topic Re: Too many Revolving open Accounts? in Credit Cards

Too many Revolving open Accounts?

chopperacn — Tue, 11 Oct 2011 15:21:42 GMT

Got denied for BOA Cash returns card.

Spoke to CSR and they said i have too many open accounts and hence their system denied my application.

Is this too many ? I thought its kind of a red flag so wanted to run by you members first.

1.Citi Cash retruns card : CL : $24500, Balance : 6000

2.Chase Freedom : $2500 , Bal 0

3.AMEX Zync

4.Chase Sapphire : CL $6000, Balance :300

5.PNC Flex Visa : CL $17500, Balance : 3000

6.Discover ; Cl $3500, Balance : 500

7.Amex Blue Cash : CL $8000, Balance : $1400

8.Shell Card : CL $2800, Balance : $0

9.Penfed : CL $5000, Balance 0

I am in the process of paying down my balances down to 50% overall in next 3 months.

My TU FICO : 720 and EQ: 693

Re: Too many Revolving open Accounts?

jefftca925 — Tue, 11 Oct 2011 15:26:22 GMT

@chopperacn wrote:
Got denied for BOA Cash returns card.

Spoke to CSR and they said i have too many open accounts and hence their system denied my application.

Is this too many ? I thought its kind of a red flag so wanted to run by you members first.

1.Citi Cash retruns card : CL : $24500, Balance : 6000
2.Chase Freedom : $2500 , Bal 0
3.AMEX Zync
4.Chase Sapphire : CL $6000, Balance :300
5.PNC Flex Visa : CL $17500, Balance : 3000
6.Discover ; Cl $3500, Balance : 500
7.Amex Blue Cash : CL $8000, Balance : $1400
8.Shell Card : CL $2800, Balance : $0
9.Penfed : CL $5000, Balance 0

I am in the process of paying down my balances down to 50% overall in next 3 months.

My TU FICO : 720 and EQ: 693

I think it's your utilization percentage that's the issue... your balances are too high for them. I would pay them down and then re-apply after 6 months.

Re: Too many Revolving open Accounts?

Anonymous — Tue, 11 Oct 2011 15:52:27 GMT

Hi, chopperacn!

I've got to admit, I'm a little bit confused here. I see your utilization at under 20%.

Is there something else here that I'm not seeing that has you over the 50% that you're trying to get it down to?

Looks like you have some nice lines, and I don't know why you'd want (or need) another card, but that's your business.

Best advice I can give is for you to knock off some of the low balance accounts by PIF on those cards (you've got nine accounts reporting, five with balances...not good).

Peace!

Re: Too many Revolving open Accounts?

tcbofade — Tue, 11 Oct 2011 16:25:28 GMT

Interesting point. How many is "too many"?

Re: Too many Revolving open Accounts?

Anonymous — Tue, 11 Oct 2011 16:27:53 GMT

I am also a little confused. Your UTIL is only around 16%.

I agree with Uborrow-Upay and think the factor here is that you have 9 accounts with 5 of them reporting balances. I think the problem is too many accounts with balances. I have more accounts than you, but only one reports a small balance. I have not had trouble getting new cards. I am actually going to close the ones I never use.

Perhaps pay off the small ones first so less accounts are reporting balances.

Re: Too many Revolving open Accounts?

Walt_K — Tue, 11 Oct 2011 18:35:08 GMT

@Anonymous wrote:
I am also a little confused. Your UTIL is only around 16%.
I agree with Uborrow-Upay and think the factor here is that you have 9 accounts with 5 of them reporting balances. I think the problem is too many accounts with balances. I have more accounts than you, but only one reports a small balance. I have not had trouble getting new cards. I am actually going to close the ones I never use.

Perhaps pay off the small ones first so less accounts are reporting balances.

+1. And if they still deny you, explain why you want the BofA card and ask them if they would approve the account if you closed or reduced your credit line on one of the other accounts (assuming you'd be willing to do so).

Re: Too many Revolving open Accounts?

Creditaddict — Tue, 11 Oct 2011 20:15:21 GMT

Id be calling backdoor number, BofA should be trying to get you to transfer your debt to them on 1 card to make some money!

I try to never let a computer system make the decision, it annoys me when that's the only option.