I was curious so I did a pre-approval check for Mission Lane Credit Card & was DENIED!!

[MikeyMagic]

So I have really no history on my credit report, got approved a month ago for a Capital One unsecured Platinum Card last month for a $300 CL. Also approved for a Discover It Secured Card and put $500 on that and an Amazon Secured Card and put $200 on that. Nothing has been reported yet to the credit bureaus(too soon).

Here's the thing - isn't Mission Lane supposed to be for people with poor or limited credit? For rebuilding? Anyways I just filled out the info on the pre-qualiying page because I was curious and it's only a soft credit check.

I submitted the application and it asked for my bank statements through Plaid(very weird to me). I bank through Netspend and have done so for years. I probably put on avg $3000-$4000 a month in that checking account and spend a lot too. So I uploaded it through Plaid and then 1 minute later Mission Lane told me I don't qualify for ANY cards!! I didn't even get a Secured Card pre-approval smh. I mean I have about $750 in my bank account now but I had $2000 the other day and paid bills. 

The rejection told me it was because

- limited credit experience

-amount of credit lines

-number of accounts opened

-insufficient cash balance in depository accounts

Please make this make sense somebody!!

I tried to call to get reconsidered but the lady told me they don't reconsider at all lol.

Oh well, should I be worried about this? That I couldn't get anything from Mission Lane? Maybe it will be different after 6 months of credit bureau reporting from my Cap1 Mastercard, Discover Secured and Amazon Secured. But after this rejection imo they aren't good enough to get a card from them later. 

[JoeRockhead]

Just my opinion, but I think Mission Lane did you a favor. You have three good (main stream) cards to start with. Just sit tight on what you have and concentrate on those. Let your credit age and positive payment history do it's thing. Not much good comes from rushing things.  

[Jeffster1]

@MikeyMagic  You're doing good, man. You have 3 quality cards and don't need Mission Lane. Stay the course; give it some time and you will begin qualifying for other quality approvals. Mission Lane did you a favor. 

I know it's hard to sit tight, but you're on a good track. 

[MikeyMagic]

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@Jeffster1 wrote:

@MikeyMagic  You're doing good, man. You have 3 quality cards and don't need Mission Lane. Stay the course; give it some time and you will begin qualifying for other quality approvals. Mission Lane did you a favor. 

I know it's hard to sit tight, but you're on a good track. 

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Thx Jeffster 1 much appreciated. I don't know why I even did that pre-approval thing today lol. Maybe it was more hope to see another approval and get a 2nd unsecured card. It definitely was humbling not qualifying for Mission Bank after I uploaded my bank statement and balance, but as you and Joe said - it was better I didn't get approved. I don't need more cards now, just need to do well with the ones I have and I'm sure even in 6 months the cards will come. But I'm gonna do my best and wait 1 year and I think that will be even better for me.

Thx again to you and all who have given me their knowledge.

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[Learning_Tee0225]

Late add but I agree with the above. I just closed out my Mission Lane card. Had an annual fee and a high APR I beleive it was like 34% or something gross around there.  You dogded a bullet in my opinion.

[Zoostation1]

I'm in agreement with the others that with 3 cards you don't need Mission Lane.  They generally cater to rebuilders, but in some instances are a good stepping stone (clearly a step above Credit One and 2 steps above First Premier or Applied Bank). Some cards have moderate to hefty annual fees, but there are no AF offerings from them (albeit at only 1% CB unless you get a targeted 1.5% offer).  All that being said, with 3 cards you can hold off on any new accounts for a while and garden with these accounts.  Pay in full each month and you'll be fine.