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Posts: 70
Registered: ‎01-30-2010
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Few questions about CC's

[ Edited ]

Hey guys just have a couple questions forgive me in advance for my ignorance, thank you!

 

My latest credit scores:

1/28/2010:
Ex-736
Eq-745

Tu-768

 

Started Eq was 780. 

 

Nov 09

I opened up an Amex Delta Gold and the Citi American Airlines mastercard.

Amex gave me a 2000 dollar credit line, same as Citi.

Amex soft pull gave me a 3k CLI, was happy about that

 

Jan 2010

 

I applied for the chase freedom and american express blue cash because I wanted to replace the Citi AA card, since I don't like it much at all.

I got declined for both, putting me at a total of 4 hard inquiries.

 

 

Here are the reasons for me being delinced for the Amex:

They said it was due to the following:
1. Opened too many new accounts (Only opened 2 last year Nov 2009 1. AMEX Delta Gold 2. Citi AA)
2. No recent revolving bank account information? What does this mean?
3. Length of time accounts have been established'
4. Ratio of the highest account balance to the sum of the balances on all accounts (what does this mean?)

My Fico Score Nov was 780, after inquiring for 2 CLI's and being declined it has gone down to 756, before being denied the AMEX blue cash card. I have about 10 cards total, but I only use 3.

So,
How much will my score go down now?
When can I apply for a new card again? (I have a citi AA card and an Amazon chase that I would like to replace with cash back cards, thus my reason for applying for new cards)
What's the best way to get my score back up?

Any advice would be great, thank you in advanced

 

So, my question is with these inquiries on my Credit report and my current score, would it be okay to apply for another card?  Are there any other good cashback cards that you guys can recommend that will give a higher CL and easy CLI's(nordstroms?)?  Citi won't budge the CL.  Or Is it possible for the CCC to upgrade you to a different card that they offer?

 

TU only shows 3 inquiries, EX shows 8, and Eq shows 5. 

 

Also, what does a backdoor # used for?  seen some people mention it, 

Thanks! 

Message Edited by gl4662 on 01-31-2010 03:57 PM
Message Edited by gl4662 on 01-31-2010 04:10 PM

Starting Score: 780
Current Score: 745
Goal Score: 800


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2/08/2010-Eq:766 Tu:769>
Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
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Re: Few questions about CC's

Hi gl4662! :smileyhappy:

 

Are those FICO scores you're posting, purchased from myfico.com? I'm asking because you can't purchase your Experian FICO score.


gl4662 wrote:

 

Here are the reasons for me being delinced for the Amex:

They said it was due to the following:
1. Opened too many new accounts (Only opened 2 last year Nov 2009 1. AMEX Delta Gold 2. Citi AA)
2. No recent revolving bank account information? What does this mean?
3. Length of time accounts have been established'
4. Ratio of the highest account balance to the sum of the balances on all accounts (what does this mean?)

Amex is a cautious creature. Even if you hadn't listed the reasons for decline here, one of the first questions people might ask is whether or not you'd recently opened other new credit. And, don't forget, you're still pretty "new" to Amex as well. They're still feeling you out, as you feel them out. According to Amex (the reasons you listed), they're skittish about your recently opened credit (it's considered to be a risk when a customer suddenly starts seeking new credit), it sounds like they are citing that they they've not validated your ability to pay/source of income for #2, they consider the age of your accounts to be on the young side, and that your utilization (balance to limit ratios) is on the edge of their comfort zone. Or, it could just be the rubber stamped "cuz we can".

 


gl4662 wrote:
So,
How much will my score go down now?
When can I apply for a new card again? (I have a citi AA card and an Amazon chase that I would like to replace with cash back cards, thus my reason for applying for new cards)
What's the best way to get my score back up?

Any advice would be great, thank you in advanced

 

So, my question is with these inquiries on my Credit report and my current score, would it be okay to apply for another card?  Are there any other good cashback cards that you guys can recommend that will give a higher CL and easy CLI's?  Citi won't budge the CL.


Is it critical that you have new cashback rewards cards now? My advice would be to cool your heels for just a bit. Let your new accounts get some age and history behind them-- at least six months, but a year would be better. You've already opened the Citi AA card, it's on your reports, you've taken the hit for the INQ, the new account, and the lowering of your average age... just hold on to it for a bit. If you can't wait, then start looking at credit unions. There's tons of info in this forum about credit union card products. Is Chase still doing product changes? If so, that might be an avenue to pursue to get the Freedom.

 

You'll have to be more specific about what  you consider to be a high credit line, and easy CLIs. I'm not even sure that combo exists in this day and age. Lenders are looking more closely than ever at your past and current levels of credit in making the decision on how much and how often to extend new credit.

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New Contributor
Posts: 70
Registered: ‎01-30-2010
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Re: Few questions about CC's

[ Edited ]

Thank you for your reply!

 

My experian and TU is from creditexpert and my Eq is from myfico.

 

I called Amazon Chase and they are not offering a product chage, but I am wondering, if that is possible with the Amex or Citi?

 

Id like to keep my card usage to one card, but with 2k limits and 5k limits it has proven hard.  I want to try and get the Amex up to 10k.  I've seen many people get approved for nordstroms 7.5k or nationbank might be wrong on the name for 17.5k, so if i have a feasible chance of doing that I would be able to keep my card balances lower than what they are now which is about 3 cards with a balance.

 

I guess it isnt critical right now to get a new cashback card, but if I could get one with a higher balance, it would help with my "too many accounts with balance" issue.  I figured I've made my inquires already in the past month, might as well get a higher CL card, and then work my fico score back up if possible. 

 

Thanks for your reply! 

Message Edited by gl4662 on 01-31-2010 04:44 PM

Starting Score: 780
Current Score: 745
Goal Score: 800


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2/08/2010-Eq:766 Tu:769>
Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
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Re: Few questions about CC's

Are you carrying balances on other cards? If so, what is your overall utilization? Sometimes, UTI is a deal maker or breaker, in and of itself.

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"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

New Contributor
Posts: 70
Registered: ‎01-30-2010
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Re: Few questions about CC's

Past month had a balance on 5 cards... overall util is 10%

Starting Score: 780
Current Score: 745
Goal Score: 800


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2/08/2010-Eq:766 Tu:769>
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: Few questions about CC's


gl4662 wrote:

Thank you for your reply!

 

My experian and TU is from creditexpert and my Eq is from myfico.


your EX & TU scores are not accurate, if you got them from creditexpert.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Contributor
Posts: 70
Registered: ‎01-30-2010
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Re: Few questions about CC's

So Amex put in a recon for me, should know within 24-48 hours.  I also called chase for their freedom card that I wanted to recon, and I was able to get it at the cost of me canceling my amazon which has been open for 2 years, but honestly could use the freedom more for its benefits.  How long will this effect my credit score?  Did I do any significant damage by closing my amazon with them?

 

Also, Eq shows my oldest account to be 18 years old, and that is what my bank told me, but that is just as an authorized user, I did not know they do not take that in to account.  Or does that vary for different CCC's?  So actually my oldest account would be 2 years old if AU's are not taken into consideration, but it must be a CCC policy, because my Eq doesnt show that?

 

Thanks..


Starting Score: 780
Current Score: 745
Goal Score: 800


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2/08/2010-Eq:766 Tu:769>
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