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Hi friends,
Applied for US Bank Cash+ and just got a letter saying I was denied "due to too many tradelines opened in the last 12 months." They pulled my score at 762 via Experian. Has anyone else experienced this before? I opened an AmEx card last June and had a CLI for a Citi card that doubled my limit in the fall. Is US Bank really that strict? I knew it wasn't 100% but didn't think I would have to try so hard for this card.
More salty about the wasted hard pull than not getting the card, but wondered if the community had any ideas. I've read that calling recon just triggers another hard pull - do we know that's true?
Thanks for your input!
Sorry about your denial. I do not have any US Bank products, I'm sure someone here who does will chime in. However, we've all recently seen a generally less liberal approval of credit, with some lenders moreso than others. US Bank has long been consisered conservative. The law/rules state that an applicant must be given a non-gender, non-race, non-religious, non-sexual orientation, etc. based reason for denial. However, that doesn't mean that it has to necessarily make sense. For whatever reason there was something they didn't like about your profile. Did you attempt a recon? If not, you may want to do so. Sometimes even if you are unable to get approved, you can get more clarity on that lender's reason/rationale for denial. Good luck and I'll watch and see what others have to say as well!
If you only opened 1 card in the past 12 months, then I would call and ask for clarification. I believe someone else had been denied for too many accounts recently, and it was an error, so they sent their application back to UW.