"Denied Online"

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Written by: terry684 on 2008-11-24

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terry684's review: Callout Comment This is my first time posting here. After reading the reviews about Best Buy, yesterday I applied for a Best Buy credit card online and was denied. Even though the card is issued by HSBC, Beneficial National Bank did the inquiry on my credit report. They pulled my report from Equifax. My FICO score is 663. I have 1 credit card with HSBC that I pay in full each month, but yet they still denied me. I have friends with better credit scores than mine and their application was denied. I'm not sure what FICO score they want a person to have before they will approve someone for a Best Buy Card. I'll try again next year. Meya thank you for all the good advice you give people. Thanks to everyone else for their reviews and experience with credit cards. That info helps a lot of people.


Comment 1 by thomas1
BEST BUY User Icon on 2008-11-24

Remarks Sorry to hear about your denial. The only thing I can think of is you were probably denied due to the credit crisis if your reports were clean, no derogs, public records, or chargeoffs. Also, excessive inquiries or new accounts.

They could spit out an auto denial, but, with that score you should have been approved. Banks are really changing up their requirements for account approvals these days. I know you pay off your HSBC card each month as you said, but is your balance to available credit ratio too high on other accounts, meaning over 30%? That could be a reason also. It's really a war of attrition. Was there a reason for denial?

I too, have seen scores much worse than yours be approved. It really makes no sense whatsoever.

Seems like banks are sitting back with the flip of a coin as to whom to approve and whom not.

What are your scores with Experian and Transunion? Is Equifax your lowest score? You have a right to a copy of that report being you were just denied, maybe review it and look at your reports in general. Maybe you can take another shot at them in 6-12 months, depending on your inquiry history on Equifax

Good luck!
Comment 2 by cireone
BestBuy User Icon on 2008-11-24

Remarks Yes HSBC is wishy-washy when it comes to approving and denying extending credit to you. Awhile back I was pre-selected to get the Rewardzone Mastercard. I applied and was approved instantly. It had a low CL, $59 AF. Well, then after joining this forum, I tried my luck at the store card. I ws denied both online and in-store for the store credit card. Supposedly the Mastercard is harder to get than the store card. Ive given up on tryin to get a BestBuy Store card because they are not consistent.
Comment 3 by patrick12
Sorry User Icon on 2008-11-24

Remarks Sorry to hear that you didn't get approved, HSBC and their store card program is hit and miss, I know back in 2001 I opened a Bowflex account with HSBC and was approved for 3500.00 don't know what my scores where then but it seems like when I tried to apply for others with HSBC store card program I got denied, it seems like to me that they treat the Best Buy Reward Zone Master Card like an orchard card, small credit lines ($300.00) and a $59.00 annual fee, but again to restablish your credit its worth it in the long run
Comment 4 by colonative
Squeeky Wheel User Icon on 2008-11-24

Remarks I would call them and ask why and maybe talk to a supervisor to see if this can be overridden.

Did they give you any solid reasons as to why they declined it? Or you have not received the letter yet?
Comment 5 by meya
You Are Welcome User Icon on 2008-11-25

Remarks Sorry to hear about your denial, I just have one question, how high is your utilization on other cards, and have you been applying for new accounts in a short period of time? They denied me last year also, I just said oh well and for get them.

Good advice everyone, I agree with you in regards to this credit crisis issue, that can play a major factor in the denials. A lot of banks has changed their criteria, so we can expect some of the craziest things to happen when it comes to approval ratings.

Terry684, what other cards do you have? My reason for asking is because Macy's, Hooter's, Barclay's cards, and Cap 1, is what's happening now. You would probably have more luck with them. But that's if you have not been applying else where, and have old Co's or none at all.
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