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You will get nothing and like it!

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You will get nothing and like it!

I was quite excited after filling out a CapOne prequal last week and then getting a Platinum card with a 2K limit. My scores at the time were EX-632 EQ-627 TU-617.

So when I saw my EX score go up yesterday to 677 after my UTI went down I felt it was time to look around some more. I assumed my other scores had gone up about the same amount even though I don't have daily access to them.

I went to every prequal site and was given nothing on any of them. I was pretty frustrated so started filling out apps anyway. Discover pulled my 677 EX and told me to go away and suggested I apply for their secured card. Really?

Then I applied for the PayPal cask back card which also laughed in my face. Sigh. So I figured I would apply for a Target Red Card, thinking that would be easy. Nope. Turned down on all 3.

Maybe I was wrong and my other scores didn't go up as my EX did but I was under the assumption that they all received updates at the same time. Curious to see my denial letters...especially Discover.

My EX file is very thin. Oldest account is a paid off car loan that originated 20 months ago and I have a Kohl's card with a $300 limit (turned down for a CLI two days ago) that is 10 months old. No baddies.

EQ includes above with the addition of listing a CapOne from 2002 that was closed in good standing and a 2004 Citi card that was also closed but always paid on time. One collection account- a car loan which has a DOFD from 5 years ago.

TU is the same but doesn't list the CITI card.

Think I got a little ahead of myself here. I hate gardening! Think I will get a self lender loan and see once my new CapOne card starts reporting. Frustrating.
Message 1 of 15
14 REPLIES 14
Community Leader
Mega Contributor

Re: You will get nothing and like it!

Yeah, scores definitely dont update the same time across all lenders and some lenders use different models. You did get a huge limit on your Plat thoughSmiley Happy Most only get $300. I say blame Cap One for spoiling you lolSmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
!
Message 2 of 15
Community Leader
Super Contributor

Re: You will get nothing and like it!


@SteveB2112 wrote:
I was quite excited after filling out a CapOne prequal last week and then getting a Platinum card with a 2K limit. My scores at the time were EX-632 EQ-627 TU-617.

So when I saw my EX score go up yesterday to 677 after my UTI went down I felt it was time to look around some more. I assumed my other scores had gone up about the same amount even though I don't have daily access to them.

I went to every prequal site and was given nothing on any of them. I was pretty frustrated so started filling out apps anyway. Discover pulled my 677 EX and told me to go away and suggested I apply for their secured card. Really?

Then I applied for the PayPal cask back card which also laughed in my face. Sigh. So I figured I would apply for a Target Red Card, thinking that would be easy. Nope. Turned down on all 3.

Maybe I was wrong and my other scores didn't go up as my EX did but I was under the assumption that they all received updates at the same time. Curious to see my denial letters...especially Discover.

My EX file is very thin. Oldest account is a paid off car loan that originated 20 months ago and I have a Kohl's card with a $300 limit (turned down for a CLI two days ago) that is 10 months old. No baddies.

EQ includes above with the addition of listing a CapOne from 2002 that was closed in good standing and a 2004 Citi card that was also closed but always paid on time. One collection account- a car loan which has a DOFD from 5 years ago.

TU is the same but doesn't list the CITI card.

Think I got a little ahead of myself here. I hate gardening! Think I will get a self lender loan and see once my new CapOne card starts reporting. Frustrating.

This last sentence says it all.

 

But, congratulations on the C1 approval.

 

However, please stop applying. You have now received denials on 3 CCs and a CLI, and the prequals are not showing any love. This is sending a strong message that your credit profile is lacking what's needed to get approved at this moment in time. Denials begat denials and that's where you stand right now.

 

The frustration is real but a step-away approach is needed here. Applying for a self-lender loan is not the answer. Your CRs are now being dinged with all these inquiries, which will only lower your scores. Be patience and all your work will come to fruition.

 

GL2U

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $25K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 15
Community Leader
Valued Contributor

Re: You will get nothing and like it!

Sorry about all the denials! You DID get a killer SL on that Plat, though! I would hold off on applying for anything else in the wake of all those declined apps. Congrats on the Plat!

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 4 of 15
Community Leader
Senior Contributor

Re: You will get nothing and like it!

Esp with thin files... but true of pretty much anyone.. Least I think these days if you get an approval.. you should stop...And if you get a denial.... you should ask yourself why first.. if you got approved for something else... i'd stop... and if you get TWO denials.... STOP... Do not pass GO, Do not collect 200$ (or sub)... Go directy to the Garden.... Discover was trying to hint to you that when they denied and recommended a Secured card... 630-640 is (again an opinion) roughly the difference between a secured and unsecured Discover ... Take a break for 6+ months, start trying prequalifys in a bit less.. perhaps 5.. and let your new Cap One marinate a bit.. Pretty sure once the new account hit wears off and if you let your new Cap One card marinate a bit, Miss Disco will be more than willing to approve a card...  then repeat.. wait a bit, (6 months is good, perhaps more, or even less but keep a eye on where your scores are going/recovering) get a new card.... (the Sync 2% actually would be a good third card IMHO).. Im of the opinion spacing out cards esp in the current financial climate, is a good thing....  The thing with preapprovals is they arent guarenteed but if noones openining the door... either you opted-out.... or something is amiss...  You will get there.... Credit is a marathon, not a sprint is a cliche around here but its true... 

 

-J

Message 5 of 15
Community Leader
Super Contributor

Re: You will get nothing and like it!


@joltdude wrote:

Esp with thin files... but true of pretty much anyone.. Least I think these days if you get an approval.. you should stop...And if you get a denial.... you should ask yourself why first.. if you got approved for something else... i'd stop... and if you get TWO denials.... STOP... Do not pass GO, Do not collect 200$ (or sub)... Go directy to the Garden.... Discover was trying to hint to you that when they denied and recommended a Secured card... 630-640 is (again an opinion) roughly the difference between a secured and unsecured Discover ... Take a break for 6+ months, start trying prequalifys in a bit less.. perhaps 5.. and let your new Cap One marinate a bit.. Pretty sure once the new account hit wears off and if you let your new Cap One card marinate a bit, Miss Disco will be more than willing to approve a card...  then repeat.. wait a bit, (6 months is good, perhaps more, or even less but keep a eye on where your scores are going/recovering) get a new card.... (the Sync 2% actually would be a good third card IMHO).. Im of the opinion spacing out cards esp in the current financial climate, is a good thing....  The thing with preapprovals is they arent guarenteed but if noones openining the door... either you opted-out.... or something is amiss...  You will get there.... Credit is a marathon, not a sprint is a cliche around here but its true... 

 

-J


+1. I like this process. A great idea.

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $25K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 6 of 15
Established Member

Re: You will get nothing and like it!

My EX was actually 677 when Discover pulled it....that is why I was somewhat surprised at the rejection.
Message 7 of 15
Community Leader
Super Contributor

Re: You will get nothing and like it!


@SteveB2112 wrote:
My EX was actually 677 when Discover pulled it....that is why I was somewhat surprised at the rejection.

Depending solely on a credit score is a crucial mistake that many make because there are just too many variables that are taken into consideration when one gets approved or denied for a credit application. It is one's overall credit profile, which consists of income, UT, AAOA, AoYA, inquiries, and whether any baddies are in play.

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 804
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $25K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 15
Highlighted
Frequent Contributor

Re: You will get nothing and like it!

I know how tempting it is to go out "Credit shopping" right after you see your scores get a big boost. I've fallen into that trap before, too. It feels like, "Wow, my score has never been this high before, and if I don't use it to my advantage right now, I may never get this chance again!" But remember, your scores are only part of the big picture.

 

When you apply for credit, your scores might be great, but if your profile looks like someone who is aggressively seeking credit (which, honestly, you are), it will spook the lenders. They see your new Cap1 card from only a week ago, they see all the new inquiries after it, and they begin to wonder why you might be so desperate to borrow money. Other things like overall income, debt-to-income ratio, monthly housing costs, how old your credit accounts are, etc, all factor in to their approval decisions. I don't know where you stand with regards to all those factors, but the fact is that lenders are not seeing you as a low-risk person to lend to, for some reason or reasons.

 

Tke the advice others have given here - cool your jets for a while. I know gardening isn't fun, but if you keep aggressively applying for stuff, you're going to either get terrible terms or, more likely, just declined outright every time. Let your new cap1 account and other credit factors mature for a few months, and then creditors will start being interested again.

 

If you have NO preapprovals/prequals on any of the credit card sites, then that's a good indication that your credit isn't really there yet. Keep checking the prequal sites, and eventually you'll start seeing offers. Then, and only then, would it be a good time to start looking into some new accounts.

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
7 derog. (all settled 1/2019)     |     Inquiries: 1, 4, 5     |     AoOA: 10.2yr     |     AAoA: 5.4yr     |     AoYA: 0.6yr
Message 9 of 15
Established Member

Re: You will get nothing and like it!

Stop making so much sense and let me be irrational! Thanks for all the advice everyone. *shakes fist at sky* Stupid garden.🙄
Message 10 of 15
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