"Interesting Reason For Refusal To Extend Credit"
Newegg.com Preferred Account Review
Written by: scamps218 on 2011-10-22
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scamps218's review: 
My score as of the time of application was, above average to prime. TransUnion 699, Experian 714 and Equifax 713. I needed a computer to replace the one that was fried due to a power surge, and work requires it. I decided to give this card a try as I have heard great things about Newegg.com and loved the finance offer. All research indicated that I should be approved. However, I was declined. Ok, no worries, I just used my AMEX instead.
When I contacted them to ask why I was declined, I was sent first an electronic copy of the reason, followed by a mailed copy 10 days later. Both indicated that I was not approved due to inaccurate address information on my account. Upon review, I notice that everything was perfectly accurate. I do not really know how you can get your address and personal info incorrect unless you make a typing error. When I contacted them again to see what was a mistake, they asked me to review my credit report information as Equifax must have my information wrong. L
Lucky for me, I subscribe to the three credit bureaus and had the report with my info in front of me, updated as of the previous day. All information was identical, and I offered to fax the company the report along with their letter for their own review. Honestly, I wasn't interested in the card anymore, it was simply the principle.
The gentleman on the phone was very friendly, but told me I could not do that. He suggested that I "apply for the card a few more times and see what happens..." Now there is the kicker... Apply for the card a few more times and see what happens... So repeatedly ding my credit score in order to correct a mistake that was not my own in the off chance that it will work. No thanks.
Despite not being approved and being equally unsatisfied with friendly but foolish customer care rep, I can only caution those who apply for this card. I had a bad experience, and if anyone asks me I would not recommend this card. After all, it is powered by Bill Me Later. Not the quickest bunch when it comes to credit services. I wish you luck in avoiding pointless inquiries.
My score as of the time of application was, above average to prime. TransUnion 699, Experian 714 and Equifax 713. I needed a computer to replace the one that was fried due to a power surge, and work requires it. I decided to give this card a try as I have heard great things about Newegg.com and loved the finance offer. All research indicated that I should be approved. However, I was declined. Ok, no worries, I just used my AMEX instead. When I contacted them to ask why I was declined, I was sent first an electronic copy of the reason, followed by a mailed copy 10 days later. Both indicated that I was not approved due to inaccurate address information on my account. Upon review, I notice that everything was perfectly accurate. I do not really know how you can get your address and personal info incorrect unless you make a typing error. When I contacted them again to see what was a mistake, they asked me to review my credit report information as Equifax must have my information wrong. L
Lucky for me, I subscribe to the three credit bureaus and had the report with my info in front of me, updated as of the previous day. All information was identical, and I offered to fax the company the report along with their letter for their own review. Honestly, I wasn't interested in the card anymore, it was simply the principle.
The gentleman on the phone was very friendly, but told me I could not do that. He suggested that I "apply for the card a few more times and see what happens..." Now there is the kicker... Apply for the card a few more times and see what happens... So repeatedly ding my credit score in order to correct a mistake that was not my own in the off chance that it will work. No thanks.
Despite not being approved and being equally unsatisfied with friendly but foolish customer care rep, I can only caution those who apply for this card. I had a bad experience, and if anyone asks me I would not recommend this card. After all, it is powered by Bill Me Later. Not the quickest bunch when it comes to credit services. I wish you luck in avoiding pointless inquiries.
6 Comments
Comment 1 by phynanciallysavvy
Re: Interesting Reason For Refusal To Extend Credit 
on 2011-10-23
If you re-apply with the same lender within 30 days, you will not have a second HI. But if it's one day over, you can bet on it. You might pull your CR with the primary bureau they use via www.annualcreditreport.com to verify/compare the current address on file vs. what you entered on your credit app.
Truly, addresses have been the only reason my applications haven't been immediately approved online - because new laws and lenders require a phyical address (though they've all been approved after a brief follow-up phone call - although one call w/ Bank of America took over 25 minutes). All of my accounts have my PO Box on file, which is also the one they report every month - so the physical address I am required to enter on credit apps never matches the one showing as current on any of my three CR's.
Just curious... How much did your score drop AFTER applying??
-PS
on 2011-10-23 If you re-apply with the same lender within 30 days, you will not have a second HI. But if it's one day over, you can bet on it. You might pull your CR with the primary bureau they use via www.annualcreditreport.com to verify/compare the current address on file vs. what you entered on your credit app. Truly, addresses have been the only reason my applications haven't been immediately approved online - because new laws and lenders require a phyical address (though they've all been approved after a brief follow-up phone call - although one call w/ Bank of America took over 25 minutes). All of my accounts have my PO Box on file, which is also the one they report every month - so the physical address I am required to enter on credit apps never matches the one showing as current on any of my three CR's.
Just curious... How much did your score drop AFTER applying??
-PS
Comment 2 by wanderer
Re: Interesting Reason For Refusal To Extend Credit on 2011-10-24
Credit... you can't live with it and you can't live without it! Thanks for the very through write up on what happened. It never ceases to amaze me as to what credit grantors do.
on 2011-10-24 Credit... you can't live with it and you can't live without it! Thanks for the very through write up on what happened. It never ceases to amaze me as to what credit grantors do.
Comment 3 by scamps218
Re: Interesting Reason For Refusal To Extend Credit on 2011-10-25
Thanks for the feedback guys. PhynanciallySavvy, I subscribe to all three credit agencies and get updates generally once a week. I just like to keep an eye on them. My address information is correct. In fact, I'm looking at the address they entered and my account's address right now. The exact same. I'm not worried about it. I mean, can I fault a company for being careful with my information? It is just a hassle.
As to your question regarding score dropping, it was only 2 points. I'm a perfectionist. Have always been that way. Straight A student in college and obsessive about being the best. So, my neurotic nature forces me to grimace by the drop in the 2 points.
on 2011-10-25 Thanks for the feedback guys. PhynanciallySavvy, I subscribe to all three credit agencies and get updates generally once a week. I just like to keep an eye on them. My address information is correct. In fact, I'm looking at the address they entered and my account's address right now. The exact same. I'm not worried about it. I mean, can I fault a company for being careful with my information? It is just a hassle.As to your question regarding score dropping, it was only 2 points. I'm a perfectionist. Have always been that way. Straight A student in college and obsessive about being the best. So, my neurotic nature forces me to grimace by the drop in the 2 points.
Comment 4 by scamps218
Re: Interesting Reason For Refusal To Extend Credit on 2011-10-25
By the way, thanks for the heads up regarding the hard inquiry. I did not know that you could re-apply without an additional inquiry. However, without an additional inquiry, if you were rejected the first time, and they are reviewing the same report they pulled the last time, what is the point? Will you not be rejected again?
on 2011-10-25 By the way, thanks for the heads up regarding the hard inquiry. I did not know that you could re-apply without an additional inquiry. However, without an additional inquiry, if you were rejected the first time, and they are reviewing the same report they pulled the last time, what is the point? Will you not be rejected again?
Comment 5 by joeyman
Re: Interesting Reason For Refusal To Extend Credit on 2011-10-25
"You might pull your CR with the primary bureau they use via www.annualcreditreport.com to verify/compare the current address on file..."
Yeah, I'd go directly to www.annualcreditreport.com as well. Sometimes the credit monitoring services are wrong.
on 2011-10-25 "You might pull your CR with the primary bureau they use via www.annualcreditreport.com to verify/compare the current address on file..."Yeah, I'd go directly to www.annualcreditreport.com as well. Sometimes the credit monitoring services are wrong.
Comment 6 by scamps218
Re: Interesting Reason For Refusal To Extend Credit on 2011-10-26
Joey, I subscribe to Equifax, TransUnion and Experian directly. I do not use a credit monitoring system.
on 2011-10-26 Joey, I subscribe to Equifax, TransUnion and Experian directly. I do not use a credit monitoring system.
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