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I started my credit journey around 18 months ago. After I had a score of around 700, I started applying for CCs and CLIs like crazy. I was able to get approved for almost every card and sometimes with very high limits after request. No one used to believe the amount of credit that I got with such limited credit profile. My limits are in the sig. But a time came when almost every institution started declining my applications. Discover, Citi, Chase Ink etc are some examples. I've got a really high number of inquiries in my CRs (around 16 inquiries in each CR). As I never tasted rejection initially, this is making me really frustrated. Now I can't get approved for the cards with attractive sign-up bonuses and reward programs. The reasons that I get all the time are 1) you have too much credit 2) opened too many accounts in the last 6 months 3) opened too many accounts in last 1 year 4) account with the highest limit was opened too soon 5) yadayadayada... I even called the reconsideration lines multiple times but no success.
Is there anything that I could do at this point other than gardening? Should I request for a reduction in my credit limits for existing cards? I'm guessing that could be the only (and viable) option here since it would atleast make the first ponit invalid i.e. having too much credit.
What say, you myfico posters?
Your history is too short, the only fix would be gardening. Reducing the credit limits by itself is not going to start getting you approved again as you still have too many accounts in the last 6 months, short AAoA.
@kilj0y wrote:Your history is too short, the only fix would be gardening. Reducing the credit limits by itself is not going to start getting you approved again as you still have too many accounts in the last 6 months, short AAoA.
I gotta agree. The best thing you can do right now is let those new accounts age. Give it at least 6 months without applying or even a year if you can hold on that long. I regret opening 8 new accounts (the plan was 4 but got the itch and greedy..lol). My AAoA went down from 4 to 3 on EX, 3 to 2.5 on EQ and 2.5 to 2 on TU. Still have one more account to report so will probably go down a tad bit. I was debating on jumping the gun for another Citi card but will hold off for another 3 months and from there no more new accounts till next year. Got denied for the CSP (my first rejection this year) so that was a warning to stop apping. If you are getting denied one after another then its telling you to stop apping. You got some nice limits so just garden them and see your AAOA grow.
Getting rejected is never fun, especially after you said you had so many approvals, but like the others have mentioned it's time to take some time off and down the road you'll be able to app for the products that really appeal to you or have great sign up bonuses.
@cowboyguy wrote:
I started my credit journey around 18 months ago. After I had a score of around 700, I started applying for CCs and CLIs like crazy. I was able to get approved for almost every card and sometimes with very high limits after request. No one used to believe the amount of credit that I got with such limited credit profile. My limits are in the sig. But a time came when almost every institution started declining my applications. Discover, Citi, Chase Ink etc are some examples. I've got a really high number of inquiries in my CRs (around 16 inquiries in each CR). As I never tasted rejection initially, this is making me really frustrated. Now I can't get approved for the cards with attractive sign-up bonuses and reward programs. The reasons that I get all the time are 1) you have too much credit 2) opened too many accounts in the last 6 months 3) opened too many accounts in last 1 year 4) account with the highest limit was opened too soon 5) yadayadayada... I even called the reconsideration lines multiple times but no success.
Is there anything that I could do at this point other than gardening? Should I request for a reduction in my credit limits for existing cards? I'm guessing that could be the only (and viable) option here since it would atleast make the first ponit invalid i.e. having too much credit.
What say, you myfico posters?
Unfortunately not. Lowering CL's will not matter either. You need to let time repair your wounds.
I have to agree there is nothing to be done but put time and space between those INQ's.
With such a thin file the INQ's must have your AAoA sitting pretty low as well.
Think of it from a lenders view when reviewing your CR they get to the INQ section and it shows the equivalent of almost 1 app per month. (not good)
I am also curious as to are you carrying balances?