Too Many Store Cards - Bank Card Denial

[Anonymous]

Has this ever been a reason for a bank card denying you for a card?

Again, having too many store cards (or perhaps too many store card inquiries?) the reason for being denied of a bank card.

Just curious as I consider applying for another store card for the rewards. 

Thanks!!!!

[NichelleN]

I've never seen that in particular, but I was denied for a store card for not having enough bank cards.

ETA: I've certainly seen the 'too many inquiries' reason but it didn't matter if they were store cards or bank cards.

[Anonymous]

How many store cards do you have?  How many INQs across the 3 CRAs do you have?  I started my rebuilding process by getting a lot of store cards, but as I am now qualifying for bank cards, I am closing out the store cards that I'm probably not going to use and the credit limits are low. I haven't been turned down for having them, just the baddies that haven't fallen off my report.

[ecxpa]

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@Anonymous wrote:

Has this ever been a reason for a bank card denying you for a card?

Again, having too many store cards (or perhaps too many store card inquiries?) the reason for being denied of a bank card.

Just curious as I consider applying for another store card for the rewards. 

Thanks!!!!

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Who were you denied by?    Denial for too many inquiries is a common reason for denial, however, a lot of lenders are starting to overlook inquiries if you have solid credit and income otherwise.   Even the bigger lenders like Chase and Amex seem to be more inquiry friendly these days as they are seeing if they don't extend credit someone else will.   The FICO score is supposedly made up of 5 components, 1. Payment history  2.  utilization  3.  Length of history  4 & 5 Credit Mix and New Credit.

  I quess you could say inquiries and new credit are linked together but they are not the same.  After a while inquiries do not seem to affect  the credit score.  

For some lenders it doesn't matter if the new credit is a store card or bank card........lots of new credit will hinder you getting new cards.........and it seems that I should add "sometimes".   Credit is evolving rapidly and who knows what the final model lenders will prefer.

[NRB525]

If by store cards that is the same as Retail Cards, it's a legitimate FICO Reason Code. There are other variations similar to this:

[Anonymous]

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@Anonymous wrote:

Has this ever been a reason for a bank card denying you for a card?

Again, having too many store cards (or perhaps too many store card inquiries?) the reason for being denied of a bank card.

Just curious as I consider applying for another store card for the rewards. 

Thanks!!!!

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How many store cards do you have? I would chill on those.Your scores are low too. Just wait for awhile, keep your utilization down, try for some cli's, and position yourself for bank cards that your scores will support.

[FinStar]

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@NRB525 wrote:

If by store cards that is the same as Retail Cards, it's a legitimate FICO Reason Code. There are other variations similar to this:

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Yep, this exactly (or one of the many variations or reasons with an algorithmic value)