My credit card applications are getting rejected, despite 700 FICO

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3 posts
Lex Luthor
Posts: 1
Joined: Tue Nov 08, 2011 2:31 pm
Location: Hawaii

My credit card applications are getting rejected, despite 700 FICO

Postby Lex Luthor » Tue Nov 08, 2011 2:55 pm

My applications keep getting rejected. Here is my situation:

  • My credit report indicates I have a delinquent account which was 30-days past due 1-3 times. However, this account which was a loan, was paid off in full in 2008. I can't see the exact date/month that my first or last 30-day late payment was. I am wondering which do they go by, is it my first 30-day late and then 7 years from that it drops off or do they go by the last time I was late for 30-days and 7 years from that? In any case, my credit report from Experian indicates my credit score to be low 700s.
  • I have a car loan out right now for roughly 38k which has been paid on time every month with no late payments.
  • I have a Amazon Chase card that has a limit of under $1k but above $500. Also it currently has a high utilization rate of 90%.
  • I was just granted an Amazon store credit card with a credit limit of $1900.00.
  • Another negative on my Experian report indicates that I have too many hard inquiries which bring it to a total of 5 for the past two years. Unfortunately, these are spread out from the beginning of 2011 up until now. I accidentally also applied for two Hawaiian Miles cards which I thought were separate but after looking at my report, I see two hard inquiries from the same exact credit company.
In any case, I get all these credit card applications in the mail but whenever I apply for them I always get declined.

I bought a Honda dirtbike in 09 and took out a $1900 loan and when I did that, the guy at Honda said "holy ****! your credit is so good, you can buy a house man!"

Anyways, here are the things Experian lists that may be negatively affecting my credit score:

  • High utilization -- will the added $1900.00 credit limit help to bring the total ratio down from 90% to whatever it would be with the addition of the $1900?
  • Too many hard inquiries -- 5 total, 2 being from the same company
  • I have a low credit limit -- We have a sub $1k Chase Visa that we personally requested a low credit limit at a time that we were rebuilding our finances
  • 30-days late on a loan that was paid off in 2008
  • No mortgages
In any case, I can't wait to hear back from you. I really would like to build my credit up again. Anything to offer, I'm all ears.

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Location: Texas

Postby jeffysdad » Tue Nov 08, 2011 8:19 pm

You owe $38,000 on a car? Unless that was a very, very expensive car, you're surely upside down in that loan.

Just pay off your debt and don't worry about any new credit right now. If I were you I would be focused on beating down the interest as much as I can through calling creditors or card surfing to 0% offers to the extent they're available.

Everybody's credit is "so good, man" until they use it all up and then it's not anymore. Sell the car and ride the dirt bike.

Sorry if this sounds harsh, but I speak from experience.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Posts: 57
Joined: Wed Sep 07, 2011 10:46 pm
Location: Philippines

Postby naomibatac » Wed Nov 09, 2011 12:38 pm

Negative reports stay on your credit report for at least 7 years. Work on your assets and check what you can give up in order to have the cash you need to pay off your debts. If you still need help on how to handle your debt or determine the best option, you can always consult a debt counselor from any of the online debt counseling agencies.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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