Declined a CLI through my 5/3rd bank...

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
8 posts
Drudai
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Location: Illinois

Declined a CLI through my 5/3rd bank...

Postby Drudai » Fri Aug 30, 2013 9:51 am

I'm feeling really scorned right now by my bank, :mad:

I opened my 2nd credit card with them in Nov. of 2012, and they gave me $300 CL, which is fine because my credit history was limited.

I decided since my credit score had greatly improved and I have more under my belt I would ask for $700 to make it a $1K CL. I haven't received my letter for the reason it was declined but it was never the less.

Really peeved all things considered. It's now my weakest card and not looking to improve anytime soon.

Tempted to sock drawer or close.

/rant
[size=60]
Chase Freedom: $800
Chase Slate: $500
Discover It: $2000
Sears: $2000
US Bank: $500
AMEX BCE: $2000
[/size]


randeman
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Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Sun Sep 01, 2013 3:42 pm

Don't close it and try not to take it personally. I used to take denials a little to heart myself, but if you look at your position objectively you can generally see the logic. As you have pointed out, you are probably pretty new to the credit game. Also, most likely, your file is quite thin, meaning you don't have a whole lot of credit experience. You need to know that your credit score is just ONE factor in approvals. Types of credit you have, your experience, your payment and usage history, your income and other factors play a role in what you are approved for and what you are not. I kind of learned this the hard way when I went on a who gave my credit-type website and looked at approvals and denials of people with my score or very close to it. I applied for two of these cards thinking that my chances should be good based on my score and...rejection. For both. I was astonished that I was denied for one of the the cards, a Citi card, because I have two accounts and two credit lines with Citi. Just goes to show you that all things credit is YMMV: your mileage may vary.

I don't know that much about 5/3, but don't throw a tantrum, as it were, and close the card just because you didn't get an increase that you asked for. There's a good chance that, with time (months/a couple of years), that card will grow with you.

If I were you, every six months (after you have had this card and the other for at least a year), apply for a few other cards like Chase, Citi, Amex, Discover, etc. I would apply for four or so, just don't get nutty. Most of these cards are good about growing your limits over time, both automatically and with hard or soft credit report pulls. Then, after a couple of years if 5/3 doesn't grow with you and the others do, you might consider closing the door on them. If you close it, you have seven years while it still reports to improve your AoA (age of accounts), which helps your score. If you have the other cards open that are five or so years younger than the 5/3, that will help cushion the blow of the older card dropping off your reports.

You might also want to consider getting an installment loan of some nature if you haven't had one. Creditors like to see your experience with those as well as revolving lines. You can often go to a credit union or another bank which offers secured loans with collateral.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

Drudai
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Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

Postby Drudai » Wed Sep 04, 2013 5:08 pm

Ah, see that's why I'm peeved.

I have a 2k Discover IT, $800 Chase Freedom, and a store card of $2k limit. It's just insulting that my own bank, who I would prefer to build a decent relationship with, gave me the shaft. I don't even like to use the card more than $30/mo lest I go over 10% utilization.
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]

randeman
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Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Thu Sep 05, 2013 9:08 am

Drudai wrote:Ah, see that's why I'm peeved.

I have a 2k Discover IT, $800 Chase Freedom, and a store card of $2k limit. It's just insulting that my own bank, who I would prefer to build a decent relationship with, gave me the shaft. I don't even like to use the card more than $30/mo lest I go over 10% utilization.


I know how you feel. A couple of months ago I went on a spree and applied for, among others, a Citi Hilton card, figuring that since I had a checking, money market, Checking Plus, and a Custom Credit Line with them I would be a shoe in. WRONG! Turned me down flat. I was a little miffed, too. But during that same spree I was approved by Chase for two of their siggies, both with the lowest interest rate of all my cards and the highest limits. A decent trade off, and considering I have the two lines of credit with them already I figured I would be happy with what I have.

If I have learned anything in the past couple of years about credit, it's YMMV. Your mileage may vary. I use a couple of credit education forums that I read through on a regular basis. I see people with what I believe are in better situations than I am not get approved for a trade line that I was approved for, and vice versa. Credit is like fingerprints--everyone is different.

It's natural to take any kind of rejection personally. In some respects it's just a big game. I will just keep playing until I am where I want to be, then just savor the victory.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

Drudai
Platinum Member
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Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

Postby Drudai » Mon Sep 09, 2013 8:30 am

Update:

you know what is ridiculous? I don't think the banker who helped me at my local 5/3rd location even put my request in fully! I just assumed I was declined as my online credit limit line didn't change. However, here I have received my letter from Chase for my increase (which I did the day before) and no notification from 5/3rd on paper or online!

I also had my name changed and the bank did not send me a new bank card automatically like they did my credit card, so I had him request me a new one with my new name. I got the new debit card, but lo-and-behold, it's still my maiden name! I really, really don't think he knew what he was doing.

(Too busy chatting me up. I swear if I didn't point out my marriage 4 times he would have asked me out before I left!)
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]

randeman
Centurion Member
Centurion Member
 
Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Mon Sep 09, 2013 12:37 pm

Sounds like their service doesn't exactly rank them up there with the best.

LOL the last part!
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

Drudai
Platinum Member
Platinum Member
 
Posts: 55
Joined: Sun Dec 16, 2012 8:25 pm
Location: Illinois

Postby Drudai » Sat Sep 14, 2013 7:57 pm

I've called up the 1 800 number on the back of my card and got a new card with the correct last name finally. However, the credit line increase request appears to be in limbo because they said it hasn't been approved nor denied (nearly 2 weeks now) and she said since I haven't received a letter of any sort that I might want to call back on Monday.

Talk about annoying.
[size=60]

Chase Freedom: $800

Chase Slate: $500

Discover It: $2000

Sears: $2000

US Bank: $500

AMEX BCE: $2000

[/size]

randeman
Centurion Member
Centurion Member
 
Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Mon Sep 16, 2013 12:20 pm

So...did you call? What was the result?
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).



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