How to answer a credit analyst?

[aloush11]

I applied for a Barclay's card in the past and recon'ed . When I spoke with the credit analyst he asked me "what's the reasoning for all the new accounts?"
I had no idea how to answer that so I answered honestly and said... I figured if I apply and I'm gonna take a hit on my AAoA, might as well make it worth it..

I never ended up getting the card and was wondering how should that be answered? I opened six new accounts over a three month span.. I'm gardening now and will not be reapply for anything for about a year...

What's your input?

[cashnocredit]

One thing I would do is not to say anything that implies more than minimal knowledge of credit and scoring details. There are very few good reasons (from a CA pov) that people delve deeply into credit arcana. For example, I find credit and the way credit interacted with rating mortgage backed securities fascinating.  I'm not normal.

[john398]

I would just be honest and say that your trying to build your credit file or something like that

[tntexans72]

Would be great if OP chime in on some of the popular questions a CA would ask when one do a recon. I have never done a recon but apparantly, it's working for alot of ppl.

[SwiftTone]

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@aloush11 wrote:
I applied for a Barclay's card in the past and recon'ed . When I spoke with the credit analyst he asked me "what's the reasoning for all the new accounts?"
I had no idea how to answer that so I answered honestly and said... I figured if I apply and I'm gonna take a hit on my AAoA, might as well make it worth it..

I never ended up getting the card and was wondering how should that be answered? I opened six new accounts over a three month span.. I'm gardening now and will not be reapply for anything for about a year...

What's your input?

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not to bash you but I'm puzzled by this answer. 

Barclay is inquiry sensitive. But if I had to answer that question I would have said something like "I'm trying to build a strong portofolio, and Barclays would round it out nicely" 

[aloush11]

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@tntexans72 wrote:

Would be great if OP chime in on some of the popular questions a CA would ask when one do a recon. I have never done a recon but apparantly, it's working for alot of ppl.

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I have done a couple recons and some were successful and some were just embarrassing. lol 

They all usually ask the same questions. 

1. Income information (generic script)

2. Public Records

I have a BK from 7/2010 and let them know it was because of Identity theft.

3. Can you explain the balances? 

 I usually do PIF or leave a small balance, but Experian reports the actual amounts paid (which is awesome!). 

4. Inquires (After reading another post I learned Barclays is inquiry sensitive )

I Have no idea how to answer this correctly without shooting my self in the foot

If they like you...

5.  Why did you apply?

I tell them I want to expand my credit profile and after reading the benefits that the account offers I think this card is a great fit for me. 

6. How much are you looking for?

I ask them to match my Chase Freedom ($5500). Sometime they do... They can also approve you for a lower amount and work they say after you establish your self (6 months) we can re review and increase. 

@7. Ive had one CA counter offer the actual offer I applied for. For example I applied for 12 months @ 0%, they counter offered 6 months @ 0%. 

Hope this helps

[kimmiller112]

When I got my Barclay's apple financing card, I told them I was thinking of buying a computer (not true, but it worked).  When I got their US Airways card, I told them I travel a lot and US Air is the only commercial planes that fly out of my local airport (true).  With my Discover and Chase, I was interested in their cash back programs.  Whatever features a particular card offers, tell them that is what you are interested in.

[Revelate]

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@kimmiller112 wrote:

When I got my Barclay's apple financing card, I told them I was thinking of buying a computer (not true, but it worked).  When I got their US Airways card, I told them I travel a lot and US Air is the only commercial planes that fly out of my local airport (true).  With my Discover and Chase, I was interested in their cash back programs.  Whatever features a particular card offers, tell them that is what you are interested in.

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+1, sell them their own marketing back to them... "I really want this card because <insert special thing they do>"

[Anonymous]

Tell them you want to give them money for you to have things you don't need now.  Isn't that the truth?  Come on....I know they would love that answer (it's the one the company wants to hear all the time!)

[Anonymous]

I just don't see why having new accounts would hurt getting another new card, maybe if you have close to maxed the cards then maybe...FICO is so strange when it comes to different reasons why your score drops.  If your able to verify your employment and meet all there req's your score shouldn't weigh as much on the app....in my opinon (coming from a person almost back in the 700's..the journey goes on!).