Chase ID Protection.. and Discover ?

[Anonymous]

Two questions:

Are the scores from Chase Id protection true or fako?

Also, I apped for discover and was turned down for 3 reasons.  This is the 2nd attempt at discover.

Reasons for Denial

1. Insufficient Credit

2. Stated something to the like, not all accounts are satisfactory, yet all accounts open are in good standing, except I closed 1 account at my request due to high fees and maintenance.

3. Ratio of inquires to open accounts

Explanation of Credit denial reasoning

1. I have 10 months history, what else can I do. However, I did receive a 5,000 pre approval loc from Citi, should I open it to add an installment or wait? I could keep the money in savings since, I wouldn't use it, as this may get me over the label of new and limited, thus opening me up to higher cl(s).

2. Don't really understand that one.

3. I wanted to get in with BOA, Chase, Amex, and Citi which I have done, the inquires are a result. What else could I do at the time, now I must wait two years.

The effects are results of obtaining better credit, not becoming a risk. I feel they are just turning me down, because i'm new and there is nothing else they can say.

If I went with the line of credit, maybe the insufficient credit would be no more and I could keep that money, pay it off, wait two years, then re-apply?

Any ideas greatly appreciated,

Thank you, all.

Message Edited by Steven_S on 03-24-2008 09:10 PM

Message Edited by Steven_S on 03-24-2008 09:12 PM

[Anonymous]

To answer your first question:  Chase ID Protection scores are FAKOs.

[haulingthescoreup]

@Anonymous wrote:

...Also, I apped for discover and was turned down for 3 reasons. This is the 2nd attempt at discover.

Reasons for Denial

1. Insufficient Credit

2. Stated something to the like, not all accounts are satisfactory, yet all accounts open are in good standing, except I closed 1 account at my request due to high fees and maintenance.

3. Ratio of inquires to open accounts

Explanation of Credit denial reasoning

1. I have 10 months history, what else can I do. However, I did receive a 5,000 pre approval loc from Citi, should I open it to add an installment or wait? I could keep the money in savings since, I wouldn't use it, as this may get me over the label of new and limited, thus opening me up to higher cl(s).Discover isn't a card for people with new credit. They want to see more of a track record.

2. Don't really understand that one.

Did you close the account with a balance, or did you pay it off first? You can call and ask them.

3. I wanted to get in with BOA, Chase, Amex, and Citi which I have done, the inquires are a result. What else could I do at the time, now I must wait two years.

You don't have to wait that long. You already have some great cards. Just cool your jets a bit and let them mature. You're still too much of an unknown entity for Discover's liking.

The effects are results of obtaining better credit, not becoming a risk. I feel they are just turning me down, because i'm new and there is nothing else they can say.

Yup!

If I went with the line of credit, maybe the insufficient credit would be no more and I could keep that money, pay it off, wait two years, then re-apply?

Seems like overkill to me. In two years (more likely 9-12 months), you'll be in fine shape anyway.

Hope that helps, and welcome to the forums!