Originally Posted by
thegasguru
Relax! The only affect it will have on your credit score is that there will be 1 inquiry on your report. That's it. The only people who will know that you were denied is you and Amex (Surpass). Your denial is not part of your credit history, only the inquiry is. And an inquiry typically only lowers your score by 4 to 5 points. No big deal.
Consider it a learning experience, in that the next time you apply for a card, you'll be better prepared to have answers to some of the more common questions you might be asked.
One thing I'm curious about, though: stay at home spouses usually get to have household incomes considered. Did you apply for a business Surpass card?
It was a personal card. Below I've quoted the new rule. Companies don't have to comply until Oct. 1, but obviously some have begun.
"The Federal Reserve on March 18 told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered.
One major effect of the new regulation: Stay-at-home moms (or dads) without significant outside income no longer will be able to open their own credit card accounts -- and establish their own credit histories to build their credit scores. Compliance with the rule is mandatory by Oct. 1, 2011, though credit card companies can begin operating under it immediately."
From creditcards.com