All I have gotten are denials or delayed denials in the past few days

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Replied by JELOPEZ88 on topic Re: All I have gotten are denials or delayed denials in the past few days

Hello, I am a new member and joined this network last month.

Going along with what hiphopsays wrote...........................

It helps if you have a major credit card on your record (AMEX, VISA, MC, DISCOVER). In 2009, I applied for the "green" AMEX card and much to my surprise, the request was approved. Once that happened, a boatload of offers came rolling in from banks and various other creditors. With a major credit card in hand, most creditors will view you as more financially stable and will most likely approve your application. Another reason could also be is that you don't have enough credit history for potential creditors to review.

One pitfall to keep in mind is that the banks behind such merchant specific cards, (i.e. Best Buy, Fry's, Home Depot) can have extremely high interest rates, some with almost 30% APR! That can cost hundreds of dollars in interest charges if you carry a balance each month. I discovered that was indeed the case after receiving my Fry's Electronics credit card earlier this year. They currently charge 27% APR on regular non-promotional purchases; just for the privilege of owing their bank money. I always pay any balance on that account in full.
12 years 8 months ago #16
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Replied by hiphopsays on topic Re: All I have gotten are denials or delayed denials in the past few days

sorry to hear about the denials but i wouldn't sweat it to the spring i applied to best buy as i was planning to buy a new TV and was denied. a few weeks later i decided to apply to amex with the belief i would get denied and i could use the denial to pull my credit report (based on a friend i believed an amex pull would get me a peek at my experian credit report). instead of a denial i got an approval for blue cash for 1K and the mid rate APR. a month after blue amex offered me a 'pre-approval' for both the green and gold charge card (went with the green)....and just a few weeks ago i got a few FIA solicitations which included BankAmericard Visa Signature line, home depot, and .... best buy.

i figured best buy is only 'interested' because of the amex' appearing on my reports now .... so since three months ago (when i had less school debt) they didn't want me they won't get me now. similarly, if you tend your 'garden' you will have an opportunity to get one of the cards you want....just don't sweat it now.
12 years 8 months ago #17
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Replied by Joeyman on topic Re: All I have gotten are denials or delayed denials in the past few days

Typically creditors look back at the last six months of inquiries, however, credit bureaus will keep the last two years on your report. Each inquiry can lower your credit score by 1-30 points... You may be better off obtaining credit from your main bank, especially if it's a credit union.
12 years 8 months ago #18
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Replied by gsxrprchica600 on topic Re: All I have gotten are denials or delayed denials in the past few days

Hmm...that's strange that you can't get the Best Buy card! I have one and they approved me with average credit. I have three cc's and two auto loans and was able to get approved for a $500 limit. Maybe they have your income reported incorrectly or your DTI.
12 years 8 months ago #19
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I haven't applied for credit in a while and I really wanted a Best Buy, Home Depot card and a Valero gas card. My credit score is TU 627 and Eq 669. I think EX is 667 but I haven't checked in a while. My credit score has went up by at least 50 points since the last time I applied for credit. I have had no success at all. I see that people with CS in the 500's get the Best Buy Card and that one a flat out denial. The other two were the "we'll let you know in 7-10 or 30 days" which is almost always a denial.
What BK, no baddies, 35% credit utilization, good payment history for the past 18 months.....bad things: amt inquiries. I wouldn't think that the amt of inquiries would outweigh the good stuff but maybe that is the deal...who knows. I have 3 GEMB acct, Macy's, Firestone, 2 Capital One and a couple others all in good standing along with 2 installment accts also in good standing.
12 years 8 months ago #20