NFCU CC app declined :(

[Anonymous]

I was declined the  goRewards card yesterday. TU 738 lots of new accounts. Excessive credit obligations was the reason. My utl. is 7%. I emailed today expressing my goal as transferring limits from quite a few cards and closing accounts. Still no go. Any other ideas? 

I can always wait, which is probably the best option. But I HATE to waste a HP!!!

[Anonymous]

That's a bummer when you see people with a under 600 score get approved obviously you're in the 700 because you're not going wild with your open accounts. I guess close up what you can while keeping the utilization an acceptable range and try again in a couple of months after they all report.

[redpat]

How much does 7% represent and income?

Or you just have too many cards.

[Anonymous]

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@Anonymous wrote:
That's a bummer when you see people with a under 600 score get approved obviously you're in the 700 because you're not going wild with your open accounts. I guess close up what you can while keeping the utilization an acceptable range and try again in a couple of months after they all report.

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Thanks I was pretty bummed. Having read so many awesome approvals I thought I was in for sure. I guess you never know. I will wait and see if I get any pre-quals in the next couple of month. But it does BURN!

[Gmood1]

Sorry to hear of your denial. Been there done that! I've seen the same wording from Navy and Alliant. lol

Once you pass a certain threshold "Excessive Obligations" in Credit Union eyes. It may be safer to stick with the larger banks for future apps. The CU's have tightened their belts considerably! Not saying you won't get the card eventually. 

I'm not closing any of my accounts for these chumps! Bills are paid on time, nor do I have escalating debt. Instant approvals are your friend! Those tend to come from the larger institutions.

Good luck with future apps.

The HP will fade in time...not the end of the world.

[Anonymous]

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@redpat wrote:

How much does 7% represent and income?

Or you just have too many cards.

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I owe about $16,000. Bought some furniture and a trip on 0% cards. Income $167,000. So debt to income should not be out of whack... I am carrying more debt than usual. But I have 18 mos. to pay off. 

[Anonymous]

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@Gmood1 wrote:

Sorry to hear of your denial. Been there done that! I've seen the same wording from Navy and Alliant. lol

Once you pass a certain threshold "Excessive Obligations" in Credit Union eyes. It may be safer to stick with the larger banks for future apps. The CU's have tightened their belts considerably! Not saying you won't get the card eventually. 

I'm not closing any of my accounts for these chumps! Bills are paid on time, nor do I have escalating debt. Instant approvals are your friend! Those tend to come from the larger institutions.

Good luck with future apps.

The HP will fade in time...not the end of the world.

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Thank you Gmood1. I always read your posts... you give great advice. Cheered me up

[redpat]

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@Anonymous wrote:

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@redpat wrote:

How much does 7% represent and income?

Or you just have too many cards.

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I owe about $16,000. Bought some furniture and a trip on 0% cards. Income $167,000. So debt to income should not be out of whack... I am carrying more debt than usual. But I have 18 mos. to pay off. 

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That means you have about 228K in open credit and perhaps a lot of cards.  IMO, thin the herd (close some) and reapply.

Income isn't the issue but the 16k may have some cards at high util though.

[Anonymous]

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@redpat wrote:

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@Anonymous wrote:

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@redpat wrote:

How much does 7% represent and income?

Or you just have too many cards.

---

I owe about $16,000. Bought some furniture and a trip on 0% cards. Income $167,000. So debt to income should not be out of whack... I am carrying more debt than usual. But I have 18 mos. to pay off. 

---

That means you have about 228K in open credit and perhaps a lot of cards.  IMO, thin the herd (close some) and reapply.

Income isn't the issue but the 16k may have some cards at high util though.

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I know this is the answer to the decline. I have the debt spread around so no 1 card is over 20% ult. most are under 10%. I have nice limits with Penfed and Cap 1 and PB (where I have the furniture sitting). I knew decline was a possibility but I thought I could slide in with score and overall util. I am going to re-evaluate. Pay off smallest balances and trim some cards. Try again in 6 mos. 

[Anonymous]

Yeah that looks like an Egyptian pyramid even if your balances are tiny. you have a balance on multiple acccounts it looks terrible to a credit union.