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Originally Posted by garykung
(Post 25244712)
I am surprised that OP will not stop trying to get new credits.
Unless you are doing AOR and you know for sure why you are being denied, you should not submit a new app at least for months. I wait in between months now.
Originally Posted by blitzen
(Post 25243940)
People? Who exactly? It might be that your CL is maxed but it depends too who many banks are involved, yearly income, ....
Utilization too high plus now a lot of recent requests > don' t borrow from your cc to invest ( wouldn't do that myself) and let it be for 6 month then check your FICO and .... Thus, I closed some credit and that did nothing.
Originally Posted by nwflyboy
(Post 25243977)
Borrowing money from a credit card for "investments"? Hoo-boy, that sounds like a real can of worms...
Originally Posted by bmwclubracer
(Post 25243991)
I was wondering if anybody else caught that.
Let's say I am using a 0% CC for 2.5% high interest savings account.
Originally Posted by nwflyboy
(Post 25243977)
Well, with all the stats you posted, you have failed to list the most important one: your annual income.
Your total CL means nothing by itself. It means a lot in relation to your income. If you're pulling down $250,000 a year in documentable income (salary, not trips to Vegas), your CL of $34K-$48K would look great. OTOH, if your annual income is just $20K then every bank is going to run away from you. Your high utilization is certainly a contributing factor. Borrowing money from a credit card for "investments"? Hoo-boy, that sounds like a real can of worms... For income, I put $90,000 but it is still rejection. |
Originally Posted by techcrium
(Post 25243844)
4. My outstanding credit is $21,000 (typical of using 0% credit arbitrage)
Originally Posted by techcrium
(Post 25244974)
For income, I put $90,000 but it is still rejection.
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Originally Posted by mia
(Post 25245045)
$21,000 unsecured debt on $90,000 income is almost certainly a big part of the problem. You don't see it as a problem because the minimum payment is low, and the money is sitting in an investment account, but that asset is invisible to the issuers and to the FICO formula. You look like a high risk because you have borrowed 23% of your gross income. It would be different if this were in the form of a mortgage or an auto loan, because the issuers know there is security pledged to secure the loan.
What income amount can support a $21,000 debt then? $125,000? 2. I have been doing the 0% APR for the last 3 years (and its been going very well). It is only the last year for some reason that they stopped approving me of credit. |
Are you really making $125k or even $90K? Or just putting down a number you think you will work?
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Originally Posted by techcrium
(Post 25243844)
Upon glancing my credit file, it is pretty typical of a credit card churner?
Yet Ive been rejected for the last 7 applications over the past year. CIBC Tim Hortons card Capital One Travel World Amazon BMO Marriott Marriott again after 3 months CIBC I'd think CIBC is very easy and if they even decline you...something is up Just wait 6+ months and try again Definitely wait 6+ months for Chase It also comes down to your income too, as others said |
Originally Posted by MagicSam
(Post 25245685)
Are you really making $125k or even $90K? Or just putting down a number you think you will work?
Sounds like the OP has little or no actual, documentable income, and he's just pulling "income" numbers out of a warm, moist, dark place. I wonder what other factors are in play here that we're not being told. Sure, how you "invest" you money is your own business. And how credit-worthy the banks see you is their business. Literally. Lots of red flags here in this thread. The banks obviously can see them, too. |
Originally Posted by nwflyboy
(Post 25246343)
This.
Sounds like the OP has little or no actual, documentable income, and he's just pulling "income" numbers out of a warm, moist, dark place. I wonder what other factors are in play here that we're not being told. Sure, how you "invest" you money is your own business. And how credit-worthy the banks see you is their business. Literally. Lots of red flags here in this thread. The banks obviously can see them, too. I don't quite understand, what are the red flags? I've had 10 years of credit history, never late on a payment... I've had $48,000 worth of credit and now im down to $34,000 and I still get denied. I've done the 0% for the past 3 years with 0 problems getting credit... As for income, my total income definitely made over $100K this year (employment, business, dividend, and capital gain)
Originally Posted by MagicSam
(Post 25245685)
Are you really making $125k or even $90K? Or just putting down a number you think you will work?
So I am told I don't make enough to support my debt. Alright, so what income do I need to support $21,000 worth of outstanding debt? |
Originally Posted by techcrium
(Post 25244974)
I waited 3 months for an application last week and I still got rejected.
I wait in between months now. Because at the same time, you have to protect yourself from over inquiries. |
Rejected from last 7 applications [Canada]
Brw Marriott would not tell you that you have too much credit the issuing bank does that
If that would have been the case you should have offered to move credit from one to the new account |
Originally Posted by techcrium
(Post 25246475)
So I am told I don't make enough to support my debt. Alright, so what income do I need to support $21,000 worth of outstanding debt?
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Originally Posted by techcrium
(Post 25245300)
1. ok so my income needs to be higher then.
What income amount can support a $21,000 debt then? $125,000? |
Rejected from last 7 applications [Canada]
So you invest 21k in a 2.5% CD? Per Year $525
That is what keeps your credit score down. You decide if it is worth it |
Originally Posted by techcrium
(Post 25246475)
My income is over $100K as per my quote above.
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Originally Posted by techcrium
(Post 25246475)
I don't quite understand, what are the red flags?
I've had 10 years of credit history, never late on a payment... I've had $48,000 worth of credit and now im down to $34,000 and I still get denied. I've done the 0% for the past 3 years with 0 problems getting credit... As for income, my total income definitely made over $100K this year (employment, business, dividend, and capital gain) My income is over $100K as per my quote above. So I am told I don't make enough to support my debt. Alright, so what income do I need to support $21,000 worth of outstanding debt? I'd just take a break, wait 6+ months, and hope your score goes to 700+ and then re-apply You applying 7 CC in 1 month may have triggered some alert |
Originally Posted by techcrium
(Post 25246475)
I don't quite understand, what are the red flags?
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