So I got my Discover denial letter in the mail yesterday, after my failed app on July 28th. They cited my EQ score at 690. The main reason for denial was: insufficient credit history. My AAoA is about 1.2 years and my oldest TL is about 2.6 years. Could that be why? I'm thinking it's more due to the fact that I just recently opened up the Chase Freedom and Barclays Rewards in the past couple of months (both in June) and they want more history with those. (Also got the Venture about a month ago, but that hasn't reported)
Side note: Reasons impacting my EQ score were listed as:
Length of time accounts have been established (again, assuming new accounts are hurting me)
Installment loan balances to limits too high (refinances my car with mom as a cosigner in May, so I've only made a couple of payments lol)
Too many delinquent accounts (only ONE from almost 3 years ago with a housing installment loan fiasco to a college I was going to attend but ended up not attending. Paid off and closed, but unfortunately still lingering).
Amount of revolving balance too high compared to limit (carrying a BT on Barclays Rewards at the moment, shot up to 83% util, however made a large payment recently and making another large payment in the next couple of weeks to bring it down to around 40-48% util)
Number of inquiries (no surprise there lol. Probably about 3-4 in the past few months)
Scores at time of app: 645 EX, 701 TU, 681 EQ
UTIL at time of app: 24%, 3 cards reporting at 0%, 2 other reporting small balances of <20%
Thoughts fellow members? Advice? I'd like to reapply in the future. I'm thinking in another 6-7 months (around end of January/end of February) I'll try again. But I'm open to any and all advice and suggestions. Thanks in advance!
Side note: Reasons impacting my EQ score were listed as:
Length of time accounts have been established (again, assuming new accounts are hurting me)
Installment loan balances to limits too high (refinances my car with mom as a cosigner in May, so I've only made a couple of payments lol)
Too many delinquent accounts (only ONE from almost 3 years ago with a housing installment loan fiasco to a college I was going to attend but ended up not attending. Paid off and closed, but unfortunately still lingering).
Amount of revolving balance too high compared to limit (carrying a BT on Barclays Rewards at the moment, shot up to 83% util, however made a large payment recently and making another large payment in the next couple of weeks to bring it down to around 40-48% util)
Number of inquiries (no surprise there lol. Probably about 3-4 in the past few months)
Scores at time of app: 645 EX, 701 TU, 681 EQ
UTIL at time of app: 24%, 3 cards reporting at 0%, 2 other reporting small balances of <20%
Thoughts fellow members? Advice? I'd like to reapply in the future. I'm thinking in another 6-7 months (around end of January/end of February) I'll try again. But I'm open to any and all advice and suggestions. Thanks in advance!
Reason is = Discover is Bi-Polar on whom they approve.. You are well within their lending standards... 3 year old CO isn't the deal killer, but deffiently didn't help you.. Probably the CO that was paid is the main reason, but others have BK's(bk7 aka unpaid) and CO/CA's(unpaid) and get approved.. So you just got to live with it as they don't recon and if you want to apply again and waste another inquiry on a MEH card in 6 months then by all means apply again, otherwise go with another bank as Discover is flat out weird.
Yes I very much dislike them kinda like how KDM doesn't like Chase much