Denied BCE, How Soon For Zync?

[drew11]

Hi I applied for Amex BCE and Discover More on June 10. I was approved for Discover ($1500) and denied for Amex BCE (my TU score was a 740 and my EX was a 723). On June 23, I also requested a CLI for my PenFed Platinum Cash Rewards ($500 -> $1000). Currently the application status for the CLI is "transferred" so I am assuming that the new CL will show up today or tomorrow and will be reflected on my July 24th statement. 

I understand that I can apply for the Zync 31 days after being denied, which would put me at tomorrow. However, my Discover More card is not yet reporting (my first statement will cut the 27th) and neither is the CLI for my PenFed card. Should I wait for these to start reporting or can I already apply for the Zync?

[FrugalRican]

What were the cited reasons for denial by BCE?

[drew11]

American Express Blue Cash Everyday Denied:

Number of trades. (Experian)

Too few credit card accounts on which, in our estimation, you have paid a majority of the balance in recent months. (Experian)

Key factors that contributed to FICO score:

Length of time accounts have been established. (PenFed is oldest account of 1 year 10 months, my average is ~7 months)

Lack of recent installment loan information.

Too few accounts currently paid as agreed. (never missed, always PIF)

Too many inquiries last 12 months. (only had 2 on EX before they pulled, 1 on EQ, and 0 on TU)

[FrugalRican]

The reason I asked is because I saw your EQ FICO. The score is good enough for a revolver (assuming the EX was a close match) and figured it was some "other" reason that they denied you for it.

I was guessing it was probably "too few cards". Given that it seems to be the #1 reason they denied you, then you might want to wait til those are showing up. Thankfully, Experian seems to update a lot quicker than LOLUnion.

The problem is that your AAOA is going to dip even further.

So my question is, can you afford the HP if you get denied for the Zync?

[Crashem]

He should have ex score from denial of bce. What was that score?

[drew11]

I'm planning on applying for a mortgage in 2 years from now so I don't think that the HP will affect me that badly. All of the other inquiries will have fallen off at that point leaving just the Zync's remaining, which shouldn't be affecting my score either I believe?

[drew11]

Sorry for not including the scores from the apps, here you go:

6/10/12 TransUnion - 740 (Received with Discover More acceptance letter) (Credit Karma = 742)

6/10/12 Experian - 723 (Received with American Express rejection) (Credit Sesame = 721)

[FrugalRican]

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@drew11 wrote:

I'm planning on applying for a mortgage in 2 years from now so I don't think that the HP will affect me that badly. All of the other inquiries will have fallen off at that point leaving just the Zync's remaining, which shouldn't be affecting my score either I believe?

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Hard Pulls count for 1 year.

They will show on your CR for 2 years.

You're fine. The earlier you get the app in, the better.

If their main reason is "too few accounts", wait for the tradelines to pop up and then go for the Zync.

[drew11]

Would waiting for Credit Karma and Credit Sesame to show the new Discover Card and the PenFed CLI be sufficient? I don't want to purchase a report too soon to have it come back not updated yet.

[OhioCPA]

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@FrugalRican wrote:

The reason I asked is because I saw your EQ FICO. The score is good enough for a revolver (assuming the EX was a close match) and figured it was some "other" reason that they denied you for it.

I was guessing it was probably "too few cards". Given that it seems to be the #1 reason they denied you, then you might want to wait til those are showing up. Thankfully, Experian seems to update a lot quicker than LOLUnion.

The problem is that your AAOA is going to dip even further.

So my question is, can you afford the HP if you get denied for the Zync?

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From the sounds of it his AAoA is 1 year. Since it can't go any lower it won't be effected in the short run.

While he might take a small hit for the new account reporting he might see an increase in his score as a result of the "number of accounts reporting".

I would wait until the CLI and new account show on CreditSesame before applying for the Zync. I wouldn't worry about what CreditKarma shows.