@Anonymous wrote:
@Anonymous wrote:i didnt have the car loan the first time i applied dor the Gold.
would it even come into play when the specific reason is too many bank cards?
i opened it 3 months ago, and have made four payments. loan was $50k.
Oh it is the car loan. I get a new car or two every year. So back in 4/2021 I bought a new BMW and the dealer paid off the little bit I had left on the car I traded in. I have had this problem since I started buying one or two new cars a year and that was 20 years ago.
For example, Discover CLI rejected due to my new car loan being close to the original amount. And I had a few payments left on a personal loan at the time. Discover told me out and out on the phone that until the car loan is down to 48% of the original amount that I would be rejected. So back in August 2021 I paid off the personal loan and made a large payment to bring my car loan down to 48%.. The next month I put into Discover for a CLI, APPROVED so they told the truth. I have old threads on here about this. I watched my credit reports and the day the 3rd one reflected my payment and reduced amount is the same day I went for the CLI and was approved.
I had this issue at Wells Fargo too for the new cards they just came out with over the summer. They never turn me down but sent me a letter to call them. I called them and told them when they asked me about the new car loan about the payment I made and it will be showing up shortly. I have a very strong relationship with this bank as far as deposit accounts and I have their Propel American Express card with a high limit. Because of my rellationship with them they said they believed me that I made the big payment on the new car so approved my new card.
You may have to wait until this new loan is paid down to a point where the banks are ok with it. My BMW loan originated at $23,500 since I had a lot of equity on my trade in. But no one cared that I only owed out $23,500 on a $50,000 car, it was the fact that the majority of the loan was still unpaid.
Many banks I applied for credit cards just approved me without even a question about the car loan. So every bank has their own set of rules.
Thanks
Mark
Thanks
Mark
Yup, another questionable tactic of banks and Fico as well. Since we moved to another state we, of course, had to sell and buy a new house and even though we put down 50% on the new house we get that same ding for the new mortgage. The balance is too high compared to the original loan amount. Well, duh, we just bought it in August 2020, but yet we own much more of that house than we did on the last one, percentage-wise. With rising house prices we sit at around 60% equity now but nobody cares, all they focus on is the balance compared to the original loan amount. Just another way to keep us down or discourage us to use too much cash upfront. So I guess if we would have put down just 20% and then pay off 30% after closing we would be looking much better based on their weird way of figuring things out.
@Anonymous wrote:Editing for more info:
I gave AMEX Gold application a try for the third time this year. Received the same response - Too Many New Bank Card Accounts.
I have a 793 credit score, <1% utilization, and am at 3/24 (1 card opened 12/19 and closed a few months later, 1 card opened 3/21, and 1 card opened 8/21). Income is low-mid six figure and only outstanding debt is car loan I will be paying off over the next 52 weeks. I have ~$120k in credit lines amongst all card issuers. I applied for the AMEX Gold before each of the other two cards so only AMEX is seeing something they don't like.
I am at 10/36 if you go back 3 years (Citi GrAAvy train). Are they looking at more than two years of history? Trying to figure out how many cards are too many and when I could try again.
I don't think that was the reason. I would call and recon. You do not have too many new accounts at all.
