High Credit Score, High Income, Can't Get Approved for Credit Cards

[Anonymous]

So the past month has been rather frustrating for me. My credit score is 797 on TU (similar score on the other CRAs) and my income is rather high as well. I figured I'd be a slam dunk for credit cards yet I'm being denied left and right and don't know what to do. 

I applied or the Chase Sapphire Reserve and got denied, called reconsideration 3 times and was denied each time (even though I had the credit limit of cash liquid in my Chase bank account which they could see). While waiting for the chase response I applied for Amex platinum and was approved (but my "spending power" is like $4k). After I was denied for CSR I applied for the Amazon card because I shop there way too much and figured it would be a slam dunk but alas another denial. 

The reasons I'm getting are "Maximum credit lines are too low" and "average age of accounts too low" 

I don't have much on my credit report but of what I do its imaculate. I have 2 Capital One platinums that are 4 years old but combined credit limit is like $2.2k an old student loan that is paid as agreed but closed. 

I also have my Amex platinum and an Affirm loan but those are new and haven't posted on my credit report yet. 

I've thought about getting added to a friends card as an authorized user that has a high limit and old account but I've heard that might not help me. Also as my Amex is a charge card and not a credit card I'm not sure if it will help me regarding the "Maximum credit lines are too low" 

Any ideas what I should do here? 

[Anonymous]

Charge card doesn't help with showing a high CL since it doesn't report the credit limit.

The minimum limit for Chase Sapphire Reserve is $10k and Chase isn't comfortable giving such limit for those who only have 1--2k CL, so they just straight deny the application.

Your other option is try to grow with Amex first. They are relatively easy to apply for with your current profile (if your 797 TU is FICO and your EX FICO is at the same level) and their CLI policy is usually good and generous. You may get as much as 3x your starting limit after having the account for 61 days (subsequent requests 181+ days), so it's not entirely difficult to grow a $10k+ Amex and then let it age (several months to 1 year). Keep your number of accounts opened in the most recent 24 months less than five, and then try again with Chase.

[imaximous]

Can I also ask why it is that with such a high score and high income, you only have 2 starter cards with very low limits with Capital One? Is there any bad history in your profile you're not mentioning?
While income and credit scores are important, Chase is going to look at more than that.

[Anonymous]

Thanks my ex is like 767. I was interested in the Amex Delta reserve because I was thinking about going for status on Delta (I'm almost silver now and the card would put me well past gold) so maybe I should apply for that.

Do you think I should apply for the Amex now even though my card isn't even 30 days old? (I did spend and make like $6k of payments already though) also with all the recent inquiries and denials I don't want it to look like I'm desperate for credit and be denied again...

[K-in-Boston]

You shouldn't have any problems at all with the Delta Reserve.  Your Platinum spending ability will increase drastically once they get to know your spending and payment habits.  And it certainly sounds like the small limits and relatively thin credit profile are what's holding you back.  If you're liquid, you could also consider opening a large secured credit card.

[Anonymous]

No need to worry about all the inquiries. They just hurt you for a while and become less important after 6 months (and only need 12 months to stop affecting score, fall off at 24 months). With the time growing your existing accounts, your inquiries get aged too.

With that said, Amex isn't that sensitive to inquiries (of course they probably aren't going to like 10 inquiries in a month or something like that, that's how desperately seeking credit looks like...). They may also not do a hard pull if you are denied when you are an existing member, and more recent data shows that even for approved applications they may not do hard pulls for existing members as well. Another thing is they somehow view charge cards differently and have policies to treat them differently, mostly because you have to pay the charge cards in full each month. So definitely worth a try and hopefully they won't do another HP for your Delta app, even if they do it's not a big thing to worry about.

[Anonymous]

Regarding the starter cards. I had some derrogs from ages ago fall off and my score jumped up by 90 points I was high sixes before but never tried to play the CC game then.

[imaximous]

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@Anonymouswrote:
Regarding the starter cards. I had some derrogs from ages ago fall off and my score jumped up by 90 points I was high sixes before but never tried to play the CC game then.

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Ok. That explains some of it. When you say derogs, are we talking only late payments or charge-offs / bk? Did you burn any banks in the past that you were trying to get credit with now? That can have a big impact on your approval chances too.

Like me, I'm blacklisted with AmEx and even with a score in the mid 700s, very decent income, I can't get any of their cards on my own. Chase only gave me a couple of $500 CL cards. So I had to resort to being an AU with my wife to get the premium cards. 

[Anonymous]

If the denial reason never mentioned past unsatisfactory relationship with Chase, then OP is probably not blacklisted by them or never burned Chase.

[imaximous]

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@Anonymouswrote:

If the denial reason never mentioned past unsatisfactory relationship with Chase, then OP is probably not blacklisted by them or never burned Chase.

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Maybe, but during recons, things like that come up and can be a factor when trying to overturn a computer denial for other reasons. 

I was just wondering about any past issues with other banks as well in case anyone suggests those banks. OP also mentioned being denied a Chase Amazon, which has to be one of the easiest Chase cards to get. I got it on recon with a 6yr BK reporting and burning Chase in the process, so I gotta believe he has a chance to recon that one too.