"Denied!"

US Airways® No Annual Fee World MasterCard® Review
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Written by: kimi on 2008-05-16

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kimi's review: Callout Comment The classification for this card on financeglobe is fair credit with minimum score of 625.

I applied today and was denied though my TU is 636 and that's the only credit report barcalays pulled.

The only point I'm making for this review is that the classification of fair or poor is misleading and it only encourages readers to accumilate huge inquiries on their reports if they follow the cards link, though I do realy respect the readers reviews like this one which I find helpful and honest when trying to apply for a new card!

4 Comments

Comment 1 by meya
HI Kimi User Icon on 2008-05-17

Remarks I am sorry to hear about your denial from this issuer. I want to add something to your assumptions in regards to the scores that FG estimated. When you read the details about this card, FG clearly states:

Based on the FICO score recommendation, applicants should have a recently clean credit record, with no recent negative marks on their report. However the card issuer may expect limited discrepancies. A FICO score of at least 625 is recommended for a higher chance of approval for the US Airways No Annual Fee World MasterCard, but is not required. There are a number of other factors that this issuer may also consider when making decisions for approval.

In the last sentence, FG stated what creditors may base their findings on when they are issuing credit to consumers. Yes, a Fico of 623 is recommended but it does not guarantee approval when we apply. Creditors base their decisions on numerous issues like:

1. How many accounts have you applied for recently or within the past two years

2. BK

3. Credit history (how long have you established credit)

4. Lates

5. Charge offs

6. How much utilization are you using or have used

7. Derog's

8. Income

9. Judgements

10. No credit

This is the main thing that they look at, and there can be many more issues which caused you not to qualify for that particular card. Do not loose faith on your approvals, and you have to realize that you applied for a card that is financed through Bank of America, which is a teir one card. They expect to see pretty nice credit before they issue a card.

I have been denied this card myself because my FAIR credit history did not meet their criterias. Also, my score was higher than yours (not to judge) and I was denied, it was actually in the 660's back then. I have heard others with scores lower than yours who was approved.

Why don't you call bofa and ask for a reconsideration if your report does not contain the 10 items that I described to you above. I wish you luck if you decide to call, and I encourage you not to give up.

Hope this helps!

Meya!
Comment 2 by wildrage2
Just To Add... User Icon on 2008-05-17

Remarks It also works the other way as well. If a card recommends 650, it doesn't mean you won't get it if you have a 610. It depends on a lot of internal and external (economic) factors.

Sometimes issuers may just want cardholders from different markets.

Also, lengh of employment and annual income mean a lot.
Comment 3 by rockin35
Understanding A Report User Icon on 2008-05-17

Remarks Meya, those are excellent comments.

Kimi, another thing is that you may want to follow up with this creditor and see if you can get a little more insight on where or how they based their overral decison, and keep in mind, the Finance Globes criteria are only "recommendations/suggestive FICO" scores not absolute, as only the creditors determine exactly who and "why" consumers can qualify for their cards.

The card you applied for is a good card and don't be upset or discouraged, this is the only way to learn more about how the crediting process works. I too had the same experience when I became a member in this club, and I have to admit that I "misread" exactly what the scoring criteria section stated (recommended scores etc). Rockin35!
Comment 4 by meya
Good Adding User Icon on 2008-05-17

Remarks These are also excellent comments you two. I hope that a lot of people read these comments that we added before they try to apply for a card by bofa. A lot of members here apply for cards based upon others approvals, which is a good and bad thing because we do not actually know what is on that person credit report that allowed them to be approved or denied.

Also, if I might add, this is why I try to tell individuals not to focus on scores so much because it is not the golden road to approvals. Amex probably has consumers with scores in the high 500's as well as they do in the high 800's. We just need to focus off of our report before we jump into these tier one creditors.
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