Quick Silver Application, Denied

[Anonymous]

Applied for the quicksilver, should have tried for a platinum or quicksilver 1 first; guess their determination of it taking excellent credit is true.

Anyway I was in hope's I'd be approved, but its okay another inquiry to add to the stack, hope my score doesnt take to big of a hit.

I'm not apping anymore, i will keep my list of subprime cards. For most 6 months of history is enough to get better cards, perhaps I am just applying for things that my score and history will not support.

Thanks to everyone on Myfico for the wealth of advice!

[Anonymous]

Sorry to hear about the denial.  I would have thought with your scores that you'd be approved... maybe not with the highest limit but approved at least.

[Pway]

It seems as if your scores are fine.  However I am sure the denial is because OP has no experience at high credit lines.  Remember that scores is not the only thing taken into perspective when a bank is extending credit.

[Anonymous]

Sorry about your denial. Don't be too discouraged. Try again in six months and you should be fine.

[Anonymous]

your scores are good.  i got a quicksilver card with a score of 679 and 3k limit.    that is weird. 

[Vegas4Play]

Sorry to hear that

[Anonymous]

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@Anonymous wrote:

your scores are good.  i got a quicksilver card with a score of 679 and 3k limit.    that is weird. 

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I think it's because of my short history, it seems with the quicksilver they want you to have experience with a credit line atleast 5k for a few years. Well I'm not just going to app all over town hoping to get a 5k limit to help cap1 see i can handle it. I guess I am going to live with really love limits my entire life, unless I get a secured card and put 5k on it to show I can handle tht much credit. Which i do not plan on doing.

Now when no bank will give u 5k i dont know how they expect you to get experience with that high of a limit, perhaps I can try some sychrony store cards, and recon to a really high limit to get the experience with high credit limits, but I have no use for any sychrony store cards as of yet.

[Anonymous]

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@Pway wrote:

It seems as if your scores are fine.  However I am sure the denial is because OP has no experience at high credit lines.  Remember that scores is not the only thing taken into perspective when a bank is extending credit.

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Thanks pway, do you know of any bank that would extend high credit limits to me, so that I can show that I know how to handle them?

Don't know of a card that will give me experience with high limits, therefor I am assuming if I am ever approved I will always be approved for a limit at or below $500

Sychrony and their offer being the exception....

[Anonymous]

Ok, let's not get carried away with drama and theatre, here...the only way a profile gets Stuck for 'life' with low CLs is that the debtor continually shows themselves as too much of a RISK for more.

Everyone keeps selling themselves on this nonsense of crazy usage and 6 months of history being the be all of getting the NEXT big thing.

We always hear about the rich, getting richer and about how those who don't need credit, being able to get approved almost at will....

That's because ppl need to spend some time looking like they don't NEED more credit, we need to take some time to LOOK the part of a non-member, a non-credit-chasing hooker.....and that's what too many ppl look like forever chasing this account and that account prematurely.

The 9-11% of the population with over 800 Fico scores, have a few things in common...
A) Their heads aren't on swivels constantly looking to ADD , yet another account and
B) They use the CL's they already have sparingly, making it clear they don't NEED the CL to live
C) Their accounts AGE more than '6 months and I'll ap again.'...is a recipe for getting stuck in certain tiers never to ascend.

If we spent more time building the proper profile and history the scores will rise...Then, once you're in a tier or class, it much more to ascend to a level , than it is to rebound BACK to where you BELONG.

The model is evaluating RISK, scores only give room to ignore 'some'risk and not vet certain things as diligently but it doesn't ignore everything.

No matter how well, one has paid in the past certain things are still a risk, score be damned...there are certain things UWers want to see or not see....

If those things are present...good, if not...no thanks, simple as that....a score can used to keep a file out, otherwise it's just a hoop that thins the herd of apps.

19 kids with one account can be rated a 725 within the scoring model but it's basically a ghost 725 not a real 725 , one that has history and age to it...no matter what the truth is the kid as battled 12 payments, whereas a seasoned file is like a war vet with 100s of payments and mix....the risk level, isn't even close.

[Loquat]

Give it some time.  From your signature it looks like you're 18 years old which probably means your credit file is extremely thin...not sure what you're income is but that plays a part in the cards and limits you qualify for.  Age the accounts you have (yes, I know it can be hard to "garden") but try it for a little while and in time you'll start to get some of the cards and limits you want.  Hang in there...