to what a company will use.  Like Capital One.  I requested a limit increase on a card that was a converted Orchard card.  They said my score was to low.  Came back with a 502 or something.  I know that at the time of my request, per MyFico and Wal-Mart my scores were 600+.  So who knows what they use. 

[jamie123]

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@MDBII wrote:

Hello, maybe someone can assist me in understanding what is going on. I just pulled my information again on 7/18/14 for a progress update and these were my numbers as of May -  EX - 636 EQ - 585 TU - 588 and now they are Ex - 608 - TU - 629 - EQ - 634. Im happy to see that I am going in the right direction after only 2 months, but I have been trying to get limit increases on my cards I have as well tried to see if I could get better cards then the Cap 1's I have. The issue I am getting is being denied saying my score is too low but the score that is reported on the letter I am getting is much much lower then what my fico report says. I was under the impression that Myfico was the true and correct score yet every place is using something different that shows worse information than I see. 

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Okay...I'm here to help.

I read through your entire history to find out more about your situation. When you post to these forums without providing a complete picture of your credit situation you will get improper advice. Other forum users don't know what is going on with you specifically without you providing a complete picture.

My thoughts...

You need to quit apping for new credit for a while. (6 months to a year.) Your scores are too low and you have too many baddies to be approved for the top tier credit cards that you are applying for. Getting approved for an auto loan at loan shark interest rates of 22% should of been a BIG RED FLAG to you! Your credit is a wreck!

Credit has 2 components. Scores AND history. No matter how high your scores are, with the 10 or so baddies on your reports you will only be approved for low tier credit cards if that.

You can fix this! It is not a quick process because building credit is not a sprint but a marathon.

YOU NEED TO HAVE THE BADDIES REMOVED! ALL OF THEM! DON'T STOP UNTIL THEY ARE ALL GONE!

You need to visit the Rebuilding Credit forum here and learn how to do GW (Good Will) letters and PFDs (Pay for Deletes). This is the  fastest way to raise your scores. It is easy to do and after you are successful with one, you will wonder why you didn't do it earlier.

The most important baddie on your reports is the last one. Having the second to last baddie removed from your reports might be worth 10 points. The last baddie could be worth 50 points!

You are lucky that most of your baddies are medical accounts. They tend to be the easiest to have removed.

Nothing you can do by adding credit will raise your scores by any significant amount. You need the baddies removed.

You can probably wait for the baddies that will fall off your reports in the next year but you do need to start working on having the others removed.