The Ridiculousness of Credit Ratings

As many of you know, our son recently got married. (more photos to come at a later date, once the photographer is finished processing them all, and we choose which ones we want to purchase. ♥ )

While I was dress shopping at the mall, I stopped in a couple of different stores, each which gave me the “If you apply for our store credit card, we can give you 20% off right now, even if you don’t qualify.” spiel.

Ok, sure. Why not. I probably won’t ever use it, as my husband and I limited ourselves to each have only 1 credit card, but who doesn’t like a discount? So, I allowed them to “apply” for the card for me, and went about my shopping. 

With all of the activity of the wedding, Derek being on vacation for the week, etc., the fact that I had applied for these cards totally slipped my mind until today when we went through our mail.

I had two letters (from the two cards I had applied for), which both stated the same thing:

“Because of the number of recent inquiries on your credit report, we are unable to approve your application at this time.”

No biggie. I didn’t want the credit cards anyway. The “recent inquiries” on my credit report were due to the car we just purchased, and financing through the dealership, so I wasn’t concerned about that either.

However, as I read further down, I had to laugh! This is what it said:

“Your credit score as of 07-20-2015: 829

Now according to what I understand, and according to these little infographics below, I have a great credit score!

(image source: https://www.cafecredit.com)

Apparently though, having a score of 829 is not good enough to hold a department store credit card if you have have “too many inquiries” on your credit report. How silly is that?! LOL

It would make more sense to me if credit reporting companies and financial institutions looked not only at your credit score, but also what type of financial responsibility you have shown in the recent past, as well as your current fiscal situation. For example:

  • Do you have anything in collections? No? Great!
  • Have you made your house payments on time? Yes? Wonderful!
  • Do you have a steady job, to where you are able to pay your bills each month? Yes? Fantastic!
  • Are you overextended in credit? No? Super!
  • What is your credit score? 829? Perfect! You are just the type of person we would like to extend a credit card to.

Now, doesn’t that seem more logical? 
I think so, too.

Obviously, this is not really important in the greater scheme of life, but I thought it was really funny, so I decided it deserved to be blogged. 

Still shaking my head,

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