Futile to apply for a new cc when other cli's are getting denied?

[Anonymous]

Is it pointless to apply for a new cc when all cli's with my other cards are getting denied. Never even had a cli before. My report is far from perfect , but I am getting back on track. Got some baddies from back in college:

3 30 days with JCP/Sync (2 in 2015 and 1 in October 2016).

2 30 days with Citi (1 in 2015 and 1 in 2016).

1 30 day with Discover (2015).  

Credit Limits/utilization reporting this week:

JCP: $100 (was 27% now 0% util)

Discover: $500 ( was 50% now 3% util)

Citi: $1000 (was 29% now 5% util)

AU on JCP: $2000 (27.2% util)

Oldest Account opened 2/2014

Newest Account opened 5/2015

Inquiries: 2 (12/2016 and 9/2017)

Student Loans:

10 accounts of student loans all defferred. Most over the original amount by about $100-$500

September Scores:

EX: 706

EQ: 710

TU: 714

I have been wanting a travel card for a while during my rebuild, but I knew the baddies and my utilization were a problem. I noticed now I have  a new neative mark stating "Loan balances to loan amounts are too high". Will I not be able to get a travel card till the baddies and loans go away? I have been eyeing the amex delta gold and have a 60k SUB targetted offer (not pre-qual). However I am prequalified for amex Cash Magnet 18.99% APR, ED 18.99% APR, and BCP 14.99% APR. I dont want to waste a HP again. 

[AverageJoesCredit]

Amex prequals are usually solid. Once in you then would have high chances at future cards being sp. With your current scores i would take a chance on an Amex. They might just surprise you with a nice limit. Good luck Shaggy

[CreditInspired]

OP

I think applying for a new CC may be the answer because the CLIs are based on your internal record with the CCs you have.

Also, make sure that any negative info from 2015 is not still on your CRs. If yes, you should dispute those with the CBs. Any negatives in 2016 prior to September should not be showing and the one in Oct 2016 should drop off this month. Or are all these renewable collections or on your public record.

IMO, once these negatives are off your CRs, apply for CCs from different lenders.

[Anonymous]

I thought late payments stay on for 7 years? I do not have any collections and according to experian nothing on public record. What is funny for example JCP/Sync's reasons for cli denial are "proportion of balances to credit limits on Bank/National Revolving or other revolving accounts is too high" and "length of time accounts have been established." Nothing stating my late payments with them. This cli attempt was made in mid september, but the date the credit score used in their letter is from July 5, 2018. Weird. 

[HeavenOhio]

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@CreditInspired wrote:

Also, make sure that any negative info from 2015 is not still on your CRs. If yes, you should dispute those with the CBs. Any negatives in 2016 prior to September should not be showing and the one in Oct 2016 should drop off this month. Or are all these renewable collections or on your public record.

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As mentioned, late payments stick around for seven years. If the information is accurate, you don't want to dispute. Rather, you should try for goodwill removal through the lenders involved. Here's a great thread on how to do that:

The Saturation Technique: Best GW adjustment odds

[CreditInspired]

Oh thanks for the correction. I don’t know why I thought it was 2 years. 

Oops, think I got it confused with the HPs falling off in 2 years.

Again, thanks for the correction. I certainly don’t want to be spewing incorrect info.

[Anonymous]

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@CreditInspired wrote:

Oh thanks for the correction. I don’t know why I thought it was 2 years. 

Oops, think I got it confused with the HPs falling off in 2 years.

Again, thanks for the correction. I certainly don’t want to be spewing incorrect info.

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All good, happens to the best of us .