I applied for the new JetBlue Barclay last month and was denied. The denial letter said the following:
- Insufficient number of accounts
- History of severe delinquency
- High number of credit inquiries on your credit report
- High number of credit cards recently opened
I was annoyed about the denial but my TU was only a 687 so it was a long shot of getting approved. I came across the letter today and read it again and I felt that some of the denial reasons were contradictory. I do understand the high number of credit inquiries as I have been on a mini spree in the last month or so. I also had a 90 day late payment on my student loans 3 years ago (didn't think this would still come into play in the credit card application. I have had perfect payment history since this occurred). But how can I have insuffiecient number of accounts and then also have a high number of credit cards recently opened? I opened 3 accounts in the last year - a Walmart store card in September 2015 with a CL of $800 (but was increased to $6k last week but the new CLis not on my credit report yet) and a Care Credit account with a $4k CL (was also increased to $11k last week so this new limit is also not reported yet). I was also approved for a DIscoverIT card in Feb 2016 with a SCL of $1.6k. Is this really considered a number of new accounts?
I was approved for a QS1 with a $3k SCL and a Venture with a $15k SCL,last month but these have not been reported to any of the bureaus yet.
I have heard how difficult the recon process can be with Barclay so I did not have high hopes but I figured it was worth a try. The agent was really nice and asked me a few questions:
- What do you do for a living and how long have you been doing this?
- What is your annual income? (I changed my income from what I originally put in my application to include my child support payments figuring this may help my application)
She then put me on hold to review my credit report. When she came back on the line she asked me about my Care Credit account. She wanted to know why the balance was so high and how much do I pay per month. Once I was able to answer her question - she said that at this time we can approve my application with a $2.5k CL!! OMG I was SO excited!!
So thanks again to the good folks of the MyFico forum I now have another great card to add to my collection!!! I would have never thought to call to have my application reconsidered - I never knew this was even an option. I can't tell you how much useful information I have found using this forum. I have been subscribing to MyFico for almost 3 years now and NEVER used it for anything but the credit reporting and the updates. I only starting reading and utilizing the forum within the last 30 days and this experience has been nothing short of AMAZING!!
