"Denied"

Comment 1 by wanderer

Re: Denied on 2011-02-20

Frustration. It is important that you acquire a credit track record (with depth). Also, that your credit be paid to virtually zero with no new credit acquistions within at least 120 days prior to loan apps. Your desire to buy a house will be affected by your FICO Scores and more. Today, there are homebuyer programs that allow for loans with FICO Scores starting at 620+ and then there are the more conventional home purchasing plans that require FICO Scores starting at 720+. The market changes so what I just placed in writing may be obsolete in one year. One thing home lenders are looking at today, is your real income and stability as they don't want to deal with a foreclosure. Too many people acquired homes from about 2005 to 2009 without the real capabilities to pay for it and it still is a major drag on the housing market and the people trapped in the situation!

Comment 2 by roughdraft

Re: Denied on 2011-02-20

Wanderer is right, avoid too many hard pulls, as it lowers your score. If you are like many of us, rebuilding your credit, do your research before applying for cards. There are great resources on here that show you what types of cards you are most likely to qualify for with your score. Unless the Best Buy card offers rewards, consider opening another credit card instead. A great way to open a card easily and improve your utilization is through a secured card. You can choose your limit, most have low yearly fess and some have competitive APR's. A few to consider are: Capital One; BBVA Compass; Wells Fargo; Public Savings Bank (will approve anyone, literally); Citi; Bank of America; US Bank (not available in all states); Orchard Bank, and a lot of the credit unions offer secured cards. Remember that cards with low limits ($500 or less) usually don't do much to improve scores. Its when they start offering more credit that you see them go up. Start with about $1000 if possible, maybe even more, just keep your balance low.

Comment 3 by vmoore0607

Re: Denied on 2011-02-20

Thanks for the info guys! I do have a capital one secures card that I opened in November. At that time my scores were below 520. Since then my scores have increased and I've been monitoring my credit closely. I even had to put disputes in due to some companies still negatively affecting my credit although it was included in my 2005 bankruptcy. Things are looking up and I'm so much mite financially wiser than before. I want certain things and I want to do it on my terms, not lenders terms. I know this requires hard work and I'm willing to do it to get what I want. I love this site. It has helped me so much!!!

Comment 4 by joeyman

Re: Denied on 2011-02-21

Nice job so far! I wanted to add one thing, don't request a credit report too often because this can cause your credit report to split. I personally suggest checking your credit report 1-2 times per month.

Keep up the great work!

Comment 5 by vmoore0607

Re: Denied on 2011-02-21

Thanks again! I am signed up with truecredit.com I can pull my 3 credit reports and scores once a month and it doesn't affect my credit negatively. I also get notice when anything has changed on my accounts so it's a great service.

Comment 6 by miguelr4720

I Am Starting To Hate BestBuy CitiCard Credit Card I Think Best Buy Has Discrimination On Approving Credit Card Because I Was Also Denied on 2021-10-20

I Apply Also For The BestBuy CitiCard Credit Card and I Was Also Denied for a Stupid Reason

Dear MIGUEL RXXXXXXXXXXX,
Why we're writing you
Thank you for your recent credit card application. Unfortunately, we are unable to approve your application for My Best Buy®
Visa® Platinum, My Best Buy® Credit Card, and My Best Buy® Visa® Gold at this time.
Here's what you should know
We have denied your application due to the following reasons:
• Total credit obligations when compared to the total annual income you provided



How we made our decision
Our credit decision was based, in whole or in part, on information obtained in a report from the following consumer credit
reporting agency:
Equifax Credit Information Service
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
www.equifax.com

And I Really Dont Understand I Put The Right Amount Of Income When i Did My Application and i Also Have Good Credit I Am Really Frustrated About This Has Anyone Had This Problem

Comment 7 by miguelr4720

Re: Denied on 2021-10-20

Dear MIGUEL XXXXXXXXX,
Why we're writing you
Thank you for your recent credit card application. Unfortunately, we are unable to approve your application for My Best Buy®
Visa® Platinum, My Best Buy® Credit Card, and My Best Buy® Visa® Gold at this time.
Here's what you should know
We have denied your application due to the following reasons:

• Total credit obligations when compared to the total annual income you provided

How we made our decision
Our credit decision was based, in whole or in part, on information obtained in a report from the following consumer credit
reporting agency:
Equifax Credit Information Service
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-685-1111
www.equifax.com

And I Dont Understand i Have Good Credit and i Put The Right Amount Of income They Shouldn't Denied Me i Am Very Upset About This Someone Please Help Me With This issue

Comment 8 by miguelr4720

Re: Denied on 2021-10-20

I Was Also Denied Because

Total Credit Obligation When Compare to the Total Annual Annual Income You Provided
I DONT UNDERSTAND WHY THEY DID THIS AND I HAVE GOOD CREDIT?

Comment 9 by wanderer

Re: Denied on 2021-10-29

Frustrating! To add, financials review more than scores ... they review credit bureaus and other information collectors to obtain a more full and rounded view of us. What this may mean is they saw debt to income ratios that did not align with their requirements for today. Also, income level requirements may vary with lenders and at this time you did not receive approval. May want to look elsewhere for credit and remember lenders often adjust their standards based on the amount of risk they are willing to underwrite.

Please login or register for free to view your stats, add reviews and card application results, or post comments.