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Store card denials???

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Existentialist
Frequent Contributor

Re: Store card denials???

Not getting approved for Amex could be seen as a good thing. Simply bcuz we want a particular 'thing' doesnt mean we need or are ready for said 'thing'. Probably not what U wanted to hear but thats okay. Those times when success eludes us also provide the best lessons for growth. Keep pressing forward.

Message 21 of 24
gdale6
Moderator Emeritus

Re: Store card denials???


@icyhot wrote:

@Anonymous wrote:

@icyhot wrote:

One time I applied for an Amex and one of the denial reasons was 

 

TOO MUCH OWED ON RETAIL ACCOUNTS

 

my utilization at the time was very low but most of my balances WAS from my Kohls and Macy's card. Do prime banks really not like to see store cards on a CR? This freaked me out so I closed all but 2 of the 7 I had.


You didn't get denied for an AMEX because you had store cards

 

You got denied for an AMEX because:

 

1) Your credit sucks

2) You owe too much in relation to your limits.  What was your limit on Kohl's and Macy's.  How much did you owe on EACH one respectively?

 

I had approximately 40 store cards when I applied for an AMEX with a 700 score and was accepted for both PRG and BCP (which I 3X CLI to 25K)  

 

What were your other reasons for denial?  That's where you'll find the REAL reason you were denied.


I owed 300 on a 700 Kohls Limit and I think 600 on a 2500 Macy's limit. My other denial reasons were that I had too many recent accounts in relation to total account and inquires. 


This is the real reason, they just threw in the other one for good measure. As already stated dont react until you do your research.

Message 22 of 24
NICKI183
Established Contributor

Re: Store card denials???

I like how you provided a quick overview of store card value vs. credit cards when it comes to your overall credit portfolio.  

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 23 of 24
Anonymous
Not applicable

Re: Store card denials???


@gdale6 wrote:

@icyhot wrote:

@Anonymous wrote:

@icyhot wrote:

One time I applied for an Amex and one of the denial reasons was 

 

TOO MUCH OWED ON RETAIL ACCOUNTS

 

my utilization at the time was very low but most of my balances WAS from my Kohls and Macy's card. Do prime banks really not like to see store cards on a CR? This freaked me out so I closed all but 2 of the 7 I had.


You didn't get denied for an AMEX because you had store cards

 

You got denied for an AMEX because:

 

1) Your credit sucks

2) You owe too much in relation to your limits.  What was your limit on Kohl's and Macy's.  How much did you owe on EACH one respectively?

 

I had approximately 40 store cards when I applied for an AMEX with a 700 score and was accepted for both PRG and BCP (which I 3X CLI to 25K)  

 

What were your other reasons for denial?  That's where you'll find the REAL reason you were denied.


I owed 300 on a 700 Kohls Limit and I think 600 on a 2500 Macy's limit. My other denial reasons were that I had too many recent accounts in relation to total account and inquires. 


This is the real reason, they just threw in the other one for good measure. As already stated dont react until you do your research.


I agree.  AMEX, Barclays, Chase, BofA, USBank, Penfed, etc etc are very finicky about people with too many new accounts.  As I recall from a different post, you had a buncha new cards (10 new cards or more if I remember).   

 

If those new cards were less than 6 months (sometimes a year with some lenders); it's pretty much a straight out denial no matter your FICO score.  I recently got 10 new cards myself, and I know better than to even try to get another card right now...it's just going to be a Denial and wasted HP.

 

That's why Gardening is so big around these parts...you really have to garden a minimum of 6 months after an App Spree...doesn't matter if your new cards are store cards or "real cards".

 

Your score is good now, just chill out on a new apps for a few months and AMEX will welcome you in with open arms.
 

Message 24 of 24
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