topic Re: Some approvals, some denials in Credit Card Approvals

Some approvals, some denials

Anonymous — Fri, 13 May 2016 15:16:29 GMT

Hello everyone! I'm Dustin and I will be 19 next month. I have been interested in credit since approximately June of last year when I got my first credit card through BMO Harris, who I have my checking and savings with. It has been an exciting ride since then and I've already spent hours reading through the info on this forum. It has been so helpful. In April, I was denied an SWRR card for two reasons which were made clear to me after a recon.: lack of significant credit history (said I need at least a full year) and no comparible limit (said the minimum for the card is $2,000). I was disappointed but I understood the reasons and it's better than for a truly negative reason. That day I reconned, I applied for a QS1 and was issued $1,000. I have been working on that aggresively.

Currently I stand at EQ 710, TU 719, and EX 706 (all FICO 8). I'm pretty proud of my scores for my age but I'm always looking to improve and build. I was in the mid 600s before the 9th when both of my cards reported my very carefully watched utilization of 9%. I got a little trigger happy and applied for a few more cards. I got one instant approval from Discover for $2500 which I was surprised at, a couple instant denials, and a couple "we'll let ya know" notices. I have no derogatory marks on any of my reports. Apparently the three things keeping me down are lack of history, few accounts, and no non-mortgage installment loans. I'm not wealthy and I try not to use my cards for things I can't afford so I don't think I'll be taking out any major loans any time soon and the other two factors - I suppose only time can heal.

Sorry for the long winded introduction but I guess I'm in the garden as of now!

Dustin

Re: Some approvals, some denials

Anonymous — Fri, 13 May 2016 15:34:08 GMT

Welcome to the forums, greenbmw06! You've made amazing progress for one so young. An approval for a Discover card, as a very new credit seeker, is just fantastic. Your scores are pretty darn good. Since your file is thin, and you've seen some denials, mayble hold off apping for six months or so (want to watch those inquiries). Use the cards you have, pif monthly if possible, and if not, pay as much as you can and make multiple payments when money becomes available to you. You'll see your scores continue to climb, and eventually, more preapprovals your way!

Re: Some approvals, some denials

Anonymous — Fri, 13 May 2016 15:55:22 GMT

Thanks for the encouragement, advice, and kind words! I will hold off on applying...I may recon the ones that have been denied once I get the letters but I'm gonna water the garden for a while, like you said maybe six months to a year, before applying again. I like to pay down frequently, I don't know why, maybe I'm a bit obsessive. For example, I bought an office chair for my room and scheduled a payment that day for the next day to PIF. I have EFTs that come out of my checking account monthly so it's sometimes hard to keep track in my head "okay, this month I have $x available minus the EFT" but it's been working so far.

Re: Some approvals, some denials

RonM21 — Fri, 13 May 2016 22:29:38 GMT

Welcome and I too am moved by the progress you have made. I can't say this enough....you are off to a great start. Do what you can to read up on these forums to keep things going well!

A lot of us got on this site because we woke up one day and finally said we want to climb out of the hole we dug and we wish we found this site sooner. You have a great chance go keeping that from happening and maximizing your credit outlook early on!

Re: Some approvals, some denials

Anonymous — Fri, 13 May 2016 23:31:59 GMT

Wow, that is very kind of you to say. I am really encouraged by what you've said and it only makes me want to do even better! I'm glad to be a part of this community! I have learned so much the past few months, even though I've only been an official member and subscriber for two days. :-)

Re: Some approvals, some denials

Mayn — Fri, 13 May 2016 23:43:58 GMT

Giant +1 to what the other folks said. Keep up the good work and do whatever u can financially to pay all your bills properly and on time👍🏼

Re: Some approvals, some denials

Anonymous — Fri, 13 May 2016 23:59:35 GMT

Thanks! :-D It's funny, now that my total credit is climbing, I'm reaching the age-old problem of needing my total income to climb, as well! Lol!

Re: Some approvals, some denials

Anonymous — Sat, 14 May 2016 01:51:48 GMT

Welcome Dustin. Nice scores.

Re: Some approvals, some denials

Anonymous — Sat, 14 May 2016 01:59:15 GMT

Thank you thank you!

I called AMEX to do a recon and the CSR sent the application in for manual review. I suppose that's better than a computer denying me!

Re: Some approvals, some denials

Anonymous — Sat, 14 May 2016 13:14:26 GMT

A manual review with Amex is common. I'll keep my fingers crossed - Good Luck!!

Re: Some approvals, some denials

baller4life — Sat, 14 May 2016 13:33:08 GMT

Welcome welcome OP!! Congratulations on the awesome job you are doing building your credit profile!! I wish like hell I had made smarter decisions involving my credit at 19. I lost over 20 years of potential credit building not doing things the right way. You are off to a fantastic start! Listen to the advice from others to garden for the next 6 months to a year. Then you will slowly find yourself able to get better and better cards! Hang in there. You're gonna be over 800 in no time!

Re: Some approvals, some denials

Anonymous — Sat, 14 May 2016 21:39:56 GMT

Thank you! I'll keep you all posted, if you'll pardon the pun. As you can imagine, most of my friends my age don't really care/understand the importance of credit so it's nice to have people to talk to!

Re: Some approvals, some denials

Anonymous — Sat, 14 May 2016 21:40:59 GMT

Thank you so much! 800 would be a sweet goal but I'm looking for that magic 740 number for now! :-)

Re: Some approvals, some denials

Anonymous — Sun, 15 May 2016 00:14:04 GMT

I wish I would of found this site at 19. I spent the first decade of my credit life doing everything wrong!!! haha. But no doubt once you get two years of credit history on your file the sky will be the limt and Discover will totally grow with you!!!

Re: Some approvals, some denials

Anonymous — Mon, 16 May 2016 22:50:40 GMT

Amex recon successful! My first recon! They didn't tell me what the CL is but I don't care if it's $1, it's Amex!

Re: Some approvals, some denials

Anonymous — Mon, 16 May 2016 23:12:50 GMT

Yayyy! Congrats again!!

Re: Some approvals, some denials

Anonymous — Tue, 17 May 2016 16:00:33 GMT

Thank you!

When I applied with BofA, I got an instant decline but I checked the status online and it says it's in review and they "need to check a few more things." Could this be the start of something good?!

Re: Some approvals, some denials

Anonymous — Tue, 17 May 2016 16:07:22 GMT

I'm not familiar with BofA, but if you see something other than declined on the online status page, you may have a chance. I'll keep my fingers crossed! Good luck, greenbmw06!!!

Re: Some approvals, some denials

Anonymous — Tue, 17 May 2016 16:10:56 GMT

Thanks weedeb! The last time you crossed your fingers for me, it worked! Let's see if we can double-down! :-)

Re: Some approvals, some denials

Anonymous — Tue, 17 May 2016 16:20:48 GMT

Feeling an approval on the way!!!