Community Chat

[Warrior2022]

I have a Qcard, I know many people hate it, but I like it for my Q purchases.  So, I was paying my bill the other day and it said request increase. I was declined.  I received a letter with the reason why and am still amused.  I already shredded it so I don't have it exact but I was declined because I don't have any open real estate accounts.  

[Anonymous032819]

Say what????

[Warrior2022]

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@Anonymous032819 wrote:

Say what????

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I know!  Let me see if I can get it out and piece it together.  LOL. well that is impossible.  

[jannabelle1]

That's Synchrony Bank for you......and it's why I only have my Visa issued by my own bank located a mile from my house. .

[novamc1]

@Warrior2022 

It's not impossible.  Believe it or not, the system works in favor of people who regularly make payments on home mortgages, car loans, or other types of open credit accounts.

Having a home mortgage or a home rental lease is probably more valuable than other criteria when credit scores are computed.  The bigger your debt, the better some credit companies like you.  They want you to pay them monthly interest, or they'd be out of business and profits.

In fact, a young person trying to get a car loan or a credit card ,who has no established record of making timely payments on some type of debt, needs to go into a little debt just to prove he/she can handle it.  

[AuntG]

Well @Warrior2022 you had just better get yourself a mortgage if you want to shop with QVC. A paid up house is not sufficient collateral!

[software]

You could probably appeal it.

Ask someone to actually review your worthiness.

If I were buying something worthwhile, it's what I would do but for a credit card, I would do what you did.    Laugh & shred it!

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@Warrior2022 wrote:

I have a Qcard, I know many people hate it, but I like it for my Q purchases.  So, I was paying my bill the other day and it said request increase. I was declined.  I received a letter with the reason why and am still amused.  I already shredded it so I don't have it exact but I was declined because I don't have any open real estate accounts.  

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[FrostyBabe1]

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@novamc1 wrote:

@Warrior2022 

It's not impossible.  Believe it or not, the system works in favor of people who regularly make payments on home mortgages, car loans, or other types of open credit accounts.

Having a home mortgage or a home rental lease is probably more valuable than other criteria when credit scores are computed.  The bigger your debt, the better some credit companies like you.  They want you to pay them monthly interest, or they'd be out of business and profits.

In fact, a young person trying to get a car loan or a credit card ,who has no established record of making timely payments on some type of debt, needs to go into a little debt just to prove he/she can handle it.  

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My late 20's nephew has quite frustratingly learned this. He'd been trying to buy a house for 2 years. However; he had no debt. He had more than 20% down available and more than sufficient cash flow to make his mortgage payments. He paid cash for his truck. He did have a lease on an apartment and a credit card that he paid in full every month, but lenders kept saying his credit file didn't have enough history. He finally found a mortgage lender that "got" his situation and was able to work with him to get a conventional mortgage. He just moved in to his beautiful home at the end of September, but it's been a crazy road for him to get there. 

[Sadiesadie]

@Warrior2022 : Well, our car insurance rate was going to be raised because we didn't carry debt. We weren't about to start so my husband quickly did research and switched us out.

[Puppy Lips]

Years ago I worked in the home mortgage industry. Good credit scores were and are a really important part of the decision making process. Frankly I thought there was too much emphasis on them and led to lazy underwriting standards.