Good credit score but denied the card

Submitted by Anonymous (not verified) on Fri, 09/17/2010 - 04:39
Forums

Hi all,

I was hoping to seek some advice on improving my credit score. I recently applied for a credit card and despite having a credit score of 789 on TransUnion I was denied. I was honestly baffled by this.

I am curious if the reason is not having bad credit, but rather a lack of credit? I am 29 years old and until this point have only held a few store credit cards, but never applied for major credit card as I have always felt that I did not have the money to buy things.

The only outstanding debt I have is my student loan. It has been reduced from 80K to 15K in the past 2 years due to early payment and loan reimbursement programs. I have never paid any of my student loan payments or my credit cards late.

I also pulled my credit report to confirm that no incorrect information was listed. It was accurate with the exception of, my place of employment was not listed. Do you think that this is why I was denied?

I was going to call the credit card, but they only accept inquires via mail. Should I even waste my time and write them a letter?

Hi Feoras,

The reason you were denied new credit card must be due to your thin credit file. Actually you have no proper credit card. If you have a savings account with any bank, you can try to talk to the bank about getting a credit card with them. However, if this fails, you can get a secured credit card and use it for a year and half to build up some credit history.

Use the secured card to purchase items, and then make on-time payments on the card. This will help you in building up your credit history. After the 1 and half year you can ask the creditor to convert the secured card to an unsecured one.

Thanks,

Aaron

Fri, 09/17/2010 - 08:43 Permalink
Orlin (not verified)

Hi Feoras,

You can also get added as an authorized user on any of your relative or friends account who has a good credit score. This will help you in building up your credit report.

Thanks,

Orlin

Fri, 09/17/2010 - 11:18 Permalink

Feoras, I would go over your application carefully. I think that this is some overlooked error.

have you moved recently? you talk about your score, but did you look at your report? I think there was a discrepancy with your ID info. how about applying for a major with the same bank as your checking account? or sitting down with a bank officer and explaining the issue. they might give a detailed explanation.

you know that if you are turned down they owe you a letter explaining. of course they are pretty vague.

Mon, 09/20/2010 - 23:28 Permalink

Yes, cinnamngrl. The change in address can also be one of the probable reasons. The OP should check his credit report carefully for any wrong listings.

Aaron

Tue, 09/21/2010 - 09:58 Permalink
Zahoor (not verified)

YES, it is considered a cash adncave. And most likely you will be charged extremely high interest rates 20%+ on the amount you adncave. It cannot hurt your score, unless of course you don't make your credit card payment on time, which is independent of a cash adncave.

Tue, 10/02/2012 - 06:26 Permalink