Denied for Blue Cash Everyday. When should I reapply?

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boom
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Denied for Blue Cash Everyday. When should I reapply?

Postby boom » Tue Apr 21, 2015 2:22 pm

So I was denied for the AMEX blue cash card. The first reason they stated was high utl (which has gone down since getting my new cards) and another was too many inquiries (I've opened 2 accts this month to begin increasing my limit and decreasing my utl maybe this was one too many?) I have a 690 EX all card and car payments made on time. I know I have a short credit history but I have read others my age get approved as well. I'm 22, senior in college about to finish with a job lined up already that will pay 65k if that matters. Recon didn't work. So I was wondering when I should consider reapplying for this card again?


Currently have:
BoA Americard Cash Rewards- 5/14 ($1500)
Chase Slate- 4/15 ($1000)
Discover IT- 4/15 ($2000)
BoA Americard Cash Rewards- $1500 (5/14)
Chase Slate- $1000 (4/15)
Discover IT- $2000 (4/15)


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Vattené
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Postby Vattené » Tue Apr 21, 2015 4:05 pm

Welcome to the forum! Is that 690 from EX a FICO? Assuming no derogatory information (not even any late payments) and no new accounts opened, I would guess you could try again in about 6 months. Thin profiles - even clean ones - are always iffy. I'm thinking two brand new accounts spooked Amex and you should have better luck if you just let those inquiries age a bit. When you do apply again, make sure your utilization is low (as in lower than 10% for every account).

Also call in for your current cards in about 3 months and see if you can get credit limit increases - but only if they can do it without a hard inquiry.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

boom
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Postby boom » Tue Apr 21, 2015 4:17 pm

Vattené wrote:Welcome to the forum! Is that 690 from EX a FICO? Assuming no derogatory information (not even any late payments) and no new accounts opened, I would guess you could try again in about 6 months. Thin profiles - even clean ones - are always iffy. I'm thinking two brand new accounts spooked Amex and you should have better luck if you just let those inquiries age a bit. When you do apply again, make sure your utilization is low (as in lower than 10% for every account).

Also call in for your current cards in about 3 months and see if you can get credit limit increases - but only if they can do it without a hard inquiry.


Thank You. Yes, I would guess that number is FICO because that's what the Amex CSR told me. CK has my scores a bit lower than that.
BoA Americard Cash Rewards- $1500 (5/14)
Chase Slate- $1000 (4/15)
Discover IT- $2000 (4/15)

takeshi
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Postby takeshi » Wed Apr 22, 2015 8:56 am

boom wrote:So I was wondering when I should consider reapplying for this card again?

When the reasons for denial are addressed. Make sure your reports reflect the lowered utilization. We have no information regarding you inquiries other than the 2 you mentioned. Impact generally falls off at 1 year and they completely fall off at 2. They may taper sufficiently at 6 months which is why it is suggested above.

boom wrote:I've opened 2 accts this month to begin increasing my limit and decreasing my utl maybe this was one too many?

Impact of inquiries will vary by credit profile but we need to know total number of inquiries with the CRA pulled and the age of each inquiry. If you have a thin file/short history 2 could be too many for a given creditor.

boom wrote:I know I have a short credit history but I have read others my age get approved as well

Age doesn't matter. Credit does. You have a short history with 2 brand new accounts. That's a lot for someone with your credit profile.

boom wrote:Recon didn't work.

AmEx generally doesn't recon unless there's an error in the report.

boom wrote:Yes, I would guess that number is FICO because that's what the Amex CSR told me. CK has my scores a bit lower than that.

Do not rely on a score generated by one model to determine a score generated by a different model. CK's scores are VantageScore 3.0 and CK does not provide scores based on EX data. Be careful even comparing FICO to FICO.

boom
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Re:

Postby boom » Thu Apr 23, 2015 12:29 pm

takeshi wrote:
boom wrote:So I was wondering when I should consider reapplying for this card again?

When the reasons for denial are addressed. Make sure your reports reflect the lowered utilization. We have no information regarding you inquiries other than the 2 you mentioned. Impact generally falls off at 1 year and they completely fall off at 2. They may taper sufficiently at 6 months which is why it is suggested above.

boom wrote:I've opened 2 accts this month to begin increasing my limit and decreasing my utl maybe this was one too many?

Impact of inquiries will vary by credit profile but we need to know total number of inquiries with the CRA pulled and the age of each inquiry. If you have a thin file/short history 2 could be too many for a given creditor.

boom wrote:I know I have a short credit history but I have read others my age get approved as well

Age doesn't matter. Credit does. You have a short history with 2 brand new accounts. That's a lot for someone with your credit profile.

boom wrote:Recon didn't work.

AmEx generally doesn't recon unless there's an error in the report.

boom wrote:Yes, I would guess that number is FICO because that's what the Amex CSR told me. CK has my scores a bit lower than that.

Do not rely on a score generated by one model to determine a score generated by a different model. CK's scores are VantageScore 3.0 and CK does not provide scores based on EX data. Be careful even comparing FICO to FICO.


Amex pulled EX and Chase did as well this month. The only other thing on there is my BoA from a year ago. Discover pulled TU earlier this month. Those are the only other inquires I have.
BoA Americard Cash Rewards- $1500 (5/14)
Chase Slate- $1000 (4/15)
Discover IT- $2000 (4/15)

MemberSince99
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Re: Denied for Blue Cash Everyday. When should I reapply?

Postby MemberSince99 » Thu Apr 23, 2015 12:34 pm

Since you have paid down the balances, if this reports within 30 days you COULD ask for reconsideration by calling them and letting them know that this wasn't relfected in the report they pulled but is now and ask to be reconsidered for getting the card.

Whether this works or not, who knows, but it shouldn't hurt to try.

Otherwise as others said I'd wait 6 months and give it another shot. If inquiries is the worst they have on you, you're in good shape. And you don't have many anyway.



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