I app’d and failed

[Jdman]

Well I app'd and failed. My scores are FICO 8 TU 698, EQ 665, EX 663. I have 2 auto loans, 2 installment loans and 6 CC. Everything has been open over a year. I applied for a 2nd Discover, Wayfair card and both denied. Still waiting to here back on Best Buy, IKEA project and Capital One cards. Any words of advice?

[Anonymous]

Advice?  Slow down. 

Your scores are still a little on the low side, indicating you may have some derogatory marks on your file. Couple that with lenders swaying a bit to the cautious side now and denials are a certain possibility. 

[Anonymous]

Wayfair card is issued by Comenity.

Ikea project card is issued by Comenity.

Did you apply for IKEA or Wayfair first?

If first of two were denied then I would expect second to be denied but these are strange times.

Does "2nd" apply only to the Discover card?

People can make their own decisions but I would advise people against applying for second Discover cards until we get through covid underwriting.

They might get denied for second card AND lose existing card.

[GApeachy]

Don't let it get you down....Garden. (Time, Time, Time)

Let your tl's grow, don't app (save those pulls) and let your scores recover and improve from this app spree and climb into the 700's.  It's a crappy economy right now and we just need to baby what we have. 

Do you have any baddies on your reports? Is your utl. high? Age those accts. you have, showing positive pymt history.

There are so many reasons to scare off a lender, esp. right now.  Like you said you have to wait on the letters of disappointment to give you the reasons for denial and work on those.

Btw, Happy 4th!

[Anonymous]

Time to garden and work on the current profile, it looks like you have derogs or some utilization issues to address

[FidelCashflow]

Is your utilization on a single card very high? That will kill a lot of apps, especially right now.

[CYBERSAM]

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@Jdman wrote:

Well I app'd and failed. My scores are FICO 8 TU 698, EQ 665, EX 663. I have 2 auto loans, 2 installment loans and 6 CC. Everything has been open over a year. I applied for a 2nd Discover, Wayfair card and both denied. Still waiting to here back on Best Buy, IKEA project and Capital One cards. Any words of advice?

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Just garden for awhile as you resolving your negative remarks. Adding more CCs is not going to improve your score as of now.

[M_Smart007]

@Jdman  Sorry for your denial(s)

I would take that as a hint to Garden ....

as I am just echoing what others have stated.

[blazerein]

@JdmanMy suggestion is to let your cards age and garden for now.  Need a lot of patience so hang in there.

[Meanmchine]

Good luck on your open apps

Try gardening 1 year