@Tiersha wrote:I haven't been denied credit for quite a number of years now and was surprised that Discover denied me. They are also one of my credit cards. My scores are in the 720-740 range. I haven a solid profile, cc, unsecured loan history, secured loan history. Currently with 1 small unsecured loan, auto and mtg and minimal cc balance.
The reasons are
LENGTH OF CREDIT HISTORY IS TOO SHORT (Um I have 8 yrs of history)
TIME SINCE MOST RECENT UNSECURED LOAN OPENED IS TOO SHORT (I don't understand. I have kept a small personal loan of 1 each yr. I pay it off before it's time and end up taking another as needed. average 1 a yr) Currently have new small personal loan, unsecured but I pd off the other in Nov.
Again, am I missing something?
Discover has had a dramatic increase in percentage of accounts in default. IMHO it has recently tightened its underwriting standards.
Bummer. Sorry.
Sorry to hear about your denial.
@CreditCrusader wrote:
Case in point: I have tried a couple of times to pre-qualify for their cards, but my decades of credit history, 750+ scores across all bureaus, and ZERO debt somehow do not appeal to their standards.
And yet, my daughter, who is 23 and has a thin file making 5% of my annual income, gets bombarded with pre-approval letters from Discover.
They want people who will use it as their daily driver credit card, and will likely carry a balance and pay interest, not so much people who will only use it to max out the 5% category each quarter, and never pay interest.
I have not been able to get a CLI out of them in 2 years, but I have not been willing to play the game to their liking.
This quarter I made a number of smaller purchases after maxing out the 5% category, and will do it again next quarter, to see if I can finally get them to bump me up over $10k.
It is my oldest card, so I'll keep it around, but I've got better options for their quarterly 5% categories at least half the time anymore.
