Credit Card Applications Rejected: Need Advice?

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Credit Card Applications Rejected: Need Advice?

Postby crmccar » Thu Feb 09, 2012 4:24 pm

I'm trying to get a credit card to 1) build credit and 2) get some rewards from my purchases. I had 1 store credit card in the past, but I closed it because I wasn't using it and I didn't know anything about how credit scores are calculated at the time (I did a bunch of research recently, so I understand now).

I haven't had much luck in getting a credit card; 2 applications rejected. I'll make this post in chronological order so you can see the process I went through.

  • Got my Transunion score from 695
  • Got my Transunion credit report: no bad marks.
  • Applied for Amex Blue cash card, got instantly rejected. They told me my Experian score is 652.
  • Got my Experian credit report: one 30-day late payment on a student loan that's closed out.
  • Applied for Citi Forward card, got rejected after a review of my report (not instantly). They told me my Equifax score is 605.
  • Got my Equifax credit report: same 30-day late payment, no other bad marks.
  • Tried sending a goodwill letter to my college to have the bad payment removed, but no luck.
So that's where I'm at now. I have 2 questions for you guys:

  1. Should I try disputing the late payment with the credit bureaus, saying my payment wasn't late? I'm hoping they either won't care enough to investigate and just delete the record or will be unable to verify the late payment.
  2. I have an application letter sitting here for a pre-approved Chase Freedom card. Should I apply for that one since they already pre-approved me? Also, the letter says $150 cash back for signing, though I've seen $200 offers online. Will I have a better chance of being accepted for the Freedom card if I go through the "pre-approved" letter they sent me, or can I apply through a $200 offer and have the same chance of being approved?
Thanks for your help.

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Postby namvet » Fri Feb 10, 2012 9:54 am

The Chase Freedom card is easier to get than the cards you have already applied for. However, you now have several recent inquiries and this will drop your score. You need to stop apping for a while and let your scores recover. Getting a pre-approved offer doesn't mean you will get that card after application. If it were me, i would wait 6 months and do some research on cards that will most likely approve you.

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Postby crmccar » Fri Feb 10, 2012 10:17 am

I don't think waiting 6 months is a good idea because that'll be 6 more months where I'm not building any credit history (remember I don't currently have any cards). I want to get the best rewards card I can right now. Debating whether to apply for the Chase freedom, a store card of some kind (Target, maybe), a card with one of my banks, or a card specifically designed for someone trying to build credit.

One more question: Amex and Citi Bank pulled credit reports from different bureaus, so does that mean there will only be on inquiry reported on each of them, or do the bureaus share that info, so there will be 2 inquiries reported on each?

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Postby DavidNY » Fri Feb 10, 2012 3:54 pm

It can't hurt to dispute it.

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Postby ashleyAMX » Fri Feb 10, 2012 10:42 pm

reward cards are targeted towards people with "good" to "excellent" established history. i would recommend letting the baddie age til it impacts your score less.

also bureaus do not share inquiries.

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