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    #1

    Got turned down by 3 creditors

    I was trying to start rebuilding credit as soon as possible as my business depends on a good FICO score. I wont need the FICO score for another 2 years so I thought I would start now. I applied for the easy ones everyone on this board suggested, Orchard, Best Buy and Capital One. They all turned me down. Capital One said my mortgage was too high..It is $730,000 but I pay very little on it as the interest rate is only 1.19%.

    Now, I guess I better just leave it alone. Got all the hits all at once. My scores are 623, 650 and maybe 600.

    How long will it take to get some decent scores if I dont do anything at all? I have had credit for 35 years and up to a year ago my credit score was 730 with Experian. Always paid on time and have quite a few loans all paid off. Right now I have 3 mortgages that I am paying but I have renters paying 2 of them. I have a car loan with Chase Financial that I could pay off, but was hoping that they would report to the credit bureaus that I am paying on time.

    Thanks.
    Tags: credit repair, debt to income ratio
    #2
    I think in this mortgage climate, most banks would see three mortgages of that size with a recent bk as a risk. I would get a couple of secured cards, which will help rebuild your fico. The mortgage is probably killing your debt to income ratio. I think the car is helping not hurting as it is an installment loan that is showing positive history.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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      #3
      What are the other denial reasons? Are they all citing your mortgage as the reason or just one? Aside from the other suggestions, I would just make sure there isn't anything else hanging out on your report that shouldn't be there. Did you reaffirm your mortgage? Cause I would think if it was a ride through it should still show up as IIB and zero balance. Personally, the first card I was able to get was hooters and my score was about 660 when I got it and that was about 1-2 months after my BK discharged. Hooters primarily checks trans union. That might be one last card for you to try but if that one denies as well then I would definately lay off the applying for a while and go with the secured card.
      BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
      Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

      Comment

        #4
        I may have missed something. So, as asked above, did you reaffirm these 3 mortgages? I was wondering why they are still showing post-BK. If you did not reaffirm (did a ride through), they shouldn't be showing balances.

        Yeah, that is a ton of debt still if you reaffirmed (surprised if this is the case).
        Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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          #5
          I did not reaffirm any of my mortgages and they do show zero balances...Capital One was the only one that mentioned my mortgages are too high. The others didnt state a reason.

          I will wait another 6 months and try Hooters then, I dont know what else to do. I do have a $10,000 savings account with a credit union. Do they run credit checks when you do a secured credit card? It is my neighborhood credit union and I dont want to tell them I filed for BK.

          Comment

            #6
            Have you checked your reports then to make sure everything is accurate? If your mortgages are reporting zero/IIB then Capital One should not have said anything about your mortgages.
            BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
            Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

            Comment

              #7
              It's almost ironic, but yes, they still do a credit check to give you a secured credit card using your own money to secure the funds. Even at times, they can still deny you a secured credit card.

              Then don't use your local credit union. Go with a national provider that will do secured cards. Even the sub primes like CapOne and Orchard offer secured cards.
              Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

              Comment

                #8
                Yes..all my accounts show zero balances..I checked all of them and made sure. I disputed the ones that didnt show zero balances and they were corrected.

                Comment

                  #9
                  IIB is still a negative indicator. IIB with 4 non reaffirmed mortgages are also negative indicators. Even though you can walk away from that mortgage debt at any time, it is a negative indicator in most loan models for two reasons. 1. It indicates a lack of stability (things could change for you at a moment's notice) and 2. It is weighted the same as a foreclosure in many proprietary credit scoring models.

                  Capital One models on stability. They want to see a stable job and residence history. I think 4 non-reaffirmed mortgages and self employment are what are hurting your applications. Most credit cards do not go strictly by fico score or raw credit data on your report. They look at stability and debt to income ratios too.
                  You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                  Comment

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