@Anonymous wrote:I got denied for a Fidelity credit card even though I got a pre-approved letter and code. I called the reconsider phone number. She said I opened too many credit cards in the last 12 months. She said that most is 2-3 cards per year. This was on TU. What should I do when I get a pre-approval or see a card I like to get? You see commericals for Capital One & Chase a lot. Makes you wonder that they really want your business. Thank you for your time.
It makes you look like you're in trouble and that's something they don't want to take on. That's pretty much any prime lender though...
Well, that was basically Elan aka US bank UW you were dealing with. They are a fickle bunch. lol
And that's the #1 reason for denial I've seen from them, it happens. Just do your homework here on myfico, the best you can before apping.
You win some and you lose some.
If you're looking at a particular card. Research to see if their approvals are driven by automation or human eyes. When you have a bunch of new accounts. Best to avoid those that go the human eyes route until your accounts age for a while. JMHO
Another thing you can research too is Preapproved/Preapproval...which ones are more likely meaning what they say and which ones are letters just to prompt you to apply without having a legit approval lined up on their end.
@Anonymous wrote:To GMOOD: How can I find out here about: Research to see if their approvals are driven by automation or human eyes. I am also going to trim down my beginning entry level cards when I first got stated. I have Fico 8 703 TU score. 688 ex. 689 EX. My credit/debit ratio is 13%. No collections or late payments ever. Goal is to get it down to 7% within 60 days. When I get a per-approval letter. What is the best way to handle it? Thank you.
Op, what's your current card lineup? There's good-great lenders depending on one's opinions out there that are more tolerant of credit seekers.
Most mailers are sent by a 3rd party hired by the lender. Lender will say this is what we're looking for, scores between 6xx-7xx, no BK, etc. The 3rd party will give that info to a bureau who generates a list of people that meet those basic criteria and the 3rd party sends the mailers to the pre-qualified individuals. It's not until you app that the lender will actually see your profile and decide if you meet their lending guidelines.
Like stated above, do your research before apping. Know that Chase has a 5/24 rule, Barclay and us bank like a 6 month buffer between apps, are they thin file friendly, are there BK stipulations, etc.
