Excellent FICO score but was denied in credit application..

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LegitUserName
 
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Excellent FICO score but was denied in credit application..

Postby LegitUserName » Wed Dec 11, 2013 2:16 am

Hey all, noob here!

If anyone can spare a hot minute, I would like to share a frustrating experience and hopefully get some follow up advice..

I recently applied for the BOA Travels reward card because I thought I might as well start taking advantage of better rewards, particularly with travel. I was denied, despite my FICO score of 790. A week later I received a letter in the mail from BOA stating that I was denied due to insufficient "credit references" and "established revolving accounts". Bummer! I thought I was a shoo-in with that score! But that's okay, I got over my rejection soon enough, but I'm still determined to take advantage other great rewards out there (my WF 1% cash back credit card is lame) if you guys think it's still possible.

A little about my background: I'm 29. Have used two credit cards since 2002. One was my own (Visa, issued by my bank and currently still use), the other one was paid for by my parents (AMEX) but only for emergency/special situations, which I haven't used in years. As indicated by my FICO score above, I have done an excellent job managing my debt/credit for 11 years. At this point, I'm not sure if I should bother applying for a different travel rewards card (eg. Barclays Arrival) and could very well get rejected again, which I understand will hurt my credit score. Or will I have to scale back and apply for a less luxurious rewards card (eg. gas card, shopping card) to build up my credit background first before attempting a travel rewards card again? And if so, how long should I wait before applying again (I applied for BOA Travels a couple weeks ago)? Any feedback would be awesome!


takeshi
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Postby takeshi » Fri Dec 13, 2013 10:30 am

It's never just about the score. Creditors have varying underwriting criteria and can look at certain aspects of your credit. Are the 2 credit cards the only accounts you have on your reports? If so that would probably explain why you were denied as that would be a thin file.

LegitUserName wrote:At this point, I'm not sure if I should bother applying for a different travel rewards card (eg. Barclays Arrival) and could very well get rejected again, which I understand will hurt my credit score.

The rejection doesn't hurt your score. The hard pull does.

DavidNY
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Postby DavidNY » Fri Dec 13, 2013 10:35 am

I would call them.

daniel2304
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Postby daniel2304 » Fri Dec 13, 2013 12:03 pm

Good debt management is not defined by only 1 account. Since you only have 1 account, creditors are not sure that how you can handle others. Try to work with some store credit such as Amazon. Discover can also be flexible in term of someone who is new and fresh, so try them too
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

MemberSince99
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Postby MemberSince99 » Fri Dec 13, 2013 12:24 pm

Frankly, that's ridiculous. A long great history and denied by a computer because you don't have enough of them. And if you had too many they'd deny you for that too.


Call them and ask for reconsideration, a human looking at your file, assuming they are rational unlike some on here and FICO, should see you have a stellar history and be glad to get your business.

DoingHomework
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Postby DoingHomework » Fri Dec 13, 2013 6:43 pm

MemberSince99 wrote:Frankly, that's ridiculous. A long great history and denied by a computer because you don't have enough of them. And if you had too many they'd deny you for that too.


Call them and ask for reconsideration, a human looking at your file, assuming they are rational unlike some on here and FICO, should see you have a stellar history and be glad to get your business.


I agree. Give them a call. It sounds like you should have been approved. There might have been a mistake or computer glitch.

LegitUserName
 
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Location: Denver

Postby LegitUserName » Mon Dec 16, 2013 12:14 am

I appreciate the responses!

When I initially submitted the application online, it was rejected immediately as if it was automated (so clearly a person did not review it). I will take the advice and try to reach a live person and if no dice, I will take the follow up advice with a store credit card and build up more credit history from there. Thanks, again!



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