Reapplying for a card

[Anonymous]

Earlier this year I was declined for an FIA Schwab One card. I'm wondering at what point might be reasonable to reapply. Will they see their inquiry from earlier this year and immediately decline?

[BungalowMo]

What was their reason for denial?  When this year did you app?

[Anonymous]

I apped in March. I was denied because of my home loan - interest only. My credit report shows now that I'm making principal and interest payments, so I thought that might get me a different decision.

I initially applied and then called in before the 7-10 day waiting period. I was approved over the phone, but they then took a closer look at my mortgage details (by pulling my report again with Transunion's new APR analysis thingy) and denied me. They deemed my loan risky, although my rate is quite low and not resetting until 2013. If it were to reset right now based on Libor my rate would be even lower!

Everything on my report is clean with scores in mid 700's. I figured maybe if I just applied and left well enough alone they'd only pull my Experian report as they initially did with my first app and not get antsy about pulling my Transunion report. What do you think?

[pattycake]

If your scores are in the mid-700's, you can pretty much choose your card.  Do some browsing on this site for excellent ones to give you an idea of what you might qualify for. 

[Anonymous]

Yeah, I have pretty much every card I personally want except for the Schwab VISA FIA card. It's 2% cash back on everything, so better than the cards I have that give 5% on certain things, but less on others and at best work out to an average of 1.5% cash back. It would also deposit the cash back each month directly into my investment account with Schwab so it would be a great supplemental savings source.

This is the only card I want, and I was shocked to be denied. It's the first time I'd ever been denied, and the reasoning seemed weird to me. Nevertheless, I tried reconsideration and was told the real estate market wasn't good. Thanks for the newsflash FIA, but I'm luckily not upside down in my home! Figured now that some months have passed maybe it would be worth reapplying.

Has anyone else ever reapplied for a card while the original inquiry is still clearly visible on your report? I don't want them to automatically deny me because they've denied me before.

[BungalowMo]

I just took a look, it's a shame we don't have a backdoor # for Schwab.  Maybe try them again in a few months.  They may recon.

[Anonymous]

Can I send a recon letter months after my initial application, rather than having them repull my report?

[BungalowMo]

You can send it, but with no new pull, they would base acceptance on the same data that declined you last itme. 

That's my guess.....anyone have another theory?

[Anonymous]

If I was approved for a Bank of America card, how long would I have to wait before doing a product change to this card? I've heard of other people being approved for the Schwab card by reallocating credit lines from BOA, since it is FIA backed.

[BungalowMo]

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@Anonymous wrote:
If I was approved for a Bank of America card, how long would I have to wait before doing a product change to this card? I've heard of other people being approved for the Schwab card by reallocating credit lines from BOA, since it is FIA backed.

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I'm not sure how that works...as I don't have either of them.