Declined for x1 card UPDATE: Too many recently opened accounts

[justjac2]

Well, I finally got my invite with the second waitlist email from five weeks ago (the original was submitted in Sept 2020).  I unlocked TU and EQ (EX wasn't locked), filled out the application and got the dreaded "Unable to open an account" screen. Ughhhh

Idk yet which bureau they soft-pulled. Honestly, if the reason turns out to be too many new accounts, that's fair. Many new accounts including LightStream loan and auto refinances, several credit cards since November.  I'm still disappointed though.

DPs: EX FICO 8 753, 15 inq 2 years, not gonna tally new accounts but it's at least 6-7 in the last 6 months alone. All three scores are around the same.

[FinStar]

If it didn't get to the point of verifying income/bank accounts via Plaid, then it's likely the inquiries and/or new accounts. They use EX so that's likely where the SP was done.  You should get confirmation on the decision via email.

[Wavester64]

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@FinStar wrote:

If it didn't get to the point of verifying income/bank accounts via Plaid, then it's likely the inquiries and/or new accounts. They use EX so that's likely where the SP was done.  You should get confirmation on the decision via email.

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Do they HP EX no matter where you are from? 🤔

[FinStar]

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@Wavester64 wrote:

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@FinStar wrote:

If it didn't get to the point of verifying income/bank accounts via Plaid, then it's likely the inquiries and/or new accounts. They use EX so that's likely where the SP was done.  You should get confirmation on the decision via email.

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Do they HP EX no matter where you are from? 🤔

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Yes.

So far, DPs haven't indicated they're pulling other CRs.

SoFi, BlockFi, Aspiration ZERO follow similar CR [HP] criteria.

[Mattopotamus]

There is still hope.  I got denied, and when the email came through telling me why it mentioned income, never made it to the bank login portion.  A few days later they emailed saying it was a mistake and asked me to reapply.  Got approved for $27K.

[4sallypat]

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@justjac2 wrote:

Well, I finally got my invite with the second waitlist email from five weeks ago (the original was submitted in Sept 2020).  I unlocked TU and EQ (EX wasn't locked), filled out the application and got the dreaded "Unable to open an account" screen. Ughhhh

Idk yet which bureau they soft-pulled. Honestly, if the reason turns out to be too many new accounts, that's fair. Many new accounts including LightStream loan and auto refinances, several credit cards since November.  I'm still disappointed though.

DPs: EX FICO 8 753, 15 inq 2 years, not gonna tally new accounts but it's at least 6-7 in the last 6 months alone. All three scores are around the same.

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Did you get past the bank link via Plaid ?

That seems to be the most critical - giving X1 access to your bank account.

My scores were the same as the OP, 3/24, 6% UT, no baddies, and EX SP only for me.

[justjac2]

Thanks @Mattopotamus and @4sallypat. Nope, never made it to the income step, which is why I figured it was inquiries that got me. I'll update when I get the email. 

[justjac2]

UPDATE: Reason was too many recently opened accounts. As I said earlier, this is fair, and I can live with that.

[4sallypat]

That's a bummer.

It's a card worth getting - it's my highest SL to date!

I'd wait for the INQ drops and then re-apply.

It's a SP for the pre-approval and HP after accepting.

Mine was approved 100% SP (never received a HP), but that's because they were in beta invite mode last fall and they could not use more than 1 bank account linked to Plaid.  

Now that it's open to the public, I hear you can link more than 2 bank accounts and it's a HP a few days later....

[Anonymous]

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@4sallypat wrote:

That's a bummer.

It's a card worth getting - it's my highest SL to date!

I'd wait for the INQ drops and then re-apply.

It's a SP for the pre-approval and HP after accepting.

Mine was approved 100% SP (never received a HP), but that's because they were in beta invite mode last fall and they could not use more than 1 bank account linked to Plaid.  

Now that it's open to the public, I hear you can link more than 2 bank accounts and it's a HP a few days later....

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If I am not wrong then one still needs an invite to apply for this card unless I am wrong...So I dont quite understand-"Now that it's open to the public".