791 credit score - can't get credit card, loan or even line of credit! Where's the white priv?

Back in 2001 I had a little bit of a credit mess because of college where there were predatory debt collectors that preyed on students and tried to collect on past debts even after they had been paid (for utilities, phone, cable, internet, water, gas, electric). My graduating year the main bank in the town was bought for the 2nd time in 30 months and all the electronic copies of checks (which is how banks retained cashed checks) were no longer accessible due to an issue with the buyout/merger. There were hundreds of students effected and all had the same story, they had paid their closing account balances but they were all being harassed by debt collectors for the final payment. Some people had one collector trying to collect for 3-5 companies! This seemed totally planned somehow as it seemed systematic and everyone got the same story from the bank & collection agency and the utilities wouldn't confirm nor deny last payment once the account had been closed, so we couldn't get proof that the amount had been paid from the utilities.

I had a very unique total for my last internet/phone which was 3 months of service. It was $414.14 - a unique number and easily memorable writing the check and it clearing, but it coulnd't be verified 1 year later because of the merger and loss of electronic check records. The same happened to about 30+ people I knew personally and most of them said they knew other people who were dealing with the same. It is like someone found out that the records were lost and then bought the debt or delinquent accounts and then attacked the people. The thing is that it seems that someone had to plan ahead b/c my account was only 5-10 days late being paid so it couldn't have been in debt collections long (90 days is usually when they sell it off, possibly 180 days). The fact this happened to most people who closed accounts really speaks to there being some kind of plan to make this happen IMO.

So after this issue I never had any problems with debt collection but have had this same debt being tried to be collected at least 10 times since I paid it a second time after leaving college, and these new collectors have threatened sending a sheriff to arrest me and basically ruin my life. They have use profanities and very aggressive language while speaking to me, or they would try to use quasi-legal /financial mumbojumbo to try to fool me into thinking I owed $2,000+ (interest & late fees on the $414.14).

I've had no late payments for 15+ years, have had 5-8 monthly utility bills for 15+ years, paid all insurance & medical bills on time for 15+ years. Have had 3-6 bank accounts (checking & savings) at a time between 2-3 banks, all these were personal accounts. Then I had business accounts (internet, phone, cable, bank services, etc) for ~10+ years, only one late payment but it was due to a miss-billing (billed $3K more than actual amount) and paid once actual amount was settled, only 4-5 days late (not reported to credit). All business accounts use my SSN as the account holder as a sole proprietor, so these go to helping build my credit.

I list as owning own home and car, no payments. Self employed. I have applied for a credit card 3x over the last 3 years, once a year at about this time. Each time I have been denied. First time my credit was 768, then 778 now 791 and is rated in the top 87% of people in the US, not bad considering it was 520 in 2001 when those debt collectors were causing problems. Back then I was offered credit cards every day and got 3 cards, one with a 20K limit, one with a 7.5K and one with 3K and was offered a platinum with a 40K limit at one point (while having the other cards and a 520 credit score). I carried no debt on the cards and paid them off monthy (95% of the time, sometimes I carried a little debt over and paid next month).

I was told that I didn't have enough loan history and that amount of "revolving debt" was too high (I have none), lack of "recent installment loans" and number of established accounts (too many or too little). I only have 2 personal checking, 2 personal savings an 2 business checking/savings, split between 2 banks.

I have done everything possible to get good credit and followed advice by banks, financial advisors, etc and at almost 40, I can't get a credit card with this rating, denied small personal loans for the same reason and was granted the lowest line of credit possible as long as I had the same amount in my checking/savings account in the bank (which seems pointless to have the line of credit then).

I do have a credit card on which I am a cosigner but not the primary account holder (b/c I can't get one for some reason). It has never been late nor has a balance and has 20+ year history.


What is the deal with this? Has anyone else gone through something like this? What is the point of even trying to have a good credit score if even being in near the top 10% I'm still denied. So much for "white priviledge".

Well at least your identity is safe.

What's your "social credit" score? That's the important one now days.

Well there's a first in my experience. Race brought into a credit issue.

I had a financal problem 3 years ago, still one outstanding account that I refuse to pay. Credit score of 620. I recently got 2 credit cards. It ain't a privilege thing.

a reply to: DigginFoTroof

Did you make sure to show your white person club card? Usually when I show mine I just get things for free.

a reply to: DigginFoTroof

The bank or credit union you use should give you a credit card.
Where did you get your credit score?
Please tell me it's not someone like credit karma.

Paid off and cut all mine up years ago. Not paying some company a fee to use my own money.
If I can't pay cash, I don't buy it.

a reply to: DigginFoTroof

So, you would like this resolved faster because you're white?

originally posted by: DAVID64
Paid off and cut all mine up years ago. Not paying some company a fee to use my own money.
If I can't pay cash, I don't buy it.

You can pay off the bill each month and not pay interest.
Try renting a car or a hotel room without a credit card.

originally posted by: DAVID64
Paid off and cut all mine up years ago. Not paying some company a fee to use my own money.
If I can't pay cash, I don't buy it.

We never use cash and only credit cards. It's convenient, and we pay them off at the end of the month. Also get discounts and free rewards by simply using them.

I can tell you from experience, they want you making payments on something.

I don't have a car payment or anything, just my house. I couldn't get a card. I went and got a 1500.00 signature loan from our CU. I made 4 or 5 monthly payments. Then applied for a card, and got one. Then I went and paid off the loan.

The more payments you are making on loans and CC's, the more cards you can get.

Makes no sense, but that's how it is.

originally posted by: chiefsmom
I can tell you from experience, they want you making payments on something.

I don't have a car payment or anything, just my house. I couldn't get a card. I went and got a 1500.00 signature loan from our CU. I made 4 or 5 monthly payments. Then applied for a card, and got one. Then I went and paid off the loan.

The more payments you are making on loans and CC's, the more cards you can get.

Makes no sense, but that's how it is.

Yup, you'll never get more junk mail for loans and credit cards then when you are carrying balances on other cards.

a reply to: DigginFoTroof

If a debt collector is harrassing you. You should contact a lawyer. Because it sounds like you have a case.

www.ftc.gov...

§ 806. Harassment or abuse

A debt collector may not engage in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section:

(1) The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person.

(2) The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader.

(3) The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of section 1681a(f) or 1681b(3)1 of this title.

(4) The advertisement for sale of any debt to coerce payment of the debt.

(5) Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number.

(6) Except as provided in section 1692b of this title, the placement of telephone calls without meaningful disclosure of the caller's identity.

15 USC 1692e

a reply to: DigginFoTroof

You ARE working rt? Looks like you have multiple accts.. That can appear you spend to much... I know they consider that with multiples of anything.

Sometimes? Millionaires can't get loans with good credit either (and high credit ratings).

The system is flawed for sure... but if you're not working, have only been at current employ. a short time... Or had a couple different jobs in a few years...

Your high credit rating doesn't matter... Multiples of jobs, accts etc... will "F" you over everytime.

I know a homeless person whose credit rating is higher than yours... yet he lives in the woods by a park.....

a reply to: DigginFoTroof

Just because you have a high score doesn't mean you'll automatically get approved for a credit card. There are a ton of factors that go into a banks risk model when considering anyone for a loan. The underwriting process takes into consideration debt to income, balance to limit ratios, age of accounts, recent inquiries, and what your internal score with that specific lender is. Say you once had a card get charged off 15 years ago with Bank A. Today your credit looks great, but if you apply with Bank A, they'll most likely remember you once charged off on them, and are less likely to give you the card. There's a great forum elsewhere on the interwebs that talks all about credit, both personal and business. It's kind of like a Board, for Credit.

And to the point someone made about where you got your score from, this matters. Each credit bureau uses different algorithms to calculate your scores, along with using a different scale, for each specific industry. For example, if you're looking to purchase a car and the dealership pulls your credit, your car score is going to be different than if a mortgage lender pulls your credit, or if you pull it yourself on Myfico or some place like that.

originally posted by: chiefsmom
I can tell you from experience, they want you making payments on something.

So true. I have a Chase card I use for my travel related expenses for work and it's usually $10-15,000 a month in charges which all get paid off by the company, there is no end to the number of mail, email and phone calls I get asking me to open more cards.

Have you looked to see if anyone is using your info

Do you have a low paying job?

if the debt is on your credit report[s] contest it with the credit companies. If the debt collector can't prove you owe the money the credit bureau will remove the negative mark.

On another note... download bank statements / canceled check images often, and store them in a safe place.

I have had items removed by contesting this way. One of the worst was a collection company that tried to take money from a checking account for a debt that was paid. For that I got a lawyer. after showing him all my canceled checks, the problem was resolved in 3 phone calls from my lawyer. kinda sux. but the results are worth it

originally posted by: intrepid
Well there's a first in my experience. Race brought into a credit issue.

Nah. I've seen it the other way too. Back in 2008 I was working at BoA's credit card department. A lady called me up about why her credit card was being shutdown. I kindly explained that she wasn't maintaining the balance properly and with the recent financial crisis we had to scale back lending. She replied, "it's because I'm black isn't it?"

FYI, banks don't list your race on your account information. Anyone trying to race bait in regards to credit accounts is reaching up the wrong tree. Banks only see a pile of money when they look at you, nothing else.

a reply to: DigginFoTroof

I used to work as a paralegal at Lexington Law. One option is to call them. I am currently a sales associate for Legal Shield (full disclosure). Their services are another option. The third option is to hire a good lawyer to deal with this. Having dealt with this stuff before, I know how you must feel. I hope you find a solution that works for you.