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Hello, I'm new to this forum and request some insight for getting approved for a CC. Here's my status:
Pretty good income
I have 2 department store cards
2 authorized user cards - Not the primary on the accounts
2 Auto Loans, 1 Mortgage....never been late
2 Student loans... never been late
4-5 INQs total.
Scores
EQ: 677
EX: 721
TU: 685
Denied for a Chase Freedom. Letter stated, "Too few revolving accounts". I admit, I don't use credit cards that much.
Denied for a Capital One Venture Card.
Not sure if my limited use of credit is hurting me or what. If anyone can provide me with some answers or suggestions, I'd appreciate it.
Google "who gave me credit.com" and you can enter your scores and contingent upon previous posters info being accurate you can see whos been getting approved for what. They also say that if you are a member of a credit union that you MAY have an easier time getting approved. Some credit models will benefit by use of the cards that you already have. Have you tried any of the pre-qualify links with Discover or Amex ? Your EX score might be a good fit for an amex charge since they primarily pull EX which also appears to be your high score. Are your scores true FICO scores or the product of a credit monitoring service ?
It would also help us to know your util% and AAoA.
I tried AMEX last year and got denied, but I think it was due to my scores being lower and a few more INQs at the time.
I have a $240 balance on one card that I am a authorized user for, my credit usage percentage is less than 10%.
Just paid off a auto loan last month, got a new auto loan 3 weeks ago
$240 of $8200 available on all cards.
My AAoA is 5.6 yrs.
Just wondering why its so difficult for me, I've heard some pretty bad credit horror stories and some folks I know that have still got approved by certain credit vendors.
Forgot to mention that the scores listed are my true scores from each credit bureau.
@Anonymous wrote:Hello, I'm new to this forum and request some insight for getting approved for a CC. Here's my status:
Pretty good income
I have 2 department store cards
2 authorized user cards - Not the primary on the accounts
2 Auto Loans, 1 Mortgage....never been late
2 Student loans... never been late
4-5 INQs total.
Scores are these FICOs?
EQ: 677
EX: 721
TU: 685
Denied for a Chase Freedom. Letter stated, "Too few revolving accounts". I admit, I don't use credit cards that much. I also had this problem. It's because you only have installment loans and department store cards. I would try calling for a recon. If that doesn't work, try apply for a Capital One card that doesn't require excellent credit and wait 6 months to to app again.
Denied for a Capital One Venture Card. I believe you have to have a major credit card with a CL of at least $3500 for at least 3 years to get approved for this. Not sure if being an authorized user on an account can help you with this one. They have a preapproval site that will generally tell what cards of theirs your can be approved for.
Not sure if my limited use of credit is hurting me or what. If anyone can provide me with some answers or suggestions, I'd appreciate it.
I used to get the same message: too few revolving accounts.
It seems I had similar pattern as you: mortgage, auto loan, 4 student loans, 3 store cards. I had NO major credit card and I was never an AU.
My scores though were lowest 726, and highest 746. When I applied for prime cards I had no trouble getting them.
I think the problem you may be encountering is that you are applying for UBER prime reward cards. Chase Freedom and Capital One VENTURE are both difficult.
Chase can be tough giving out initial credit if you don't have some of your own cards yet. I wouldn't start with them. Capital One is generally easy to get, EXCEPT for their Venture cards. Another tough Cap1 card is the new green cash rewards card.
IMO, the magic number of major credit cards you should have is between 3-5. I know when I stepped up my game to this number, I never got the dreaded too few revolving accounts message again.
REWARD cards are a little more difficult to get in general.....it of course doesn't mean you will not get any reward cards with your scores. Just stay away from Chase right now.
Both CapitalOne and AMEX have a pre-approval site. I would check into those. It is soft pull, so you will not take a hit.
Perhaps you want to try to get your foot in the door with AMEX with one of their charge products first. The Zync is easy to get, and you would probably be ok with the green. AMEX and CITI both pulled EX on me here in NY. Discover pulled EQ, but Discover, although prime, has been pretty generous handing out cards as of late. Not sure though if your EQ score will generate approval with them. Check out whogavemecredit.com, as the above poster mentioned.
I would recommend that you look into an AMEX charge product (and do the pre-approval link on their site to see if they offer anything else), and Citi. Citi is also very good with credit limit increases. Best of luck, and keep us posted with your SUCCESS!!!
Look! Another poster just got approved for Discover Miles with a 678 EQ.
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-Miles-Approval/td-p/1056906
It is a travel reward card. The Venture card you wanted paid 2 points for every dollar.
Discover Miles pays double miles on your first 3K of spend on travel and dining, and then only 1 point thereafter.
Try the Discover pre-approved site.....see if anything comes up (its the green button that says "Find Pre-Approved Offers":
http://www.discovercard.com/miles/?hcmpgn=0910_HPK_CCT_MILES_IMG_2
@Anonymous wrote:Forgot to mention that the scores listed are my true scores from each credit bureau.
Hi thaskinny,
Welcome!
Unfortunately, TU and EXP do not sell true FICO scores on their sites. EQ does - but it's hard to find. Most often the score purchased at the EQuifax site is also not a true FICO.
Since your potential creditors are looking at FICO scores, it's helpful to find out what your true FICO is. It may or may not be quite a bit higher or lower.
Thanks for all the responses and guidance. I really appreciate it. I will make an attempt, but will keep an eye on the number of INQs.
I'm apart of a CU, so I am waiting to hear back from their CC approval dept.
Yes, it's possible that my scores are approximations. I know my equifax/experian is accurate.