Application Velocity and Denial Help

[Anonymous]

Hello All,

I am new to the forum and looking for advice and willing to help wherever I can.  I keep getting denied, and think its due to Velocity.  Need some advice on how long to wait and what banks to apply to in what order:

Current Stats:  FICO 793, 9/24, 8HP/6mos, 4cards/30 days, 8 cards/6months

Recent Apps: 

1. 4/23 - BoA Preferred... Denied... too many new cards  (no BoA cards, opened checking account 1 month ago)
2. 4/2 - Barclays AA Personal... Denied...too many recent credit inquiries
3. 3/25- Chase Ink Preferred... Denied... Business too new (opened a CIU in Jan)
4. 3/20 - Amex Green... Denied...Amex relationship too new (Amex Green Biz Feb)

I have tried recon mutiple time with no success.  Please let me know your advice. 

Thank you

[Dilbert934]

Garden....

[Jnbmom]

You have alot of new accounts in a short period of time.

As the other poster suggested you need to stop applying and let your accounts age a bit.

[Anonymous]

How long is a good length of time to wait?  2 months?  6 months?  

I find patience to apply trying... get anxious to get the benefits. Perhaps look at bank accounts for a few months. 

[Remedios]

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@Anonymous wrote:

Hello All,

I am new to the forum and looking for advice and willing to help wherever I can.  I keep getting denied, and think its due to Velocity.  Need some advice on how long to wait and what banks to apply to in what order:

Current Stats:  FICO 793, 9/24, 8HP/6mos, 4cards/30 days, 8 cards/6months

Recent Apps: 

1. 4/23 - BoA Preferred... Denied... too many new cards  (no BoA cards, opened checking account 1 month ago)
2. 4/2 - Barclays AA Personal... Denied...too many recent credit inquiries
3. 3/25- Chase Ink Preferred... Denied... Business too new (opened a CIU in Jan)
4. 3/20 - Amex Green... Denied...Amex relationship too new (Amex Green Biz Feb)

I have tried recon mutiple time with no success.  Please let me know your advice. 

Thank you

---

That's simple, decelerate. 

[CreditInspired]

Hi OP and welcome to MyFICO

The lenders who declined you gave excellent advice—too many new cards, too many recent inquiries, and relationship too new.

It’s time to take this advice to heart. Garden for 6-12 months and try again. One application every six months.

GL2U

[Anonymous]

Thank you for your advice.  Past 4 months have been quite addictive, gonna be a hard 6 months.  Will work on some bank bonuses and P2. 

[FinStar]

You can also join some great folks in the Garden Club to strengthen your commitment toward your future goals @Anonymous 

[Peteyglad]

And here I clicked on the post because I thought it was about the Velocity credit card. Wrong type of velocity

https://www.velocitycu.com/creditcard