Credit scores don't always count!

[odd_dog]

Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time!  So I will be laying low for the next 6 months or so!!

[trumpet-205]

Credit scores plays little role in credit approval. Most people seem to be under the impression that high score = high chance of approval. This is not true at all. What's on your CR matters the most.

[PlasticOrPlastic]

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@odd_dog wrote:

Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time!  So I will be laying low for the next 6 months or so!!

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I've noticed this since I started rebuilding.  Thats an insanely awesome score, and surprises me you cant just call and get whatever card you want.  Just goes to show though sometimes those "other" factors play in even more than the score.  I'm sure 6 months and you'll have no problem with a Sallie card! 

Edit: I actually mentioned this in the BK7 to 700 thread as well, it gives a lot of people hope, but that 700 score doesnt mean any card is within your reach. 

[gdale6]

Yup, a high score does not mean approval for everything you app for there are many other variables that go into an approval, if you quit apping as let the inquries age then that score will rise even higher as they become older.

[Anonymous]

Yes, but the score is somewhat of a proxy for the stuff that does matter.  I would say, approx, a high score doesn't guarantee approval, but (very) low scores will generally cause rejection.   Not so much *because* of the score, but because the score is low due to CO, late pays etc.    So companies feel happy using score as a first level filter, declining those below threshold.

In the OPs case, some issuers are going to be more sensitive to new inqs than the algorithm for example, or it could be utilization, credit age etc.   But yes, high score isn't (always) enough!

[Involver]

It's probably a denial because you have a new Barclay card open within the previous 6 months.

[mongstradamus]

This makes me an bit wary to apply for Sallie Mae I haven't apped anything since last October . I am just unsure what creditors deem too recent for newly opened accounts 

[bigblue7722]

I got my sallie mae card with a 681 TU 08 score. I got the barclaycard rewards back in December and have added 4 other accounts during that time.

[-Wade-]

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@odd_dog wrote:

Ok so 2 weeks ago I apped for the Sallie Mae card, I already have 3 barclay cards newest is US Air from this January.....Got my declined letter today.....According to TU my score is 822 (really happy about that!!) and was denied for too many inquiries last 12 months and time since most recent account opening is too short. I am actually shocked my score is so high. Lesson learned, it's not all about a high score with no baddies and paying on time!  So I will be laying low for the next 6 months or so!!

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A high credit score if approved will get you (Most of the time ) the best APR and a nice starting CL.  My 2 cents

[odd_dog]

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@mongstradamus wrote:

This makes me an bit wary to apply for Sallie Mae I haven't apped anything since last October . I am just unsure what creditors deem too recent for newly opened accounts 

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Please don't go by my experience Mong...everyone's is different. It is true I have low utilization, and all the things you think would warrant approval, but like what was mentioned before maybe the US Air app is still too new and "scared" Barclay. I worry since I have so many cards and a large total CL that at some point I will become TOO "available credit" heavy and that might scare some CCC. Granted I have almost all the cards I could want but I would understand ( even though I use them responsibly) how CCC's could think I could go on a "spending spree" and they could get stuck.