Uh-oh

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trapstar1
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Uh-oh

Postby trapstar1 » Thu Feb 05, 2015 3:52 pm

So I was approved the other day for AMEX Green and Gold Delta Sky Miles. Then I figured I might need one more just to complete the "three point play". Denied on everything! LOL!!!! I should have been satisfied with the blessing I was given, so now I'm officially in the garden for a GOOD while. I will enjoy my two new cards responsibly and try for a CLI later on this year on the Gold.

Any ideas on the road ahead to put me in the running for maybe a Chase Freedom, Discover IT, Sapphire, Wells Fargo Home Reward, Cap 1 Quicksilver ( all declined).

Lesson Learned!!!!


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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Feb 05, 2015 6:35 pm

Is your bankruptcy still showing on your credit reports? Even though it was almost 10 years ago, and your FICO is okay, that remains one possible concern for lenders.

And you said in the other thread you still had a balance on your two older cards? Have you been paying them off in full each month or carrying a balance?

Trying to get 7 different cards from 5 different lenders in one day makes you look risky to lenders. Someone with many years of clean history on many cards could maybe pull that off, but not with your history. I probably couldn't even do it with my short history. I have several of the cards you mentioned - or similar ones - and I got them over the course of about 14-15 months, and the shortest time between applications has been a few weeks.

I would not be surprised if Amex wants to verify your income, FR you, or close your accounts.

I'd also suggest going over your past and expected future spending to figure out what you want as far as rewards. If you get a bunch of travel cards with annual fees, spread your spending too thinly, and don't make good use of the rewards and benefits, then the fees will eat up any rewards you might earn.
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

Battery111
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Postby Battery111 » Thu Feb 05, 2015 7:42 pm

CarefulBuilder14 wrote:Is your bankruptcy still showing on your credit reports? Even though it was almost 10 years ago, and your FICO is okay, that remains one possible concern for lenders.

And you said in the other thread you still had a balance on your two older cards? Have you been paying them off in full each month or carrying a balance?

Trying to get 7 different cards from 5 different lenders in one day makes you look risky to lenders. Someone with many years of clean history on many cards could maybe pull that off, but not with your history. I probably couldn't even do it with my short history. I have several of the cards you mentioned - or similar ones - and I got them over the course of about 14-15 months, and the shortest time between applications has been a few weeks.

I would not be surprised if Amex wants to verify your income, FR you, or close your accounts.

I'd also suggest going over your past and expected future spending to figure out what you want as far as rewards. If you get a bunch of travel cards with annual fees, spread your spending too thinly, and don't make good use of the rewards and benefits, then the fees will eat up any rewards you might earn.


Additionally applying for too many cards with signup bonuses at once, even if approved, isn't necessarily a good thing. Can make it hard to meet the spend requirements for them all without buying things you wouldn't otherwise purchase. This then leads to carrying a balance, which will also eat up your rewards value.

Best advice to get these other cards down the road is simple. Pay your bills, in full and on time, each month. Try to avoid letting more than 30% report. Ideally 9% or less. Give it six months to a year and you'll likely be in good shape.

I would say when it's time to go for Discover. The Freedom is a comparably good card and while I have both, if forced to choose, it would be Discover. Reason being that all other things being equal, Discover gives you a free FICO and better customer service. They tend to have similar reward categories, if not in different quarters. The beauty of the Freedom comes if you can get a CSP as well and can make use of the travel partners for points transfers. But then of course you also have the AF on the CSP. If you're wanting it strictly for cash back, then Discover is the way to go in my opinion. I haven't found acceptance to be a significant issue.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

Battery111
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Postby Battery111 » Thu Feb 05, 2015 7:45 pm

You can also try to Recon, particularly with Chase. They're known to be recon friendly. But yeah, with all those apps in such a short time it could be a hard sell. I also doubt you would be able to recon both denials with them successfully, but what do you have to lose at this point unless they insist on doing another HP for the recon?
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

trapstar1
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Postby trapstar1 » Thu Feb 05, 2015 7:49 pm

I have a balance on my cards but already have payments set to payoff three by April. Trust me I'm staying where I'm at, no more!
I thought by "shocking" the system maybe it would be a good chance. I have a plan to pay my AMEX in full each month, and use wisely. Time will heal the inquiries and I will continue on the straight and VERY narrow path. AMEX gave me a chance, I will do right by them.

trapstar1
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Postby trapstar1 » Thu Feb 05, 2015 7:54 pm

Thanks for that advice. I got "approval happy" and went a little crazy, coming back down off the high. Rick James said "cocaine is a hell of a drug" so is credit!

Battery111
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Postby Battery111 » Thu Feb 05, 2015 8:32 pm

trapstar1 wrote:I have a balance on my cards but already have payments set to payoff three by April. Trust me I'm staying where I'm at, no more!
I thought by "shocking" the system maybe it would be a good chance. I have a plan to pay my AMEX in full each month, and use wisely. Time will heal the inquiries and I will continue on the straight and VERY narrow path. AMEX gave me a chance, I will do right by them.


Well when it comes to the green card you don't have much choice. You don't get a lot of wiggle room with a charge card
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

trapstar1
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Location: USA

Postby trapstar1 » Thu Feb 05, 2015 8:41 pm

I will be disciplined and maybe one day be able to add to what I have, its baby steps

trapstar1
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Postby trapstar1 » Thu Feb 05, 2015 8:44 pm

what do you think would be the best way to utilize AMEX green, Gold Delta

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Feb 05, 2015 9:10 pm

trapstar1 wrote:what do you think would be the best way to utilize AMEX green, Gold Delta


Those cards really don't complement each other well. If you fly Delta enough to warrant a $95 card, then a lot of your MR points are probably going to end up as Delta miles anyway. So the Amex Green and Delta Gold will give you nearly identical rewards - just with two separate bills to pay, and two separate $95 annual fees each year. There are some small differences between the cards, but I don't think enough to warrant two fees.

A better combo would have been Delta Gold and Amex Everyday Preferred. The Amex EDP would have been a lot better for everyday purchases - earning MR points at a higher rate to transfer to Delta to become miles.

I think the Green is a complete joke, not even worthy of an annual fee - but some people do like it.
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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