@VintageMel wrote:As a bit of an update to this and what is sort of a part b of this conversation in this thread I went ahead and applied for Discover, and despite the pre-approval with a firm interest rate I was declined. Reading about others' experiences here I suspect this was because of my other recent app. In the current economic climate I can hardly blame lenders for being cautious about this.
So, all things taken together I think I'm not going to apply for anything else right now. This is after fully considering @Anonymous advice in the sense that I'm going to have to live with this decision for a few years. Either I'll just have to be happy with the cards I have, or accept that applying for more in 6 months or a year will prolong the hit of new accounts and further damage my AAoA.
I now have top tier rates on home and auto loans, and the credit cards I want most (plus the Citi DC I was just approved for has a relatively good APR). Considering that in March of 2017 my scores were in the 590s, I have a lot to celebrate. I just can't justify the risk of more hard pulls with nothing to show for it.
That is unfortunate on the denial. Receiving one is not pleasant. Once you get the letter, it should state the reason(s) for denial. I would have thought you had a good chance of approval with Discover. I do not know if they do reconsideration?
We've all had our share of denials. Don't let it stop you from your credit goals. Take the time to reevaluate your strategy.
Seek other lenders that may be more generous. Become a member of a credit union or two. You may receive some pre-qual or pre-approved offers.
@VintageMel wrote:
Seek other lenders that may be more generous. Become a member of a credit union or two. You may receive some pre-qual or pre-approved offers.
I have actually thought about this. I don't seem to qualify for membership except for a few local credit unions who also happen to offer low interest platinum cards 😉. They only require $5 in a savings account for membership so I don't have much to lose by joining.
Check out the Personal Finance forum and CU's to join for Savings Rate now and possible Credit Products later!
There are CUs that may HP for membership. Do your research first. Some CUs are ChexSystems sensative so it's best to spread out your membership applications. Some CUs have open membership with a requirement to donate to an organization.
@VintageMel wrote:
@AllZero wrote:The "Which Banks Pull Which Report For Apps" list
I love how you're the super-useful thread master. You're like the MyFico concierge.
I do a lot of reading and learning here on myFICO. I have some bookmarked or recall which subforum to find the thread. Plus, the search feature is a very useful tool. 