Whenever I apply for a credit card or credit line on the internet, I am often given the message that I was not approved, and that I would get a letter via snail mail as to why I was denied. But, when I read the letter, it is vaguely explained. If I have a score of 686, why would they say my score was 715? Furthermore, why do they not say, the minimum requirement is such and such, and explain which of these criteria you did not meet?
asked Mar 5, 2018 at 17:43
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41. Credit scores are calculated differently for different bureaus. Transunion will give a different credit score than Equifax. 2. There is no business advantage in them telling you why you weren't approved, and doing so would allow people to game the system better.– MaguaCommented Mar 5, 2018 at 17:49
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3I'm fairly certain that in the US, if your application is rejected based on your credit, you are entitled to receive a copy of the report they used.– cHaoCommented Mar 5, 2018 at 19:03
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Like Magua said, your score changes based on the agency. Further, credit score is rarely, if ever, the only deciding factor as to whether you are extended credit. Each issuing company has different criteria. Going in to see a physical human is often better because they are better-able to assess your situation than an online form.– Michael HartmannCommented Mar 5, 2018 at 22:03
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1 Answer
There is not much you can do.
Partly, the people you interact with don’t know themself exactly, so they couldn’t tell you even if they wanted to. They’ll tell you something, of course, if you ask, but it is not necessarily the correct reason.
Furthermore, they have no more interest in you - you will not be a customer, so why spend time with you?
The reason might be too complicated to even understand for humans - the decision is basically calculated from multivariant statistical predictions, and similar to neural networks, they get good results but not necessarily the reasons for it.
