timothym96 wrote:So much for being approved. I got a call saying that after further review (even though the site said I was approved), they can't open it not because of credit, but they simply didn't like I had 6 cards open (Three Amex which I actually did close a month ago as I only use Platinum now, Citi Diamond, Jcrew, and Best Buy) they can't reconsider the application even though it was on my credit report they were closed. After further research this is clearly a policy that was just recently put in place, but seems very odd how they can see they are closed but won't budge.
So there's a sad Tuesday morning...
Sorry to hear about that. The policy has been around for a few months, but you didn't mention (and we didn't ask about) other accounts besides Citi and Amex.
Since you're 19, it sounds like all the cards have been opened within the last two years. It's the fact that you've opened a lot of credit recently (within two years) that bothers them. The fact that the accounts are now closed doesn't counteract the fact you opened them.
A lot of new accounts tend to suggest:
1. A person may be financially in trouble, or may expect to be in trouble soon.
2. A person may be looking for bonuses without planning on spending much or keeping the cards after a year or two.
3. A person may be more likely to make late payments if they have more cards and can't stay organized.
So the policy isn't without some logic.