Getting Declined on New Credit Card Applications.

[FireMedic1]

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@Anonymous wrote:

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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?

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@Anonymous "Having less than 5 open accounts can make you look somewhat risky to lenders." MyFICO says 7 accounts back when I started. I called you back cause I dont step on others working with a person when it goes on-depth. Happy Thanksgiving.

[CreditInspired]

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@Shan888 wrote:

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)

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Hi and welcome to myFICO

I echo everyone else who says wait until the age of youngest account (AoYA) is 12 months. Honestly, you have a very nice lineup and there is absolutely no reason to continue getting credit cards at this moment in time. Now is a great time to let your accounts age and these inquiries will all fall off around the same time in 2021.

So my advice is to spend the next few months on here reading up on everything you can about babying and maintaining your great credit profile, which I give you kudos for doing so already. And just keep in mind that this is a marathon, not a sprint, and you won't be disappointed with the choices you make.

[Anonymous]

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@FireMedic1 wrote:

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@Anonymous wrote:

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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?

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@Anonymous "Having less than 5 open accounts can make you look somewhat risky to lenders." MyFICO says 7 accounts back when I started. I called you back cause I dont step on others working with a person when it goes on-depth. Happy Thanksgiving.

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That statement is not a reason code for the denial.  Instead, the statement came from Experian's website when the OP pulled their FICO scores for the first time; its from either the Overview or Financial Profie sections of Experian.

In addition to providing FICO scores, Experian has recently been aggressively marketing credit cards, possibly as an additional source of revenue.  So that statement is meant to encourage the OP to apply for other cards through Experian's website.