I have been working with my sons trying to get them to understand and respect credit while they are in college so that hopefully they will not make a mess out of their credit as I did. It is so hard to work your way out of a mess and so much easier just to keep it clean to start with. But I digress......my youngest son had a successful spree last week and added 3 new TL and $4600 in CL to his profile. His CR showed one student loand, one card in his name with $750 CL and $38 bal and as an AU on another account with $2000 CL and $0 bal. So depending on how it is calculated his util was either 5% or 1.4%. His FICO shows to be 705 but his AAoA is only 7 months.
After his successful spree he wanted to try just one more.....I think we have all been there. Anyway he just had to try for AMEX, even though I told him that it probably wasn't going to happen. He was declined, not an instant decline, but a decline nonetheless. The reasons cited were too many new inq and TL and not enough history.....which I am not surprised with at all and can fully accept. But then there was one more, balances on TL too high?!?!?! We had talked about the util and he had worked it into good shape before the spree and then this comes up. I know they can decline you for any reason, but why not tell the truth? That way a person can work on the deficiencies and develop a better CR and habits. If they would have left it at the history and new TL it would have been fine.
Oh well......just a little bit of a rant today.....hope I didn't bore anyone too badly.
@Involver wrote:Was it loan balances too high or revolving accounts too high?
"Proportion of revolving balances to revolving credit limits is too high"
right off the letter
@Longroad wrote:
@Involver wrote:Was it loan balances too high or revolving accounts too high?
"Proportion of revolving balances to revolving credit limits is too high"
right off the letter
Amex likes to lump SLs into that category. If he had SLs, deferred or not - they use that in their dti calculations.
@blondy250 wrote:
@09Lexie wrote:
@Longroad wrote:
@Involver wrote:Was it loan balances too high or revolving accounts too high?
"Proportion of revolving balances to revolving credit limits is too high"
right off the letter
Amex likes to lump SLs into that category. If he had SLs, deferred or not - they use that in their dti calculations.
This
Gotcha. I told him it was a longshot with AMEX anyway. i just couldn't explain that reason but now I can. Thanks for the help Lexie and Blondy
Back in November (one month before I got my $7k Visa which I consider to be a prime card) I got a "not enough prime bank card experience" denial.
Never seen that one.
Never seen that one.
@TRC_WA wrote:
Back in November (one month before I got my $7k Visa which I consider to be a prime card) I got a "not enough prime bank card experience" denial.
Never seen that one.
I've never seen that one either. Was that upon manual review?
@grinlikechelsea wrote:
@TRC_WA wrote:
Back in November (one month before I got my $7k Visa which I consider to be a prime card) I got a "not enough prime bank card experience" denial.
Never seen that one.I've never seen that one either. Was that upon manual review?
Not sure... it was a denial letter from a SP CLI request with GECRB for one of my cards. I hit the luv button and got a "This account can't be upgraded online" message then that letter a week later.
I quit bothering with GECRB shortly after that... I have 4 cards with them (76, Chevron, Walmart, Care Credit) that all get regular usage and payments and they finally gave me a courtesy $100 CLI on Walmart last month.
Not that I care, I don't need the credit. It will be interesting to see what happens in another year when I have no inquiries if I were to apply and get a "too many inquiries" denial.