Help with credit card applications

[Anonymous]

Hi everyone, i'm new to myfico and the whole credit monitoring scene.

My scores are: 689 EQ, 726 TU, 707 EX

A little background on me. I am 22 y/o, currently enrolled in medical school and have 2 credit cards with a combined limit of $900 that i obtained my freshman year of college. My utilization is ~50% with both cards. I didn't realize until recently that utilization was even a big deal until i signed up for the 3 score monitoring service on myfico. Anyway, onto the dilemma.

I'm constantly recieving all these preapproved applications from citi preferred diamond, capital one, barclays, etc to name a few. I haven't applied for credit cards since college and now as a medical student i figured it would be a good time to start building up more cards as one of my roommates has 8 cards with a combined limit around ~15k and hes only a year older than me. 

I went ahead and applied for the capital one journey card after reading reviews on creditkarma and creditsesame and was convinced with my scores i would get it. I was denied. So i tried for the citi diamond preferred and was also denied. At this point im thinking.. **bleep**? Why would you send me this in the mail. So i call citi customer support and they tell me they denied me due to my "high" utilization which is around 50% usually. This is despite me being their banking customer and knowing i have 10-15k in savings in their bank. So im pretty frustrated and confused on why i'm being rejected. I'm also pretty annoyed that capital one hit me with inquiries on all 3 scores and citi with eq and ex. My TU is relatively unaffected. 

I already set up payments with my remaining credit cards to get them down below 30% like recommended on myfico. Should i call for reconsideration or something? or are there other cards that only pull TU i can apply for?

[LexieCat]

If your combined CL is 900 and your balances are about half, why not use your savings to pay them off?  I don't know what your interest rate is, but dollars to donuts it's WAY higher than whatever you are earning in the bank!  Maybe leave $50 or so on one card.  Give it a month or two and then apply again.

Do you have any income?

[Anonymous]

I guess i've always been a bit defensive about spending my savings but i realize now that i should have paid it off. I currently have no income but as a med student we do get living expense allotments off our student loans. 

[09Lexie]

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@Anonymous wrote:

I guess i've always been a bit defensive about spending my savings but i realize now that i should have paid it off. I currently have no income but as a med student we do get living expense allotments off our student loans. 

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Is this something that you have to pay back? Do you file taxes on these allotments?

[Anonymous]

Yes its part of the total loan we take out from the dept of ed; however i don't think we need to file taxes on it or consider it as income

[Anonymous]

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@Anonymous wrote:

Hi everyone, i'm new to myfico and the whole credit monitoring scene.

My scores are: 689 EQ, 726 TU, 707 EX

A little background on me. I am 22 y/o, currently enrolled in medical school and have 2 credit cards with a combined limit of $900 that i obtained my freshman year of college. My utilization is ~50% with both cards. I didn't realize until recently that utilization was even a big deal until i signed up for the 3 score monitoring service on myfico. Anyway, onto the dilemma.

I'm constantly recieving all these preapproved applications from citi preferred diamond, capital one, barclays, etc to name a few. I haven't applied for credit cards since college and now as a medical student i figured it would be a good time to start building up more cards as one of my roommates has 8 cards with a combined limit around ~15k and hes only a year older than me. 

I went ahead and applied for the capital one journey card after reading reviews on creditkarma and creditsesame and was convinced with my scores i would get it. I was denied. So i tried for the citi diamond preferred and was also denied. At this point im thinking.. **bleep**? Why would you send me this in the mail. So i call citi customer support and they tell me they denied me due to my "high" utilization which is around 50% usually. This is despite me being their banking customer and knowing i have 10-15k in savings in their bank. So im pretty frustrated and confused on why i'm being rejected. I'm also pretty annoyed that capital one hit me with inquiries on all 3 scores and citi with eq and ex. My TU is relatively unaffected. 

I already set up payments with my remaining credit cards to get them down below 30% like recommended on myfico. Should i call for reconsideration or something? or are there other cards that only pull TU i can apply for?

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I've never heard of anyone with your scores getting denied for a CapOne Journey

[Anonymous]

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@Anonymous wrote:

Yes its part of the total loan we take out from the dept of ed; however i don't think we need to file taxes on it or consider it as income

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What does your denial letter list as the reason for denial?

[Anonymous]

I have yet to recieve the letters but the citi rep told me it has to do with my utilization.. any suggestions on whether i should apply for any cards at this point?

[NRB525]

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@Anonymous wrote:

I have yet to recieve the letters but the citi rep told me it has to do with my utilization.. any suggestions on whether i should apply for any cards at this point?

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If utilization is a hurdle, and $450 is your balance, I'd suggest paying down to $100, don't use the card for a while, make two months of minimum payments, on time, let it report $100 (10% util or so) for two billing cycles, and see how apps respond after that.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hi everyone, i'm new to myfico and the whole credit monitoring scene.

My scores are: 689 EQ, 726 TU, 707 EX

A little background on me. I am 22 y/o, currently enrolled in medical school and have 2 credit cards with a combined limit of $900 that i obtained my freshman year of college. My utilization is ~50% with both cards. I didn't realize until recently that utilization was even a big deal until i signed up for the 3 score monitoring service on myfico. Anyway, onto the dilemma.

I'm constantly recieving all these preapproved applications from citi preferred diamond, capital one, barclays, etc to name a few. I haven't applied for credit cards since college and now as a medical student i figured it would be a good time to start building up more cards as one of my roommates has 8 cards with a combined limit around ~15k and hes only a year older than me. 

I went ahead and applied for the capital one journey card after reading reviews on creditkarma and creditsesame and was convinced with my scores i would get it. I was denied. So i tried for the citi diamond preferred and was also denied. At this point im thinking.. **bleep**? Why would you send me this in the mail. So i call citi customer support and they tell me they denied me due to my "high" utilization which is around 50% usually. This is despite me being their banking customer and knowing i have 10-15k in savings in their bank. So im pretty frustrated and confused on why i'm being rejected. I'm also pretty annoyed that capital one hit me with inquiries on all 3 scores and citi with eq and ex. My TU is relatively unaffected. 

I already set up payments with my remaining credit cards to get them down below 30% like recommended on myfico. Should i call for reconsideration or something? or are there other cards that only pull TU i can apply for?

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I've never heard of anyone with your scores getting denied for a CapOne Journey

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I'm certainly no expert, but you could probably contact the EO of Capital One about the denial.