Not getting many credit card offers despite 786 FICO

[donkort]

Hello there,

I have very-recently acquired very good FICO scores.

EX 786; EQ 782; TU 756.  I just paid off $40,000 in credit card debt.

Previously, for ten years, I had upper 600s scores and high utilization.

I want to get a travel-rewards card.

Is it possible that the credit card companies are leery because of my 10-year history (with 1 30-day late, 2/2013)?

Maybe I'll have to wait a little while?

Thanks.

[Mv350]

First of all congratulations on getting the revolving debt paid down. That is an accomplishment in itself. 

As far as it being paid off, make sure that the balances are finally reporting the updated numbers. Next thing to try is the pre-qualification on card sites like capital one, Amex, and discover. Those should be able to tell you what's available without affecting your credit. 

[donkort]

Thank you for the quick response.

They are reporting my updated utilization.  I feel like Chase, especially, is leery because I had two large cards with them that had high utilization--sometimes maxed out--for ten years. No lates with them, though.

I did the credit.com prequalification--and got only two offers!  Amex and Discover.  Though I did get offered the Amex Plaitinum card.

Apple soft-pulled me, and offered me $5,000 at max interest, which I declined.

[Remedios]

Most people will never see a prequal, that isn't stopping them from getting approvals.

If you'd list specific cards you have in mind, it would be a lot easier to try assessing your chances of getting approved.

With your existing lenders, give them some time to get used to new you.

If you just recently paid off your cards, dont apply with them quite yet.

Show them you can go without maxing your cards, and you should be able to get approved in the future. I would seriously consider giving it some time

While utilization has no memory (for now), lenders do. 

Previously high utilization shouldn't have any impact on applications with lenders you have no pre-existing relationship. 

[RootDet]

Congrats on paying off the debt.  As far as the 30 day late, that should be dropping off anytime now. This is year 7 now.

In terms of your direct Question, if you ever did a freeze on your credit report or opted out of offers, you need to make sure you go to https://www.optoutprescreen.com/. As unless you opted back in, you would still be opted out.

Finally, anything else still bad on the credit report?  Lots of new accounts, personal loans, etc? A score of 750-780 still seems lowish for such an old late payment.

[iced]

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@donkort wrote:

Hello there,

I have very-recently acquired very good FICO scores.

EX 786; EQ 782; TU 756.  I just paid off $40,000 in credit card debt.

Previously, for ten years, I had upper 600s scores and high utilization.

I want to get a travel-rewards card.

Is it possible that the credit card companies are leery because of my 10-year history (with 1 30-day late, 2/2013)?

Maybe I'll have to wait a little while?

Thanks.

---

Not getting bombarded with spam mailers for new cards is a good thing.

There's several reasons you might not be getting as many mailers as you thought, and almost all of them have nothing to do with your credit history. It could be as simple as you've opted out of some banks' mailing systems, your updated scores haven't updated in the systems the banks trigger mailers based on, or there's some other demographic factors that made you not completely match their algorithms and kick off a spam mailer.

Most important, you don't need the mailers to apply for a travel card. Most of the mailer offers are pretty average offers and are often nothing you can't also get blind applying or checking online to qualify for.

[donkort]

I have a $65,000 student loan where I'm only paying the interest---$191 a month.  Balance not going down.  

No late pays since 2/2013 on anything.

That's the only thing of concern on my credit report.  Otherwise, it's clean.

I have very long ago (20 years and more):  2-3 loan defaults, one of which went as far as garnishing my check.  A paid state tax lien from 1997, which was erased from my report by 2007.

[donkort]

I should mention:  Only 3 inquiries over 2 years; all of them from 2018.

I started two new credit card accounts over 2 years, and one car lease.

[Anonymous]

Your internal scores at banks you've done business with and kept high utilization may be lower than your FICOs. Instead of being concerned for lack of pre-quals you should be relieved your debt is gone.  Sounds like you have plenty of credit lines to utilize at this point anyway (at least $40k worth).

[donkort]

It makes sense that I have to let people "get used" to the "new me."  Makes a lot of sense.