Best Buy denied me too many inquries

Anonymous · ‎03-16-2015

I used to have a best buy credit card back in 2011 which I co signed and closed in 2014, my Cl was $3300 paid in full never late no problem. I have 5 inquiries from Aug 2014 - March 2015. only one charge off in 2012 My TU fico score is 654. this current month of march I applied for all three store cards in 3 days apart first Home Depot instantly approved $2000 CL THAN Wal-Mart instantly approved $400 CL than Best Buy (denied too many inquiries) I have all my installment and revolving accounts in good standing 5% credit utilization. Best buy only explained I was denied ONLY for having too many inquiries. 5 inquiries is not a lot how long should I garden till I apply again for best buy I really want this card.

Anonymous · ‎03-16-2015

Jeez that is crazy. 5 total inquiries and they deny you for too many inquiries. I would wait another 6 months.

Anonymous · ‎03-16-2015

yea I told them that when I called the best buy credit service." really because of 5 inquiries I am denied. 5 is not a lot wow" There crazy but I still want the card.

sillykitty1 · ‎03-16-2015

Those letters never give the full explanations.

I would guess the full story is ... your score is too low at 654 for multiple reasons, including too many inquiries

Anonymous · ‎03-16-2015

5 may or may not be a lot depending on your overall profile. Personally I don't see that as a lot. But if they say it is than it is.

Anonymous · ‎03-16-2015

Well if it's my credit score than if I garden for six months I am sure to have my credit score increase by maximum 30 pts. Very well I'll garden for six months I'm sure with a 684 fico I will get approved for sure along with no inquiries until I apply for Best Buy

taxi818 · ‎03-16-2015

Or the real reason. could easily be . as you said you hard the card way back in 2011. and a charge off in 2012.

in credit terms. way back in 2011. is not that long ago. only 4 years ago. and 3 years since a charge off. that would more than like be the true culprit. more time needed

Anonymous · ‎03-16-2015

Taxi818 home depot and best buy both come from citi bank. I was approved instantly no problem for Home Depot last Sat. How ever you are right 3-4 years is not far off its still a negative account however that was my worst financial TimE of my life. I have shown improvement ever since than I've been perfect. Your right I will garden no new apps However you said to garden till 6-2015 that is only 3 months away

dollar_bill · ‎03-16-2015

You're a risk, and they gave you a lousy reason.

The 2012 charge off is a huge reason not to extend you credit. I mean, that was barely 3 years ago.

I don't understand the inquiries, unless the two you used made it 7 instead of 5?

Good luck.

taxi818 · ‎03-16-2015

@Anonymous wrote:
Taxi818 home depot and best buy both come from citi bank. I was approved instantly no problem for Home Depot last Sat. How ever you are right 3-4 years is not far off its still a negative account however that was my worst financial TimE of my life. I have shown improvement ever since than I've been perfect. Your right I will garden no new apps However you said to garden till 6-2015 that is only 3 months away

That reference was in my signature. sorry. yes. im aware that home depot is under citi umbrella. but to be honest. these banks actually just pull something right out of the sky to deny a person. they will approve one card. and not another . especially citi. example. i got the best buy card last year. in may. in fact i was in shock when i got it. as they gave me the best card they had. the platium mastercard with no AF. and a 2k starting limit. at the time. i had a 6plus year charge off on my report. which dropped off in august 2014. my score then went up 60 points.

so i figured i would try for a citi card. DENIED> they cited a 5 year old collection which was paid in full and on there at time of getting best buy card. so i will just never apply with them again.

IN fact. i paid the best buy off and have nt used it since. now they are sending me emails telling me i have 2k to use. but so what. since. i got 2 amex. cards. A discover. and a Dinersclub. also a credit card from local credit union. which i don't need any more. but the point i am making is it is their loss now. as i will never app with em again. and i know they just pull crap out of the air to deny people. yes. you have made a lot of progress in 3 years. and keep doing what you are doing as that is the way to go. but don't get upset with a single lender. as they really only saying. this is what we fell comfortable with right now with you. i say try a chase pre qual. and see where you can go. leave em in the dust. good luck.