DENIED CapOne

[coldnmn]

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@gh17 wrote:

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@coldnmn wrote:

Your AAoA with 16 cards and credit history of 11 months is less than a month.

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How are you getting to that?  If he opened them all 11 months ago, his average age is 11 months.  If he opened two 11 months ago and the rest two months ago, then his average age is 3.25 months.  Depending on his exact history, it might be short, but unless he got most of the cards like today, it's longer than a month.

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True my mistake. But I stand by the rest of my statement less then a month or 3.25 apples or oranges in my opinion not good. Getting 16 cards in 11 months. Banks have been there and done that that's why they are cautious today on lending practices. It's just my opinion and giving a reason for being declined for the card. If continuing to apply for cards not only may get more denials but the current cards may jump ship and close the current cards.

[TiggerDat]

Huh?  I opened 16 in the last year and half and one of them gave me $10K. 

So careful with the blanket statements!  Yes, with a low score, low AAOA, High Util, negatives, then yeah 16 accounts in 11 months is excessive. 

With a 620 score and baddies you were probably lucky to get 16 accounts!  If they are maxed out, then it would be even harder.  Capital One should have told you each time you were denied why they decided to do so.

[keithB]

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@coldnmn wrote:

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@gh17 wrote:

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@coldnmn wrote:

Your AAoA with 16 cards and credit history of 11 months is less than a month.

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How are you getting to that?  If he opened them all 11 months ago, his average age is 11 months.  If he opened two 11 months ago and the rest two months ago, then his average age is 3.25 months.  Depending on his exact history, it might be short, but unless he got most of the cards like today, it's longer than a month.

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True my mistake. But I stand by the rest of my statement less then a month or 3.25 apples or oranges in my opinion not good. Getting 16 cards in 11 months. Banks have been there and done that that's why they are cautious today on lending practices. It's just my opinion and giving a reason for being declined for the card. If continuing to apply for cards not only may get more denials but the current cards may jump ship and close the current cards.

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Good point.  I opened 6 accounts in the past 5 months and hit a brick wall with Bank of America.  Sad part is I knew better but they sent me a pre-qualified offer for my alma mater alumni association and I took it as a sign I should roll the dice one more time - it wasn't, DENIED! While the number of accounts might not seem like a lot to some, keep in mind this is after dropping off the radar for years without any credit whatsoever.

[CWL]

HOLY MOLY!!!!! 16 cards and not one with Cap 1  - WOW!!

Why 16 cards- what are they?

[-NewGuy-]

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@coldnmn wrote:

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@gh17 wrote:

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@coldnmn wrote:

Your AAoA with 16 cards and credit history of 11 months is less than a month.

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How are you getting to that?  If he opened them all 11 months ago, his average age is 11 months.  If he opened two 11 months ago and the rest two months ago, then his average age is 3.25 months.  Depending on his exact history, it might be short, but unless he got most of the cards like today, it's longer than a month.

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True my mistake. But I stand by the rest of my statement less then a month or 3.25 apples or oranges in my opinion not good. Getting 16 cards in 11 months. Banks have been there and done that that's why they are cautious today on lending practices. It's just my opinion and giving a reason for being declined for the card. If continuing to apply for cards not only may get more denials but the current cards may jump ship and close the current cards.

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I would agree. 16 new accounts in the last eleven months is a lot even for someone with a near perfect credit profile, let alone not perfect. That isn't to say that it can't be done, but I don't think that this current situation should be too much of a surprise.

OP, I would give these acconts some time to age, which will let the inquiries age as well. Also, you mentioned your transunion score, where did you get that from? Lastly, keep in mind that Cap 1 pulls all three, not just transunion.

[Anonymous]

OP, I would give these acconts some time to age, which will let the inquiries age as well. Also, you mentioned your transunion score, where did you get that from? Lastly, keep in mind that Cap 1 pulls all three, not just transunion.

I agree! If the OP applied to Capital One 3 times that's 9 inquiries. I Agree, with the idea of letting these accounts age.  You do look desperate with all of these card. Are these low limit store cards like GERB?

[dave024]

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@blackedoutdodge wrote:
have been turned down by Capital One numerous times even waited before reapplying does anyone know why this would be is it the four negative account?

thank you in advance :-)

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Everyone's situation is different, and I will try not to repeat what has been said previously. I am surprised you have applied for them multiple times in 11 months. As Clermont said that is nine inquiries for applying just three times. That alone may even prevent you from getting credit from other lenders in the near future.

Personally I was denied by a couple lenders last year, and they aren't even on my radar for applying in the near future. I'm waiting at least two years to apply for lenders that denied my previously. I do understand with limited credit you may have less options for who to apply with, so that may be part of the reason you are applying with Capital One.

It sounds like you have a good starting point with the number of accounts you have, so as others have said if you let those age then things will get better. Building credit takes time, and if you try to move too quickly by applying for lots of credit then that can actually slow things down.

[TheFate]

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@dave024 wrote:

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@blackedoutdodge wrote:
have been turned down by Capital One numerous times even waited before reapplying does anyone know why this would be is it the four negative account?

thank you in advance :-)

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Everyone's situation is different, and I will try not to repeat what has been said previously. I am surprised you have applied for them multiple times in 11 months. As Clermont said that is nine inquiries for applying just three times. That alone may even prevent you from getting credit from other lenders in the near future.

Personally I was denied by a couple lenders last year, and they aren't even on my radar for applying in the near future. I'm waiting at least two years to apply for lenders that denied my previously. I do understand with limited credit you may have less options for who to apply with, so that may be part of the reason you are applying with Capital One.

It sounds like you have a good starting point with the number of accounts you have, so as others have said if you let those age then things will get better. Building credit takes time, and if you try to move too quickly by applying for lots of credit then that can actually slow things down.

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I think this is an honest misconception... The only things you would get denied for with all those INQ's is CC's that pull all three Reports (Cap 1 for example) and of course Mortgage loans... Other than that most CC's only pull reports from one of the 3 CA's so they would only see the INQ's from that Bureau.

[dave024]

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@TheFate wrote:

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@dave024 wrote:

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@blackedoutdodge wrote:
have been turned down by Capital One numerous times even waited before reapplying does anyone know why this would be is it the four negative account?

thank you in advance :-)

---

Everyone's situation is different, and I will try not to repeat what has been said previously. I am surprised you have applied for them multiple times in 11 months. As Clermont said that is nine inquiries for applying just three times. That alone may even prevent you from getting credit from other lenders in the near future.

Personally I was denied by a couple lenders last year, and they aren't even on my radar for applying in the near future. I'm waiting at least two years to apply for lenders that denied my previously. I do understand with limited credit you may have less options for who to apply with, so that may be part of the reason you are applying with Capital One.

It sounds like you have a good starting point with the number of accounts you have, so as others have said if you let those age then things will get better. Building credit takes time, and if you try to move too quickly by applying for lots of credit then that can actually slow things down.

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I think this is an honest misconception... The only things you would get denied for with all those INQ's is CC's that pull all three Reports (Cap 1 for example) and of course Mortgage loans... Other than that most CC's only pull reports from one of the 3 CA's so they would only see the INQ's from that Bureau.

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I'm no expert, but even three credit inquiries on one report may not look good when applying for some lenders if the rest of your credit profile isn't strong. Plus in addition to those three inquiries they for sure have other inquiries from the 16 other accounts opened this past year.

[TheGardner]

Ever burn them? I have in the past (8yrs ago) and have tried 3 times in the last 2 years.. Still a no go lol

Will likely never try aka the cards aren't that great anyway.

Good luck!