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Other factors to consider:
1. Income 2. Payment history 3. Credit utilization 4. Suspicious transactions 5. Other banking relationships, e.g. they treat someone with $2 Million in investment accounts different than someone with $500 in savings. |
Originally Posted by RedSun
(Post 31513416)
I do not really know what CC banks you opened those CCs. Most big CC Banks would have just deny you based on the frequent inquiries and new accounts.
Can you mention some CC bank names? And I would completely agree with those that have mentioned it. I would never give myself a credit card if I looked at my history because it is obvious I'm in for the sign on bonus and they won't make a penny off me. They will lose money. But doesn't that summarize 90% of us? Let's face it, most of us are just taking advantage of a loop hole that banks are slowly closing. I was simply trying to figure out if there were new unpublished rules I should be aware of so I stop trying those I'm unlikely to be approved for. |
Originally Posted by XStroX
(Post 31513922)
Not following. I've had every major travel credit card (airlines, hotels, cash back, points, etc) you can think of with every major bank (BoA, Citi, Chase, Barclays, AmEx) and many of them I've had multiple times. Never was denied a single time (same with my wife) until this past April.
And I would completely agree with those that have mentioned it. I would never give myself a credit card if I looked at my history because it is obvious I'm in for the sign on bonus and they won't make a penny off me. They will lose money. But doesn't that summarize 90% of us? Let's face it, most of us are just taking advantage of a loop hole that banks are slowly closing. I was simply trying to figure out if there were new unpublished rules I should be aware of so I stop trying those I'm unlikely to be approved for. Card issuers are moving agressively to shed unprofitable customers. If your profitability does not justify your credit risk, it is curtains. No bank will make the mistakes it made back in 2007 and 2008 if another recession hits in 2020. |
Originally Posted by XStroX
(Post 31513922)
Not following. I've had every major travel credit card (airlines, hotels, cash back, points, etc) you can think of with every major bank (BoA, Citi, Chase, Barclays, AmEx) and many of them I've had multiple times. Never was denied a single time (same with my wife) until this past April.
And I would completely agree with those that have mentioned it. I would never give myself a credit card if I looked at my history because it is obvious I'm in for the sign on bonus and they won't make a penny off me. They will lose money. But doesn't that summarize 90% of us? Let's face it, most of us are just taking advantage of a loop hole that banks are slowly closing. I was simply trying to figure out if there were new unpublished rules I should be aware of so I stop trying those I'm unlikely to be approved for. What you said are the churners. I believe most of the members here have graduated from churning and more into the next stage of the travel/journey. For churning, go to reddit or myFICO forum for a lot more info. |
Originally Posted by XStroX
(Post 31513922)
Not following. I've had every major travel credit card (airlines, hotels, cash back, points, etc) you can think of with every major bank (BoA, Citi, Chase, Barclays, AmEx) and many of them I've had multiple times. Never was denied a single time (same with my wife) until this past April.
And I would completely agree with those that have mentioned it. I would never give myself a credit card if I looked at my history because it is obvious I'm in for the sign on bonus and they won't make a penny off me. They will lose money. But doesn't that summarize 90% of us? Let's face it, most of us are just taking advantage of a loop hole that banks are slowly closing. I was simply trying to figure out if there were new unpublished rules I should be aware of so I stop trying those I'm unlikely to be approved for. |
My wife had not had an AS card in over 3 years so she was not violating the 24 month rule. Her first application was for the AS card and her second application was for the Premier Rewards card. Did not lower CL on the AS cards. I did not do that the previous 4 times I had an AS card or the previous 2 times my wife had an AS card. Perhaps I should have though.
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I wanted to provide an update for those interested. I found a reconsideration number for BoA (hard to find) and spoke with a nice woman on the phone last night.
She read me the reasons (there were 2) for the denial: number of recent accounts opened and my other relationships with BoA (I don't have any other accounts with them). She said having other accounts with BoA is not a requirement but is taken into consideration. I pointed out I haven't opened any accounts in 7+ months which would seem to contradict their stated rationale for the denial. She pulled up my credit report and agreed. She then went on to highlight that I've recently closed 3 accounts and that I currently have 10 accounts open (none are with BoA). I asked if that was an issue and she said it is taken into consideration. She then said she would put another set of eyes on my application and after 5 minutes came back and said they still would not approve the account at this time. When I asked for the reason she wouldn't give anything specific but implied they are taking a more holistic view now (to prevent churning we all know). I asked what I could do to qualify she said it will just take time. Recommended I wait 6 months. So nothing concrete but pretty clear they have tightened the belt and no longer just look at one or two metrics from a credit report. |
The 90% was in regards to people in this forum. Not in regards to credit card users. Perhaps I still exaggerated a bit.
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Originally Posted by XStroX
(Post 31514191)
I wanted to provide an update for those interested. I found a reconsideration number for BoA (hard to find) and spoke with a nice woman on the phone last night.
She read me the reasons (there were 2) for the denial: number of recent accounts opened and my other relationships with BoA (I don't have any other accounts with them). She said having other accounts with BoA is not a requirement but is taken into consideration. I pointed out I haven't opened any accounts in 7+ months which would seem to contradict their stated rationale for the denial. She pulled up my credit report and agreed. She then went on to highlight that I've recently closed 3 accounts and that I currently have 10 accounts open (none are with BoA). I asked if that was an issue and she said it is taken into consideration. She then said she would put another set of eyes on my application and after 5 minutes came back and said they still would not approve the account at this time. When I asked for the reason she wouldn't give anything specific but implied they are taking a more holistic view now (to prevent churning we all know). I asked what I could do to qualify she said it will just take time. Recommended I wait 6 months. So nothing concrete but pretty clear they have tightened the belt and no longer just look at one or two metrics from a credit report. I'm getting no love from BOA either, and it makes me hurt inside. |
My wife and I both applied for AS cards and were both denied. Two months later I applied again and was approved. We have no BofA accounts, and have not held AS cards in several years. I had an Amtrak card but canceled it recently.
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BoA is relationship bank and I would suggest keeping one no annual fee card open with them to help with applications in subsequent years. They allow product changes from co-brand cards to their own cards, so you can easily go from an AS card to a BoA Cash Rewards card for example.
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Originally Posted by javabytes
(Post 31511241)
Let’s be honest... 50 CCs opened in 7 years and only two kept > 1 yr... you’re everything a bank tries to avoid. No judgement here, simply fact. So as you pursue trying to get someone to look at your credit and override the initial decision, keep in mind that such a large number of accounts with such a short lifespan clearly indicates you’re a churner and that you’re only in it for the signup bonus, and that you’re wildly unprofitable to them. You shouldn’t be surprised when they act accordingly.
Originally Posted by sdsearch
(Post 31512560)
Stop focusing just on 90 days. More and more banks are (without explicitly saying so) coming very close (perhaps not exactly) to Chase's 5/24 limits (which no more than 4 new accounts showing on your credit with an "opened on" date in past 24 months).
Barclay and BofA may both be leaning that way, based on reports in other threads, without every saying so publicly (and without necessarily faxing a "fixed" N/24 limit the way Chase seems to have). Those people who are under Chase's 5/24 limit also seem to have little problems applying for BofA and Barclay cards much of the time. Those people who brag that they are "LOL/24" at Chase are then surprised to find themselves being denied at more and more banks, including BofA. Both of these posters are spot on. The CC world is changing, more and more lenders are tightening up, and if your credit report looks like you're a churner, you're not going to get far even when you do convince a rep to manually review your file. |
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