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Negative score reasons when applying for better cards

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Reighn9
Frequent Contributor

Negative score reasons when applying for better cards

My credit profile is finally on the upswing after getting rid of the last pesky late payment in September that haunted me for the full 7 years. My utilization is still a little high but I'm reducing it each month-it's below 30% on most cards. I can't get my old "bad credit" cards to raise their CLIs, lower interest, or reduce/eliminate AFs, so I've been looking into better cards. I had a Sears card approved in January out of necessity, and now the letters I get list under reasons for score are: "time since most recent account opening too short" The entry about high balances is also reworded and listed 3 times. Why does it matter how recently I opened an account? I would like a couple of cards now that actually let me buy something without being maxed out on one purchase.

Message 1 of 9
8 REPLIES 8
randyrhodes
Established Contributor

Re: Negative score reasons when applying for better cards

It hurts your AAoA and if you apply for a lot of credit in a short period of time it makes you look "desperate " for credit. I've got only 3 inquiries on my TU report and I get the too many inquiries thing too.

I'd try for a couple store cards if your goal is to add more available credit to your portfolio so to speak.
Message 2 of 9
azguy13
Senior Contributor

Re: Negative score reasons when applying for better cards


@randyrhodes wrote:
It hurts your AAoA and if you apply for a lot of credit in a short period of time it makes you look "desperate " for credit. I've got only 3 inquiries on my TU report and I get the too many inquiries thing too.

I'd try for a couple store cards if your goal is to add more available credit to your portfolio so to speak.

The inquiries are not what hurts your AAoA, it is the new account that is opened IF you are approved. So if someone apps for 3 cards and is declined by them all, their AAoA won't be effected. However, their CS could go down a bit from the inquiries. I haven't noticed much of a score decrease due to INQs if you have more than 4 or 5 INQs already.

Message 3 of 9
randyrhodes
Established Contributor

Re: Negative score reasons when applying for better cards

I totally blew that explanation didn't I. What I meant to say is it hurts your AAoA when you OPEN new accounts frequently, or exactly what you just said lol.
Message 4 of 9
azguy13
Senior Contributor

Re: Negative score reasons when applying for better cards


@randyrhodes wrote:
I totally blew that explanation didn't I. What I meant to say is it hurts your AAoA when you OPEN new accounts frequently, or exactly what you just said lol.

Lol, I knew what you meant but the average new guy probably didn't Smiley Very Happy

Message 5 of 9
Reighn9
Frequent Contributor

Re: Negative score reasons when applying for better cards

So far, with one new store card approved, I don't think my AAoA was hurt much, still being about 7 years. My oldest account is over 17 years. I've just gotten one CLI, 3 CLI declines, and I'm looking for good offers of bank cards to apply for that might be approved. I have plenty of store cards, I need 1 or 2 major cards with good CLs I can use everywhere, especially when traveling.

Message 6 of 9
randyrhodes
Established Contributor

Re: Negative score reasons when applying for better cards

It depends on whether those CLI requests were hard pulls or soft pulls. That could possibly be 5 HP inquiries. Who have you apped for thus far?
Message 7 of 9
Reighn9
Frequent Contributor

Re: Negative score reasons when applying for better cards

Sears was approved in January, 1st hard pull in over a year (necessary immediate large purchase), Shell CLI approved, 1st increase in 10 years, hard pull, 3 Capital One acounts CLIs declined, not elegible, even the the EO told me 2 of the accounts were eligible for a CLI. Don't know if there was an inquiry, Capital One referenced a report dated 01-28-2014 even though I made the request on 03-01-2014.

Message 8 of 9
randyrhodes
Established Contributor

Re: Negative score reasons when applying for better cards

I'm gonna point you to the credit card approvals forum on here. Those guys can answer your questions in a snap. I'm no cc guru and those guys are. You could benefit greatly by seeing if the mod a would move this thread for you?
Message 9 of 9
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