Hi, all… new guy here. I want to thank everyone for the great info that you all share. I’ve learned a lot in a short amount of time, but still much to learn. I’ve had a couple of recent successes in credit card apps, and one small setback, and I’d like to get some opinions on how to proceed. As you can see below, I have a few new credit accounts (2 cards, 1 loan). The two cards I picked up were Citi Costco Visa in August and Chase Sapphire Preferred in September. My minor setback was applying for the Southwest Visa Platinum card just a few days after getting the CSP approval, and getting denied. I realize now how stupid that was. I have an active MyFico subscription, and my scores at the time of app were decent (Fico 8 : EQ 757, TU 720, EX 751) though I do have two late payments from just over a year ago… one mortgage 30 day late and one credit line 30 day late. Stated income is $162K.
Newer Credit Accounts
Affirm – 05/20/19, Orig. Loan: $1,950 Bal: $650
Citi Costco Anywhere Visa – 08/04/19, SL $9,500, Bal: $163
Chase Sapphire Preferred – 09/26/19, SL $15,900
Active Older Credit Accounts (2 -5 years old)
USAA Cash Rewards Visa – CL: $2,000, Bal: $63
Lowe’s Advantage – CL: $2,700, Bal: $0
Credit Union Personal Credit Line – CL: $5,000, Bal: $2,000
Credit Union Auto Loan – Loan Amt. CL $15,000, Bal: $1,300
Mortgage – $335,000
Here are the highlights from the denial letter:
We didn't approve your request. Our decision was based on the following reason(s):
Too many requests for credit or opened accounts with us
One or more recent requests for new credit
Total available credit on credit cards is too low
One or more mortgage or home equity accounts have not been paid as agreed
We also used your credit score.
Scoring system name: Card Acquisition Risk Score V2
Source: JPMorgan Chase Bank, N.A.
Date calculated: 10/01/2019
Your credit score: 689
Here are the key factors that adversely affected your credit score:
Number of requests for new credit in the past 3 months
Total available credit on credit cards
Real estate accounts not paid as agreed compared to all real estate accts
Length of time since last delinquency on all accounts
Do you think it’s worth a call to see if they’ll reconsider? I’d hate to waste a hard pull, but I’m also sort of glad I didn’t get the card at this point. If I can get it in January and get the companion pass early in the year that would be great. If they are willing to reconsider, any chance they can switch the app to a different card? Maybe Hyatt or IHG? Would they take some of the SL from the CSP to approve the other card?
Any feedback would be appreciated. Thanks!
