Excessive Credit Obligations

[thewupk]

I've been on a mini app spree the last few weeks. I was approved for 6 cards at the beginning of the month and here in the last weeks I have been denied for 2-3 cards and was given the reason as excessive credit obligations.

The only thing that has changed from now and earlier in the month is that I have traded in my car and got a new vehicle. Could the reason be that the new loan is reporting and my old one (which has been closed and paid off) is still reporting open so I would technically have two car loans showing at the moment to have this pop up? Or it could it be because of six cards I opened at the start of the month? Or maybe a combo of both? Thanks for and input.

[Anonymous]

It is both- Six credit cards and the loan.  What is your income if you don't mind me asking?  That is probably the main reason you are getting the "excessive credit obligations" response.  I understand if you don't want to state your income publicly but if it on the low side then that is the reason....

Do you have any balances reporting on your reports apart from the auto loan?

[kdm31091]

6 cards is a lot to obtain in 1 month. You need to slow down. The denials are basically saying too many new accounts. Let alone an auto loan as well.

[thewupk]

I do but none of that has changed from earlier in the month.

[thewupk]

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@kdm31091 wrote:
6 cards is a lot to obtain in 1 month. You need to slow down. The denials are basically saying too many new accounts. Let alone an auto loan as well.

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I figured that might be the case. Just curious what the opinion of others was.