@Anonymalous wrote:
@FinStar wrote:
@Anonymalous wrote:Well, I got rejected by the local CU. They initially came back saying I opened too many lines of credit in the last year, so I pushed back a little because I've only opened 1 (my Navy card is just over a year old). But after going back to underwriting, the real reason they rejected me is because my total credit line increased by more than $30,000 in the last year. Which still isn't quite accurate, but I can see where they're coming from, and unlike with those impersonal codes that show up in letters, at least I know the real reason why. And it's fair enough -- my total credit 13 months ago was $300, so it's increased by more than a factor of 100.
At least you're taking it in stride and understand the reason behind their decision. Sorry to hear the CU application didn't work out at this time.
Are you still considering ELAN and Chase?
I appreciate knowing why, which isn't something I'd necessarily get from a larger institution. Plus, I'm getting over 3% in a money market account, which isn't bad.
I applied for the Elan Max Cash Preferred the same day I applied for the CU, and got the 7-10 day message. I expect I'll hear back next week. Though if the CU is any indication, they'll treat me as 2/12 instead of 1/12, even though it's past the year anniversary.
I have two options:
1) I could try for the CU's VISA Signature next spring or summer. I'm 2/12 by their standards, but the most recent of those 2/ is 9 months ago, so by March I'll be 0/12, or 1/12 if I get the MCP. In terms of credit, I'll also be down to +$11,500/12 new credit in March, plus whatever if I get the MCP. I'm not sure if that would be enough. If I wanted to get down to +$0/12 new credit, I'd have to wait until October.
2) I could forget the CU's VISA Signature for at least a year. In that case, I apply for the Chase Freedom Flex or Citi Custom Cash, and maybe a new card in March. I'd prefer the Custom Cash to the Flex, but I'm not sure about Citi right now.
I do want the CU card, but I also want to front load some cards for age while my file is still young.
Not everyone will agree, but my gut feeling says you should prioritize whatever gets you more accounts for age unless you really need that specific card and value it more than building the profile efficiently. And my gut feeling has been more on target than forum dps recently. A dedication to cynicism pays off in credit I guess 
Hopefully elan works out. "Too much CL" isnt a deny thing that I've ever had to think about
@uncredited wrote:Not everyone will agree, but my gut feeling says you should prioritize whatever gets you more accounts for age unless you really need that specific card and value it more than building the profile efficiently. And my gut feeling has been more on target than forum dps recently. A dedication to cynicism pays off in credit I guess
Hopefully elan works out. "Too much CL" isnt a deny thing that I've ever had to think about
I do value that card, I just don't have a ton of confidence the CU will give it to me in March. So I'm leaning toward the other path myself. I think if Elan shoots me down, I'll try for the Citi Custom Cash. Worse case, I get $50 from CK. Conversely if I get the MCP, I'll try for the Freedom Flex, and then in March maybe the Custom Cash.
I was surprised by the denial reason, as well. I thought the higher limits would help me qualify for cards like a VISA Signature. I never considered that Navy Fed's generosity (and to a lesser degree, FNBO's) would be seen as a negative, though it does make sense. It's not just limits, it's demonstrated experience with those limits. Plus, I suspect there's a strong dose of "we want you to be using our card as your primary driver, not applying all over the place". I think a lot of CUs are far more stringent than Chase's 5/24 or perhaps even U.S. Bank's 1/12 in that regard.
The score they pulled was 790, which is more confirming evidence for my theory that credit scores are almost irrelevant. Credit card lenders look at a whole profile and have their own criteria. Factors like age of credit, employment status, and the various ways "credit seeking" can be interpreted have far more weight than a simple number.
@Anonymalous wrote:Well, I got rejected by the local CU. They initially came back saying I opened too many lines of credit in the last year, so I pushed back a little because I've only opened 1 (my Navy card is just over a year old). But after going back to underwriting, the real reason they rejected me is because my total credit line increased by more than $30,000 in the last year. Which still isn't quite accurate, but I can see where they're coming from, and unlike with those impersonal codes that show up in letters, at least I know the real reason why. And it's fair enough -- my total credit 13 months ago was $300, so it's increased by more than a factor of 100.
Certain credit unions have turned me down for having too much available credit.
To my mind that's a good reason to close out my accounts with that credit union, because I hope never to have less available credit.
@Anonymous wrote:Meanwhile I got one more card 😅
If you applying was a drinking game, we'd all be in the hospital for alcohol poisoning. 
Forget Buddhas, we all need to rub @Anonymous for good luck.
@Anonymalousregarding mailers today I got another Citi AA, another Disco, and....BCE.... So maybe all of these were sent on the 1st and USPS took a month to deliver them, because I shouldn't have received a BCE mailer after getting BCE. But Fantic proved inquiries, accounts, or rabid credit seeking isn't a problem with them 
. At least if you are fantic.....
@uncredited wrote:Forget Buddhas, we all need to rub @Anonymous for good luck.
@Anonymalousregarding mailers today I got another Citi AA, another Disco, and....BCE.... So maybe all of these were sent on the 1st and USPS took a month to deliver them, because I shouldn't have received a BCE mailer after getting BCE. But Fantic proved inquiries, accounts, or rabid credit seeking isn't a problem with them
Is that the same MileUp? @UH_HUH got 3 of them and apped AND got approved for the same amount, so am seriously thinking of following his lead Got 4 of them and discarded 2, fixed Apr and have to reply till the end of the year!