All credit bureau reports out there on me are very clean....extremely clean...That's why I was able to open almost 10 accounts in last 2 weeks...almost $300k added to my total available credit line. Before I decided to apply a few credit accounts two weeks ago, I made sure that all credit reports on me are completely cleaned...I have not applied any credit in last 27 months except one which was almost 8 months back...that's why there was only one credit inquiry on my credit report which was on EQ...other two had zero inquiries...Didn't owe any money...zero utilization...and no baddies at all...credit score was in 813-831 across all three major CBS...
Anyway, I did contact underwriter of BECU just a while ago as I couldn't bear the curiosity as to why I was declined for...It was very nice and seems young lady...told me that it was their system that denied me than I was denied manually. Secondly, she told me that I have 4 inquiries in ChexSytem in 90 days which is the reason I was denied. I asked her- are 4 inquiries in 90 days too many??? She said no, but their system is programmed that more than 3 are too many. She said that I can/should apply after 6 months...I asked why not after 90 days? She said that it won't work as their system evaluate inquiries for the last 6 months...Oh well...will wait 6 months...Not a big deal...at least I have a closure now....
Lesson learned: Become a member with all prospective banks/CUs way before than all at one time. Further, do it 3-4 membership in every 6 months if one doesn't want to get denied. I thought I could able to get 6-7 more accounts because -(1) none of my newly opened accounts is showing up on my credit report with all three reporting agencies as of now as it would take 3-4 more weeks to be appeared, which means I could still apply more credit...but once they will appear on my CBs then it would be hard to get more credit because then they will say that new accounts are opened unless I wait 2-3 years more...(2) I am able to remove all the inquires from two of CBs yesterday thru someway...so, in two CBs I have zero inquiries, meaning I can easily apply more credit without worrying getting denied. Now I need to find out which banks I should go to apply for more credit which doesn't use ChexSystem. I do not know which those are, but will see...
