I applied for Ducks Unlimited card last month and it went pending, I received a letter in the mail to send form SSA-89 which is to authorize the bank to contact SSA to verify your SSN. I did that and received an approval email. They approved me for $4,500 SL which I will lower to $2,000.
I am proud of being approved for this tough card and happy to earn 5% with no memberships or fees.
I had no INQ on EX in the last year but I have 13 total on the report. My score was 797 at the time of application but my bankcard score was probably 836 or so which I think they use for approval. I also had 3 new accounts in the last year and my oldest account was opened in March 2017 which confirms that people don't need long history to get this card.
Congrats. You give me hope for getting this card later this year.
But, why lower the limit?
For those asking why I will lower the limit. If you noticed the cards in the my signature most of them have low limits. My total limit was approaching $200k and while that looks and sounds fun it just doesn't make sense given my income and how no one will ever need that much limit. I was over extended which makes it harder to get more cards with lenders who look at total exposure and risk. Also if the economy slows down the issuers will start slashing limits right and left to minimize their losses.
tldr: I need my total limit to be relative to my income and minimze my exposure to get more credit cards later
Great job, p -- Congrats!
As to your lower limit explanation: I'll bet lenders wish more borrowers were like you and less like the majority of MF'ers. (I mean, more is mohr, right?) You, sir, are a beacon. (Or a unicorn )
Do you, though? You just got approved for $4,500, so it doesn't seem to be an issue so far.
This is not a problem I have / something I have personal knowledge about. My total CLs are under a quarter of my income (under half if you include the AU card), but seems to me like a bridge you could cross once you reach it.