Rejected for too many revolving accounts

[Anonymous]

Yep it was the utilization. Your accounts are spread out, not too many opened this year. If you can get it down under 15% you will probably be approved.

[Anonymous]

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@taxi818 wrote:

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@UncleB wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

How many cards do you have, what are they and their limits, and how old are the accounts?

What are the balances and what is your overall utilization?  What is your stated income.

Without that info it is hard for us to get a clear picture.

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That's a lot of information you are requesting.  How would it help you help the OP?  

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I agree, that's a whole lot of info... what's left?  That's pretty much everything but this...

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Lmao. Too funny

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Make fun of me all you want. I did credit repair in the 90's, and have lots of experience  analyzing credit reports. The lender analyzes those things when making a credit decision.

[UncleB]

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@Anonymous wrote:

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@taxi818 wrote:

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@UncleB wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

How many cards do you have, what are they and their limits, and how old are the accounts?

What are the balances and what is your overall utilization?  What is your stated income.

Without that info it is hard for us to get a clear picture.

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That's a lot of information you are requesting.  How would it help you help the OP?  

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I agree, that's a whole lot of info... what's left?  That's pretty much everything but this...

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Lmao. Too funny

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Make fun of me all you want. I did credit repair in the 90's, and have lots of experience  analyzing credit reports. The lender analyzes those things when making a credit decision.

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Not making fun, my friend... just trying to lighten the moment.

You're absolutely right, all the items you mentioned are definitely part of the credit decision, and the OP is fortunate to have folks on here with in-depth knowledge like yourself to help him figure out what went wrong. 

Edit:  typo

[Anonymous]

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@languedoctor wrote:

@Anonymous

That was my thought. They were troubled by something, and just picked a couple codes that weren't wildly implausible.

Maybe my student loan consolidation did play into it. I *do* have a sizable balance, but payments are capped at a set % of monthly income, which does help with monthly DTI.

I'm guessing it wasn't one thing. Maybe the combination of new accounts, student loan debt, and that Citi had already approved a line earlier in the year.

Oh well, no big deal. Between discover's categories, travel (Citi AA), gas, and groceries (BoA), I might have been overestimating how much spending would go to Double Cash. I was just tempted by that enticing 2% back (assuming no carried balance) and respectable BT promo.

After I call the old CU, I think I'll just freeze the bureaus for 2016 and leave well enough alone until '17 at the earliest...

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8 cards is not a sufficiently large number. The issue is that your payments are capped. The CC company doesn't see the cap or has to internally adjust it. We see this happen more often in the mortgage space, but I'm guessing that that's what's happening here. They probably internally assume that you pay 1% per month, rather than your income capped amount. This could throw your DTI way out of whack and is the likely problem.

[manyquestions]

 I think it is the amount of debt mostly and maybe partially the recent other Citi card you opened.

You certainly don't have too many cards overall.  I would keep the credit union card that was opened in 1999.  Age is slow to add back once it is gone. It's a very valuable thing to have on your report.