sams club cc application 7 day notice

[neesh]

hello all,

I would first like to say that I have been reading most of the forums on this site and I have learned a lot of useful information from everyone.  Some information came late while most of the information was right on time.  Well, here's the deal. I applied for a sam's club cc personal account yesterday afternoon and recieve a funny notice such as "you will recieve something in your email with 4 to 5 business days but please allow up to 7 days and then they gave me a reference number"  My question is...does this mean that I am denied?  I already have other cc issued by ge bank.

walmart $ 400 limit

jc penny $ 150 limit

old navy $150 limit

belk $100 limit

victoria secret $250

new york & company $ 300

Kays jewelers $1500

sams club? pending

credit one $250.00

orchard bank $500

macys $300

I have been appl for new credit recently and maybe this is the reason why I didn't get an instant decision.  Should I call ge bank with the reference number that was given to me or wait for the 7 days.  Any information would be helpful.  Thanks

[DI]

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@neesh wrote:

hello all,

I would first like to say that I have been reading most of the forums on this site and I have learned a lot of useful information from everyone.  Some information came late while most of the information was right on time.  Well, here's the deal. I applied for a sam's club cc personal account yesterday afternoon and recieve a funny notice such as "you will recieve something in your email with 4 to 5 business days but please allow up to 7 days and then they gave me a reference number"  My question is...does this mean that I am denied?  I already have other cc issued by ge bank.

walmart $ 400 limit

jc penny $ 150 limit

old navy $150 limit

belk $100 limit

victoria secret $250

new york & company $ 300

Kays jewelers $1500

sams club? pending

credit one $250.00

orchard bank $500

macys $300

I have been appl for new credit recently and maybe this is the reason why I didn't get an instant decision.  Should I call ge bank with the reference number that was given to me or wait for the 7 days.  Any information would be helpful.  Thanks

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Welcome to the forum.  Since you were not instantly approved, the 7 day notice is to allow an analyst time to review your application.  You  listed a lot of revolving accounts which may have set off an alarm.  Are all those accounts open?  Do they all have zero balances?

Message Edited by DI on 12-02-2009 03:34 PM

[neesh]

thank you for responding...yes all of these accounts are open.  There are three cards that are carrying a balance and they are newyork & company..$132 balance..walmart $200 balance and orachard bank $ 150 balance. There is a possibility that I may get denied for high utilization and recent inquiries.  If that is the case..then I do not plan on applying for any more new credit for the next two years and just keep the utilization low on the cc that I do have and hopefully this will bring my credit score up significantly.  I only know my equifax score and it was 633 before the application spree.  I am sure it has dropped significantly since then.  Thanks for all your help!

[DI]

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@neesh wrote:

thank you for responding...yes all of these accounts are open.  There are three cards that are carrying a balance and they are newyork & company..$132 balance..walmart $200 balance and orachard bank $ 150 balance. There is a possibility that I may get denied for high utilization and recent inquiries.  If that is the case..then I do not plan on applying for any more new credit for the next two years and just keep the utilization low on the cc that I do have and hopefully this will bring my credit score up significantly.  I only know my equifax score and it was 633 before the application spree.  I am sure it has dropped significantly since then.  Thanks for all your help!

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Sams and Wal-Mart- Discover backed cards are not easy to obtain.  Those cards commands high FICO scores.  It's best to have little to no utilization, no baddies and no recent inquiries to get a sure approval.  I wouldn't give up hope. Recon if you get denied. 

Message Edited by DI on 12-02-2009 03:33 PM

[Anonymous]

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@DI wrote:

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Welcome to the forum.  Since you were not instantly approved, the 7 day notice is to allow an analyst time to review your application.  You  listed a lot of revolving accounts which may have set off an alarm.  Are all those accounts open?  Do they all have zero balances?

Message Edited by DI on 12-02-2009 03:34 PM

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+1 

[Jazzzy]

I agree with DI. Call them for reconsideration if you are denied...but I'd wait until I heard from them. Who knows...maybe it's not a denial.

Either way, it seems you've gotten the message that you need to slow down on applying. Have patience, and give all this wonderful work you've done time to mature.

[neesh]

thanks for the advice DI and LynetteM...I will take this time to cool off and let my accounts have time to mature and age.  will see what happens with the sams club cc and i will keep everyone informed.  Once again..thanks to everyone for the great advice!

[DI]

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@neesh wrote:
thanks for the advice DI and LynetteM...I will take this time to cool off and let my accounts have time to mature and age.  will see what happens with the sams club cc and i will keep everyone informed.  Once again..thanks to everyone for the great advice!

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I'm in the process of letting my accounts age too.  I went on an app spree back in July.  Those accounts are now 6 months old.