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Help Please! New to credit arena

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Anonymous
Not applicable

Help Please! New to credit arena

Ok so I recently got my equifax score to a 756 Fico but I have been denied on four CC applications because of limited credit history and now too many inquiries. I applied at PenFed (denied, no credit experience 756 FICO) USAA military affiliate card (App still pending) CitiCard (denied too many inquiries) DiscoverIT (denied too many inquiries, not enough credit history) OneMain Financial (756 FICO approved, high Apr, 3,000 personal loan) my score has shot down and I really need a Credit Card..
What can I do?
Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Help Please! New to credit arena

Suggest you call a Representative of the Creditor you apply with and request a re-consideration.

Message 2 of 11
myjourney
Super Contributor

Re: Help Please! New to credit arena


@Anonymous wrote:
Ok so I recently got my equifax score to a 756 Fico but I have been denied on four CC applications because of limited credit history and now too many inquiries. I applied at PenFed (denied, no credit experience 756 FICO) USAA military affiliate card (App still pending) CitiCard (denied too many inquiries) DiscoverIT (denied too many inquiries, not enough credit history) OneMain Financial (756 FICO approved, high Apr, 3,000 personal loan) my score has shot down and I really need a Credit Card..
What can I do?

Welcome to the forum

More info needed

How many INQ's do you have on each CB?

How many in the last year?

Other cards?

Car or mortgage loans?

Student loans?

All 3 scores (Fico)

NFCU maybe an option since they don't seem to be INQ sensitive.

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 11
brother7
Established Contributor

Re: Help Please! New to credit arena

It seems that "too many inquiries" is a recurring reason for credit denial. Therefore, stop applying. Four doesn't seem like too many to me, especially if the creditors are pulling from different CRAs, so I suspect there are other inquiries on your CRs that you haven't listed.

If you really need a credit card, pick a card that's easier to get, such as a student card (if you're a student). The best student cards now are Discover it for Students and Capital One Journey.



04/01/2020 - EX 849 (Credit Scorecard EX FICO® Score 8, range 300-850)
02/20/2020 - TU 850 (Discover TU FICO® Score 8, range 300-850)
03/24/2020 - EQ 884 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 4 of 11
Anonymous
Not applicable

Re: Help Please! New to credit arena

I applied with companies that only use equifax because thats my best score and yes, I do have 35,000 in student loans but they are in good standing and I literally applied for ONLY four CC and one personal loan.. I need a CC to establish good history though.. but I want to use EQUIFAX only
Message 5 of 11
Anonymous
Not applicable

Re: Help Please! New to credit arena

No other inquiries in the last year, no mortgage, no auto loans
Message 6 of 11
myjourney
Super Contributor

Re: Help Please! New to credit arena


@Anonymous wrote:
No other inquiries in the last year, no mortgage, no auto loans

Do you qualify for NFCU?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 11
takeshi74
Senior Contributor

Re: Help Please! New to credit arena


@Anonymous wrote:
What can I do?

Typical advice is secured or credit union.

Message 8 of 11
parakleet
Valued Contributor

Re: Help Please! New to credit arena

There's no guarantee that a CCC will only use EQ - if you're borderline, even those that typically pull EQ may double or even triple pull you. What's on your other CR that's not on the EQ? What are your fico scores? Income? AAoA? Baddies? Need a lot more information - will this be your first CC? Try researching the shopping cart trick with store cards on the forums. But if you do, don't get a million store cards, just get one or two to help build history, which will allow you to get a proper CC in the future. Also, you may have to take the secure route - BoA seems to have popular secured CCs.


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 9 of 11
Anonymous
Not applicable

Re: Help Please! New to credit arena

Shopping cart trick? I'll check that out! I just called discovers recon line and got APPROVED yay!
Message 10 of 11
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