Perfect Credit but New Credit Ap DENIED - has this happened to you?

[Avalon Sparks]

Just received a letter today that the credit card I applied to was denied. I was going to transfer some balances from a few other cards on it for the 0% interest rate. I was getting tons of these offers until 3 weeks or so ago, and since the stock market panic I haven't received any.

Anyway, this offer came before the 'panic' and I applied by phone a couple weeks ago. The letter today said they were denying the application due to past or current delinquent accounts. The thing is, I've never paid any of my cards past the due date. Not ONCE!
So I pulled my 3 credit reports today thinking there had to be some incorrect info on them - I was really freaked out. But nope, my credit reports are perfect - all three - for all my revolving accounts (and everything else).

I can understand why I was denied in this economy and credit crunch time, but why list a bogus reason? Why not put because I had too many accounts open or something like that. That letter really caused me to panic, thinking either someone had opened a card in my name that I didn't know about, or that I had forgotten to pay a card or something.

Has this happened to anyone else???? It really pisses me off.

[rcrush]

1. Probably an automatic letter

They probably fired all their humans and computers are sending out letters.

[boozepusher]

2. Nope

Just got a card. In fact, it's my first credit card.

[Suich]

4. Welcome to DU, boozepusher!

:applause: :applause: :applause:

[boozepusher]

12. Thanks!

[HCE SuiGeneris]

5. Here's another question...

Think you'll make it to 25 posts?

[boozepusher]

13. Why

Why wouldn't I make it?

[Suich]

14. Some people are suspicious of those who join DU

around election time, i.e., those with a low post count. Sometimes they turn out to be "disruptors" who are eventually tombstoned, hence, the reference to reaching 25 posts.

:)

[Jokerman]

3. It happened to me but...

it turned out they got me confused with my dad who had the same name.

His credit wasn't bad but their search turned up loans I didn't declare in the application so their computer denied the loan.

It was much worse though when my dad passed away and my bank declared me dead and locked my accounts.

That was a mess.

[SheilaT]

6. When I worked in a credit bureau

back in the early paleolithic, before there were computers, I saw credit reports between fathers and sons with the same names becoming hopelessly confused. It turned me completely against ever giving a child the same name as a parent. I suspect that in these modern days of computers the confusion is often worse and it's probably even harder to separate the two credit files. Back when everything was written down on pieces of paper, it was possible for someone to go through and actually separate out the two accounts.

Jokerman, do NOT name a son of yours Jokerman junior, or worse yet III or IV. It not only shows a deplorable lack of imagination, but it can screw up multiple generations of credit reports into the foreseeable future.

[Jokerman]

10. No jokerman junior.

I have very few gripes with my parents but my name is at the top of that short list.

It was funny though when a college girlfriend sent me an X rated greeting card and my dad opened it. Poor girl got to meet the parents just a few weeks later and she was still embarrassed.

[MercutioATC]

7. Happened to a friend of mine.

760 FICO, owns a house, makes over $150k/year.

He got turned down.


Another friend (high FICO, owns house, $165k/year) had his bank cancel the HELOC he was going to use to pay for his daughter's college tuition.

[elocs]

8. To tell the truth, I just don't understand the credit thing.

Since the end of last May I have not worked more than a few weeks, yet in that time my credit score has risen 40 points to 765. Also, Capital One lowered the interest rate on my credit card from 7.99% to 6.65%. :shrug:

[plaintiff]

9. Vewwy stwange. My credit is just so-so and I've gotten 2 new CCs in the last 30 days.

hmmm

[Avalon Sparks]

11. It is strange...

I have an unusual and pretty unique name, even if they mixed me up with my Dad, Mom or brother due to last name, we all have perfect credit....

I think they just don't want to lend out any money and rejected my application because the 0% interest on transfers offer was sent out about 2 weeks before the problems with the stock market, credit defaults happened. I'm going to send them a letter asking why they claimed I had any delinquent accounts, when all three credit reports show zero delinquencies.

[pitohui]

15. yes the offers have dried up

no human read your ap, a computer spat out the party line, but i've had some credit cards canceled lately, specifically for the reason that i have not used them in x period of months

whatever

seems to me if they cxl the card there is ZERO chance that i'll use it and that they'll ever make any more money off of me, as opposed to the admittedly small but NON-zero amount they make when i use them occasionlly...but...whatever

since you mention you were planning a balance transfer from "a few other cards" i think the reason you were denied is that you already have too much credit for your income, by the post-crash standards

one of my friends just had a credit line cut down from $15,000 to $600 even though he has never made a late payment (pays automatically by computer) -- in other words, since who the fuck our age needs to borrow $600 they are basically taking the card away, he paid it off and is going to send it back once he cashes in his reward points

[pinniped]

16. Was this US Bank?

?

[Avalon Sparks]

18. It a Capital One Card

eom

[pinniped]

21. Thanks. I was thinking about sending in this USB offer with a nice long-term transfer APR.

It just came late last week, so it must be a post-bailout one.

Cap One is OK. Over the years, they actually lowered my APR considerably.

[Avalon Sparks]

17. it is strange

I have an unusual and pretty unique name, even if they mixed me up with my Dad, Mom or brother due to last name, we all have perfect credit....

I think they just don't want to lend out any money and rejected my application because the 0% interest on transfers offer was sent out about 2 weeks before the problems with the stock market, credit defaults happened. I'm going to send them a letter asking why they claimed I had any delinquent accounts, when all three credit reports show zero delinquencies.

[dsc]

19. It might be where you live or who your mortgage is through

on NPR they were reporting that some companies now use those as a basis to lower limits or deny credit all together.

[littlebit]

20. Am Ex

lowered the limit on my business platinum card a last month. I have a credit score in the mid 700's and have always paid on time but they still lowered it.