Submitted app.. waited for letter.. denied
to many inquires in last 12 mo
monthly payment due on trades to high
amount owed on revolving accounts to high
Time since oldest account open too short
I finally got through to underwriting today , talked to a lady and I said I was confused by letter and could she help me,
too many inq in 12 mo
I had 3 and they made #4
1) 8/2019 main bank moved had to set up new bank ,, husband as primary.. me 2nd
2) 11/2019 found out husband had cancer and he wanted me to set up solo account so I would be ok on my own if had to. ( she said she understood those, and they made sence)
3) 7/1/2020 Lightstream... I have no installment accounts to help my credit mix. I cant see buyng a new car or house to have another installment and my self lender account for 1000.00 is done and no longer helpng my score. She said yes a installment in the credit mix is a plus.
I explained NFCU was at 0, i had just missed the cut off date due to it closing a day early being the weekend.
and the credit ones, always have a balance as they tack on the annual fee every statement just before cutting for next month.
I explained my 2nd NFCu which showed 11,000 bal was actually only 5,000 but hadnt cut yet but i would be glad to send a screen shot print out. She said not needed , she was noting stuff and I had really good
Last account open was 8/24/2018 ..almost 2 yrs ago,, so ??? she said yeah , it didnt appear I was activily seeking credit. And had good scores and a clean report, and she would submit it for review, and for me to call back wed for a update or watch the mail and if approved would get card and letter.
I told her I seen in there about the secured, I really didnt want to go secured but I would to make the inquiry worth it if I had to.
She said with her notes a secured shouldnt be needed, and would pass it along to be reviewed again.
So crossing fingers and toes and knocking on wood!!
Another weekend is here and I am waiting again lol!
She said not needed , she was noting stuff and I had really good
All you can do is try and all they can say is NO !! :-)
US Bank's underwriting seems to be even tigher than Chase 5/24. That said, with no new accounts in the past couple years I would think you at least have a chance in the recon.
GOOD LUCK ON THE RECON! I love a good recon story, so hopefully this one will be an approval... might give me some hope of getting in at USocks!
Whats your FICO9 look like?
TU 09 Classic 778
I dont think your denial has anything to do with inquiries, but instead, it's all about high utilization at the time HP was done.
US Bank, just like all other major lenders is preparing for defaults in case unemployment benefits run out, those who asked for deferrals cannot catch up, etc.
When lenders start increasing reserves, you see this exact thing.
In a nutshell, they are worried about lending when high balances are present, especially if going for cards with 0% promo and/or BT offers.
I hope your recon is successful, you've paid your balances down, but they may not want to reconsider unless second HP is done.
You may want to call and follow up, let them know you're willing to take another HP ( although, just by asking for reconsideration, you already consented to a second pull).
Good luck and I really hope to see an approval from you.
I agree utilization is the more likely reason for the decline; it sounds like inquiries may have just been the first negative reason code given for the credit score, which isn't necessarily the same reason for being declined. Definitely wish you luck with the recon.
Is the "my wallet" part of your signature updated? If so, is there a reason you still keep the two Credit One cards open assuming they are fee harvesters (you did mention a monthly fee for both)? And is the Orchard Bank card still open, or is it now a Capital One Platinum card? As far as I am aware, those haven't existed in about a decade after CapOne bought HSBC's US credit card division. Does that one also have fees?
Orchard Bank has been open and used monthly and paid for many yrs, it was my 2nd card to get on my own after my trashed credit and has no fee but will never gain.
Both credit ones same.. very old accounts. I didnt want to close them as soon as I got a "good card" but I am at the point , now I can and I am fine with it.