If you have over a 700 credit score and you’re still getting denied for credit cards. What can you do? Today I’m going to talk about three things that would potentially get you denied for credit cards, even over a 700 credit score. And then we’re going to talk a little bit about three things that we can do that have really helped out my clients tremendously.
So I’m bringing the nuggets today, but first and foremost, if you have over a 700 credit score, you first need to know one very important tip about credit.
Credit score means shit.
Don’t care if you have an 850, don’t care if you have a 700, it makes no difference.
I can get one tradeline added to someone’s credit who’s never had credit, and magically they’re at a 790 credit score.
It is not the credit score, and so many people get hung upon. “I’ve got a 790. I should be able to go out and get everything.”
If only in fact they knew that it’s not the credit score.
You see there are 500 plus algorithms that are actually going in to factor the credit score.
On top of that, just by having a high credit score does not mean you’re going to get approved.
So let’s get right into it and let’s talk about some of the things that you would actually get denied for if you had over a 700 credit score.
The first thing that people get denied for is called lack of sufficient info.
Okay, so what does that mean? Lack of sufficient info?
Means they don’t have enough information on you.
Maybe they pulled, you applied for the credit card and you got denied, and it said, “Not enough information.” Or, “Lack of sufficient information.” Guys, it’s not the end of the world.
This is why I come to you.
So when that happens, you guys are going to know exactly what to do.
But check this out.
Remember that it is a human that actually put the criteria together for credit cards.
You don’t actually think that every time you apply for a credit card, there’s a human behind that within that 30 seconds, “I’m going to look at their whole credit report.”
No, it doesn’t work that way.
There are humans that actually put the factors in place to say either approved or denied, but think about it this way.
If one of those factors is not met, you’re going to get denied and you’re going to go, “Well, I don’t know what happened.
I got a 750 credit score. Why am I getting denied for this credit card?
I don’t know what’s going on.”
So the first thing, and I know this firsthand because I have things on my credit report that are reporting in error, okay?
One of which is a $30,000 credit card that is not showing any credit limit on the credit report and when I went to apply for their credit card they said it’s, I got denied, and I was like, “Wait a minute.” And they were like, “Something on your credit report is just not…” The credit limit wasn’t showing, it wasn’t showing any age.
I’m sure you guys know about this and if you haven’t, you should probably look at your credit report to make sure they all are accurately reading the credit limit and the age on your credit cards because it happens a lot and you will get denied, but lack of sufficient info could be your address reporting wrong.
It could be your employment that is reporting wrong. It can be your history that is reporting wrong.
So that is one good indication that it doesn’t fit one of the criterias, it’s a robot.
It’s basically programmed in, you apply online when you apply, bada bing, bada boom, it gets denied and you go, ah and it really is just the robot, right?
So we’re going to talk about how to fix that.
Number two is your history.
Now, let me ask you a question.
If you were a lender, you are the person with the money lending it.
Number one, would you lend to yourself?
Okay, are you a good fit for this card?
If you would lend to yourself, ask this question, would you want that person to have a history?
In other words, if you’re a lender and somebody is applying for you to give them money, and they had no history with credit cards, no history with loans, never had a car in their name and never bought a house, would you lend them $10,000? Of course not.
It’s a silly question, because if they have no payment history, what makes you think that they’re going to pay you back?
Well, the answer is this.
You have to start somewhere, and that’s why credit card companies tend to give 200, 300, 500, right?
We talked about this already.
Credit One Bank, Capital One Platinum, the Discover IT.
These are great starter cards for you guys to get for unsecured, but they’re going to be a lower credit limit.
They’re not going to go out there and max you out with a $20,000 right off the credit card.
Very, very unlikely, okay?
Because they want you to build history.
This is why it’s not an overnight process, but history is the number two reason why people get denied, okay?
So we’re going to talk about that in a second.
Number three is this, and again, you could have no history and have a 700 plus credit score.
Having one tradeline on there, one tradeline, I’m at a 750 credit score.
Do it all the time and people are getting denied, and they’re wondering why.
Okay, so we’re going to talk about that in a second. Utilization is number three.
Think about this for a minute.
If you’ve maxed out all your credit cards.
Now, credit card companies love people that use credit cards.
Why? Because they’re making a ton of money on interest.
But let me ask you this question.
If you were maxed out on all your credit cards and you’re getting late payments, do you believe that they’re going to lend you another credit card?
Again, ask yourself this question.
If I’m the lender, would I lend to someone who maxes out every credit card and has late payments here and there, maybe some of them went to a collection?
Of course not.
So the first question is within yourself is to ask yourself, are you a good fit for credit in general?
Maybe you need credit repair first, okay.
Maybe there are some marks, but you’re still over 700, okay?
It is very possible to have a 700 credit score and technically be not eligible for a credit card. Okay?
So the first things we need to understand. Incorrect data, okay?
Lack of sufficient info.
Number two is your history, and number three is utilization, okay?
So let’s get right into the things that we can do to fix these right away.
First thing I want you guys to do is if you ever get denied for a credit card, it happens, and my clients use this trick day in and day out.
Game changer information I’m about to drop right here, okay?
It is called a recon line, okay?
But first thing that you need to know if you get denied for a credit card, because I know, I just got denied.
You guys know, I told a video on this.
I got denied for Chase because I had three open accounts within a 24 month period. It’s a 3/24, they hit me with a 3/24 instead of a 5/24.
Meaning three open accounts, 24 month period, Chase denies you, okay?
If you guys have three open accounts, don’t go back to Chase, okay?
But here’s the deal.
You need to be nice, and I know I’m asking a lot for some of you guys, but listen.
You can collect more bees with honey. Can you collect more bees with honey? Yes.
So when you call up, you get denied, right?
And you’re like, “Ah.” You can’t be pissed off because look, I was pissed off. I’m like, “Wait, wait a minute. I’m an 814 score.” You’ve got to be kidding me.
There’s no way that I got denied for this credit card. I’m an 814 credit score with 40 some accounts.
I’ve never missed a payment in my life. How could this be possible?” So I’m pissed off. I’m calling up Chase. “What’s going on here? Why did I get denied for this credit card?” Right.
And so I don’t want to call the kettle black, but what I’m going to tell you is this, the reason that you call in and be nice is because the person on the other end gets this kind of people that are angry, right?
So you can’t be angry. You got to be nice.
You got to call up and you got to say… But wait, first, here’s what you got to write down before you call, okay?
Because this is going to be, this is the kicker.
You need to write down things like, “I have a great income, I’ve never missed a payment.
I’m looking for a long-term relationship.
I love the point system that you guys offer.
I love the rewards that you offer.” There are so many things that I want you to write down.
I want you to have all these ammunition when you call up, okay?
Because when you preplan you’re going to have a much better shot than just calling and saying, “I got denied. Help me out.”
So a couple of things that you need to take in consideration when you’re writing down is number one, you want to make sure that you know the card, okay?
Some specifics about the card you’re trying to get.
Number two, you want to write down why you want that card and why it’s a good fit for you.
Also, write down that you have a great income. Write down that you have never missed a payment, no late payments, no collections.
You’ve got a great credit score, okay?
Now, remember at the beginning where I told you it’s a robot?
Your job here is to humanalize yourself.
Humanize yourself to the point when you call up, it’s not a robot you’re talking to, you’re talking to a human, and humans can make a reconsideration based on the application.
Remember the application, one of the things they didn’t like about you. Okay.
So you went, applied, you got denied, you were like, “Ah.” Right, but it’s okay.
You’re going to call over there say, listen, you’re going to call, let’s say Discover and you’re going to say, “Look, good afternoon. How are you?” “Great. How’s the family? How’s the weather?” Right?
We’re going to have a personal conversation with somebody because of our conversation, we want to warm up to them.
We want to be nice. Okay.
Then we’re going to say, “Look, I love this card and I’ve never been denied for any credit cards before. I’ve got a great credit score.
I’ve never missed any payments.
My utilization is very low.
I just really love this Bank of America card because it really fits what I’m looking to do.
I’m looking to travel. The rewards are phenomenal here. I would just really appreciate that if you would take a look at the application, did say denied.
I was really shocked about it, but if you would just take a look at the application and see what’s going on.
I would really appreciate it.”
And what happens is they may say, “Mr. Singles. Yeah, let me take a look at the application.
Will be put you on hold, be right back.”
Now when they say this, chances are and don’t hold me to this, they’re going to make a reconsideration. Okay?
Doesn’t mean it always happens, but it does mean that they are looking at it because you have really shown them that these are the factors that you’re a good person.
You should have this credit card and again, you’ve humanized yourself. You’re not a robot. Okay?
So have all that information in front of you.
Make sure when you call, you have all the data in front of you and you call and really make yourself a human and say how much you really love their card and that you want to start the journey with X card and that you’re looking forward to a long-term business relationship with them.
That is the one really, really important thing that you can do.
And it works phenomenally. Literally a lot of people do this. Okay.
So also remember that when you’re filling out an application, one other tip that you can use, okay, I’m going to share with you guys is that the application is stated.
So what does that mean when you put stated income or stated employment or stated information on a credit card?
Number one, first and foremost, I want to make sure everybody knows, I’m not telling you to put you make $1 million a year, okay?
And that you been living at your property for 25 years.
Okay? What I am telling you is it is stated income and verification, meaning if you embellish a little bit, I’m just going to say you can, okay.
I’m not condoning it, but I’m saying that you can put whatever you want on there. Okay.
Make sure it is as accurate as possible.
Meaning your income, meaning your job history, meaning your rental or your mortgage history.
This information is all stated. They are just going off of what your word is. Okay. Now let me ask you a question.
If you said, “I make $8,000 a year, I don’t have a job currently, I’m unemployed.
And right now I don’t have any rent payments.
I live by that bridge over there and I’ve never had any credit.”
And you put all this on the application because of this stated.
Do you think you may get denied for that credit card?
I’m just saying things can happen.
I get being honest, right?
And I want you to be honest, but there are certain things that you may not want to put on the application when you’re trying to get a credit card.
And that would probably be a sequence of the following what I just mentioned. Okay.
So one other thing that I think is very important to know is that you should go back to a credit card that you already have.
For example, this happens a lot where a lot of our clients are asking, “I’ve got a Chase account on my credit.
Should I go back to Chase? I bought a tradeline from you guys and it was a Bank of America.
Should I go back to that bank?” The answer is 100% yes.
Think about it this way.
You don’t have a lot of history, but you do have a Bank of America that is showing three of years of perfect payment history from maybe a tradeline we added, or maybe you had your own primary, right.
Do you think going back to that bank that would show that bank? “Okay, guy’s been pretty good, right?
He’s got 24 months of history with us.” The chances go up by over 33% of getting another credit card with the same bank than going to another bank, so my recommendation is this.
If you already have an account on there with that bank, definitely go back.
Many, many banks allow you to have four and even five accounts with them.
Barclays is one of them.
I’ve got five credit cards with the same bank.
This works for credit line increases where you already have a bank with them and you say, “Look, I’m calling in. I want to get a credit line increase.”
They look at your history, it’s a relationship with the bank and they’re like, “Oh, cool. Yes.”
I recently went through this. I moved my credit a little up to $30,000 I said, “Look, I want to get it line increase.” They said, “Great, send in your doc.” I said, “Wait a minute. This can happen too?” “Send in your docs.” So I had to mail them my docs, but I’m like, “You know what? I’m already even with you two years, do you already have docs on file?”
So I had to fax the docs and I get him over and bada bing, bada boom, they did it.
But go back to the same bank that you already have on your credit because the relationship is already there.
So I hope these tips find you well if one of these people that watch this video was like, “You know what? Man, that reconsideration thing or man I don’t have a whole lot of history. What do I do there?” Or if you’re one of the people that said, “My cards are maxed out, what do I do here.”
Guys, I can help you with all of these factors.
That’s why I do the videos.
Not only just to share videos but to share with you that we can help you in any of your credit issues.
That is what I do here. Okay.
So if I can help you in any way, whether it’s us or anybody else you choose, at least I’m bringing the data to you guys to show you that I care to show you that I want to make sure that when you have to make credit decisions you know what you’re doing.
Okay, so need my help at all, it’s 904-515-6698 that’s 904-515-6698 and again, if you guys have any comments, please post them below.
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I hope this really finds you well.
And until tomorrow, my name is Mike with Wholesale Tradelines.