@M_Smart007 wrote:
@Traveler101 wrote:
Thats one thing thats always baffled me. Looking at stats, and how banks/c unions determine lines and rates. My tu 8 is 668. I know navy uses 9 tu new accts. I was approved at best rate, 25k sl vs you. Its a very strong indicator on how institutions do not rely soley on score alone. And I have a bk7 that will be 7 years old in july 2020. One would think your approval would be much better and better rate. I scratch my head over the determinations lenders make.
They base it on many things. My risk is high due to credit seeking behavior, all the new accounts & Inquiries.
I do not worry about rates on most cards.. as I can get most of them reduced.
(I usaually PIF unless I have some 0% promotion.)
Adding 21 cards in 12 months is a huge risk indicator. a few years back $50K approvals with Chase were no problem.
Lenders also have internal limits as to what they are willing to lend you across all your cards with them.
So far Chase, HSBC and American Express have far exceeded what other lenders would lend Me.
Probably due to the years I have been with them. I have been with American Express since the early 1980's.
That would make sense Credit seeking, new accounts. I know over the years, I cannot remember how many times I shorted cap1. Been fortunate, that they have let me back in with big limits. Poor folks, prob tought I had to get it together sometime. Growing up, I was so stupid, I thought if I kept enough under the limit, that when int was added, and my monthly payment didnt exceed cl, I was doing exceptional. I use to email them and insult them, on what a valuable customer I was. Boy, was I JUST STUPID.
