topic Re: App spree gone horribly wrong in Credit Card Applications

App spree gone horribly wrong

MrDisco99 — Wed, 30 May 2018 20:05:28 GMT

I submitted three apps today. First the setting:

FICO 8: 750 EX, 789 TU

Lots of new accounts on my reports but fairly clean in recent months... 19/24, 13/12, 1/6, 0/5

Each of the three agencies showed 4 inq in the last 12 months. Only one on EX was less than 6 months old (it was 4 months old).

Basically I’d been very well behaved over the last 5 to 6 months.

Edit to add util: Currently my Barclays Apple card shows a reported balance of $1900/$11,800 (deferred interest until 11/2019). My Synovus cash rewards reported $104/$9,000 and my BoA TR reported $17/$12,000. Everything else reported zero util. Not sure how much influence that would have if any.

Results:

Cap1 Venture - triple pull, instant denial

Frustrated by that, I went for my next choice card:

BoA Premium Rewards - EX pull, instant denial

So from there I went for what I hoped would be an easier win on a non-EX pull:

Barclays Uber - TU pull, no firm answer

I checked the app status online and it said I couldn’t be approved at this time. However last time I saw this they’d sent me a request for verification and approved me, so I’m hoping for that, but not too optimistic.

Edit to add: Called recon. It’s a straight up denial. They don’t like how many new accounts I have.

Lessons learned:

1. Underwriting on the C1V and BoA PR are no joke. If you look anything like a churner they will turn you away.

2. I am very much in CC purgatory. I may need to accept that it could be another 6 months to a year before I can get approved for a non-Amex rewards card that I actually want.

Re: App spree gone horribly wrong

Anonymous — Tue, 29 May 2018 16:27:18 GMT

@MrDisco99 wrote:

I am very much in CC purgatory. I may need to accept that it may be another 6 months to a year before I can get approved for a non-Amex rewards card that I actually want.

No fun to learn that the hard way, thanks for sharing.

Re: App spree gone horribly wrong

avp99 — Tue, 29 May 2018 16:42:27 GMT

Ouch! that's tough. sorry to hear that.

Re: App spree gone horribly wrong

Adkins — Tue, 29 May 2018 17:14:39 GMT

With my last Uber denial (thankfully not a HP!), the rep gave me the impression they wanted to see no HPs for six months before I tried again.

Re: App spree gone horribly wrong

FinStar — Tue, 29 May 2018 17:23:25 GMT

Sounds like waiting would be best in order unless the Barclays application can yield something if you try the reconsideration approach.

BoA and Capital One may be firm denials since BoA will determine the number of new accounts opened in the last 12-24 months as excessive for their UW taste. And Capital One will not reconsider.

Re: App spree gone horribly wrong

CreditCuriosity — Tue, 29 May 2018 18:15:52 GMT

Cap1 Venture and the BofA Premium rewards are very anti churners.. Probably picked the hardest two cards as both banks have made it a point being Cap1 to tighten up churners aka people with alot of new credit as undesirables along with BofA on the premium rewards as well.. TONS of data points on this forum and others along with blogs etc people with 800+ scores being shot down left and right for both of these card regardless of income/scores as they simply have to much new credit and not what these two banks/cards are going after anymore. Cap1 will approve you for a venture say with a 670 score if you havent had a card in over a year, but if you have gotten x amt of cards in the last year you just wasted 3 hp's. Sorry to hear it happened to you.

Re: App spree gone horribly wrong

Anonymous — Tue, 29 May 2018 17:54:19 GMT

OP, out of curiosity why were you applying for those cards? In looking at what you already have, it seems you possess plenty of cards that offer similar rewards. Were you just going for bonuses?

Re: App spree gone horribly wrong

MrDisco99 — Tue, 29 May 2018 18:21:34 GMT

Mainly bonuses but not just...

I have some hotels.com bookings I want to make (no big multinationals in the Greek Islands) so I was hoping to get the Venture to take advantage of the 10x promotion and use the the bonus towards them as well.

The BoA PR was mainly for the bonus and so I could cash out the points I have on my Travel Rewards card and maybe take advantage of the global entry redemption since none of my other cards offer it.

The Uber card was so I could increase my cash back earning on restaurants to 4%. I eat out a lot.

Re: App spree gone horribly wrong

Anonymous — Tue, 29 May 2018 18:52:45 GMT

I gotcha, makes sense. Sorry to hear about the denials. As the others have stated above, it sounds like you should garden a good 6 months before considering those apps again.

Re: App spree gone horribly wrong

Anonymous — Tue, 29 May 2018 19:02:10 GMT

Ugh what a bummer, it's never fun to get those denials. Hopefully you're able to get a card you want sooner rather then later.

Re: App spree gone horribly wrong

Anonymous — Wed, 30 May 2018 00:09:00 GMT

I have 3 HPs in the last 2 years, none in the last 16 months. FICOs in the 780s. Chase is not offering me any green checks in offers for new cards. I have a FU and CSP with Chase and have been a Chase customer for 4 years.

I don't need a new, additional credit card. It's an itch I have nearly cured. I would be feeling really bad if I just went through 3 denials like that. Heck, even approvals can turn into regrets when you feel like you have too many cards.

The credit game is a lot like video poker and the ups and downs you go through. I have found it's just better not to gamble and not go too high or too low. And yet I still come here every day.

Re: App spree gone horribly wrong

credit_endurance — Wed, 30 May 2018 00:36:28 GMT

Sorry to hear about the denials MrDisco as I do remember your times on a roll with great approvals. Thanks for sharing your experience. We do t know the outcome unless we try. Nothing ventured nothing learned.

Re: App spree gone horribly wrong

Anonymous — Wed, 30 May 2018 02:52:15 GMT

I just got shot down by BOA for premier rewards too...

Re: App spree gone horribly wrong

Anonymous — Wed, 30 May 2018 05:12:24 GMT

Ugh man, I’m sorry that didn’t go better for you. Here’s to hoping the Uber is just a verification issue.

Re: App spree gone horribly wrong

MrDisco99 — Wed, 30 May 2018 20:06:00 GMT

Called recon. It’s a straight up denial. They don’t like how many new accounts I have.

Re: App spree gone horribly wrong

Anonymous — Wed, 30 May 2018 20:21:35 GMT

That's too bad. Looks like you need to hold out for a while now.

Re: App spree gone horribly wrong

Anonymous — Wed, 30 May 2018 20:28:14 GMT

Sorry to hear about the recent denials, but your sharing of experience is an EXCELLENT reminder to me and anyone else who has trouble with "the itch!"

Re: App spree gone horribly wrong

Time2letgo — Wed, 30 May 2018 20:37:08 GMT

Sorry OP to hear about your denials, I feel your pain I see you already have a Barclay card with a decent credit line. One thing I do know from personal experience with Barclay, they are willing to reallocate some of your existing available credit to accommodate the new account, it will still give you all the bonus as well. If you really want the Uber Card and since you already took the HP, maybe you could call them back and ask if they will allow that option. You do have a good reason for wanting that card, so tell that to them. Hopefully something can be salvaged from that.

Re: App spree gone horribly wrong

MrDisco99 — Wed, 30 May 2018 22:18:33 GMT

Yeah I already tried that. He said that wasn’t an option at this time.

Re: App spree gone horribly wrong

MrDisco99 — Thu, 31 May 2018 13:44:55 GMT

So I’ve executed plan C.

I converted my Quicksilver, which has been living in the sock drawer for months, to a VentureOne. So no bonus but at least I’ll still get 10x on the hotel booking.

Making the best of it at least.