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[OP]
Jr. Member
Aug 7, 2012
129 posts
189 upvotes
Vancouver

Don't Make sense

Can i have some of yall input on this?
Credit Score on Transunion 766 is Considered Fair, Credit score on Equifax is 765 considered Excellent. Why that score is considered fair?
I have $36900 between 3 accounts
2 credit cards and 1 line of credit
Utilization is at 2% and i got declined for manual review on American express SCP card
Took a month they would always tell me to call after 24-48 hours and i did that like 7-10 times and finally they told me today after a month of review i got declined and they wouldn't even give me a reason why
I wanted to get that card for 2% on everything to compliment my BNS VISA INFINITE
Anyone that got declined does CC companies don't tell you reason why?
16 replies
Member
Nov 3, 2018
383 posts
611 upvotes
I find that on average my Transunion score (and it sounds like most people's as well) is about 100 points higher than Equifax. So my Transunion, when it is in the mid-800s, Equifax is in the mid-700s and these are considered Excellent scores. On the occasion that Transunion dips to the high 700s, Equifax dips to the high 600s and these are considered Good scores. Anyway, the point is that your Transunion score is the equivalent of an Equifax score about 100 points lower. So for you to have both in the mid-700s means your score levels are actually quite different between the 2, and would explain why Equifax considers your score Excellent, and Transunion considers your score Fair. It would seem that one of the 2 either has wrong information on you that the other doesn't have, or is missing correct information that the other has. No idea which one.
Jr. Member
User avatar
Oct 12, 2020
112 posts
131 upvotes
Ontario
ufcdeals wrote: Credit Score on Transunion 766 is Considered Fair, Credit score on Equifax is 765 considered Excellent. Why that score is considered fair?
What @OxbridgeIvy said makes sense, and I agree. TU score should be higher than EQ score. The two credit bureaus have a different rating system, so it could be that the range of what they would consider "fair" is different. They're literally two different agencies so they would have their own scoring systems, and it is possible one may be missing an information.
ufcdeals wrote: I have $36900 between 3 accounts
2 credit cards and 1 line of credit
Utilization is at 2% and i got declined for manual review on American express SCP card
Took a month they would always tell me to call after 24-48 hours and i did that like 7-10 times and finally they told me today after a month of review i got declined and they wouldn't even give me a reason why
I wanted to get that card for 2% on everything to compliment my BNS VISA INFINITE
Anyone that got declined does CC companies don't tell you reason why?
There could be multitude of reasons that's not limited just to utilization and score. As an example, if your DTI (Debt:Income) Ratio goes over what the FIs are looking for, then they won't approve. Someone with $80K income, despite having great scores and low utilization could get declined if they already have too much available credit. I'm sure many others can come up with different reasons too, but I'd say your credit seeking behaviour, your average account age, number of HP recently, COVID-19-related restrictions, etc.

AMEX should be sending you a refusal letter with generic wording, but honestly, even if they don't, it shouldn't be too hard to figure out why you might've been declined. As for AMEX taking a month may have different issues factored in that I'm not going to comment on, so it's something you should be reviewing with AMEX directly if you're really curious.
Sr. Member
May 26, 2009
541 posts
710 upvotes
Calgary
At the end of the day, the credit scores are largely meaningless. Each bank has their own reasons why they would accept or decline someone. You need to get the reason from them. If the first rep you spoke with gave you no information, call back again. Keep pushing until you get an answer as to why. Ask for reconsideration.

It might be your income. It might be your job history. It might be the age of your accounts. Who knows? Amex, not us.
[OP]
Jr. Member
Aug 7, 2012
129 posts
189 upvotes
Vancouver
i talk to like so many agents and manager they wouldn't give me reason why and said to call Equifax i called Equifax they said everything on my account looks good that i should've been approved but its up to Amex they told me cause they the card issuer.

Now i don't know if i should apply for different cards or not

jtfrogger wrote: At the end of the day, the credit scores are largely meaningless. Each bank has their own reasons why they would accept or decline someone. You need to get the reason from them. If the first rep you spoke with gave you no information, call back again. Keep pushing until you get an answer as to why. Ask for reconsideration.

It might be your income. It might be your job history. It might be the age of your accounts. Who knows? Amex, not us.
Deal Fanatic
Dec 5, 2006
9562 posts
4760 upvotes
Markham
OP, if amex declined your application after MANUAL. Review, it might not be score itself. If it's just because low score, it should be automatically declined
Deal Addict
Jan 16, 2016
1463 posts
1121 upvotes
Hamilton, ON
“Doesn’t” make sense, maybe to you, but to the rest of us it’s a pretty clear explanation!
Sr. Member
Oct 31, 2003
859 posts
140 upvotes
Woodbridge
I can give you a few reasons why:

Are you employed Mr. Lebowski?
Do you have a job sir?
You don't look for work dressed like that on a weekday!

Credit history too new

Are you a resident of Canada?

Are you of legal age?

Perhaps try Canadian Tire MC or a secured credit card.

Is that uloc co-signed?
[OP]
Jr. Member
Aug 7, 2012
129 posts
189 upvotes
Vancouver
CLOSER wrote: I can give you a few reasons why:

Are you employed Mr. Lebowski? Yes sir with Rogers
Do you have a job sir? Yes
You don't look for work dressed like that on a weekday!

Credit history too new - According to Equifax 2 years length of credit history and 1 year 2 months Average account age whatever that means

Are you a resident of Canada? yes

Are you of legal age? yes

Perhaps try Canadian Tire MC or a secured credit card.

Is that uloc co-signed? Joint with Ex wife
Deal Addict
Jan 2, 2015
1601 posts
602 upvotes
Toronto, ON
ufcdeals wrote: Credit history too new - According to Equifax 2 years length of credit history and 1 year 2 months Average account age whatever that means
That's okay for a beginner card, but it's pretty new.
Is that uloc co-signed? Joint with Ex wife
I wonder if that had something to do with it. It's joint with the ex-wife. Do they know you're single?
Wydrazor wrote: Someone with $80K income, despite having great scores and low utilization could get declined if they already have too much available credit.
Does that actually happen? I've only ever heard anecdotes about this.
Jr. Member
User avatar
Oct 12, 2020
112 posts
131 upvotes
Ontario
FoFai2015 wrote:
Does that actually happen? I've only ever heard anecdotes about this.
It's not just anecdotes. Many actual DPs of people getting denied a CC in Canada for having too much available credit (whether it's shown in letters or are told by the underwriters directly), and this also has shown DPs in other countries, such as the U.S.

Think about it - if the person earns $80K income, but say they already have a $40K car loan and another $40K of available credit ($20K, $10K, $10K). Do you think the bank's are going to feel comfortable lending this person another credit line (as in a CC) even at just $5K CL? The amount of income has to be able to support the maximum debt someone can carry in a theoretical situation where they max out their credit cards. I don't know what the actual DTI (Debt:Income Ratio) threshold is for banks, but they have system algorithms that determine whether someone has too much credit or not. Look it up on Google.
Deal Addict
Jan 2, 2015
1601 posts
602 upvotes
Toronto, ON
Wydrazor wrote: Think about it - if the person earns $80K income, but say they already have a $40K car loan and another $40K of available credit ($20K, $10K, $10K).
That wasn't the sort of thing I'm talking about.

If someone has $80,000 of income, and is only using $4,000 of credit out of $100,000 available, are you telling me they could be turned down for that? The example you gave showed someone with a high utilization, not high available credit.
Jr. Member
User avatar
Oct 12, 2020
112 posts
131 upvotes
Ontario
FoFai2015 wrote: That wasn't the sort of thing I'm talking about.

If someone has $80,000 of income, and is only using $4,000 of credit out of $100,000 available, are you telling me they could be turned down for that? The example you gave showed someone with a high utilization, not high available credit.
It's possible. And no, it wasn't high utilization because in my example, I the $40K is available credit and $40K is in car loans. Doesn't matter. Literally, just Google "denied for having too much available credit".
Deal Addict
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Jan 15, 2017
1064 posts
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FoFai2015 wrote: That wasn't the sort of thing I'm talking about.

If someone has $80,000 of income, and is only using $4,000 of credit out of $100,000 available, are you telling me they could be turned down for that? The example you gave showed someone with a high utilization, not high available credit.
When we refinanced our mortgage we had lots of room on about $46K of LOC accounts. They asked us to sign direction letters to those banks to close all but one of the accounts, which they then mailed to each institution. While some banks actually close the account, others seem to just mark them as frozen. They still show up on our online banking.
Deal Fanatic
Apr 16, 2007
7983 posts
3274 upvotes
Financial District B…
ufcdeals wrote:
I have $36900 between 3 accounts

2 credit cards and 1 line of credit

Utilization is at 2% and i got declined for manual review
I'm going to let you in on a secret.
Credit scoring utilization metrics is meaningless to FI/lenders/CC issuers.
While yes everyone seems to be constantly preoccupied with utilization ratios those ratios and metrics only matter for credit scoring - not lending qualifying.
Lenders don't say, oh this applicant has 29% utilization and we should approve him or oh no this applicant has 31% utilization so we should decline.
Too many card issuers increasing limits to crazy amounts.

Lenders are more concerned with all your overall balances to your income.
Furthermore, with this current financial climate your disclosed employment and income plays a significant role more-so now than this same time last year.
Last edited by mikeymike1 on Dec 11th, 2020 7:21 pm, edited 1 time in total.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Fanatic
Apr 5, 2016
5210 posts
3707 upvotes
Calgary/Vancouver
Do you have mortgages? And if yes, do they have big monthly payments? You can have the most perfect score in the world but can be declined if your income does not even support the mortgage payments. And sure you may have joint owners and co-signers, but they don’t matter.
Deal Addict
Dec 27, 2007
3489 posts
1046 upvotes
Edmonton
ufcdeals wrote: Can i have some of yall input on this?
Credit Score on Transunion 766 is Considered Fair, Credit score on Equifax is 765 considered Excellent. Why that score is considered fair?
I have $36900 between 3 accounts
2 credit cards and 1 line of credit
Utilization is at 2% and i got declined for manual review on American express SCP card
Took a month they would always tell me to call after 24-48 hours and i did that like 7-10 times and finally they told me today after a month of review i got declined and they wouldn't even give me a reason why
I wanted to get that card for 2% on everything to compliment my BNS VISA INFINITE
Anyone that got declined does CC companies don't tell you reason why?
Wht not just pay off your debt first?
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