Getting Declined on New Credit Card Applications.

[Shan888]

Hi all,

I'm new to forums and also new player in credit cards and credit world.

I opened My first very card in early 2018 and my stable score was about 750 ish . This year (2019) in May I opened another Citi Card and Chase Card I got approved and scores were about 740. Again In September I opened Discover card, got approved. Then come November I opened Amex, got approved. And Finally again this month I opened Apple Card Account...(well just to have one) and got approved.

So far no problems till few days ago I tried to open Amazon Credit Card (which is powered by chase) I got my first denial. In letter they stated I perhaps opened many accounts? too many inquiries? Then yesterday I tried to apply for capital one card and got deined for the application and was rather offered an approved card without "sign up bounus" lol.

Now when i checked CreditKarma it shows my credit is 730ish (it's probably not updated). And Recent inquiries show 2 hard inquiries. The first one is from apple (goldman sachs) and second one is from Capital one.

Now here's my question. How long should I wait to open any new account without getting denied. 

Time Line of my card applications:

1. TD Jan 2018

2. Citi May 2019

3. Chase May 2019

4. Discover Sep 2019

5. Amex Nov 2019

6. Apple Nov 2019

7. Amazon Nov 2019 - Denied

8. Capital Nov 2019 - Denied  (But prestented with modified Approved application)

[Anonymous]

@Shan888 You should wait a minimum of six months from the time of your last approval.  Given what you've stated you have been seeking credit aggressively and such behavior is frowned on my most lenders, and especially so when you are new to the credit world.

I would also suggest that you get your actual FICO scores; and not the VantageScore scores used by Credit Karma.  You can get your FICO scores from all three credit bureaus by signing up for a trial subscription at creditchecktotal.com or experian.com.  Just make sure to cancel your subscription before the trial period expires.

[OmarGB9]

I would wait AT LEAST a year before applying for anything else. With Chase, that is far too many accounts in a short amount of time. In general, they have a hard 5/24 rule, meaning no more than 5 new accounts in the last 24 months. You're well above that/right at 5 accounts. In addition, getting that many cards is seen by lenders as aggressive credit seeking and makes them deem you too risky. Hence the Capital One denial.

[FireMedic1]

Once you get on a roll and then denied. Thats a sign to park the enter button and wait it out like others have said for a year or more. Got to lett all these accounts age now. More credit doesn't mean higher scores.

[Shan888]

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@Anonymous wrote:

@Shan888 You should wait a minimum of six months from the time of your last approval.  Given what you've stated you have been seeking credit aggressively and such behavior is frowned on my most lenders, and especially so when you are new to the credit world.

I would also suggest that you get your actual FICO scores; and not the VantageScore scores used by Credit Karma.  You can get your FICO scores from all three credit bureaus by signing up for a trial subscription at creditchecktotal.com or experian.com.  Just make sure to cancel your subscription before the trial period expires.

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Hey MaizeandBlue,

just signed up at experiand wow tons of new info.

present score 72x. 

total inquiries 7 

I also see, "Having less than 5 open accounts can make you look somewhat risky to lenders. You have 4 open accounts, some lenders would consider you a "thin file." whats this?

and, "Experian Boost gives your credit for the utility and mobile phone bills you're already paying." Does this really work?

so for now I should wait and all these problems will fade away correct?

thanks a lot

[FireMedic1]

Thats fluff reasons. You got 8 cards in almost 2 yrs. So thats not correct. Come on back @Anonymous 

[Anonymous]

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@Shan888 wrote:

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@Anonymous wrote:

@Shan888 You should wait a minimum of six months from the time of your last approval.  Given what you've stated you have been seeking credit aggressively and such behavior is frowned on my most lenders, and especially so when you are new to the credit world.

I would also suggest that you get your actual FICO scores; and not the VantageScore scores used by Credit Karma.  You can get your FICO scores from all three credit bureaus by signing up for a trial subscription at creditchecktotal.com or experian.com.  Just make sure to cancel your subscription before the trial period expires.

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Hey MaizeandBlue,

just signed up at experiand wow tons of new info.

present score 72x. 

total inquiries 7 

I also see, "Having less than 5 open accounts can make you look somewhat risky to lenders. You have 4 open accounts, some lenders would consider you a "thin file." whats this?

and, "Experian Boost gives your credit for the utility and mobile phone bills you're already paying." Does this really work?

so for now I should wait and all these problems will fade away correct?

thanks a lot

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@Shan888 Experian should have provided you with scores from all three credit bureaus.  Do you have scores from Equifax and TransUnion.  Also you state that . you have 7 inquiries on Experian, how many on the other bureaus?

Ignore the advice about 5 credit cards; for optimal FICO scoring purposes you want a minimum of three cards and an installment loan.  Experian Boost works for those with marginal credit scores but I doubt you'd need it.

P.S.  What exactly did you sign up for at Experian?  Which option did you choose?

[Anonymous]

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@FireMedic1 wrote:

Thats fluff reasons. You got 8 cards in almost 2 yrs. So thats not correct. Come on back @Anonymous 

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@FireMedic1 What "fluff reasons" are you referring to?

[Shan888]

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@Anonymous wrote:

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@Shan888 wrote:

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@Anonymous wrote:

@Shan888 You should wait a minimum of six months from the time of your last approval.  Given what you've stated you have been seeking credit aggressively and such behavior is frowned on my most lenders, and especially so when you are new to the credit world.

I would also suggest that you get your actual FICO scores; and not the VantageScore scores used by Credit Karma.  You can get your FICO scores from all three credit bureaus by signing up for a trial subscription at creditchecktotal.com or experian.com.  Just make sure to cancel your subscription before the trial period expires.

---

Hey MaizeandBlue,

just signed up at experiand wow tons of new info.

present score 72x. 

total inquiries 7 

I also see, "Having less than 5 open accounts can make you look somewhat risky to lenders. You have 4 open accounts, some lenders would consider you a "thin file." whats this?

and, "Experian Boost gives your credit for the utility and mobile phone bills you're already paying." Does this really work?

so for now I should wait and all these problems will fade away correct?

thanks a lot

---

@Shan888Experian should have provided you with scores from all three credit bureaus.  Do you have scores from Equifax and TransUnion.  Also you state that . you have 7 inquiries on Experian, how many on the other bureaus?

Ignore the advice about 5 credit cards; for optimal FICO scoring purposes you want a minimum of three cards and an installment loan.  Experian Boost works for those with marginal credit scores but I doubt you'd need it.

P.S.  What exactly did you sign up for at Experian?  Which option did you choose?

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@MaizeandBlue

Experian: 726
Equifax: 752
TransUnion: 754
The recently acquired credit cards are not listed under any of these. They all state, "Open accounts 4".

[Remedios]

It's 4 because Amazon, Apple, and Amex cards are not reporting yet.

EX peddles cards.
Slow down and let whatever you have age. Reevaluate in 6 months, a year would be better.