The long and the short of it is that times are tough and lenders are cutting back. Their reasoning may not make sense and I'd be willing to bet that their approval algorithm is changing just as much as the information we get daily on the evening news.
I know we're all free to go about this hobby as we so desire but if I could offer a blanket statement about this hobby in general is that unless one really needs the credit, I wouldn't even bother at the moment.
Chances are that even with an approval the limits aren't going to be as fruitful as they would have been 6 months ago.
We will get this behind us but there is still so much uncertainty in the economy that lenders are smart to tighten up a bit...no matter where the source of the info comes from, one thing is constant is that unemployment is really high and that tends to lead to defaults.
At this point I wouldn't give any thought to what a lender is putting as a reason for denial as none of it probably makes sense during normal times.
Good luck if you decide to push forward with it OP.
