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Author Topic: My own Need Access/Credit Score Situation--Help?  (Read 1548 times)

my nickels worth

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My own Need Access/Credit Score Situation--Help?
« on: May 15, 2005, 12:59:42 AM »
Okay, so I recently tried an online application for Need Access. They denied me through the online app (said I'll receive the reasons why and a co-signer application in 3-5 business days).

My current Experian credit score is 695 (medium risk). I've had no late payments, little to no credit inquiries in the past 3 years (1 more now that I just applied for NA), I have multiple accounts, I've had them for roughly 2-3 years.

The only negative about my credit report is my credit to debt ratio is pretty high--otherwise, I'd imagine that I would have WELL over 700. Unfortunately, there is no possible way I'll be able to reduce this ratio for some time--my plan was pretty much to keep up with the min. payments until I can possibly pay some of the balances in subsequent summers after law school begins.


What should I do???? I thought a 695 would be more than sufficient; I gathered that a 650+ score is what lenders were looking for. Anyone else have a similar experience? Anyone with a similar score get APPROVED and have any idea why it didn't go through?

Other suggestions for another lender that WILL approve me? This is frustrating.
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ElizaB

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #1 on: May 15, 2005, 10:32:58 AM »
Wow.  That does odd to me.  At least from what I know about credit ratings...which isn't much.  But I always thought that a 695 was considered a "good" score...not excellent, but decent. 

Maybe try another lender.  Or wait and see the reason the bank gave for denying your loan. 
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my nickels worth

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #2 on: May 15, 2005, 02:30:23 PM »
Eh, I scrambled around to get my FICO scores from Experian and TU. Let's say they weren't so good (620 and 630 respectively).

I'm only 21, so I've only had my CC's for 2-2 1/2 years, and apparently that 3 year mark is a huge plateau. Not to mention the detrimental effect of the debt I've accumulated as I've put myself through school.

I don't believe I have any co-signing options, so it looks like I might have to put things off for a year.  :-[
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Re: My own Need Access/Credit Score Situation--Help?
« Reply #3 on: May 15, 2005, 02:57:16 PM »
I agree that you should try another lender, preferably one that will use your Experian score (obviously), since the Access Group probably pulled your much lower TU or Equifax score. Good luck.

king

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #4 on: May 15, 2005, 07:34:09 PM »
What school are you going?  I heard that they take into account the strength of your law school.  And based on our different experiences with Access Group it seems to be the case (I have a lower score than you and I was approved). 

my nickels worth

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #5 on: May 15, 2005, 11:14:06 PM »
I don't think that 695 is accurate. That's the score they gave me with my credit report, but I now believe that that is nowhere near the actual score (the FICO) that they give to lenders. I'm sure it's around 620 like the others...

And I'm applying for BU...not a fourth tier school with no employment prospects, so I don't see how that would have a bearing. My only guess is that it's the fact that I'm only 21 and haven't had any accounts for at least 3 years. A friend of mine has more debt (he's maxed out all his cards and had overlimit fees) and yet his score is still significantly higher because his accounts have been opened for four years now.

I guess I better start selling some organs and sperm.  :-\
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Edster

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #6 on: May 15, 2005, 11:41:10 PM »
A friend of mine has more debt (he's maxed out all his cards and had overlimit fees) and yet his score is still significantly higher because his accounts have been opened for four years now.

That's not right. You should definitely get a copy of all three of your credit reports (and your scores). Overlimit fees, maxed out cards, and higher overall debt should always get a lower score than a good, but short, credit history.
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Edster

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #7 on: May 15, 2005, 11:44:15 PM »
Also, 720 is the national average for FICO scores, and 700 (not 650) is the cutoff for many lenders. Keep in mind that some lenders (not sure about NA) also consider other factors, like income and home ownership.

You should seriously consider paying off as much of your balances as you can; relatively high balances can make a big dent  in your score. If nothing else, get them down, temporarily, so you can get your loans - maybe borrow from family for a couple months, or something.
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Re: My own Need Access/Credit Score Situation--Help?
« Reply #8 on: May 16, 2005, 06:51:19 PM »
I don't think that 695 is accurate. That's the score they gave me with my credit report, but I now believe that that is nowhere near the actual score (the FICO) that they give to lenders. I'm sure it's around 620 like the others...

And I'm applying for BU...not a fourth tier school with no employment prospects, so I don't see how that would have a bearing. My only guess is that it's the fact that I'm only 21 and haven't had any accounts for at least 3 years. A friend of mine has more debt (he's maxed out all his cards and had overlimit fees) and yet his score is still significantly higher because his accounts have been opened for four years now.

I guess I better start selling some organs and sperm.  :-\

You might want to try spreading your debt around.  It is annoying to make so many payments, but if you have 1 card nearly maxed out and the rest of them with nothing, you can try to spread out your debt so that no one card is using more than 30% of it's limit.  This might help...

Check out myfico.com for reasoning and more credit education info...

Tymeless

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Re: My own Need Access/Credit Score Situation--Help?
« Reply #9 on: May 18, 2005, 01:58:16 PM »
My current Experian credit score is 695 (medium risk). I've had no late payments, little to no credit inquiries in the past 3 years (1 more now that I just applied for NA), I have multiple accounts, I've had them for roughly 2-3 years.

What should I do???? I thought a 695 would be more than sufficient; I gathered that a 650+ score is what lenders were looking for. Anyone else have a similar experience? Anyone with a similar score get APPROVED and have any idea why it didn't go through?

Other suggestions for another lender that WILL approve me? This is frustrating.

Typically Experian is the highest score of the three.  Did you call need access to find out which of the three bureaus they use based upon your address?  I mean if they used Transunion (which is sometimes the lowest) your score could range from 70-100 points lower (worst case).  I mean some creditors only report to some bureaus and maybe the report they retrieved contained all of your negative history whereas Experian may only have some of your negative history.  Try North Star, call and ask or go online find out by location which report they use and get that one.  About your credit score, yes it is not the fico score you really get, however it can give you a ball park and you will be able to see what ever is negative and dispute them.  Hope this helps
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