I opened up a pnc account this past week and applied for a credit card. Instantly denied this past Tuesday. Decided to call and ask for recon. Credit services said I was denied for 8 inquiries. I asked if i could recon. She said sure i can take a look at this right now. Asked me to explain why so many inquiries in two months. I explained that most 5/6 were credit line increases. They came back and said why do you need all this credit, do you have specific plans for it. I said no, I just want the available credit and as PNC can see, I'm using very little of my available credit. I further said, I'm not going to go out and spend a few hundred thousand dollars. Then it turned to you just opened your pnc account. Anyhow, I was told to call back tomorrow for a decision. I know i should have answered better. Does this sounds like a denial?
Edit: I should also note EX and EQ is on ice of they're trying to get those.
(Formerly known as: Credit is my hobby (1.7M)/TCL objective)
@Anonymous wrote:Pretty impressive development of credit profile over the past two years.
How many inquires do you have on each CRA?
What were your starting FICO scores when you started this whole process two years ago?
Lastly, why exactly are you applying for more CLI? Is it to say you have gotten to $500,000? Is there really a legitimate reason for the CLI and so much credit?
Starting scores in march 2013 were 580's across the board. Just personal preference since I've learned how to use credit responsibly.
@Anonymous wrote:If I were a financial institution I too would be very leery and cautious in extending credit to an individual with that many outstanding credit lines, even if the utilization rate is low. An exception could be made for persons of truly high net worth. And perhaps you are such a person. But by and large, those figures while seemingly good in good times, could be very problematic in tough times individually. If a person with a lot of credit lines finds himself or herself in difficult times, there would be a great temptation to utilize a lot of credit even across multiple lines. The aggregrate effect could be devastating. Agreed
How many inquiries do you have since all of this has taken play since July 2013? You still have most of the inquiries resulting in those new accounts or increases still showing. Did most of your large amounts come through CLI or what? I prefer to stick to this application only which is 8 inquiries. All large increases came through credit increases with the exception of one.
This is fascinating. How high have your Fico scores been in the process? What have the effects of your inquiries been on your scores? My FICO scores have gotten as high as 747 ( I was flying high back then
). My FICO scores have dipped as in my signature.
I've been with PNC for 20+ years, and have never had a credit card through them.
@B335is wrote:
PNC is conservative with how they hand out credit cards. Even back when I had under 5 inquiries they denied me for average account age (or something along those lines). Honestly, the rewards really weren't worth all of the hassle in my opinion.
You were right B335. PNC denied recon due to too many inquiries (8) and they just sited my reasoning of CLI's. I'll close up my PNC account and move on.