Approved for AODFCU Savings account, denied for AOD credit card.

[Phrostbyte]

Title pretty much says it all. It says due to Equifax report with a credit score of 802/850 and the following key factors:

Time since most recent account opening is too short

Length of time revolving accounts have been established

Too many accounts with balances

Length of time accounts have been established.

So yeah.. Denied. I'm surprised though. I don't really have any debt. I put small charges on about 5 different credit cards every month and pay them off in full. I tend to open a new card account every year or so.. my oldest account is almost 20 years old. Any tips for trying again later? Or, when I should try again?

[FinStar]

How many accounts have you opened in the past 6/12/18 months? How many accounts are you carrying balances that are reporting every month? (regardless of balance amounts)

[BenTramer1978]

The more I read the more I don't think im going to get this card. I have to wait a couple more months until im 0/12 but it's looking more and more like you have to be 2 years without any new accounts, not just one. Also I opened 4 cards in one month. Even after a year I doubt they let that go. It really is disappointing that im probably going to get turned down for this card after a year of gardening and a credit score over 800.

[Phrostbyte]

I believe I only have 1 in the past year and 2 in the past two years. I have roughly 5 credit cards that I'll put anywhere from $1-$500 on every month (just based on rewards categories). I don't keep any balance month-to-month. I probably have a total of 15 cards active. Do I really have to wait a whole year or two before re-applying?

[BenTramer1978]

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@Phrostbyte wrote:

I believe I only have 1 in the past year and 2 in the past two years. I have roughly 5 credit cards that I'll put anywhere from $1-$500 on every month (just based on rewards categories). I don't keep any balance month-to-month. I probably have a total of 15 cards active. Do I really have to wait a whole year or two before re-applying?

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Well your post does make me feel better now. And maybe not. You just have to be 0/12....probably. Let that youngest card be at least a year and then make some of those balances say 0. Also I have heard they don't like lots of cards so 15 might be a bit much for them but maybe not.

[arifjk]

AOD is very picky on DTI and the new open accounts from the last 6 months. I have a CC with them, and when I opened, I had 4 new accounts in the last 12 months, but 0 in the last 6 months. 

[BenTramer1978]

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@arifjk wrote:

AOD is very picky on DTI and the new open accounts from the last 6 months. I have a CC with them, and when I opened, I had 4 new accounts in the last 12 months, but 0 in the last 6 months. 

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When was this @arifjk? Because they have tightened up since.

[arifjk]

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@BenTramer1978 wrote:

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@arifjk wrote:

AOD is very picky on DTI and the new open accounts from the last 6 months. I have a CC with them, and when I opened, I had 4 new accounts in the last 12 months, but 0 in the last 6 months. 

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When was this @arifjk? Because they have tightened up since.

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I was approved for their card like maybe 10 months ago. 

[Phrostbyte]

When I called to do my $25 deposit, I decided to ask about my application denial. She said that my unsecured debt ratio was off. I asked her what my next steps should be if I want to eventually get approved? She told me to cancel a few unused cards and try again in a few months. That doesn't sound right to me. I guess I'll just wait 6 months without applying to any new cards and try again. I have very little unsecured debt, just everyday spending on my credit cards. Although I did recently pay my car insurance, which is probably my largest bill that goes on a credit card.

[BenTramer1978]

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@Phrostbyte wrote:

When I called to do my $25 deposit, I decided to ask about my application denial. She said that my unsecured debt ratio was off. I asked her what my next steps should be if I want to eventually get approved? She told me to cancel a few unused cards and try again in a few months. That doesn't sound right to me. I guess I'll just wait 6 months without applying to any new cards and try again. I have very little unsecured debt, just everyday spending on my credit cards. Although I did recently pay my car insurance, which is probably my largest bill that goes on a credit card.

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I would just pay more of it off before it reports.