FICA score of 720 and still rejected

[brtspears2]

I got a free credit report from Equifax with Score power, whatever it was. I have a FICA score of 720, but was still rejected for a 0.0% APR Citibank VISA. On the reject letter, it says "Not enough credit history." My report looks clean, and there isn't anything out of the ordinary. What to do?

 

[Viper GTS]

Apply again when you have more credit history.

Viper GTS

 

[RossMAN]

I know which cc you will be approved for you but there's a few strings attached, apply for the CitiBank SECURED cc.

 

[NogginBoink]

Each lender has their own inhouse criteria for lending. FICO scores are not the sole determinant. Sounds like Viper's already given you the obvious answer.

 

[Ameesh]

Originally posted by: Viper GTS
Apply again when you have more credit history.

Viper GTS

where did you come up with that suggestion !!!

 

[Viper GTS]

Originally posted by: Ameesh

Originally posted by: Viper GTS
Apply again when you have more credit history.

Viper GTS

where did you come up with that suggestion !!!

Although I put it in very simple terms, my point has already been expanded on by other posters.

They obviously want more than just a (sort of) high FICO score, so if he wants that card he'll need to wait.

No big deal, there are lots of cards out there. And with a FICO score of 720 his credit is OK.

Viper GTS

 

[brtspears2]

I already have many unsecured credit cards, limits between $3,000 and $7,000, no need for a secure card.

 

[notfred]

Originally posted by: RossMAN
I know which cc you will be approved for you but there's a few strings attached, apply for the CitiBank SECURED cc.

So that you can pay the bank to let you use your own money? I think I'll pass on that one.

 

[Lucky]

Originally posted by: brtspears2
I already have many unsecured credit cards, limits between $3,000 and $7,000, no need for a secure card.

yes, but how long have you had them for?

 

[ElFenix]

they might simply require 5 or 6 years of history

 

[Viper GTS]

Originally posted by: notfred

Originally posted by: RossMAN
I know which cc you will be approved for you but there's a few strings attached, apply for the CitiBank SECURED cc.

So that you can pay the bank to let you use your own money? I think I'll pass on that one.

You are aware that you get your deposit back, right?

Viper GTS

 

[RossMAN]

Originally posted by: notfred

Originally posted by: RossMAN
I know which cc you will be approved for you but there's a few strings attached, apply for the CitiBank SECURED cc.

So that you can pay the bank to let you use your own money? I think I'll pass on that one.

For some people with no, limited or bad credit this is their only option. Assuming you find a secured cc which has no annual fee and you pay it off in full every month it will cost you nothing in the end. Of course they get to keep your deposit for 6-12 months (which earns interest) but I know what you mean.

I agree with Viper GTS continue using your current cc's, make your payments in a timely manner, wait at least 12 months then try again or get a co-signer.

 

[NesuD]

every credit report must have at least 1 negative point on it. If there is nothing negative in your history then it will automatically show not enough credit history to fulfill that requirement. I have a rating of 806 which anyone in the business will tell you is topshelf paper and pretty uncommon. Every credit report that has ever been pulled on me shays that i don't have enough credit history. Guess 25 years of car payments mortgage payments various cc payments and home equity loan payments isn't much credit history. My suggestion would be to call them and ask them to explain exactly how they determined that you don't have enough credit history and if they quote your credit report than I would say their 0% rate credit card is a scam and basically impossible to qualify for. This is all assuming that you actually do have a reasonable amount of credit history.

Well just for grins i went and applied for that card online and was approved immediately. You must have a relatively short credit history by their standards.

 

[Descartes]

Originally posted by: Viper GTS

Originally posted by: Ameesh

Originally posted by: Viper GTS
Apply again when you have more credit history.

Viper GTS

where did you come up with that suggestion !!!

Although I put it in very simple terms, my point has already been expanded on by other posters.

They obviously want more than just a (sort of) high FICO score, so if he wants that card he'll need to wait.

No big deal, there are lots of cards out there. And with a FICO score of 720 his credit is OK.

Viper GTS

Either you didn't pick up on Ameesh's sarcasm or I'm not picking up on yours :Q

 

[fr]

I have a score of around 750 and I was declined for an Amazon card when I applied ($25 GC free if approved).

Oh well. I have my Sony Platinium, AMEX Starwood and Discover (and others) so I'm OK.

 

[Kerouactivist]

where can I get a free credit report, I can't find the one from equifax????