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Regular Contributor
cowboyguy
Posts: 197
Registered: ‎07-26-2012
0

Constantly getting declined with perfect credit history

[ Edited ]

 

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?

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...
Contributor
kilj0y
Posts: 135
Registered: ‎05-25-2013
0

Re: Constantly getting declined with perfect credit history

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.




Starting Score: 693
Current Score: 701EQ MyFico 725TU(NFCU pulled)
Goal Score: 720


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Joined the Garden Club 6/1/13
Valued Contributor
dodgerslv
Posts: 1,781
Registered: ‎06-16-2012
0

Re: Constantly getting declined with perfect credit history


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.


Cards: (Citi x6) (Chase x5) (US Bank x3) (Amex x3) (Barclays x3) (BofA x3) (Cap1 x2) (WF x2) (Penfed x1) (Discover x1) (Sync/GE x4) (Macys x2)
Fico 08 scores (8/27/14) EX: 772 TU: 767 EQ: 778 (Utilization at 8% right now).





Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Constantly getting declined with perfect credit history

If you're hearing the same thing over and over from lenders about why they rejected your apps, there's probably a reason for it. 16 INQs? Garden. Period. Don't bother asking for the answer you want to hear when what you really need to do has already been told to you many times over.
FICOs: EX: 826, EQ: 817, TU: 810
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New Member
CredUp
Posts: 3
Registered: ‎07-17-2013
0

Re: Constantly getting declined with perfect credit history

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.

Chase Sapphire Preferred / Chase Marriott Premier / AMEX Blue Sky / AMEX Delta Gold / USAA AMEX / USAA World MC / Citi AAdvantage World MC / Barclays Reward Visa / Sam's Club Discover / Walmart
Super Contributor
enharu
Posts: 7,002
Registered: ‎02-27-2013
0

Re: Constantly getting declined with perfect credit history

No offense, but your credit is far from being perfect. If anything your credit history is maybe below average or average at best. Please do not be offended. My intention isn't to ridicule you or to get into a pissing contest with you.

Here are the main problems they seem to have with you.

1. Credit history is way too short to be even regarded as decent, much less perfect.

2. 16 inquiries? Especially for someone with only 18 months of history? That's excessive. Garden till they fall off would be the safest bet. If not, at least wait till they are 1 year old.

3. Too many new accounts can result in AA. Your best bet is to garden and stop applying for new credit before you really spook off your current creditors. It won't be pretty.

4. Too much credit can be possibly due to 2 reasons:
- creditors think you have sufficient CL for someone with a short history like yours. The maximum CL threshold they are willing to extend to you will increase over time, so just be patient.
- your income is too low to qualify for higher CLs. Only way to get around this is to make more money.

At this point in time, your best bet is to improve your career somehow, and while you are at it, garden.
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).
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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. 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.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
lhcole77
Posts: 1,370
Registered: ‎09-18-2012
0

Re: Constantly getting declined with perfect credit history

+1 CreditScholar and enharu

Congratulations on your approvals, though! Those are nice cards with nice limits. Good news is there are ALWAYS sign up bonuses. They will still be there in six months and a year.
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Constantly getting declined with perfect credit history

6 months is a starting point.
Banks like Citi and Barclay's... They want to see you inq/new account free for A YEAR.
So I'd plan a year long hiatus, aside from
Maybe one or two apps at 6 months.
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Community Leader
Senior Contributor
myjourney
Posts: 26,620
Registered: ‎02-07-2013
0

Re: Constantly getting declined with perfect credit history

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?

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13



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