Reasoning for Discover CLI DENY question

JamesB95 · ‎01-16-2015

Hi,

So, Last week I applied for a Discover CLI and was denied via soft pull. I wasn't going to do another HP since I did one in Nov and need to chill on inquiries so I have room to apply for an Amex at the end of the year.

Anyways, I got the letter today explaining why. However, 2/3 of their reasons I don't fully understand.

1. "LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED" -- I have had the card 7 months now.. CLI's are usually done 6 months after, how is it too early?

2. This one was too high of a balance (using about 40% of card, for now, paying off this month). -- I understood this one.

3. "PROPORTION OF LOAN BALANCES TO LOAN AMOUNTS IS TOO HIGH" -- Now this didn't make sense to me since I am deferred from all student loans right now. I am only a freshman in college... how and why would Discover include this if it is deferred for another 4 years about? Note: These are GOVERNMENT FAFSA loans, ONLY.

Thanks in advance for advice.

Anonymous · ‎01-16-2015

Lenders basically just make up 2/3 reasons when they deny you.

Too many inquiries can even be one inquiry 3 weeks before you app so..

I was denied CLI SP with Discover after 3 and 6 months so I took a HP that was not automatically approved and the rep asked if I wanted to talk to a credit analyst.

I obviously said yes and she manually reviewed it and gave me $1.500 instead of $500 even when Chase reported $4,5k CL and a 2 months old Amex PRG.

Discover is pretty conservative when I asked her why only $1,5k since Chase gave me 3 times more with no previous history with them she said that at least my Discover now became my second highest credit line...

Never received a letter telling me why a SP CLI was not possible though.

JamesB95 · ‎01-16-2015

@Anonymous wrote:
Lenders basically just make up 2/3 reasons when they deny you.
Too many inquiries can even be one inquiry 3 weeks before you app so..

I was denied CLI SP with Discover after 3 and 6 months so I took a HP that was not automatically approved and the rep asked if I wanted to talk to a credit analyst.

I obviously said yes and she manually reviewed it and gave me $1.500 instead of $500 even when Chase reported $4,5k CL and a 2 months old Amex PRG.

Discover is pretty conservative when I asked her why only $1,5k since Chase gave me 3 times more with no previous history with them she said that at least my Discover now became my second highest credit line...

Never received a letter telling me why a SP CLI was not possible though.

I am going to try again next month. But, eh, hoping they at least give me one by June. It will be a year with them then. I'd be happy with a small increase. Show me some lovee Discover.

Anonymous · ‎01-16-2015

What's your CL with them?

How many inqs on EX?

Amex is not really app sensitive, especially for charge cards.

Plus! Discover will only pull TU for the CLI so you might be good.

Depends on your CH with them..

JamesB95 · ‎01-16-2015

@Anonymous wrote:
What's your CL with them?

How many inqs on EX?

Amex is not really app sensitive, especially for charge cards.

Plus! Discover will only pull TU for the CLI so you might be good.
Depends on your CH with them..

$500 since June

12 INQs (according to TU $1 trial, can only see score of EX from PSECU)

I plan to garden for 4-6+ months, maybe a year and apply for a Amex. Maybe BCE or Amex Everyday. Haven't decided.