Credit Card Denied -- Should I be Worried?

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csmukulgarg
 
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Credit Card Denied -- Should I be Worried?

Postby csmukulgarg » Fri Aug 22, 2014 12:40 pm

Hello Guys,

I am bit scared of the unknown consequences for Credit card denial.

I carry two CC's Amex and US bank; yesterday i applied for Paypal Credit card and they denied it.

So I am worrying will this affect me for the long term like credit history if yes then how? And how can I improve it?


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otter
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Postby otter » Fri Aug 22, 2014 1:45 pm

csmukulgarg wrote:Hello Guys,

I am bit scared of the unknown consequences for Credit card denial.

I carry two CC's Amex and US bank; yesterday i applied for Paypal Credit card and they denied it.

So I am worrying will this affect me for the long term like credit history if yes then how? And how can I improve it?


The only effect will be the inquiry (PayPal CC is usually TransUnion I believe). So not really any long term effect, although a possible small dip in the short term- you would've had that inquiry approved or decline though, anyway.

Getting declined is part of the game... ideally you want to apply for cards you're sure to get but there is never a sure thing. 70% approval is a really good approval rate for most of us.

I'm surprised someone with am Amex and US Bank Cards got declined for the PayPal card. The underwriting on that card isn't very strict at all. Even if they decline you for the MC version, they'll at least give you a PP store card at the very least. Honestly, I had a PayPal MC and frankly, it's not that great: (1) The APR is too high (2) The rewards are nerfed (not really 3% for restaurants, more like 2.4%) and you can only redeem if more than $50 worth. (3) The customer service is terrible and the website is so atrocious it makes US Bank's online banking site look good. And God forbid you forget to make a payment until few days before it's due- PayPal/GE (or whatever they're called this week) immediately takes the money out of your checking account (I mean not even five minutes after you submit payment) and then waits a week to credit your CC account.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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nismoZtuner
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Postby nismoZtuner » Fri Aug 22, 2014 3:03 pm

When I started playing the "Credit Card Game" I had a BOA card (8/2012) before applying for a Sears card which I was denied for. A few months later I had an urge to apply for an Amex card- I went for it and i was approved for both the BCE and PRG. Something I don't get-- i get denied for a POS Sears card and i get one of the top cards that are difficult to get..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

MemberSince99
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Postby MemberSince99 » Fri Aug 22, 2014 4:11 pm

Citi is who offers the Sears card and as you probably know they are a real pain to get approved for.

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Aug 22, 2014 6:01 pm

otter wrote:Honestly, I had a PayPal MC and frankly, it's not that great: (1) The APR is too high (2) The rewards are nerfed (not really 3% for restaurants, more like 2.4%) and you can only redeem if more than $50 worth. (3) The customer service is terrible and the website is so atrocious it makes US Bank's online banking site look good. And God forbid you forget to make a payment until few days before it's due- PayPal/GE (or whatever they're called this week) immediately takes the money out of your checking account (I mean not even five minutes after you submit payment) and then waits a week to credit your CC account.


Are these problems mostly with just the PayPal MC from GECRB aka Synchrony? Or with all GECRB/Synchrony cards?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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otter
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Postby otter » Fri Aug 22, 2014 6:28 pm

CarefulBuilder14 wrote:Are these problems mostly with just the PayPal MC from GECRB aka Synchrony? Or with all GECRB/Synchrony cards?
I really haven't seen a GE card which had a very good website, although Pay Pal's is definitely the worst. I think they are all slow when it comes to receiving payments (I've heard people say you should pay at a WalMart when you have the WalMart Discover, but I never had any problem paying online when I had it. The APR on GE cards is always high. On the plus side, CLI's are generous with them and the luv button is always a soft pull. Actually, I think every CLI request with GE is a soft pull. So they are kind of the "anti-Discover card"... p!ss poor customer service (almost always connect with "Peggy") but it's bearable because you almost always get a CLI when you ask. Instead of customer service people who politely turn down your CLI, you get this:

"You want a credit line increase? Okay hold and go f__ yourself.
(a few minutes later): "Okay your credit limit has gone from $1000 to $8000. Anything else? If not... have a crappy life!

Overall though, I didn't have that terrible of an experience with GE. I had the PayPal and the Wal Mart Discover, but they lost their appeal after a short while. I got the PayPal for the 2.4% on restaurants, but I now have a few 2% restaurant cards, so the extra .4% wasn't really worth the hassle of dealing with the Pay Pal site. The Wal Mart Discover I got for the FICO score, because it was the first card to offer one. Now that there are other places to get it for free (Barclays , Discover) so I closed it.

I would get another GE card if I found one which was appealing.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Postby popamode72 » Fri Aug 22, 2014 6:35 pm

I haven't had any issues with GE stuff so far and they've actually been pretty helpful in getting cards I wanted later on with higher CLs. Also I liked how on my store cards with them after I got my first Amex, they automatically increased accordingly and the Amazon one was increased to the point where the CL almost matched my initial limit with Amex so that was pretty nice to get in a relatively short period of time as well as the cards being a big help to my utilization. Of course they aren't cards I would ever want to leave a balance on for too long because of the high APR some of them can come with so I always PIF on those.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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Postby popamode72 » Fri Aug 22, 2014 6:40 pm

MemberSince99 wrote:Citi is who offers the Sears card and as you probably know they are a real pain to get approved for.


Holy mackerel. I remember wanting to (foolishly) get a Best Buy store card and not realizing that they were in charge of those cards. Ugh. They are so sensitive when it comes to everything. CLIs and even trying to PC to another card takes over a year just to do even after they discontinued the card that I still have with them. I give them lots of credit for being a prime lender I was fortunate to start out with but they can be quite overkill sometimes and I really wish their cards had much better rewards.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Aug 22, 2014 6:50 pm

popamode72 wrote:I haven't had any issues with GE stuff so far and they've actually been pretty helpful in getting cards I wanted later on with higher CLs. Also I liked how on my store cards with them after I got my first Amex, they automatically increased accordingly and the Amazon one was increased to the point where the CL almost matched my initial limit with Amex so that was pretty nice to get in a relatively short period of time as well as the cards being a big help to my utilization. Of course they aren't cards I would ever want to leave a balance on for too long because of the high APR some of them can come with so I always PIF on those.


I shop at Brooks Bros a lot and the savings would add up over time. I can use MR points to get BB gift cards, though. Once those are used up, a BB MC wouldn't save me much on the remaining balance, so I'll save that app for a month before I need a new suit!
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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onion
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Postby onion » Fri Aug 22, 2014 6:57 pm

popamode72 wrote:Holy mackerel. I remember wanting to (foolishly) get a Best Buy store card and not realizing that they were in charge of those cards. Ugh. They are so sensitive when it comes to everything. CLIs and even trying to PC to another card takes over a year just to do even after they discontinued the card that I still have with them. I give them lots of credit for being a prime lender I was fortunate to start out with but they can be quite overkill sometimes and I really wish their cards had much better rewards.


To be fair, Citi is the best bank issuing Best Buy cards since they came out, though. I never really had an issue with them.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000



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