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What's the use

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ecxpa
Valued Contributor

What's the use

Been denied for CC over the past few mos due to 1 30 day late 13 mos ago, several 30 day lates 3 years old.  I have a lot of new cards over the past year, and bunchies of enquiries.  I have been told by 2 CC lenders in the past 2 weeks to wait 3 mos and reqpply.   Does waiting 3 mos really help in getting credit  cards.

Message 1 of 11
10 REPLIES 10
myjourney
Super Contributor

Re: What's the use


@ecxpa wrote:

Been denied for CC over the past few mos due to 1 30 day late 13 mos ago, several 30 day lates 3 years old.  I have a lot of new cards over the past year, and bunchies of enquiries.  I have been told by 2 CC lenders in the past 2 weeks to wait 3 mos and reqpply.   Does waiting 3 mos really help in getting credit  cards.


If you spoke with a backdoor analyst it could be a good sign and depending of who the lender was.

However I would be more concerned with the baddies and how they could be fixed to insure the chances of an approval.

I would also garden awhile if I had to many new accounts over the course of a year as this could be the next reason of denial.

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 11
ecxpa
Valued Contributor

Re: What's the use

Too many new accts has been a reastoo already.  How long should an acct  be opened to not be considered too new

Message 3 of 11
gdale6
Moderator Emeritus

Re: What's the use


@ecxpa wrote:

Too many new accts has been a reastoo already.  How long should an acct  be opened to not be considered too new


minimum 6 months, FICO considers them new until they hit 2 yrs old.

Message 4 of 11
myjourney
Super Contributor

Re: What's the use


@ecxpa wrote:

Too many new accts has been a reastoo already.  How long should an acct  be opened to not be considered too new


Depends on how many you've opened but generally speaking a year but it comes down to AAoA the lower the more they take notice of new accounts..

So example someone with a short AAoA is either in rebuilding, no credit or has multiple INQ's bringing it down.

Time is your best friend 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 5 of 11
ecxpa
Valued Contributor

Re: What's the use

I have multiple cards coming up to their 1 year anniversary.  Is this going to help my chances of approval?  

Message 6 of 11
Shogun
Moderator Emeritus

Re: What's the use


@ecxpa wrote:

I have multiple cards coming up to their 1 year anniversary.  Is this going to help my chances of approval?  


Sure that will help.  Just have to remember, not too much too fast.  Take it nice and slow.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 11
ecxpa
Valued Contributor

Re: What's the use

Should have came here a long time ago.......but just settled a divorce a little over a year ago and I started rebuilding my credit.   Too many cards too soon.  I was getting them to improve my utilization percentage.  Fortunately I managed to get some good CL before I started getting declines.  I have two 5k cards, one 2.5k, one 3.5k, and the rest of my bank cards are from 1k - 1.8k.  I have a truckload of store cards......some I shouldn't have gotten, but was sucked in by the 15-30% of deals while finally being able to shop again.  

 

So I guess some of the recent declines saw that a lot of my new cards would be over a year old in 3 months when they told me to reapply in 3 mos

Message 8 of 11
Shogun
Moderator Emeritus

Re: What's the use


@ecxpa wrote:

Should have came here a long time ago.......but just settled a divorce a little over a year ago and I started rebuilding my credit.   Too many cards too soon.  I was getting them to improve my utilization percentage.  Fortunately I managed to get some good CL before I started getting declines.  I have two 5k cards, one 2.5k, one 3.5k, and the rest of my bank cards are from 1k - 1.8k.  I have a truckload of store cards......some I shouldn't have gotten, but was sucked in by the 15-30% of deals while finally being able to shop again.  

 

So I guess some of the recent declines saw that a lot of my new cards would be over a year old in 3 months when they told me to reapply in 3 mos


Yes...  my advice.  Come over to the GardenClub in the CC forums.  Just garden those cards.  Maybe try some soft pull CLIs while waiting it out.   That way your new CLs will be bigger too.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 9 of 11
ecxpa
Valued Contributor

Re: What's the use

So....soft pulls don'discount as more inquiries and won't dampen your chance for approval?    I was under the impression they still affected your credit but not as much

Message 10 of 11
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