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I suppose I could do that. Except I fear that FirstUSA's reject might have a negative impact. Especially since the reject said "Insufficient Income"... Any thoughts on that?

When you already have an account with a creditor, they can usually pull your credit file without adding a public inquiry to your report.

There are four types of credit inquiries. The first happens when you request new credit. Too many of these in the recent past will hurt your credit. This is the only type that shows up on the credit report that creditors see.

The second type is the account monitoring inquiry. This is where a current creditor re-checks your credit to see if anything is amiss or to grant you further credit. The third type is your personal request for a copy of your report. The fourth type is a mass market search they do to find suckers (whoops, customers) to sign up for new cards.

These last three inquiries do not show up on the credit report given to creditors and will not be used to calculate credit risk. They WILL show up on your personal copy of the credit report.

Also, the credit report doesn't tell why credit was denied. It doesn't even say IF credit was granted or denied. Of course, if credit is granted you will probably have a new account listed on the report.

Disclaimer: Your credit card company might not have actually done the account monitoring inquiry. They might have done a full 'new credit' inquiry, especially if you filled out an application and everything. The only way to know for sure is to pull a copy of your credit report which is free since you were denied credit.

Shannon Jones
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