Credit card approvals

[carlos1son]

Hello...I have a 780 credit score and 23 credit cards. I applied for the chase savor card and the cit double cash and got denied. My uti is 6 percent with 92,000 available on credit. Are companies not approving right now?

[Ilinferno]

How many cards did you open recently? If there are a lot of new accounts some lenders will not approve your application as it looks too risky.

[carlos1son]

Oh ok I just got an automated letter from capital one saying I have too many credit cards. But what I don't get is I barely have balances with high limits. 

[Ilinferno]

Yeah even if your utilization is super low opening lots of cards in a short time span is a red flag to lenders so they hit you with a denial. Chase for example won't let you get one of their core cards if you have gotten more than 5 cards in 2 years. Give it some time and once your current cards have aged a bit you shouldn't have a problem.

[cr101]

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@carlos1son wrote:

Oh ok I just got an automated letter from capital one saying I have too many credit cards. But what I don't get is I barely have balances with high limits. 

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Sorry for your denial. What exactly does the letter say? I have seen their list of denials on their site and I've never seen too many cards as a reason. Does it say too many recently opened cards perhaps? Never mind. I thought that this was about Capital One.

[carlos1son]

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@Ilinferno wrote:

Yeah even if your utilization is super low opening lots of cards in a short time span is a red flag to lenders so they hit you with a denial. Chase for example won't let you get one of their core cards if you have gotten more than 5 cards in 2 years. Give it some time and once your current cards have aged a bit you shouldn't have a problem.

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Ok thanks 

[carlos1son]

Something like too many cards and not enough loans or something like that. I don't have a mortgage or a car payment maybe that could be it. 

[carlos1son]

I thought it could be the pandemic and banks are being careful. 

[cr101]

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@carlos1son wrote:

I thought it could be the pandemic and banks are being careful. 

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EDIT: Sorry. For some reason, I thought that this was about Capital One. 

In my experience, Citi doesn't like too many inquiries or new accounts.

I only applied with Chase once, but that was my reason for denial. They also have an infamous 5/24 rule.

There's a very active credit card approval section on this site. I don't think that lenders aren't giving out credit.

[Anonymous]

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@cr101 wrote:

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@carlos1son wrote:

I thought it could be the pandemic and banks are being careful. 

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EDIT: Sorry. For some reason, I thought that this was about Capital One. 

In my experience, Citi doesn't like too many inquiries or new accounts.

I only applied with Chase once, but that was my reason for denial. They also have an infamous 5/24 rule.

There's a very active credit card approval section on this site. I don't think that lenders aren't giving out credit.

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Citi has opened for me 4 new accounts this year, this is with me having at the time over 70 cards and 36 inquries. My most recent new card with Citi was in August 2021. So the info you provided in this post is not true. I think it is more customer specific with Citi and not how many cards or inquries you have. 

With Chase I have 4 old cards but I wouldn't dare ask for a new one or a CLI on any of my existing cards. 

Thanks

Mark