I have 4 years of credit history but still getting denied?

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sfoboy85
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Postby sfoboy85 » Tue Apr 24, 2012 8:56 am

Crashem wrote:I really doubt you bought a real FICO score. You can only get it from one spot in Equifax's website and from MYFICO.com.

This link is FICO Score
http://www.equifax.com/credit-score/

This link is 3 in 1 credit report with FAKO score
http://www.equifax.com/cs/Satellite/EFX_Product_C1/1162298924870/5-1/5-1_Layout.htm?packedargs=Locale%3Den_US

Why do I think you are mistaken? You keep quoting 1 FICO score. Each credit bureau gives several versions of each FICO score, but there are at least 3. Since you are talking about AMEX, they pull Experian. So what is your Experian FICO score? You can't get that anywhere (they don't sell it). However look at your rejection letter from AMEX and it should tell you what your Experian FICO score is. What does it say on it?


OK, so let's clear this up :)
I pull my credit report from Equifax. Shows a 731 score, also pulled the 3in1 credit report which shows 731 AND equifax shows this:
Image

Plus, AMEX never rejected me. Only applied once for a platinum and got accepted so I have absolutely no problem with AMEX :)
AMEX Platinum - NO preset limit!
Credit Union Platinum Visa - $5,000


sfoboy85
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Postby sfoboy85 » Tue Apr 24, 2012 9:00 am

JCarter wrote:You can re-run the application and ask an underwriter immediatly for reconsideration, or to avoid a hard pull you may want to just purchase all (3) reports and fax them over to the underwriter.


Unfortunately, it is too late to have it reconsidered since I am past the 30 day "grace" period.

Yesterday, I went ahead and applied for a Visa Platinum with my Credit Union. Since they are lenient and I have been building credit with them since day #1, I figured they will give me the best option available for me. After the application, they said I am pre-approved and they will take a closer look.

So then I got an email saying, Congrats, they are issuing me a $500 Visa card. I was like: You gotta be kidding me... I have an AMEX no limit Platinum, and excellent bill history and a $65k income and a 731 score and get a $500 card? WTF?

So I called and asked for a senior underwriter and eventually she agreed to reconsider it, especially because I told her that I have a no limit AMEX and I spent $5-6-7,000 a month and paid it off every month as agreed.

In the end, I got approved with a credit limit of $5,000 instead of $500... what a difference :)
AMEX Platinum - NO preset limit!
Credit Union Platinum Visa - $5,000

Crashem
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Postby Crashem » Tue Apr 24, 2012 9:37 am

Congrats. Btw my mistake on Amex. What did rejection letter from chase show? The reason you got low credit limit initially was because you had no similarly high credit lines. Amex platinum doesn't count. No limit on Amex doesn't mean no limit. Only that Amex doesn't tell them how much they are willing to lend. So lenders' formulas basically ignore it. Your experience just demonstrates the power of a good credit union, using reconsideration, and using Amex charge card to help you.

Btw do you understand what I am saying about multiple fico scores that can be different and sometimes by a lot?
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

sfoboy85
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Postby sfoboy85 » Tue Apr 24, 2012 9:50 am

Crashem wrote:Congrats. Btw my mistake on Amex. What did rejection letter from chase show? The reason you got low credit limit initially was because you had no similarly high credit lines. Amex platinum doesn't count. No limit on Amex doesn't mean no limit. Only that Amex doesn't tell them how much they are willing to lend. So lenders' formulas basically ignore it. Your experience just demonstrates the power of a good credit union, using reconsideration, and using Amex charge card to help you.

Btw do you understand what I am saying about multiple fico scores that can be different and sometimes by a lot?


Hi,
No worries, it happens :) The rejection letter stated literally 2 things :
- Lack of credit history (and that was clearly the decisive factor!) (at that time 3 years and 8 months - fairly new to the USA)
- The high limit on my AMEX account was $6,690. Now this is because my highest AMEX bill ever was that amount. And it shows 6,690%. But it is not like I can carry a balance or anything LOL... And I guess they did not get this part... once I told the SU that, she understood but she said that now she can not reconsider it since it is too late (past 30 days). And I did not want to reapply since I did not want to look so desperate for credit... (because I am really not... honestly I would be happy with just the AMEX Platinum if I would not want to build credit :D )

I am sure that you are absolutely right, since on my report besides this, all they had is a $500 secured loan from Credit Union, they were worried. I am aware that just because I have a nolimit AMEX that does not mean I do not have a limit, I know that :)
But they could have seen that I spent 5-6-7 grand a month every now and then and always paid it off... Anyway, when I contacted the senior underwriter at chase, she said, if I keep this up and apply for the Mileage plus explorer by chase a year later, she said it is 100% that I will get approved. But I realized it has vital importance for building credit (and for getting accepted for future credit cards) to have a fix credit limit from someone. That's why I am very happy that - after a little persuading - raised my $500 limit to $5,000 ;)
I am sure that will do some magic to my credit score and more likelihood of acceptance from other lending institutions.
Thank you very much for asking as well, yes, I am aware that the 3 credit bureaus can have 3 totally different credit scores. Actually in my case when I pulled it, they almost showed exactly the same numbers :) (2-3 points difference each).

Appreciate your post Crashem!

Now, I will just use this card wisely and a year later I am sure I will be totally fine getting the Chase card. At first I got really mad at them, but now I solely fly on United and it would really do good to me so I guess I need it :)
AMEX Platinum - NO preset limit!
Credit Union Platinum Visa - $5,000

Crashem
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Postby Crashem » Tue Apr 24, 2012 10:36 am

Just a FYI. There is no source of all three fico score including from equifax. In fact I only know a couple of places to get your experian fico score and no where you can buy it. No easy place to buy tu04 fico score which is what is in common use today. Even fico only sells tu98. That's why I am suspicious that you have accurate scores. Also that denial by chase should have your fico on it and who they pulled it from and what scoring model. It is required by law. Look at rejection letter carefully. It will be buried in there.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

sfoboy85
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Postby sfoboy85 » Tue Apr 24, 2012 10:42 am

Crashem wrote:Just a FYI. There is no source of all three fico score including from equifax. In fact I only know a couple of places to get your experian fico score and no where you can buy it. No easy place to buy tu04 fico score which is what is in common use today. Even fico only sells tu98. That's why I am suspicious that you have accurate scores. Also that denial by chase should have your fico on it and who they pulled it from and what scoring model. It is required by law. Look at rejection letter carefully. It will be buried in there.


I actually have no idea what "tu04 or tu98" is. But what I know for sure is that in the denial letter it did NOT state my FICO on it, they stated they pulled it from Experian and they did not disclose ANY scoring model. Those things I know for sure... It was a very simple, typed up letter stating sorry,sorry,sorry... But I swear it did not contain any of these information but the sentence that stated "after reviewing your credit report from Experian, we ...." So that's all that was given to me.
If it is required by law, then I guess they did not do a good job "keeping up with the law". I no longer have the letter but I know this for sure, my memory is always good especially about things that I care for :)

Either way, I am all set now :)
AMEX Platinum - NO preset limit!
Credit Union Platinum Visa - $5,000



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