Financial questions...
 

Hey guys,

Not sure where to post this but here goes;

Today I received a letter from the Alaske Air Mastercard credit department. I was denied the card - "Excessive" credit inquiries on my file.

First of all, is there a way to reverse that? They did mention that I could contact the 3 major credit bureaus where they based their decision. They even gave the number to contact them.

Should I wait a while before trying to apply again? does this refusal affect my credit score? If so, how can i remedy the situation quickly?

Thanks.

You are carda non grata with BoA. But you get to ask for free credit reports. Sit it out in the penalty box and go for low hanging debit card emiles or erewards fruit or play the Continental, United, or Delta rack-em-up games.

Suspect you have been recycling plastic a little too often.

info...
 

I'm from Canada. No BoA or Delta for me.

I haven't applied for many cards just amex gold and gold biz recently - which are charge cards. But I already have 2 visas (both over 3 years) and one low interest cc with mbna from 6 months ago.

Now, I've read people in the states having over 20 cards at one time.Is what I have too much in Canada?

I think it is more about getting too many cards within a time frame. I have excellent credit but did not start getting cards for bonuses till last fall...when the American Citi 75k offer came out. My husband and I both got the cards...then we got a couple of Chase cards, then an new Am Ex, then a new Capital One, then another Chase card..then I just applied for Alaska B of A and was approved...but then my US Airways card is pending review and I got turned down for the Chase Sapphire because I had already opened 4 new cards with them.

Guess I overdid it for awhile! As someone else said..time to sit in the penalty box and wait it out awhile before I get any new cards!!

I think the people on here with 20 cards took their time and spaced out their "churns". I went from having a couple cards with awesome credit...and then I opened tons of cards! My credit score is still very good, but it looks like lenders are backing off because they can see how much I am applying!

I would recommend waiting at least 90 days until you apply for a new card. I ran into a similar problem last year getting denied by Citi. Unfortunately Chase and AMEX had both used Experian compounded with a loan application that was a hard pull on all three and Citi denied me for "too many recent credit inquiries."

Rejections
 

I've been rejected before for an offer and various "reasons" were cited, which have made me quite cynical about the whole process. Interestingly, those "reasons" were identical to the reasons why my credit score was only in the 790s, not 800s, in the Experian & Equifax reports. You could have one inquiry, and if "too many inquiries" appears on the list of things limiting your credit score, it could get cited. I believe that the reason I was declined was that I already had taken this credit issuer for hundreds of thousands of frequent flyer miles, and they just didn't want to give me more. :rolleyes: For that reason, I always take the rare rejection with a grain of salt.