topic Re: Looks like my rejection spree continues in 2022... in Credit Card Applications

Looks like my rejection spree continues in 2022...

captain9 — Mon, 11 Jul 2022 16:22:42 GMT

I am really conufsed. Before I used to never get rejected churning back in 2015-2016.

Now I got rejected on a Cap1 venture and Citi Premier.

My score is high 700s. I do have 8 inquiries in the last 2 years but that is shopping around for a car and a loan on a 2nd investment property. I got 1 credit card last year (Chase Saphire).

Does auto/home loans count the same way for credit companies?

Re: Looks like my rejection spree continues in 2022...

coldfusion — Mon, 11 Jul 2022 16:28:55 GMT

What were the reasons given for the denials?

Re: Looks like my rejection spree continues in 2022...

captain9 — Mon, 11 Jul 2022 16:31:10 GMT

Too many inquiries in the last 12 months

Too many creditlines open in the last 12 months

Re: Looks like my rejection spree continues in 2022...

SUPERSQUID — Mon, 11 Jul 2022 19:18:01 GMT

@captain9 wrote:
Too many inquiries in the last 12 months
Too many creditlines open in the last 12 months

In my experience with cap 1 i was never denied and last time for the savor one i had mucho mucho inqs, over 20, and maybe 12 new accounts opened in the previous year. I read that venture has stricter uw

Re: Looks like my rejection spree continues in 2022...

D10001 — Tue, 12 Jul 2022 21:27:55 GMT

Per Experian, "car loan and mortgage inquiries made within a short period of time will only be counted as one inquiry when calculating your scores. As long as the inquiries were all made within a certain period of time, usually 14 days but sometimes longer, they are counted as just one when calculating your score." Now that's for score purposes. A lender's system might simply see the number of inquiries and re-act accordingly.

You might consider the reconsideration route and getting a human to see that you did what a prudent consumer should do and shop for the best terms for car and property financing.