barclay denial- any suggestions?

[jre]

During my recent app spree I applied for a Barclay - Average Credit card. They declined me and said I don't have any "major" credit cards and that I should check back when I have established some sort of history with one. My app spree and my new cards brought my Equifax score down almost 50 points. Is this normal? And, if I check back in 6 months and re-apply with Barclay will they require a whole application process and what are my chances of approval? I'd like to not do any apps for awhile, but Ido like the credit limits they offer from what I read and currently my limits are low and I have to continually pay off balances to free up credit. Any suggestions would be helpful.

[tcbofade]

Barclay's doesn't like new accounts OR inquiries.

As you just typed, do NOT apply for anything for the next six months, then try again.

Yes, you'll need to do the complete application process again.

[myjourney]

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@jre wrote:

During my recent app spree I applied for a Barclay - Average Credit card. They declined me and said I don't have any "major" credit cards and that I should check back when I have established some sort of history with one. My app spree and my new cards brought my Equifax score down almost 50 points. Is this normal? And, if I check back in 6 months and re-apply with Barclay will they require a whole application process and what are my chances of approval? I'd like to not do any apps for awhile, but Ido like the credit limits they offer from what I read and currently my limits are low and I have to continually pay off balances to free up credit. Any suggestions would be helpful.

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Welcome to the forum

For a new and thin file yes scores usually drop 4-5 point per INQ 

When new TL's report they drop further 

As for the Barclay card I would use the new TL's you now have and wait 8 months before trying again and yes it will be a new app and HP

FYI score will probably rebound in about 5-8 months 

[thelethargicage]

You have a disease...and the only cure for it is...more gardening!

Trust me.  I gardened for a full 4 years before I applied for my second card.

[jre]

Sounds like a plan. I haven't done much last two months. I only applied for the new Capital One Quicksilver and they denied me because they said I had too many cards with them already. On top of this they did 3 pulls. Then they went ahead and upgraded my old card to a Quicksilver. If I call them can they remove the inquiries? Also, because I was denied for an internal reason why did they have to do the hard pulls?

[myjourney]

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@jre wrote:

Sounds like a plan. I haven't done much last two months. I only applied for the new Capital One Quicksilver and they denied me because they said I had too many cards with them already. On top of this they did 3 pulls. Then they went ahead and upgraded my old card to a Quicksilver. If I call them can they remove the inquiries? Also, because I was denied for an internal reason why did they have to do the hard pulls?

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Cap1 pulls 3 everytime and no they won't remove sorry 

Hunker down in the garden and we shall help you 

[Credit-hoarder]

How many cards does Cap 1 consider "too many"? When I had my accts. with them years ago I had 3-1 Visa, 1 Regualar MC, and a K-Mart MC (which later changed to a Platinum MC)

[FinStar]

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@Credit-hoarder wrote:

How many cards does Cap 1 consider "too many"? When I had my accts. with them years ago I had 3-1 Visa, 1 Regualar MC, and a K-Mart MC (which later changed to a Platinum MC)

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That's a good question.  I guess if I counted all of the ones that have been gobbled up from previous issuers including their own legacy CCs (plus private label ones)...I have 8... Saks Fifth Ave WEMC, Venture WMC, (2) Cash Rewards WMCs (1 previously issued with HSBC), Cash Rewards Visa Sig (previously issued with HSBC), Neiman Marcus...and can't forget my KOHL'S and MENARDS.

[jre]

I currently have (2) of their cards and none of the co-branded cards. Their official letter simply stated that I was denied for having too many Capital One accounts. I don't see why they couldn't tell me this upfront instead of pulling my CR's and making me wait a week.

[parakleet]

Sorry for the denials. They pulled your CR because you applied for new credit.