Frustrations with credit score and credit card denials.

For just about anything you want to get off your chest about credit cards.
7 posts
PallasAthena
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Frustrations with credit score and credit card denials.

Postby PallasAthena » Sun Feb 23, 2014 8:16 pm

I filed for BK in 2006 (chapter 7). Since then, I have paid every bill and credit card on time. However, I can't seem to get good credit cards and the ones I have, I can't get above $7000 line of credit. Good grief, 8 years have passed already! Also, my credit score can't seem to go over 705. Whenever I get turned down for a card, the letter that comes in the mail mentions the BK as the main reason.
Will this ever end or am I on some kind of permanent black list with every company? (I know I am with AMEX, unfortunately.) I want better cards (meaning better rewards) and higher credit lines. *sigh*

Key factors affecting your FICO® Credit Score:

1. SERIOUS DELINQUENCY AND PUBLIC RECORD OR COLLECTION FILED:

Your credit report shows a derogatory public record, or collection and a serious delinquency.


2. LENGTH OF TIME REVOLVING ACCOUNTS HAVE BEEN ESTABLISHED:

Longer credit histories indicate less risk to lenders. The age of your revolving accounts is relatively low.



My capital one cards were opened in 2007. The rest of the cards are a little over a year old. WTH are they talking about?? grrrr....
Oct '16
TU: 783, Equifax: 772
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
0 CC debt (Disc, Citi, and WF Amex)
furniture debt: $1800
Closed unused CCs, was dinged a few pts, but recovered
I filed for BK in '06 and was in debt over $500K. Never again! You can do it too! :lift:


tigerowl06
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Postby tigerowl06 » Sun Feb 23, 2014 8:52 pm

Google says chapter 7 stays on your credit report 10 years from filing. So I'm guessing your problem with most lenders will go away in 2016. They aren't going to ignore it if it's there, even if it's old. Sounds like you're almost there, though. Chin up!

By the way, a 700+ credit score and a $7,000 limit are damn good for someone who has a bankruptcy on record. Keep things in perspective.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

MemberSince99
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Postby MemberSince99 » Sun Feb 23, 2014 8:57 pm

It's just the way it works. I want a mansion on the ocean and a yacht and a beamer and a hot super model on a 5 figure salary too, but I can only dream. My credit was destroyed and I went years without any cards let alone good prime rewards cards. I made it and you will too. But if you are really looking for sympathy for your plight, probably not going to find much here. When we screw up, we pay the price, it's how it goes.

randeman
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Postby randeman » Sun Feb 23, 2014 10:41 pm

Well, I will give you a little sympathy anyway. I feel your pain. Look at it this way, even with a BK you have a higher score than I have AND higher limits. I am maxed at $5750. Without a BK. It's just going to take a little more time. Believe me, many of us get frustrated too. I think I have all the cards I want, now I just want those five figure limits. But, I'm gonna have to wait--and more time than you! Hang in there.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

PallasAthena
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Joined: Sun Oct 14, 2012 6:58 pm
Location: USA

Postby PallasAthena » Sun Feb 23, 2014 10:54 pm

Well, I started off with Orchard Bank and Capital One cards with credit limits of $350 and $500. Little by little, I acquired more cards, closed old ones and asked for line of credit increases. I always would ask them to do soft pulls. Lately, I've been trying for better cards but it seems I get declined for every single one. I also took a big hit for closing both capital one cards (50 pt hit a few months ago and recovered 20 pts back). It's not that I want to buy a mansion or anything like that. I just want great rates on mortgage refinances, travel rewards (since I travel a lot), and things like that which only good credit can get you.
But thanks for the kind words, though :)
Oct '16
TU: 783, Equifax: 772
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
0 CC debt (Disc, Citi, and WF Amex)
furniture debt: $1800
Closed unused CCs, was dinged a few pts, but recovered
I filed for BK in '06 and was in debt over $500K. Never again! You can do it too! :lift:

takeshi
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Postby takeshi » Mon Feb 24, 2014 7:49 am

It takes time and you'll have to adjust your expectations. I had a bankruptcy myself and it has only been in the past year that my credit has fully rebounded from it and prior to that AmEx and Chase wouldn't touch me. Now I have 5 digit limits with them. Appreciate what you have. Your score and limits are pretty good for your situation.

PallasAthena wrote:WTH are they talking about?? grrrr....

Bankruptcy is a serious matter and you'd have to calculate your AAoA on the latter. They don't go by the age of your oldest revolving account.

PallasAthena
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Location: USA

Postby PallasAthena » Mon Feb 24, 2014 9:24 am

takeshi wrote:It takes time and you'll have to adjust your expectations. I had a bankruptcy myself and it has only been in the past year that my credit has fully rebounded from it and prior to that AmEx and Chase wouldn't touch me. Now I have 5 digit limits with them. Appreciate what you have. Your score and limits are pretty good for your situation.


Bankruptcy is a serious matter and you'd have to calculate your AAoA on the latter. They don't go by the age of your oldest revolving account.


You're right. I think I naively thought that 7 or 8 years was a magic number. I am glad to hear that you're back in good graces with AmEx and Chase. Out of curiosity, when you filed for BK, did you include AmEx? I did... and when I called a few months ago to apply for one of their cards, they were nice to me at first until they put my information into their system. The guy on the phone sounded pissed and told me that if I want another card with AmEx, I'd have to pay them what I owed them (prior to BK). Yikes! (That was a little embarrassing!!)
But yes, I will be a little more patient. Besides, I don't plan on buying a car or making a big purchase any time soon.
My husband applied for his first US credit card yesterday (he's new to the US) and he was approved for a "good card" with a credit line of over $8K! I was "jealous" hehe. :ppp
Oct '16
TU: 783, Equifax: 772
Ch 7 BK in '06, finally dropped off in '16
2 mortgages
paid off car
0 CC debt (Disc, Citi, and WF Amex)
furniture debt: $1800
Closed unused CCs, was dinged a few pts, but recovered
I filed for BK in '06 and was in debt over $500K. Never again! You can do it too! :lift:



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