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Senior Contributor
Open123
Posts: 3,968
Registered: ‎02-23-2011

Re: Constantly getting declined with perfect credit history


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. 


I think you're off to a great start!

 

At this point, just don't app for anything for about 6 - 12 months, while focusing on using your current cards.  Since you've got Chase and Amex, you really don't need to app for any other issuer for the next year.  Once your accounts age and inquiries fall off, you'll be instantly approved again.

 

This time, just keep your apps to sign-up bonuses.  For me, these days, unless there's at least a $200 - $300 cash equivalent sign-up bonus, it isn't worth the price of a "new account." 

Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012

Re: Constantly getting declined with perfect credit history

As soon as you received that first rejection, it should have been a sign that your credit is in fact not "perfect," and that it's time to garden. :smileyhappy: Take advantage of the cards you already have and let them season for at least 6 months, ideally a year. I'm sure there will still be some decent sign-up bonuses in 2014.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Valued Contributor
thom02099
Posts: 1,317
Registered: ‎08-30-2011

Re: Constantly getting declined with perfect credit history

Congrats on your initital accomplishments!  We all have to begin somewhere.  Finding this forum was also amongst your accomplishments, there's much to learn here. 

 

Listen to the advice here.  It's now time to "Cowboy Up" and mosey on over to the Garden for a bit!  :smileyhappy:

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Regular Contributor
cowboyguy
Posts: 197
Registered: ‎07-26-2012

Re: Constantly getting declined with perfect credit history

Plently of great advices here. Can't agree more with thom02099. Finding this forum was really a big accomplishment.

 

I wanted to bring this thread up as I had an interesting question. My uncle has a FICO score near 800 and I was thinking to ask him to add me as an authorized user in one of his cards. I'm pretty sure he'll agree.

 

My questions was, what kind of jump can I expect in my credit score if he adds me as an AU in one of his 20 years old card? My score is in high 600's.

 

Also, will this improve my chances of getting approved for cards that require good to excellent credit?

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...
Valued Contributor
FinStar
Posts: 5,156
Registered: ‎10-21-2012

Re: Constantly getting declined with perfect credit history


cowboyguy wrote:

Plently of great advices here. Can't agree more with thom02099. Finding this forum was really a big accomplishment.

 

I wanted to bring this thread up as I had an interesting question. My uncle has a FICO score near 800 and I was thinking to ask him to add me as an authorized user in one of his cards. I'm pretty sure he'll agree.

 

My questions was, what kind of jump can I expect in my credit score if he adds me as an AU in one of his 20 years old card? My score is in high 600's.

 

Also, will this improve my chances of getting approved for cards that require good to excellent credit?


I think some posters have already spoken about the gardening strategy.  Bottom line, it's not going to help much (maybe somewhat of a score bump and age if anything).  Keep in mind, some lenders do not take AU TL information onto account, especially on manually reviewed decisions.  They are still going to see the recent opening of accounts, short history, inquiries, etc.  You can monitor the progress of any score fluctuation as your file improves with age and gauge it from there. 

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Constantly getting declined with perfect credit history

It will help your credit report somewhat, but only to a limited extent. Some lenders, such as chase for example, do not factor in AU accounts entirely in their decision making process.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
AndySoCal
Posts: 1,893
Registered: ‎04-07-2009

Re: Constantly getting declined with perfect credit history

I think the inumber of inquires on your credit report is not helping either.  An inquiry represents  the prursuit of new credit.  In general terms form the creidtor's point view is why is this person needing all this credit?. The premsis being a person applies for only the credit  they need. not want.   Most of the time a person needing  so much credit is basically treading water. It also does not take much for that  person to have serious credit problems usually ending in a bankruptcy. I would agree it with the post about being time to garden allow most if not all of those inquires to fall off.  Be selective of the card you apply for. My definaiion of an app spree is appplying for one card.  I have 7 seven cards with a 30 year plus of credit history. My credit limits are sufficient for my credit needs. A sufficient credit limit is where usage on the credit is less than 10% of the credit limit on average.

Equifax My FICO score 815 5/28/2012. Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

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