New applications getting rejected because of multiple hard enquiries

[nira]

I moved to the US last year and have the Bank of America Cash Card, Bank of America Travel Card, TJ Max Symphony and American Express Everyday. My total credit limit is 47,000 and score is ~ 744.Maximum score was 749 and I have always been 700 plus.

Now the bad, I have been mindlessly applying and have some 19 hard pulls on my account from March 2017. I started applying even before I built a credit history and got rejected left, right and centre. Then I got approved for a few cards and have been getting rejected again.

I have some major travel plans over the next few months and want to get a travel card. My application for the Chase Sapphire Reserve was rejected. Also CITI AAdvantage Gold Master Card and Barclays Arrival Premier World Elite Mastercard. How do I go about this? Do I suck it up and wait for six months before applying for Reserve again? Are there any other credit cards that will have me?

[Brian_Earl_Spilner]

More like wait a year or two. The inquiries stop counting after a year, but they still show on your report for 2

[Shadowfactor]

It could take quite a while before you start seeing approvals again. You have a lot of inquires and new accounts for someone with limited credit history.

Chase CSR is tough to get. The minimum approval credit line is 10K. Chase wants to see atleast a year of history with cards with comparable credit limits.

I would wait atleast a year before applying again

But if your dead set on a travel card. You could see if your Pre-Approved for other Amex cards when logged in. Go to the card you want and hit apply. If it says: First name, you’re Pre-Approved. That’s a good sign.

If not maybe try the same thing with your second best option. But if not I would wait atleast a year.

The cards your applying for are top tier cards. They will require some history and other cards with comparable limits.

You mentioned you had a BoA travel rewards. It’s not the best option but it has no FTF, it’s a visa so acceptance is wide and has rewards. You may just have to use that for the time being.

[Anonymous]

If the 19 pulls are from March 2017, this likely has more to do with the new accounts.  The other posters are correct.  Lenders will want to see how you handle your current credit. 1+ year of history would help.

When were the new accounts reported for your four cards?  Also, what’s your utilization?

Have you attempted recon on any of the cards?  

If signup bonuses are more important to your travel plans than the CSR (coveted 5th card slot), @shadowfactor makes a good point about Amex preapprovals.   The PRG, Platinum, and Delta cards have good signup bonuses available. 

[Malcono]

Take a break.  

Garden for a bit.  

All of those inquiries are negatively affecting you.  

Try again in a year or two.  

[nira]

Some additional details as requested- my credit ageing is 16 months. My credit utilization is ~3%, 3 of my credit cards have a limit of 15k.

[FinStar]

Echoing the same as the other posters, just let things be and age for a while. The recent declined outcomes are definitely a sign to lay low key.

[Anonymous]

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@nira wrote:

I moved to the US last year and have the Bank of America Cash Card, Bank of America Travel Card, TJ Max Symphony and American Express Everyday. My total credit limit is 47,000 and score is ~ 744.Maximum score was 749 and I have always been 700 plus.

Now the bad, I have been mindlessly applying and have some 19 hard pulls on my account from March 2017. I started applying even before I built a credit history and got rejected left, right and centre. Then I got approved for a few cards and have been getting rejected again.

I have some major travel plans over the next few months and want to get a travel card. My application for the Chase Sapphire Reserve was rejected. Also CITI AAdvantage Gold Master Card and Barclays Arrival Premier World Elite Mastercard. How do I go about this? Do I suck it up and wait for six months before applying for Reserve again? Are there any other credit cards that will have me?

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How are these inquiries distributed?  Are all 19 with one credit bureau or are they shared among the 3 major credit bureaus?  My advise is to not make any applications for a minimum of 6-12 months from the date of you last application.  The reason is that while inquiries remain on your credit REPORT for 24 months, they do not affect your credit SCORE after 12 months.  So any inquiry older that 12 months would really only be noticed by an underwriter doing a manual review.

Credit decisions are based on the entirety of your credit history, not on your credit score which is only a snapshot of a moment in time.  Unfortunately your short credit history (at least in the U.S.) coupled with the number of inquiries suggest you should pause for a while and let your accounts age.

[nira]

I checked my credit reports - Experian has 19, both Transunion and Equifax have 5-6 pulls.

[Anonymous]

EVen with that distribution, as stated above, you definitely need to wait. More than two “active” pulls (pulls in the past year) can adversely affect your odds. The pattern suggests credit-seeking behavior and that’s usually a red flag for lenders. Let your accounts age, keep paying your bills, let the HPs fall away, and when they do, you’ll be in good position to go after one of the top tier cards you mentioned.