Kaiokenryu wrote:I only have 2 cards...I've had them for 14 and 6 years respectvely in order of AAoA.
I also have a business charge card.....but its not on my credit file as a balance posting card. but the inquires are there.
i tried to diversify by getting at least two more cards....I was rejected.
reason being specifically my fico score for three reasons:
not enough credit diversity
i know that time will take care of the first as i pay my balances down. my scores should rise allowing me to take care of the third reason....
the middle one i don't know about. how long can the point drop from two apps hurt my score before I gain those points back.
inquiries drop off after 2 years, but it doesn't really look like you would have much at all (unless you applied for other loans, moved to a new apartment, etc). this makes me doubt inquiries really had anything to do with it, but the system threw it out there as a potential reason since it factored into their internal score to approve/disapprove. you could always check your credit report to find out exactly how many inquiries are on your record.
most likely than not, it is your balance, and if your util ratio is high, it might be the ONLY thing you may have to fix before you can try to reapply. i also don't see credit diversity as something you should change for the sake of increasing your score, unless it fits within your plans to increase your debt for a large purchase.