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Denied ... Denied

UltraGeek
New Member

Denied ... Denied


I have a Capital One Platinum Card with a paltry $1500 CLI.  I also have a BOA Card with a CLI of $30k.  I have less than 6% credit utilization, own my own home in the clear ($500k) with a paid in full mortgage, and have a + $100k investments with Chase.  My annual income is $250k.

I applied for a Chase Saphire Reserve yesterday and was approved for $28k CLI. Today thinking I was ok, I applied for a Capital One Venture Card and was denied (actually a low balled $1k counter offer via VentureOne).  Frustrated, I applied for a Discover Card and was also denied.

 

Am I going too fast too soon?  My goal is to have at least 3 cards in the $30k CLI range.   I'm also considering a HELOC near-term for some home improvement (either BOA or USB).  I would appriciate any advice to meet my goals.

 

EQ | 777

TU | 789

EX | 785

 

8 REPLIES 8
FinStar
Moderator

Re: Denied ... Denied

Hi @UltraGeek and welcome to the forums.

 

It appears you're applying for a variety of these accounts in a very short timeframe and lenders' algorithms can take notice on the multiple CR inquiries - almost like a desperate attempt for new credit.  

And, since your interest is in obtaining high limits (at least on 3 or multiple cards), Discover isn't one to approve with such high SLs out-of-the-gate -- just FYI.

 

Have you received any electronic communications regarding those 2 denials?  Are you a member of any credit unions?

Message 2 of 9
UltraGeek
New Member

Re: Denied ... Denied

I'm a longtime member of USAA.  But no other credit unions.

 

I did receive an email from capital one.  Nothing from Discover, yet.

Message 3 of 9
ImTheDevil
Community Leader
Super Contributor

Re: Denied ... Denied

I would look into joining Navy Federal CU - their lending practices are definitely outside the norm (nearing lunatic fringe in some ways). With a solid profile, big limits are realized by many people on here. Great credit Union all around, and well worth your effort to join.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 4 of 9
FinStar
Moderator

Re: Denied ... Denied


@UltraGeek wrote:

I'm a longtime member of USAA.  But no other credit unions.

 

I did receive an email from capital one.  Nothing from Discover, yet.


Did the email from Capital One provide any reasons?  

 

USAA is a FSB, and while some of their products are pretty good, it's possible you can get a decent approval from them.

 

Credit Unions can offer decent flexibility depending on the product.  Examples include, NFCU, PenFed, AOD, etc.

 

 

Message 5 of 9
Cdubbk718
Valued Member

Re: Denied ... Denied

I think your profile is to good for Capital1 and Discover. IMO. They are kinda stingy to me. 

Message 6 of 9
TampaBAY86
New Contributor

Re: Denied ... Denied


@UltraGeek wrote:


I have a Capital One Platinum Card with a paltry $1500 CLI.  I also have a BOA Card with a CLI of $30k.  I have less than 6% credit utilization, own my own home in the clear ($500k) with a paid in full mortgage, and have a + $100k investments with Chase.  My annual income is $250k.

I applied for a Chase Saphire Reserve yesterday and was approved for $28k CLI. Today thinking I was ok, I applied for a Capital One Venture Card and was denied (actually a low balled $1k counter offer via VentureOne).  Frustrated, I applied for a Discover Card and was also denied.

 

Am I going too fast too soon?  My goal is to have at least 3 cards in the $30k CLI range.   I'm also considering a HELOC near-term for some home improvement (either BOA or USB).  I would appriciate any advice to meet my goals.

 

EQ | 777

TU | 789

EX | 785

 


If you were just approved for the CSR, I would hold off on opening any new cards for 3-6 months. Chase is notorious for regular SPs on your reports right after opening one of the cards. They don't like when you open additional cards around the same time, and as some on here will tell you, will close it down (and potentially any others you have with them).

Message 7 of 9
SDMarik
Established Member

Re: Denied ... Denied

Discover seems to be very sensitive when it comes to a bunch of recent inquires on your report in a short period of time (as most companies are right now), they also typically start with lower CL than others. Similar thing happened to me first time I applied for Discover (after 2 approvals the day before). I let things cool off for a month or so and was instantly approved by Discover for a $15,000SL.



Current Scores:
EX Fico8: 762
TU Fico8: 767
EQ Fico8: 752

Goal Scores:
EX Fico8: 810
TU Fico8: 805
EQ Fico8: 800
currently in the garden until 12/2020
Message 8 of 9
UltraGeek
New Member

Re: Denied ... Denied


@SDMarik wrote:

Discover seems to be very sensitive when it comes to a bunch of recent inquires on your report in a short period of time (as most companies are right now), they also typically start with lower CL than others. Similar thing happened to me first time I applied for Discover (after 2 approvals the day before). I let things cool off for a month or so and was instantly approved by Discover for a $15,000SL.


That's sound advice.  I'm going to wait a month or so and retry.

 

Message 9 of 9
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