Anybody know anything about Credit approval/denials

[disneydave2003]

A friend at work is all fired up because he applied for the Disney Visa and was denied. He makes between $80k-$90K a year. He has no delinquencies but only has one credit card in his name and his car loan is in his and his wife's name. (I'm thinking it's because he doesn't have much credit) Now his wife, who stays at home with their little one, who hasn't worked outside of the house in just over a year, was Approved . He is requesting a copy of his credit report but he can't believe his wife who doesn't work got the card and he didn't and the annual income she reported is his salary! Do you have any thoughts or theories on this?

thanks-
dave

 

[caitycaity]

getting a copy of his credit report is a good idea.

 

[jamsmom]

I would get a copy of my credit report as well

 

[ChiTownZee]

I have no idea how disney works. I was denied by them this month, but yesterday was approved for a new Bank of America card

 

[Luckymommyx2]

The bank must provide a reason for their denial which should be stated on the letter he received. Besides getting a copy of his credit report he should call the number listed on his denial letter and speak with a representive at the cc company. They cannot go into specifics on his credit bureau report but if it's something such as limited credit history, debt to income, etc then they should be able to disclose that. Make sure he gets copies of all three cbr's too!

 

[ead79]

Yep, I would also be sure to get my credit report from all three credit bureaus (Equifax, Experian, Trans Union). Perhaps he has limited credit or too much debt to income.

 

[BethR]

Perhaps he does not have ENOUGH debt to income! PERHAPS Disney does not want to give a CC to anyone who will pay their balances off on full each month - no way to make $$ off of you that way.

(I am saying this tongue in cheek - but perhaps there IS some truth to my theory? )

 

[Grog]

I have a friend who thought she had perfect credit until she got turned down for a loan. She checked her credit report and had been the victim of identity theft. Someone had opened three credit cards in her name, charged them to the limit and never paid the bills. The cards were charged off in her name. It's taken her a while, and a lot of work, but she got it all straightened out eventually. I hope nothing this severe happened to you friend.

 

[iNTeNSeBLue98]

MAYBE HE WAS DENIED IF HIS WIFE'S CARD WAS APPROVED FIRST. dISNEY MAY NOT WANT MORE THAN ONE CARD PER HOUSEHOLD. iF SHE ALREADY WAS APPROVED, WHY DOES HE NEED ANOTHER?

SORRY ABOUT THE CAPS!

 

[AllyandJack]

There are tons of reasons to be denied credit. I got denied credit because I hadn't lived in my home long enough. Ironically enough, this was from a furniture store. I just built the home and the furniture company turned me down! The lady at the store said she couldn't tell me why, just that it was denied. I was amazed that someone would give me a house, but no furniture. So, I waited for that letter and, sure enough, it said I had an insufficient time in my current residence. So, I called the company and asked how they could possible deny furniture to everyone who just moved. Not to mention that I had lived with my parents prior to building my home - for 25 years! That's just their policy.

Then I was turned down for credit from a store to have Central Air put in my new home because I use a PO Box for my mailing address. Now, I'm an attorney that does creditor's rights law. I know all about how a PO Box can mess up a case. I told the lady who denied me that my residential address was (blah, blah), however, I chose to have a PO Box to get my mail (security reasons, snow plows tearing them down, etc.). She would not budge. You wouldn't mind, but I've never even had a single late payment on any of my credit cards - and I've had a LOT of them since college!!

Having said all that, I was approved for the Disney credit card. So, who knows!!

 

[BethR]

Here I was thinking that I would have no problem getting my Disney CC. Perhaps I shouldn't be so confident.

I applied on-line with my DH's name because I have no income (he does, I don't.) Perhaps I should have applied in my own name?

Don't know if we have been approved or denied yet. But we have never have not been denied credit before...so who knows?

 

[disneydave2003]

Originally posted by iNTeNSeBLue98
MAYBE HE WAS DENIED IF HIS WIFE'S CARD WAS APPROVED FIRST. dISNEY MAY NOT WANT MORE THAN ONE CARD PER HOUSEHOLD. iF SHE ALREADY WAS APPROVED, WHY DOES HE NEED ANOTHER?

SORRY ABOUT THE CAPS!

I just asked him, he said she applied on the phone after receiving the letter that he was denied and he applied on the internet. Well actually she applied but as him or something like that. I guess she just had to have the card so he's pretty po'ed about that too. He "said" the letter said something like we can not extend an offer or approval at this tiime. But then again it's really not my business so I'm not sure what it says. All I know is I'd be ticked if my wife (I don't have one, yet anyways ) was applying for cards without me knowing! But I guess that's a topic for another thread .

thanks guys-
dave

 

[BethR]

Hi Dave!

Just so that you know - we have an agreement in our house - DH MAKES the money, I get to SPEND it.

Dave, we have been married for 22 years and everything in our home is yours, mine, and ours.
We have always had one income, one checking, one savings. I do have some credit cards in my own name, but that it only at DHs insistance that I establish credit in my own name in case anything ever happened to him.
I am completely in charge of all of the bill paying and finances. We discuss big things, of course, but getting a Credit Card is not a big thing to us. We often get new credit cards that have better terms than the ones we have currently. So applying for a Disney Credit Card in my DH's name was not a big deal to us.
IF we are approved, DH will get the card in the mail, and will have to make the activation call. But if he thinks that he does NOT want the card, it is easy to cancel. But believe me, he won't care. You get to know these things after 22 years.

 

[disneydave2003]

Hey ya Beth!

Don't want to ruffle any feathers here but I think anything to do with $$$ is a big decision. Tom's (co worker) ticked because he wants to buy a house and doesn't want a bunch of credit inquiries on his report. Quite frankly, neither would I. I hate credit cards, got in trouble in college but now it's all clear and I have one just for emergencies, everything else is paid by debit card and check, well actually I don't write many checks. I can see where he's coming from. Anyway, that's a good idea to have things in your name in case of unexpected circumstances. I know my girlfriend will like that idea (if we get married Our biggest trouble now is deciding when to go to disney and where to stay! Well I guess I ought to get some work done, have a magical day!

dave

 

[BethR]

Originally posted by disneydave2003
Hey ya Beth!

Don't want to ruffle any feathers here

Hi again yourself Dave!
Believe me, you didn't ruffle MY feathers. (That reminds me, it is time to take my meds. )

Our biggest trouble now is deciding when to go to disney and where to stay!

We are WAITING for those kinds of troubles, Dave. But it with 4 DDs and the youngest being 9, it will be a little while before decisions about our WDW trips will be our BIGGEST troubles.

Well I guess I ought to get some work done, have a magical day!

Yep, got to PAY for those WDW trips, huh?

You have a magical day too Dave! And I hope that your friend figures out what happened about the credit denial.

 

[AMClvsMKY]

I was also denied the Disney Visa just a couple of days ago. I was totally shocked!! We have been told ( when we bought our Durango) that we have excellent credit. In August we purchased a new home after moving out of state and nothing came up at that point. I had just started a new job 8 days prior but my credit is still the same - I am waiting for the copy of my credit report to see if something is on there in error. My DH applied right after to see if he is approved, he has been at his job since we moved here, approx. 8 months. Just waiting to see at this point.

 

[AllyandJack]

Insufficient time at a job can also be a reason for being turned down credit. I learned that the hard way after graduating from law school and getting my first real job.

You know, I wouldn't mind so much, but I do creditor's rights law and the people I go after to recover money don't seem to have any problems getting credit. They owe Chase Manhattan or Direct Merchant's Bank credit card tens of thousands of dollars and they have a PO Box as an address and then I have to hunt them down because they never gave a real residence. Some of the companies don't even have SS numbers for them!! Then they come crying to my firm that the person didn't pay. Then I pull their credit report (or, for the really unlucky creditors their bankruptcy case schedule) and they owe 5 or 6 credit card companies tens of thousands of dollars. They have prior bankruptcies and charge offs, etc., yet they have no problems getting more and more credit. Yet, the rest of us get turned down for really stupid things like moving or starting a new job!

That really frosts my tail.

 

[BethR]

Originally posted by AllyandJack
That really frosts my tail.

Hehehehe. I love some of the phrases that I hear 'round these boards.

 

[Randi]

I posted last week after my son got denied for the D credit card. We have gotten his credit report and it says there are no negatives, 4 accts in good standing, never late, etc. The reasons for denial were too FEW bank cards and too short a time for established credit. Well, one of his accts is a Master Charge with Household Bank, and he has had that since 1997! 2 paid off student loans(from 1993), and a JCPenneys acct(from 1990), all marked never late and in good standing. He uses the MC regularly and pays it off each month. I am wondering if this is the real reason. That he should have more debt. Most credit counseling articles I have read, advise having only 1 card. I am so disappointed for my son, he loves Disney and I thought it would be nice for him to have the card. I am thinking of writing to them for more explaination, but I doubt if I would get an answer. He has some physical problems which we did not mention, but he has worked steadily since 1990 and he is 33 yrs old. Oh well, at least he wasn't the only one denied. they shouldn't have advertised it so much to Disney fans if they were going to be so picky!

 

[Mis4Mouse]

Here I was feeling like a total loser. Now I don't feel so bad -

I applied for the Disney Visa card right away, after checking with Bank One to see if I could carry more than one Bank One Card - I have a Bank One Platinum (the only card I have other than my old Disney cc)- and I was told by Bank One told that I could definitely carry more than one. I was so confident that I would have no problem as I have excellent credit and just signed a lease for my new car with a great interest rate due to my credit rating.

Boy was I surprised, and rather mortified, when I got my rejection slip in the mail. I was given the reason of "insufficient credit history", although I've had excellent revolving credit for two years. However I only started using credit two years ago. Another reason was "opened a credit line in the past 12 months" - the only credit I've applied for was for my car lease! I get a free copy of my credit report every year as my husband was once the victim of identity theft. I know my credit history is short but what I do have I know is excellent. I've never, ever paid late, and usually pay balances in full.

I was really bummed at first. I felt that I was being penalized for being a responsible consumer, (not carrying lots of cards, paying in full, etc) and now I'll miss out on discounts because of it. However, on the other hand, I understand the interest rate isn't great so I comfort myself with that.

I'm really glad to see that I wasn't the only one who felt surprised by the rejection.

By the way, isn't this rejection reflected on my credit rating? How lame is that?

S