Approved for a mortgage but not a credit card?

[Anonymous]

Alright, so I am a little frustrated.

This is what I have now: $500 CL with Capital One Cash, $300 Best Buy, $300 Orchard, $400 Kays (hardly ever used, no Balance) and an $800 Macys (was $100, hardly use it, no balance, but called backdoor number the other day for CLI and got approved. Just wanted a higher CLI to look better on report).

Has a $600 Charge off 6 years ago with Capital One.

I closed on a Mortgage Mid September.

Silly me has applied for about 5 cards and all DENIED. I don't understand. I know I have that one negative but with it being so old, I would think it wouldn't matter.

100% on time payments for last 5 years. 42% utilization (working on that).

Lowe's DENIED - Called to recon- girl was rude and said all I can do is reapply

Dicover- DENIED (no reason yet)

Barclays- DENIED - Said bc of past charge off- Called to recon- no luck. Called again to see if it was because of the type of card. Matt said "You've already called and had us review it. WHAT do you want" @$$hole.

Old Navy- DENIED

Home Depot- DENIED

What's going on? What can I do to increase my chances? I won't apply for a long time now that I have so many inquiries.

[Tommy5746]

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@Anonymous wrote:

Alright, so I am a little frustrated.

This is what I have now: $500 CL with Capital One Cash, $300 Best Buy, $300 Orchard, $400 Kays (hardly ever used, no Balance) and an $800 Macys (was $100, hardly use it, no balance, but called backdoor number the other day for CLI and got approved. Just wanted a higher CLI to look better on report).

Has a $600 Charge off 6 years ago with Capital One.

I closed on a Mortgage Mid September.

Silly me has applied for about 5 cards and all DENIED. I don't understand. I know I have that one negative but with it being so old, I would think it wouldn't matter.

100% on time payments for last 5 years. 42% utilization (working on that).

Lowe's DENIED - Called to recon- girl was rude and said all I can do is reapply

Dicover- DENIED (no reason yet)

@Barclays- DENIED - Said bc of past charge off- Called to recon- no luck. Called again to see if it was because of the type of card. Matt said "You've already called and had us review it. WHAT do you want" @$$hole.

Old Navy- DENIED

Home Depot- DENIED

What's going on? What can I do to increase my chances? I won't apply for a long time now that I have so many inquiries.

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What are your scores? Your util is high.. generally you want your util under 10% when you app but that doesnt mean you'll be flat out denied if you arent under 10%.. its just another stat in your favor if it is under 10%.. how many inqs do you have on your CR's? Is the charge off paid? does it show on all 3 CR's?

[ccnewcc]

Of course the CO hurts.  and the Util.  

But also, im sure your inquiries are high?

[indiasnowden]

First off:  Congrats on the house.  Nice way to end the summer.  I did not app at all for 1.5 years after my house purchase.  And, even though I read all the good advice on this forum, when  I did app I apped for cards that made me feel good - ie stores where I like to shop and spend money. 

I should have only apped for a couple of cards that would accomplish something for my credit profile:  a better bankcard thnt CrapOne and  a Lowes (since I just bought a fixer upper)

Maybe if you  hunker down for the winter and plan you strategy for 2013 you will obtain your goals in 2013?  Anyway, learn from my mistake, and only app for a card that will get you somewhere post mortgage. 

The Lowes may be successful six months from now with a little mortgage payment history.  Maybe someone with more experience will chime in. I still want the Lowes too.

[Anonymous]

A mortgage is secured debt, whereas a credit card is unsecured; getting one doesn't mean you can get the other.  Anyways, the CO is hurting, but maybe not as bad as the utilization, I don't know.  You should pull a FICO score and see exactly where you stand and what is really hurting you.

[Anonymous]

WOW! Thanks everyone for the fast replies and encouragement. Yes, I know the difference between secured and unsecured debt. Just surprised. My scores before the mortgage were 660. Now (creditkarma) is 647. I have around 19 inquiries. A little high I know, but thats what happens when you shop around. I was just really looking for insight of what I can look forward to in the future. I am working on paying all my credit cards way down/off so my utilization is a lot less.