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Denied Credit Card, now what?


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:evil:

Okay so once you are denied formally for a credit card is there anyway to fight back so to speak? Like call them up and have them reconsider?

I got denied from three different companies: Discover, Citi and Advanta for their business credit cards.

My scores are around 710 according to True Credit. I've had a report for about 5 years, I have like 6 credit cards already, never a late payment. Anyone have ideas?

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:evil:

Okay so once you are denied formally for a credit card is there anyway to fight back so to speak? Like call them up and have them reconsider?

I got denied from three different companies: Discover, Citi and Advanta for their business credit cards.

My scores are around 710 according to True Credit. I've had a report for about 5 years, I have like 6 credit cards already, never a late payment. Anyone have ideas?

1) Do you know why you were denied? They usually tell you the BS reasons in the denial letter.

2) Do you know what your real FICOs are? (TrueCredit is Fake-O (FAKO), though 710 should get you some decent stuff...I'm low 600s and one high 5 on TC)

You can try a recon letter to the CEO of those cards...can't hurt. Do a search for Fizzle1979's posts...he is the recon/gw master....

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Advanta:

Insufficient length of revolving credit history (5 years)

Insufficient number of consumer accounts (7)

Number of recent customer inquiries (1, tops?)

Insufficient average credit limit on open accounts (2000, 7000, 3000, 1500, 6500, 500, 1000)

Try a recon call and or letter. I have only personally had one recon and that got me a fricken $300 limit on my Itunes and my B&N limit got decreased.

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You cannot rely on your FAKO scores when gauging how worthy you are to apply for credit scores. It has been my experience that my FAKO scores have been significantly lower than my FICO scores at times, which is totally frustrating. It has also been my experience that with the business cards you mentioned above, they tend to be a bit more strict with their credit requirements - especially in today's economy.

Do you have any baddies on your credit report?

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You need myfico.com, bro....that's the only site that will give you a "true" idea of what your FICOs are looking like.

When you pay for them, make sure you get a discount code...do a search here. I can tell you off the top of my head current3 is good til end of August. (You can use it for one or three....but if you don't have three then get three).

Then you will have an idea of where you really stand.

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Man they are expensive! Are there any other options?

Of course there other options...

You can apply for a mortgage at a reputable bank and get an inq on each of your reports and then ask to get a copy of your report. Or, you can suck it up for 12.76 each and get your reports from myfico.com.

You can see if WAMU will give you a CC and get a TU report only.

I am sure that you spend $35 at the bar or some other recreational activity easily. But you are going to need a baseline to know where you really stand.

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I am sure that you spend $35 at the bar or some other recreational activity easily. But you are going to need a baseline to know where you really stand.

No I'm pretty cheap all around, lol. I do understand the value of knowing before hand, I just wish there were some TrueCredit like options that monitored your actual FICO. I would much rather pay a fee for "unlimited" reports, ya know? Then again I am a little credit obsessed, likely because of being a small business owner.

I'm guessing the WAMU thing is off because it puts my FICO at 735-750 vs my FACO which is actually 705-720

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No I'm pretty cheap all around, lol. I do understand the value of knowing before hand, I just wish there were some TrueCredit like options that monitored your actual FICO. I would much rather pay a fee for "unlimited" reports, ya know? Then again I am a little credit obsessed, likely because of being a small business owner.

I'm guessing the WAMU thing is off because it puts my FICO at 735-750 vs my FACO which is actually 705-720

Well, I wish I had a million dollars, but it is what it is. There is no unlimited FICO reporting...if there were, that's all we'd ever use. No one said credit repair was easy or cheap...I would like to spend loot elsewhere, but really it's not terribly expensive....I mean really, $35 is pretty much a week's worth of Starbucks, a weeks worth of cigarettes (on average)...and a good time at the bar. If it were $350, then yeah, I can understand what you're saying...but $35 bucks? That's something you can ask the bum begging for change for.....

BTW, my current FICOs are always higher than my TC FAKOs. My Fakos are low 600s with EQ such a bit shy of 600....so take that for what it's worth.

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