I had perfect credit 20 years ago. I leveraged it to make a mint, on paper, before everything went south. It all went south over 15 years ago, but credit is still frozen.
Average consumers simply cannot obtain credit. Even those above average struggle.
My credit scores are 707 and 775, according to the report pulled 45-days ago. There are no collections, judgments or late payments on any account. My credit is literally perfect, there’s just not very much of it.
My income is solid and verifiable. My balance in checking alone is 20-times the credit line I’m applying for, not to mention my IRA balance which is also substantial, but that doesn’t seem to matter. Credit just isn’t available.
To Recap How Credit Actually Works:
• Consistent, unwavering income, year after year.
• Zero collections, late payments or judgments on credit report.
• 20-times requested credit line in checking account alone, with another 10-times in investment accounts.
Is this a joke? Is this like a practical joke where people are about to rush out from the wings and tell me I was just being pranked?
My ex has it even worse. She’s never used credit in her life. Never had a collection, judgment or even a debt. Her credit report is literally pristine, but she can’t get a card to save her life. Her income is more solid than mine, but still no dice. Who the hell is actually getting credit these days?
Homestreet Bank declined me due to a third-party (outside) rating agency, one which was so independent the nice man on the phone couldn’t even tell me the reason why it was declined, just that it was. He coudn’t find a flaw in the application, but apologetically explained it just wasn’t going to happen.
Capital One decided that I pre-approved on preliminary credit data, but that I’d have to be reviewed and get a notice of decline in the mail some days later just the same.
Flawless Credit is No Longer Enough
It doesn’t matter that your credit scores are perfect, that you have no collections, judgments or late payments, that your income hasn’t wavered in years, or that you have vast sums of money in your checking account (worth many multiples of the credit line you’re requesting,) they just… won’t… approve you.
And why should they? They’re in the business of borrowing money from the government at pennies and being “forced” to loan it back to them at dollars. Who actually needs consumers anymore.