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@UncleB wrote:Back in December I took a HP from BoA for a CLI on BBR#2; it was instantly approved (I now have $10k "twins") and I figured I would repurpose the HP for a Premium Rewards... I knew it was a stretch (I'm not in the target demo for that card) but I had already taken the HP so there was nothing to lose. Instantly declined.
Not too surprised, I figured I would pick up a Travel Rewards as a consolation prize - it should be low-hanging fruit, right? - again, instantly declined. I admit the second decline suprised me a bit. For 'giggles' I tried for the Cash Rewards, and again got the same reply.
The letter I got for each decline was the same... it was because of new accounts (or at least that's what the boilerplate text said). Last year I picked up five new accounts in January, with another in September. I also got a Cash+ just a week or so prior to the BoA app(s), but it wasn't reporting yet.
Thankfully this lesson didn't cost me any HPs aside from the one I took for the CLI. Another valuable take-away is no matter how sure one is of approval, anything is possible. While I've never been one to apply carelessly, I'm now even more discerning when it comes to applying for new accounts.
So much truth in this post! Premium Rewards was certainly a gamble given the approval/decline data points when it was launched, but the other denials are surprising indeed. And I know exactly what you mean about going for low-hanging fruit; comparing my stats to others that had $30k starting lines, I was shocked when I was outright declined for that Venture card. I've certainly applied (and been approved) for more than my share of cards that were not destined to be lifetime friends, but for the past year or so I've been pretty good about trying to stay in the "will getting this card net me at least $500 in rewards/savings" camp. If it weren't for these forums, I would likely have been receiving denials left and right from Chase every 6 months or so due to ignorance of 5/24.
Just for data purposes. I've read a lot of topics here from people with young and thin files wanting to get top tier cards like the Venture, Premium rewards and all the other higher tier cards that require at least 5-10K starting limits to approve you, I read people submitting the app then gets denied, after that they go to the boards to speak about their frustration. But based on the experts experience here for young profiles such as myself. How may years should one wait, assuming they have strong tolerance for patience before they apply and can expect a positive result in a credit application. Without getting the dreaded "Not enough credit history". I ask this, because it seems that for most of us new comers in the credit game, the denials would either be about the length of our credit history or the amount of credit inquiries.
Hmm.. Pre-My FICO..
Cards i was surprised i got denied for..
A Sync card at Lenscrafters....
Esp since i had been approved with NO security deposit or restrictions a few years before for Sprint PCS
Post MyFico...
Card I was surprised i was denied for
First atempt at a Discover card.. even with a decent score, offers, and my CU account open for a few months (but not enough)
I was showered with mailers even.....
Oddly enough the score they sent me was an enhanced score (think like the student cards).. which was excellent but since i didnt apply for a student card... Deeenied.. and im guessing its due to score not generating yet on CU card... turned me off from apping and i actually waited at least a year or more after that to reapply.. (think it was longer but dont remember the dates)...(Yep I waited almost two years).. Apped for the CF once my score hit some point.. then was nudged to app for another card and went with the Discover again and was approved for that as well..
-J
Another good question, @Anonymous. I'm certainly not an expert (particularly on new profiles; things have changed a lot since my days of being a young credit whippersnapper), but I think it's really a delicate balancing act and it's frustrating when you can't get approved because you don't have enough history, but you can't get history without inquiries and new accounts. With me looking at your existing lineup and scores, with a little time over in the garden club as insurance against the recent accounts I couldn't imagine you being denied for anything to be honest.
Shark..
In your case, and in most... I tend to go with a minimum of a year out.. You currently have cards that will put you in the running for premium cards since they have a limit that is at least 5k.. now you just need a bit more time.. Seriously if you could wait 6 months, preferably a year. youll probably be all set for a premium card that requires at least a minimum of 5k to open...
-J
K I always pegged you as a Credit Card Whisperer I do have two cards in mind for the not so distant future. Although they are not the higher tier cards that I have mentioned on this post. I thought I'd post my question for data to help the other young profiles like myself which seems to get beguiled with the idea that " Oh If so and so got approved for the CSR, Venture and so on, and their score is 670ish, then I can get approved from that too, totally discounting the fact that other factors come into the equation for getting the approval like age, income or number of accounts recently opened. I must admit I was among them. Even if it was to get a CLI say from Discover. Everytime I read of someone getting a CLI and share data points, It prompts me to go for it myself, then I get annoyed when they decline my request. But got past that, thanks to the love I was getting from AMEX. They did get me through those frustrations. Which is why I am currently just taking care of those accounts, managing them the best way I can. So that when December comes, just maybe I might try for one of the two cards that I have in mind since a majority of my INQ from all 3 CRA's will fall off by Oct.
@joltdude wrote:Shark..
In your case, and in most... I tend to go with a minimum of a year out.. You currently have cards that will put you in the running for premium cards since they have a limit that is at least 5k.. now you just need a bit more time.. Seriously if you could wait 6 months, preferably a year. youll probably be all set for a premium card that requires at least a minimum of 5k to open...
-J
Not true about 5k limit. I got 2k limit Citi Thank You Premier. 4k on Barclay Arrival Plus. 3.5k On Barclay Aviator, 1k on SPG.
I have only gotten one denial in last 20 applications. It was Citi Businness AA card. People assured me it was easy to get approved but I was denied.
@Anonymous wrote:
@joltdude wrote:Shark..
In your case, and in most... I tend to go with a minimum of a year out.. You currently have cards that will put you in the running for premium cards since they have a limit that is at least 5k.. now you just need a bit more time.. Seriously if you could wait 6 months, preferably a year. youll probably be all set for a premium card that requires at least a minimum of 5k to open...
-J
Not true about 5k limit. I got 2k limit Citi Thank You Premier. 4k on Barclay Arrival Plus. 3.5k On Barclay Aviator, 1k on SPG.
As always YCMV but between the falling off and having experience with higher limits.. Shark is in a good position to make it happen...
Nothing in credit is absolute.... but trying to make your reports and scores look good.. puts you in the running.. And it will significently improve the odds and reduce the chance of rejection for not enough experience... and not being able to meet the minimum CL.. And unlike you. he doesn't have a fistful of cards in his wallet... and a bunch of new accounts and HPs, Also dti/income issues are less likely at this point.. And theres no biz cards involved here for PG issues and mucking around with that... Biz cards are a different ballgame that I don't play in... so my knowledge on them is limited.