- Green Member
- Posts: 5
- Joined: Sat Dec 17, 2011 7:11 pm
- Location: Richmond, VA
I am obviously new to this forum and a recent experience has brought me here. I am new to credit for starters. I have had a Wells Fargo Cash Back card for just about 6 months and have paid in full each month, but my statement balance (the balance I understand to be sent to credit bureaus) has been between 40-60% of my available credit.
I just recently found out 30% is the key number to try for. But again, I have paid in full before the due date. I don't plan to ever pay interest charges.
One last piece of information to give you an idea of my credit history is that at the same time I got my WF card, it was attempt #3 of the day to get a card.
I applied for two other higher end cards, not thinking that not having a credit history would be a negative factor. I was rejected right away. I think WF approved me because I have brokerage accounts with them (and I am a WF employee) so they could see how much liquidity I have. So I could get a rewards credit card from the start, instead of a secured card.
So my question is, with this little of a credit history, are you surprised that I was rejected for the Blue Cash Everyday card? The reason for my rejection was, as per AMEX, my FICO score, amount of credit available, and too many new accounts. That last one is the one that is terrifying. I only have ONE credit card, and no other forms of credit. No loans, no HELOCs, no mortgages.
It goes on to mention "too few accounts paid as agreed", "too many inquiries in the last 12 months," and "lack of recent installment loan info received." Does it sound like my ID has been taken and in turn I have bad credit, or do you just think AMEX would like to see more of a credit history from me?
If you have made it this far, I really do appreciate it and will be looking forward to any help you can relay. Thanks in advance, Cliff.