Denied Citi and BOA DPs

[Srivera718]

Not sure if this is the right place for some advice but I'm building credit (late start due to poor life choices) and currently have 2 Capital One CCs, The X1 and I'm an authorized user on an Amex blue everyday card (with a high balance) I also have a secured card in keeping open due to it's age. I was shown to high very high approval odds for the Citi DP so I gave it a shot and was denied. Don't know the reasoning yet as that'll come in the mail within a week. Should I apply for a different card or give it a while since I was just denied this card? What's a recommended card for everyday spending? My scores are currently 703/730/708

[Kahnawake007]

After getting your denial letter I would call the reconsideration line. 

I very well could be wrong, and maybe I have misread something. But I took it as you saying that the AU line having a high balance, you mean the actual balance. Some people may confuse things and mean having a high credit limit. Two totally different things. 

Assuming I am correct and that AU line is reporting it has a high balance (high utilization), that could actually be hurting you and could be the reason for the denial. If this is the case, calling the reconsideration line where a human that's able to see that that high balance is from an AU trade line shouldn't be considered into your approval scoring. 

[Srivera718]

Yes you're correct. I've been an AU on the Amex for about 5 years now and it's utilization is in the upper 80%. Because I'm only about 4 years into building credit I've kept it on for longevity but I have thought if it it's more harmful then helpful at this point. Especially while trying to apply for a new card 

[FinStar]

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@Srivera718 wrote:

Not sure if this is the right place for some advice but I'm building credit (late start due to poor life choices) and currently have 2 Capital One CCs, The X1 and I'm an authorized user on an Amex blue everyday card (with a high balance) I also have a secured card in keeping open due to it's age. I was shown to high very high approval odds for the Citi DP so I gave it a shot and was denied. Don't know the reasoning yet as that'll come in the mail within a week. Should I apply for a different card or give it a while since I was just denied this card? What's a recommended card for everyday spending? My scores are currently 703/730/708

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I would wait to see what the letter states and evaluate any next steps afterwards.

Aside from the high utilization on the AU card, how long have you had the 2 Capital One CCs? Are you carrying any balances on those? 

As far as the X1 card, that one can't really be considered at the moment since it's currently not reporting to any CRAs.

Also, what was the reasoning for applying for the Citi DP card versus any other Citi card? 

[Srivera718]

I've had the Quicksilver for a little over three years and the Savor for a year. Both have utilization rates below 20% since both had to cover seperate big expenses. I applied for the Citi DP based off of approval odds and the cash back function. I use my cards for all my purchases (for the cash back rewards) and then immediately transfer over a payment. Any card recommendations are welcomed since I'm new at trying to diversify my cards.

[OmarGB9]

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@Srivera718 wrote:

I've had the Quicksilver for a little over three years and the Savor for a year. Both have utilization rates below 20% since both had to cover seperate big expenses. I applied for the Citi DP based off of approval odds and the cash back function. I use my cards for all my purchases (for the cash back rewards) and then immediately transfer over a payment. Any card recommendations are welcomed since I'm new at trying to diversify my cards.

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Approval odds from where? If it's from Credit Karma or Experian, ignore those "odds." They're not real; they're pure marketing.

[FinStar]

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@Srivera718 wrote:

I've had the Quicksilver for a little over three years and the Savor for a year. Both have utilization rates below 20% since both had to cover seperate big expenses. I applied for the Citi DP based off of approval odds and the cash back function. I use my cards for all my purchases (for the cash back rewards) and then immediately transfer over a payment. Any card recommendations are welcomed since I'm new at trying to diversify my cards.

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Ok, gotcha.

What are the current limits on Quicksilver and Savor? One thing to note, the Citi Diamond Preferred is not a cash back earning card (assuming you mean that product based on your original post). As far as cashback, are you looking for a higher cashback earning rate or anything in particular that Savor or Quicksilver do not cover, benefits-wise?

[SDMarik]

Like others have said the recon line is definately worth a shot. Out of curiousity, where did you see that you had good approval odds? If it was something like Credit Karma, you REALLY have to take those with a grain of salt they are notoriously inaccurate. If it says your odds are outstanding, it's probably ok but if its "fair", "good", or "very good" I would say you are 50/50 AT BEST.

For a good everyday spender, the Discover IT is pretty solid. They are somewhat easy to get approved for, have a 1 or 1.5% cashback (I forgot) and also have 4 different categories that rotate throughout the year that offer 5% cashback. The rotating categories are all usually pretty common places to spend also.

Discovers online pre-qualification is pretty accurate as well, if you get pre-qualified on there there is a high likelyhood you get approved.

Good luck!

[SUPERSQUID]

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@Srivera718 wrote:

Not sure if this is the right place for some advice but I'm building credit (late start due to poor life choices) and currently have 2 Capital One CCs, The X1 and I'm an authorized user on an Amex blue everyday card (with a high balance) I also have a secured card in keeping open due to it's age. I was shown to high very high approval odds for the Citi DP so I gave it a shot and was denied. Don't know the reasoning yet as that'll come in the mail within a week. Should I apply for a different card or give it a while since I was just denied this card? What's a recommended card for everyday spending? My scores are currently 703/730/708

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The savor one is a winner 3 pct cash back on groceries and dining, i use it heavily. As someone previously mentioned the discover card is good with the rotating 5 pct categories and 1 pct for every thing else. The first year you have a discover they give double cash back so its 10 pct on the categories and 2 pct cb on everything else.

Discover has a prequalify page, try it and see if any offers pop up

[Srivera718]

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@SUPERSQUID wrote:

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@Srivera718 wrote:

Not sure if this is the right place for some advice but I'm building credit (late start due to poor life choices) and currently have 2 Capital One CCs, The X1 and I'm an authorized user on an Amex blue everyday card (with a high balance) I also have a secured card in keeping open due to it's age. I was shown to high very high approval odds for the Citi DP so I gave it a shot and was denied. Don't know the reasoning yet as that'll come in the mail within a week. Should I apply for a different card or give it a while since I was just denied this card? What's a recommended card for everyday spending? My scores are currently 703/730/708

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The savor one is a winner 3 pct cash back on groceries and dining, i use it heavily. As someone previously mentioned the discover card is good with the rotating 5 pct categories and 1 pct for every thing else. The first year you have a discover they give double cash back so its 10 pct on the categories and 2 pct cb on everything else.

Discover has a prequalify page, try it and see if any offers pop up

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Yeah I'm going to wait to see what the letter states and use that as info to just keep bettering my score. I saw that the card was Matched for me on Experian. I usually don't rely on them so went in expecting a 50/50 shot. Ironically after my denial Discover offered me the IT card so I finished the application and got it with a SL of $9,000. The cash back rewards seem great as combined with the Savor can really rake up. Thank you everyone, I'm new to the forum and really appreciate it.