Denied credit... Question
#1
Adventurist.
Thread Starter
Denied credit... Question
Okay, I applied for a new CC because I wanted some rewards. Now, I was denied an account because:
1. Current balances on existing/revolving accounts are too high
How can this be? All my credit balances have $0.00 balances except my CC which I use all the time but pay in full each month. I don't quite understand this.
I'm requesting a free credit report......
Any ideas?
1. Current balances on existing/revolving accounts are too high
How can this be? All my credit balances have $0.00 balances except my CC which I use all the time but pay in full each month. I don't quite understand this.
I'm requesting a free credit report......
Any ideas?
#3
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Doesn't make sense...
I'd get a copy of your report to see what's up.
EDIT: Was that one card you use at it's limit anytime recently? That's the only thing I can think of.
I'd get a copy of your report to see what's up.
EDIT: Was that one card you use at it's limit anytime recently? That's the only thing I can think of.
#5
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They're going to look at your average balance over the past three months, if I recall correctly.
Paying it off in full doesn't cause them to see a zero balance.
Also, they can and do pay attention to things other than credit card balances, which include the balances on installment loans.
Generally speaking, the more rewards they give you, the tighter the standards are likely to be.
Paying it off in full doesn't cause them to see a zero balance.
Also, they can and do pay attention to things other than credit card balances, which include the balances on installment loans.
Generally speaking, the more rewards they give you, the tighter the standards are likely to be.
#6
is learning to moonwalk i
I don't think car loans count the same as a credit card. Do you have a Home Equity Line of Credit (HELOC) or did you sign up for any "No Payments/No Interest" programs at any stores? Those are still considered credit and will count against you. Also, many of the "reasons" they give are so generic that they don't always help. Find out which credit agency they pulled your report from (Experian, Equifax or Transunion). I checked my scores recently and found that one of them was nearly 100 points below the other two since they don't always get the same data. Good luck sorting this out.
#7
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Originally Posted by moeronn
I don't think car loans count the same as a credit card.
And I agree, the explaination is often extremely generic and not particularly helpful.
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#8
Team Owner
meh, just lie on the app and say you make 50k more than you really do.
When I was 18 I had CC with limits of $1000 or less.
I found one with an application that said "total household income". I said, hmm, they must mean my parents too . Bam, card with 15k limit. Oyeah, I applied for a normal card and they sent me a gold card. I almost sh!t myself.
When I was 18 I had CC with limits of $1000 or less.
I found one with an application that said "total household income". I said, hmm, they must mean my parents too . Bam, card with 15k limit. Oyeah, I applied for a normal card and they sent me a gold card. I almost sh!t myself.
Last edited by doopstr; 03-10-2005 at 03:45 PM.
#9
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Originally Posted by moeronn
I don't think car loans count the same as a credit card. Do you have a Home Equity Line of Credit (HELOC) or did you sign up for any "No Payments/No Interest" programs at any stores? Those are still considered credit and will count against you. Also, many of the "reasons" they give are so generic that they don't always help. Find out which credit agency they pulled your report from (Experian, Equifax or Transunion). I checked my scores recently and found that one of them was nearly 100 points below the other two since they don't always get the same data. Good luck sorting this out.
And yes, all three bureaus can have highly different scores...almost too often you see a 50 or 100 point discrepancy.
#11
Adventurist.
Thread Starter
Okay, I checked my credit. It says all 3 of my revolving accounts are in good standing , with two of them at $0 (a gas card and military credit card). My other card (Citibank) I use all the time has some money, but I always pay it off in full each month. I have one car loan that is paid ontime, every month (the CL-S). I just paid off another car. I have NEVER missed a payment, EVER (even my report says that).
So I'm still confused about getting denied credit? Oh, btw, I bought and paid for a FICO score through experian... 800.
So I'm still confused about getting denied credit? Oh, btw, I bought and paid for a FICO score through experian... 800.
#12
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Originally Posted by NiteQwill
Okay, I checked my credit. It says all 3 of my revolving accounts are in good standing , with two of them at $0 (a gas card and military credit card). My other card (Citibank) I use all the time has some money, but I always pay it off in full each month. I have one car loan that is paid ontime, every month (the CL-S). I just paid off another car. I have NEVER missed a payment, EVER (even my report says that).
So I'm still confused about getting denied credit? Oh, btw, I bought and paid for a FICO score through experian... 800.
So I'm still confused about getting denied credit? Oh, btw, I bought and paid for a FICO score through experian... 800.
#13
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I'm going to be a little more pessimistic here.
It's possible the "reason" you were given was just a "catch all" that is given out to just about everybody. They may be concerned about income levels, or maybe they don't WANT customers who pay off in full every month, but they don't want to tell you "we're not giving you a card because we think you won't be a very valuable customer," so they use some other blanket reason.
In my experience, the no-fee, high-benefits cards tend to do everything possible to avoid customers who won't run up finance charges and other fees.
Remember, you don't have a right to a credit card from any organization. They can't discriminate against you because of race, religion, etc., but it's perfectly legal for them to randomly deny, or deny for all sorts of reasons that aren't necessarily supported by your credit score.
It's possible the "reason" you were given was just a "catch all" that is given out to just about everybody. They may be concerned about income levels, or maybe they don't WANT customers who pay off in full every month, but they don't want to tell you "we're not giving you a card because we think you won't be a very valuable customer," so they use some other blanket reason.
In my experience, the no-fee, high-benefits cards tend to do everything possible to avoid customers who won't run up finance charges and other fees.
Remember, you don't have a right to a credit card from any organization. They can't discriminate against you because of race, religion, etc., but it's perfectly legal for them to randomly deny, or deny for all sorts of reasons that aren't necessarily supported by your credit score.
#15
Team Owner
Screw them. If their guidelines are too stringent for someone with obvious good credit then send your business somewhere else. You could send a letter too and you might get a response from the cust. service dept.
#16
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Originally Posted by dabuda
i believe revolving accounts are car loans or installment loans?
Car loans and other installment loans are amortizing term loans that do not revolve but have fixed principal and interest payments for a period of time.
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