Hey everyone,
So in my first thread on this forum a few weeks back, I asked about getting started in the world of credit and what credit cards I should get - I first applied with my bank (First Hawaiian Bank) for a Cash Rewards Credit Card that didn't have any qualifications listed or pre-approval links. Upon the advice of everybody, I checked my pre-approval links at the major companies and got a Chase Freedom with a $1,000 limit.
Today however, First Hawaiian Bank sent me my rejection letter with lender pull and reasons as to why I was rejected. It stated that I have an Equifax score of 689 (a nice surprise, higher than my FAKO), and stated the following reasons for my rejection. I wanted to get the community's take on my reasons as I checked my report again and if it's any means for concern going forward:
1. Length of Time Accounts Have Been Established
- Agree, I guess. Average age of accounts is 2 Years and 5 Months as of February 1 and does not count my Chase Freedom
2. Lack of Recent Revolving Account Information
- I agree, I didn't have any sort of credit card before applying for this one
3. Too Many Accounts With Balances
- This is where I'm a bit worried. I have six student loan entries (not six separate accounts) under Fedloan that total $14,660, but I pay them all on time and have done so for the eight months and have always paid more than the minimum. Will this really dock me going forward?
4. Too Many Inquiries Within The Last 12 Months
- Uhh...I had one, and that was to Citi, in September. I applied for the First Hawaiian Card two weeks ago which was before my Freedom application.
What do you guys think? I know other cards pull different firms, but I really want to try for an Amex (maybe Delta) and a Discover It come September when my Citi hard pull falls off at 12 months (I know it only affects your score for six, but just to make sure). Should I be concerned, or is this just First Hawaiian being silly and too vague?
@notfancy wrote:go to www.annualcreditreport.com and pull your Equifax report. You can request one free report from each bureau every year. Make sure that what is on there is yours.
Hey Fancy, I did that. Everything checks out just fine.
@mrjohnsonsgoals2 wrote:Hey everyone,
So in my first thread on this forum a few weeks back, I asked about getting started in the world of credit and what credit cards I should get - I first applied with my bank (First Hawaiian Bank) for a Cash Rewards Credit Card that didn't have any qualifications listed or pre-approval links. Upon the advice of everybody, I checked my pre-approval links at the major companies and got a Chase Freedom with a $1,000 limit.
Today however, First Hawaiian Bank sent me my rejection letter with lender pull and reasons as to why I was rejected. It stated that I have an Equifax score of 689 (a nice surprise, higher than my FAKO), and stated the following reasons for my rejection. I wanted to get the community's take on my reasons as I checked my report again and if it's any means for concern going forward:
1. Length of Time Accounts Have Been Established
- Agree, I guess. This is 2 Years and 5 Months as of February 1 and does not count my Chase Freedom
2. Lack of Recent Revolving Account Information
- I agree, I didn't have any sort of credit card before applying for this one
3. Too Many Accounts With Balances
- This is where I'm a bit worried. I have six student loan entries (not six separate accounts) under Fedloan that total $14,660, but I pay them all on time and have done so for the eight months and have always paid more than the minimum. Will this really dock me going forward?
4. Too Many Inquiries Within The Last 12 Months
- Uhh...I had one, and that was to Citi, in September. I applied for the First Hawaiian Card two weeks ago which was before my Freedom application.
What do you guys think? I know other cards pull different firms, but I really want to try for an Amex (maybe Delta) and a Discover It come September when my Citi hard pull falls off at 12 months (I know it only affects your score for six, but just to make sure). Should I be concerned, or is this just First Hawaiian being silly and too vague?
Inquiries affect your FICO for 12 months, and stay on your CR up to 24 months. Some lenders weigh 6-month inquiries more heavily. I think that one inquiry is "too many" only because you have only one CC. I doubt that if a person has several open and active CC's, that one inquiry would be a reason for denial (at least I hope so...lol). I don't think you have any reason to be overly concerned. As soon as your profile ages, you will be in a better position. BTW, if you live in Hawaii, I am really jealous (NYC resident)!!! The best of luck to you.
2 years is a little short, but even still, you can get some amazing cards with that amount of history.
Too many accounts with balances is always a killer. But with student loans, I think you'll have a great shot at a recon with most institutions.
Too many inquiries... Some lenders considering anything more than 1 inquiry a year as "too many", but that's more a problem with their computers. Were a real live human to review your reports, I'd bet my leftmost testicular gonad that they'd approve you with that few inquiries.
In short: The computer can be a bastard. Talk to a live human. (Hint: The backdoor sticky is your friend!)
@indiolatino61 wrote:
@mrjohnsonsgoals2 wrote:Hey everyone,
So in my first thread on this forum a few weeks back, I asked about getting started in the world of credit and what credit cards I should get - I first applied with my bank (First Hawaiian Bank) for a Cash Rewards Credit Card that didn't have any qualifications listed or pre-approval links. Upon the advice of everybody, I checked my pre-approval links at the major companies and got a Chase Freedom with a $1,000 limit.
Today however, First Hawaiian Bank sent me my rejection letter with lender pull and reasons as to why I was rejected. It stated that I have an Equifax score of 689 (a nice surprise, higher than my FAKO), and stated the following reasons for my rejection. I wanted to get the community's take on my reasons as I checked my report again and if it's any means for concern going forward:
1. Length of Time Accounts Have Been Established
- Agree, I guess. This is 2 Years and 5 Months as of February 1 and does not count my Chase Freedom
2. Lack of Recent Revolving Account Information
- I agree, I didn't have any sort of credit card before applying for this one
3. Too Many Accounts With Balances
- This is where I'm a bit worried. I have six student loan entries (not six separate accounts) under Fedloan that total $14,660, but I pay them all on time and have done so for the eight months and have always paid more than the minimum. Will this really dock me going forward?
4. Too Many Inquiries Within The Last 12 Months
- Uhh...I had one, and that was to Citi, in September. I applied for the First Hawaiian Card two weeks ago which was before my Freedom application.
What do you guys think? I know other cards pull different firms, but I really want to try for an Amex (maybe Delta) and a Discover It come September when my Citi hard pull falls off at 12 months (I know it only affects your score for six, but just to make sure). Should I be concerned, or is this just First Hawaiian being silly and too vague?
Inquiries affect your FICO for 12 months, and stay on your CR up to 24 months. Some lenders weigh 6-month inquiries more heavily. I think that one inquiry is "too many" only because you have only one CC. I doubt that if a person has several open and active CC's, that one inquiry would be a reason for denial (at least I hope so...lol). I don't think you have any reason to be overly concerned. As soon as your profile ages, you will be in a better position. BTW, if you live in Hawaii, I am really jealous (NYC resident)!!! The best of luck to you.
That makes sense! I was wondering what was weighed more heavily. And thank you! Irony is, I'm trying to move to NYC! 
This is the reason I joined this forum, really - because people like you have such an experience (look at all your cards!) I get a lot of wisdom!
@Stralem wrote:2 years is a little short, but even still, you can get some amazing cards with that amount of history.
Too many accounts with balances is always a killer. But with student loans, I think you'll have a great shot at a recon with most institutions.
Too many inquiries... Some lenders considering anything more than 1 inquiry a year as "too many", but that's more a problem with their computers. Were a real live human to review your reports, I'd bet my leftmost testicular gonad that they'd approve you with that few inquiries.
In short: The computer can be a bastard. Talk to a live human. (Hint: The backdoor sticky is your friend!)
I think I mistyped that - my total age of account is actually 3 Years, 5 Months. Average age was the 2 Years and 5 Months, I don't know which one actually does weigh more.
Hmm, interesting. Should I expect that to be a reason to get used to going forward? I'm just imagining the day I apply for an Amex and I'd have to recon because they'd be like "look at all of these open accounts..."
Right! Like the poster above, I believe that. And that's quite the bet! That's an important part of the human anatomy.
Thanks! I know I'll have to do that going forward...don't even want to recon for this card, though. It's not a great (or even good) general spend card and if I'm being a bit superficial, it's kind of ugly.
