Denied Disney Visa??

[GOOFY4DONALD]

I applied to for the Disney Visa and I was denied....unsatisfactory information on credit report. I am so confused. I have good credit. No bankruptcy, no late payments and we have 65% available credit on our credit report. Just had to vent.

 

[Disneychix]

I would ask for more information and do another credit check on your end. Something sounds wrong with your credit. Definatley look into this, the sooner the better.

 

[budbeerlady]

Check with them. I applied with them, they had me listed as Dr. ________.
They had me listed with judgements, not true, etc. It was laughable the letter they sent to me. I think I might have called them and had them make corrections and life was good.

I did also pull my credit reports and make sure it was all alright. I think someone had a really bad/ off day at work when they did mine.

 

[JeremyGNJ]

65% available credit is actually NOT good these days. Credit card companies are setting the bar much higher.

Debt to available debt ratio is usually the #1 criteria for credit score.

 

[global_mom]

65% available credit is actually NOT good these days. Credit card companies are setting the bar much higher.

Debt to available debt ratio is usually the #1 criteria for credit score.

Curious....what is considered a good ratio?

 

[DVCJEN]

Chase has really tightened its credit lately.

 

[JeremyGNJ]

They say Under 30% usage is "good" and under 10% is "really good"....at least from the articles i've read.

 

[DVCJEN]

It used to be under 50% usage was good but JeremyGNJ is correct--those figures have really tightened.

 

[ahecht]

According to Equifax's MyFICO credit score service, the ideal credit utilization is 7%.

If you regularly carry a balance on your credit cards, and that 35% utilization isn't a 0% balance tranfer offer or something similar, my first piece of advice would be to do whatever you can to pay off the balance. The interest charges for credit cards if you don't pay in full can really put a ding in your wallet.

If you don't carry a balance from month to month, and that 35% utilization is due to the number of charges you make montly, I would suggest paying off your existing cards weekly through the card's website instead of waiting for your bill. After a month or so for the credit reports to catch up, this should drop your utilization on those cards by 75%.

In any case, because you've been denied, you are eligible for a free credit report. Check the fine print on your denial letter for instructions on how to order the report.

 

[JeremyGNJ]

According to Equifax's MyFICO credit score service, the ideal credit utilization is 7%.

In any case, because you've been denied, you are eligible for a free credit report. Check the fine print on your denial letter for instructions on how to order the report.

The rules to the credit game change form time to time and you have to keep up with them. But this "low debt ratio" is very silly.

What it does is encourage people to open MORE credit card accounts, in order for their current balance to be less of a %. (because the ratio is based on total balances to total credit, not per-credit card) What does that mean? I means that for a small fee, such as the annual fees for more credit cards, you can essentially "buy" a higher credit score.

One might think that the credit card providers had a hand in determining the latest factors for determining good credit.

 

[global_mom]

The rules to the credit game change form time to time and you have to keep up with them. But this "low debt ratio" is very silly.

What it does is encourage people to open MORE credit card accounts, in order for their current balance to be less of a %. (because the ratio is based on total balances to total credit, not per-credit card) What does that mean? I means that for a small fee, such as the annual fees for more credit cards, you can essentially "buy" a higher credit score.

One might think that the credit card providers had a hand in determining the latest factors for determining good credit.

So a credit score of over 750 with a low debt ratio is considered good?

 

[JeremyGNJ]

So a credit score of over 750 with a low debt ratio is considered good?

Absolutely! ...as far as I know.

As long as you have income and no late/missed payments (or outstanding accounts in collections), you should be able to get just about any credit card, car loan or mortgage you want.

 

[LanaJae]

Don't feel bad, we pay our credit cards (Visa and Discover) in full every month and have a great score. My job-less college son with previous late payments was given a credit limit well above ours. Chase seems to be into targeting college kids, they've given my son 4 more offers of different cards with them (sports teams, etc.).

 

[Mickey & Minnie Mom]

Back when the card first came out and DH applied, he also got the denial letter. It seems the credit agency they checked with said there was no credit history for him?! Okay.

He called back and asked them to rerun with another agency. Received approval then. I suggest giving them a call.

Good luck.

 

[1PrincessMomma1]

Yeah they declined me too but later the same day Citibank gave me a card with 25,000 so go figure.

 

[girli565]

I find that Chase is very hit or miss. if you go over to Creditboards.com on the forums you can find what agency they pull from and find out what kind of people they are approving (ex: scores, debt to income ratio, # of CC's... things like that).

 

[RayJay]

I applied to for the Disney Visa and I was denied....unsatisfactory information on credit report. I am so confused. I have good credit. No bankruptcy, no late payments and we have 65% available credit on our credit report. Just had to vent.

This is not the worst thing that could happen to you

Join the cash only crowd.

RayJay

 

[MyGoofy26]

They say Under 30% usage is "good" and under 10% is "really good"....at least from the articles i've read.

Just for reference, I'm at 63% (and working my way down - it was closer to 90% ) and according to the FICO score simulator, if I pay my CCs down 90-100%, I can expect a nearly 200 point increase! That ratio is what's bringing my score down. I read creditboards a lot and there are people over there with collections, chargeoffs and a bankruptcy or two with better scores than me. . . all because of utilization.

Oh, and for furhter reference. . . that's only about $3000 that I owe on CCs right now. It makes THAT much of a difference.

 

[MyGoofy26]

Oh, and OP. You can call and ask for a manual review. Plenty of people have luck when they report back on creditboards. Most (all?) of the time, the decision is made by a computer program. Sometimes, if you can get a person to look at your information, they can override the auto-denial.

 

[MissMommy928]

I'm so glad I read this thread. I've got good credit (granted the only thing bringing me down is the income to debt ratio b/c all my student loans are on there! I just pulled my credit report and almost got ill at the student loan balances!!!) and when I called to request a credit limit increase for the sole purpose of reserving our vacation, they only gave me a $500 increase. I have credit cards with available balances of $10,000 and $15,000. But for the Disney, a whopping $3,000. *sigh* It reserved our vacation and that's all I wanted, I just felt so irresponsible when the guy was like "ma'am you're only approved for $500 more". My credit isn't stupendous, but it's between 725-750