Amex and USAA - Rejected me and my FICO dropped 9 points.

[tussking]

Watching the AMEX approvals after 5 years of BK and figured I would pull the trigger that denial cost me 2 points.

Decided to get brave and try USAA last night got denied and woke up to a 7 point drop.

Lost 9 points on EXP. Ouch...

[1GaDawg85]

Besides your BK still showing, I am sure there are other reasons they declined you like high usage, too many inquires, etc

[wasCB14]

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@1GaDawg85 wrote:

Besides your BK still showing, I am sure there are other reasons they declined you like high usage, too many inquires, etc

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And underwriting criteria are not set in stone. Credit standards are a generally little higher than they were pre-COVID and the associated high unemployment.

[tussking]

Derogatory public record or collection filed (BK7 - 5 yrs 1 month)
Too many inquiries in last 12 months (4)
Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

Length of time accounts have been established 

[Hex]

@tussking 

Im so sorry to hear that. USAA is my goal card. They denied me twice already. Last time was about a year ago. I'm surprised about Amex. It must be the economy. I hate wasted HP's!!!! They sit on my credit report mocking me and reminding me of my rejection. Thing is -no HP's no worthwhile approvals either.  I bet you get a lot more yeses than no's and I bet you've had a lot more yeses than 99% of the population. So there's that. Also even though USAA has always been my ulitimate goal (my first goal) and I will apply for it and get it eventually. They really have pretty mediocre cards. So there's that too. 

[tussking]

Hex,

What are your scores? Is it worth joining DCU or AOD? Why 3 Discovers? Thanks in advance.

[Hex]

My current scores are:

8’s

EQ 716

TU 728

EX 735

Mortgage

EQ 684

TU 716

EX 694

9’s

EQ 775

TU 759

EX 761

AOD seems great so far. 3% non-category CB and my lowest interest rate. They like low DTI which I have. I had a lot of new cards and 2 inquires in last year on EQ when I was approved for AOD in April.  My EQ 5 was 684 when I was approved for the AOD card. 

DCU is okay. I had great hopes for them but I guess they don’t really dig my profile very much. I was approved for their non-rewards visa at 10K with a pretty high APR. You don’t get to pick which card you apply for. I like the limit I received but only spend $5 a month on the card because no rewards (except for the month before New Year’s when they give an extra 1% which for me means 1% since I get no rewards. ). I’ve had the card a long time with no upgrade offer. They offer quarterly SP card offers, CLI’s, car loans etc... but I’ve never received one. Except for a high APR low limit "quick loan" personal loan. They do offer high APR (currently 6%) on your first $1K in savings. I’ve read you can take cash advances from your DCU Visa into your DCU checking without cash advance fees. I’ve never done it but people seem to like this feature. My son has their visa set up on his checking for overdraft protection. They like my son’s profile and he has received many quarterly offers from them. I live only a few miles from DCU’s headquarters so I had great hopes for them. People like their auto loans but I think PenFed has lower rates.  

My utilization is also always at 1% and income Is approximately $165K. 

3 Disco’s ‘cause I combined my first 2 to open a 3rd for a new year of double cashback match. I only have 2 current Disco’s (I think that’s the limit).  

[M_Smart007]

@Hex, Yes (2) Disco cards is the max.

[ahmeyer]

USAA just lowered my available credit from $7,000 to $2500.  no lates or anything.  I think Covid has credit card servicers scared.  There are better cards than USAA at 1.5% cash back