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New Contributor
Posts: 50
Registered: ‎01-16-2009
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Question about applying for multiple credit cards

One of my customers tried to get a credit card with my bank and had a great score but only 2 years of credit card history.  We had to decline him due to that fact.  He tried also with a retail store and was declined due to lack of history.  He bought a car in 07 and paid it off 3 years early, that is all that is on his report.  Score was around 748.  He wants a credit card with a low rate.  I have two questions...

 

One:  any suggestions as far as cards?

 

Two:  does each cc inq count against him of are they considered one with in 30 days like a mortgage loan?

Frequent Contributor
Posts: 401
Registered: ‎02-23-2009
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Re: Question about applying for multiple credit cards

Try to apply for regular account from Citi, BoA or Chase. Even if he doesnt get approve, he can call in and ask for reconsideration. He has pretty good credit score, so he should be good to go.

 

Two: Yes it does, too many (HARD) inquiries not soft inquiries at the same time consider a potential risk to lender, this happen to me, apply too many accounts at the same time.

 

Even if you dont get approve, call the backdoor number and ask nicely for reconsideration. Most of the time, they will reconsider you instantly. Don't give up the application?

 

 

Established Contributor
Posts: 586
Registered: ‎03-03-2009
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Re: Question about applying for multiple credit cards

Which cards did he apply for? His 748 score, did he buy it from myfico.com or is it just a FAKO?
New Contributor
Posts: 50
Registered: ‎01-16-2009
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Re: Question about applying for multiple credit cards

It isn't a FAKO,  I am a loan officer and pulled his EQ.  My bank won't approve it so I am trying to help him out.
Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Question about applying for multiple credit cards

I think you should advise him to join a credit union (either local or national). Establish a relationship with them and then apply for that credit card. Have you checked out the Alliant CU threads here? He may be offered a Visa card at enrollment with them. 

 

If he prefers a more personal touch tell him to check into credit unions locally...he'll be able to talk to a LO in person and be advised on what is required to open a cc with them.

New Contributor
Posts: 50
Registered: ‎01-16-2009
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Re: Question about applying for multiple credit cards

I am not going to do that,  I am his banker

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Established Contributor
Posts: 790
Registered: ‎09-09-2008
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Re: Question about applying for multiple credit cards


C-XRS2005 wrote:

I am not going to do that,  I am his banker


Tricky. I still consider getting your first card from your own bank one of the most natural entries to the credit card world. It also helps with customer retention. That's sad that this is not possible in this case.

 

Anyway, not all store cards are equal. I'm not sure whether Macy's gives cards to first time cc users, but it might be worth a try. Capitol One might also be an option. These Jewelry cards might also work, but that would be a bit harsh with that score.

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