Long story short I made some dumb decisions with credit cards as a young adult. It ruined my credit for 7-8 years. I've been at a place for the last few years where I've finally decided it would be worthwhile to have a card again. I haven't had a credit card in 10-11 maybe 12 years. My transunion and Equifax scores are excellent. I have under $5,000 in debt (car and student loans are my only debts). Yet I was just denied a card. I love capital one saying I had too many inquiries, I have a single hard inquiry from their application. What are my options? I tried to apply with chase prior to this but after a month and them flagging my application as fraudulent twice, I told them to forget it. That application was never processed so I know that's not showing on my report. I don't want to get unnecessary additional hard inquiries and further dings to my credit. I really thought I wasn't going to have a hard time getting a card. Especially considering this card isn't anything special.These were the denial reasons:
• Based on your credit report from one or more of the agencies on the back of this letter,
insufficient revolving account experience
• Based on your credit report from one or more of the agencies on the back of this letter,
insufficient credit card account experience
• Based on your credit report from one or more of the agencies on the back of this letter, there have
been too many recent inquiries
• Based on your credit report from one or more of the agencies on the back of this letter, credit
limit(s) on closed account(s)
Denied credit card with excellent credit and low debt
byu/jordang95 inCreditCards
Posted by jordang95
2 Comments
Call the reconsideration line. You might have more luck talking with a credit analyst. But it seems like you don’t have any credit right now so you should open a secured account or a lower risk card like a CFF or Discover It possibly to help just gain credit history. After 7 years of accounts closed, they drop off your credit report. So to Capital One, you have 0 credit history.
Issuers have to give you four reasons for denying you. The first two in your case are actually pertinent – not having credit card experience. That means they want you to have another card for a year before reapplying for this one. If your application with Chase went thru, then there is prob an inquiry from that (C1 usually pulls all 3 & would have seen it), but that is only a minor issue
Check preapproval for Discover. If they won’t offer you anything, then you could consider a credit union or someone you bank with