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Denied, Denied, Approved!

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Denied, Denied, Approved!

I got a $300 QS1 From CapitalOne almost 2 years ago when my Fico scores were in the 500s.  I went up to $500 a few months later but it's stayed there.  I increased my fico to 650 and applied for a Gold Delta Amex about 10 months ago and got SL of $1000.  I've been very happy with these cards because at last I have brands I'm not ashamed of.  Plus the rewards!  I've already gotten over $800 in savings on Delta in 10 months.  The limits are so low though.   When I just had the Capital One I was paying it off at least 3 times in a month.  It was fine though, Amex would credit my account the minute I made a payment, unlike my Credit One cards that would take a week to post, and wouldn't even let me make more than 2 payments a month.   I was happy with what I had.  

 

Then Capital One emailed me.  They told me I should make sure my income was up to date for Credit Limit Increases.   I updated.  Nothing happened. (I may have only waited 3 days). I started googling to see if there was a timeline I should expect.  I came across myFico Forums.  Started reading like crazy. I realized I would probably be bucketed in Capital One, since i got it with that 500-something score.  But I read about 3x CLI on Amex.  I went ahead and clicked the button in Amex and asked for 3k limit.  Got the 7-10 day.  I clicked the the button in Capital One.  2-3 day.  Sigh.  Before I got my denials I realized what I had done wrong.  My credit score has gone from 650 to 691 in the past few months. I didn't wait long enough for Capital One and Amex to get my new scores.  Sure enough, when I got the rejection letters, they listed my 650 scores. I might have also been denied at 691 but I think the odds might have been better.  

 

But I had a bug now.  I needed more credit!  I heard about how much everyone loved Disco.  After I figured out Disco meant Discover I did their pre-approval form.  I told I was pre-approved for a specific interest rate on the 5% rotating cash back card.  I felt good about that meaning I would get approved and decided to pull the trigger.  I hoped for a $500 limit...maybe $1000.   I got $5000!  What!  That's my highest limit of any account!  

 

Less than a year ago I was perpetually at 99% credit utilization,  I've gotten down to 58% and with this card I'll be down to 45%.  I'm working hard to pay down my actual debt, but the extra help to my utilization makes that goal seem so much more obtainable.  Thank you for all the information everyone!

Message 1 of 21
20 REPLIES 20
Valued Contributor

Re: Denied, Denied, Approved!

hit up Disco every 3-6 months since it's a SP CLI anyway like Cap1 / Amex.

 

Wait a couple of months for those 2 to catch up w/ a refreshed score and you should be able to squeeze them for a little more.  Maybe shift your primary spend to Disco to get your #'s in line for UTIL and just put small sutff on the other 2 for the time being.

500K+ TCL / 800+ FCOs
Message 2 of 21
Moderator

Re: Denied, Denied, Approved!

Welcome to the board and grats to all the success Smiley Happy
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 3 of 21
Valued Contributor

Re: Denied, Denied, Approved!

Welcome to the boards!  Congrats on the new approval! You'll learn a lot about credit here Smiley Happy




UNpopular opinions have served me well and will offer that which has worked for me.
Message 4 of 21
Super Contributor

Re: Denied, Denied, Approved!

Welcome To myFICO Forums and

Message 5 of 21
Contributor

Re: Denied, Denied, Approved!

Welcome to the myFico boards and Congratulations on the new Disco! Awesome SL!

FICO 8 Scores 4/1/2018: 694 EX 714 EQ 740 TU FICO 8 Scores 6/16/2019 770 EX 798 EQ 791 TU

WF Cash Wise $18,800 [] PenFed Power Cash $20,000 [] BOA $4,900 [] HSBC Cash Rewards $2,750 [] Discover It $4,600 [] Maurice’s $5,000 [] CO Savor $15,000 [] NFCU Flagship $10,000 [] Amex Rose Gold [] Walmart $800
Message 6 of 21
Highlighted
Established Contributor

Re: Denied, Denied, Approved!

Congrats on the new Disco and welcome to the forums!




Message 7 of 21
Senior Contributor

Re: Denied, Denied, Approved!

Congrats! Welcome to the Disco and MyFico family! Nice SL!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 8 of 21
Valued Contributor

Re: Denied, Denied, Approved!

YOU...

awesome congratulations GIF by Slanted Studios

CONGRATS @penduck on your Discover approval, Thanks for the DPs, and Welcome to the Disco family!!!

AMEX BCE $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $12.2K | Citi AAdvantage WEMC $12.5K | Discover $15.5K | OpenSky $300 BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) | BBVA Compass Rewards VS $10.5K |
Apple Card MC $6K | NFCU cashRewards $1K
TCL - $114K+ | Rebuilding since April 2018
Message 9 of 21
Senior Contributor

Re: Denied, Denied, Approved!

Congrats on a great card. As stated above, shift your spend to Disco now and work on paying the others off. By having only a balance on Disco, you’ll enter AZEO which is worth some extra points. Plus with the end of year cash back match, Disco is essentially a 10%/2% card the first year. Max that benefit as much as you can. Plus showing Disco the spend will help with increases down the line Smiley Happy


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 10 of 21
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