I was denied for the Quicksilver card.
The form listed my TU score of 709. Reasons for denial:
- Based on your credit report from Equifax, insufficient experience with high lines of credit or credit amounts.
- Based on your credit report from Equifax, there are too few or no revolving accounts.
- Based on your credit report from one or more of the agencies on the back of this letter, there are too many new revolving accounts.
I have 8 major and 4 store cards, so that middle reason makes no sense, too many new accounts is fair, but the first one is what gets me. The Quicksilver app says minimum credit line is $1,000, my Quicksilver One has a $2850 limit. Barclays Rewards $2410. Discover It $2100. Marvel $1500. Amex ED $1000. Paypal Extras $3000. Amazon store card $5000. Walmart store card $1450. Target $1000. Kohls $400. Cap1 secured $501. Spark $500.
My utilization is low, I have a total balance on 3 cards of about $300. I have 1 derog on my TU which is 8 years old but having the hardest time getting them to remove, however Cap1 sent me a letter stating that it is an error and they've asked TU to remove- so expecting it to come off soon. AAoA ~3 years.
This is not the first time I've received the insufficient experience with high limits denial reason. My question is, what's considered high? And how do I get over that hump and past the 2k-3k range I seem to be stuck in?
My goal is to get the limits up on these cards so that I qualify for better cards next April/May with higher limits which I can then apply for with the 0% apr to fund some business growth projects I need to work on. It's a seasonal business that I've had for 10 years. I can charge normal operating expenses to these cards for the cashback benefit, but will not charge any of my expansion costs unless they're to a card with a higher limit and 0% apr as it'll likely take 2 months to pay off. I'll keep working the luv buttons for the next 6 months, but I'm worried I won't have enough 'experience' to qualify for a 10k limit on a new card next spring.
