Dylan1982 wrote:Hey CC Deville, I thought you would get a kick as to why GM Card denied my CLI.
Then sent me my rejection letter, it says my score is a 727 (not sure which bureau they used?) As a week earlier my credit score is a 676 with Trans Union.
Anyways, here is why I was denied..
Payments are low compared to balance owed. Balance in relation to amount of payments number of inquiries
Say what? In english, lol...
Basically what they do is use software to determine the amount you pay each month on your credit cards, compared to what is owed. So, if you owe 7,600 on a card and only pay $53.00 a month, then it would stand to reason you do not make as much as you state. The amount paid, or the percentage in relation to the amount owed/financed, is not high enough for them to consider the "request". They also know you were just approved for $9200 of new credit, so why on earth would you need an additional $7700 in credit?
The second statement basically means you have too many inquiries on your report(s). Keep in mind that GM as your crediting agency probably gets your report every single month as a "soft inquiry" and while they say that can't use that against you, they still know how many times you apply for credit and they keep it in their very secret database. There is internal coding that is used on customer accounts that flags/alerts the representative when you call in. For instance, your account could be flagged that you "Always needs to speak to supervisor" immediately. Not exactly the friendly call you want when you have been dealing with other upset customers all day long.
So you're done with them. Great. Do those balance transfers like I suggested and leave that card alone. Don't close it and don't get emotional over a credit line increase that you don't even need. Hundreds of people read these posts and forums and probably will stay away from that company.