Denied Ink Bold due to high balances...should I try recon?

[IWOL]

I applied for the Ink Bold this morning and I had to call in. Analyst asked many questions about the business.

They declined me for too high balances on my personal credit. They pulled Transunion which is at 748 Fico 08.

My current overall utill is at 23% and my available credit is $105,000, so total balances reported is $23K.

My personal income is $115K. A large portion of my balance is on my Wells Fargo Home projects card which was for a new air unit and has a fixed payment and low interest rate but reports as a revolving line.

Ive had a United Explorer card for 7 months that has a 0 blance and was just increased to $4k and a CSP thats been open 2 months with a $7K CL.

The business does 17 Mill a year and has stellar business credit. Im an officer of the corporation.

I wanted to get this card for the 50K sign up and the 5X points on Office supplies, cell, landline and cable. Righnt now we use teh Amex Platinum fo rthese an donly earn 1 MR point per $.

The analays I spoke to seemed to be very "by the book" kind of guy in a bad mood.

Should I call back and see if I can get a more favorable analyst or just wait till my balances are lower and reapply.

[trumpet-205]

You can call again. When I got my Ink card I had to recon twice.

That said, be prepared that they'll ask you buch of questions again on your second attempt.

[Anonymous]

At this point nothing ventured nothing gained. Recon!

[myjourney]

+3 recon and good luck 

[CreditUnionFan]

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@IWOL wrote:

I applied for the Ink Bold this morning and I had to call in. Analyst asked many questions about the business.

They declined me for too high balances on my personal credit. They pulled Transunion which is at 748 Fico 08.

My current overall utill is at 23% and my available credit is $105,000, so total balances reported is $23K.

My personal income is $115K. A large portion of my balance is on my Wells Fargo Home projects card which was for a new air unit and has a fixed payment and low interest rate but reports as a revolving line.

Ive had a United Explorer card for 7 months that has a 0 blance and was just increased to $4k and a CSP thats been open 2 months with a $7K CL.

The business does 17 Mill a year and has stellar business credit. Im an officer of the corporation.

I wanted to get this card for the 50K sign up and the 5X points on Office supplies, cell, landline and cable. Righnt now we use teh Amex Platinum fo rthese an donly earn 1 MR point per $.

The analays I spoke to seemed to be very "by the book" kind of guy in a bad mood.

Should I call back and see if I can get a more favorable analyst or just wait till my balances are lower and reapply.

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One thought would be that you could consider paying down some of the debt, to lower your utilization across all cards, as well as ensuring no one card is maxed out; this approach may require an additional HP to get the new balances to appear.

I would just recon, and if you haven't already, talk up about how you already have the Amex Platinum, but would like to establish another line of credit. If you're point blank asked, you could admit to wanting the sign-up bonus. I was asked, and told the analyst that yes, I was applying now instead of waiting because of the bonus... I think he valued my honesty, and also saw that my profile was good overall, and submitted my Ink card for approval.

Recon and come back to let us know how it goes.

[peaceonearth]

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@IWOL wrote:

I applied for the Ink Bold this morning and I had to call in. Analyst asked many questions about the business.

They declined me for too high balances on my personal credit. They pulled Transunion which is at 748 Fico 08.

My current overall utill is at 23% and my available credit is $105,000, so total balances reported is $23K.

My personal income is $115K. A large portion of my balance is on my Wells Fargo Home projects card which was for a new air unit and has a fixed payment and low interest rate but reports as a revolving line.

Ive had a United Explorer card for 7 months that has a 0 blance and was just increased to $4k and a CSP thats been open 2 months with a $7K CL.

The business does 17 Mill a year and has stellar business credit. Im an officer of the corporation.

I wanted to get this card for the 50K sign up and the 5X points on Office supplies, cell, landline and cable. Righnt now we use teh Amex Platinum fo rthese an donly earn 1 MR point per $.

The analays I spoke to seemed to be very "by the book" kind of guy in a bad mood.

Should I call back and see if I can get a more favorable analyst or just wait till my balances are lower and reapply.

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Have your CPA send them the Corp Financial Statments. They will approve based on $17,000.000 revenue.