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Denied a credit card for having too high of credit rating?
Posted on 6/28/24 at 4:20 pm
Posted on 6/28/24 at 4:20 pm
I use my credit card specifically for groceries and gas. I keep my usage below 5% and have a credit score of , 815. I was denied a new card because they said I don't keep enough revolving balances. Is this common? I haven't applied for a new card in probably 6+ years.
6
Posted on 6/28/24 at 4:24 pm to LoneStar23
quote:
I use my credit card specifically for groceries and gas. I keep my usage below 5% and have a credit score of , 815. I was denied a new card because they said I don't keep enough revolving balances. Is this common? I haven't applied for a new card in probably 6+ years.
Why would they want you if you don’t use over 5%? That’s almost like not using it, they cant make money off of you
This post was edited on 6/28/24 at 4:27 pm
Posted on 6/28/24 at 4:29 pm to kc8876
Well it's a catch 22. If you use more than 10% it hurts your credit score but then if you don't use enough they hate you
Posted on 6/28/24 at 4:45 pm to LoneStar23
quote:
Well it's a catch 22. If you use more than 10% it hurts your credit score but then if you don't use enough they hate you
You have no idea what you’re talking about
Posted on 6/28/24 at 4:47 pm to kc8876
quote:
You have no idea what you’re talking about
Lol okay, credit usage percentage has a high impact on your credit score but what do I know
This post was edited on 6/28/24 at 4:49 pm
Posted on 6/28/24 at 5:09 pm to LoneStar23
quote:
Lol okay, credit usage percentage has a high impact on your credit score but what do I know
Of course it does. I was responding to your comment about using over 10 percent of it bringing your score down. The effect would be negligible. Keep it under 30% and pay your balance off every month and you’ll be fine, and still have a score over 800. Having a credit card and only using 5% of your credit usage because you’re worried about your score fluctuating 15-20 points is ridiculous
This post was edited on 6/28/24 at 5:22 pm
Posted on 6/28/24 at 5:33 pm to LoneStar23
Which card were you denied?
Posted on 6/28/24 at 5:51 pm to LoneStar23
quote:
Well it's a catch 22. If you use more than 10% it hurts your credit score but then if you don't use enough they hate you
Citi cut my limit because I wasn't running a crazy high balance.
I think they make enough off my tax dollars so they don't need interest rates on top of that.
Posted on 6/28/24 at 6:22 pm to LoneStar23
Never heard of this before, what card was it?
Do you have other cards through this bank that you never use?
Do you have other cards through this bank that you never use?
Posted on 6/28/24 at 6:47 pm to nugget
quote:
Which card were you denied?
Sofi 2% unlimited cash back. I wanted a card with no category restrictions, no annual fee and I was going to use it more. Currently I just use the Capital one savor for 3% back on groceries
Posted on 6/28/24 at 9:10 pm to Bestbank Tiger
quote:
Citi cut my limit because I wasn't running a crazy high balance.
That’s strange. 3 or 4 years ago a card increased my credit limit and I called to ask them to lower it back. I was worried that my somewhat low spend and paying it off every month would hurt my score.
Now I’ve just let it go and don’t worry about it.
This post was edited on 6/29/24 at 10:46 am
Posted on 6/28/24 at 11:20 pm to LoneStar23
quote:
Well it's a catch 22. If you use more than 10% it hurts your credit score but then if you don't use enough they hate you
I don’t know what percentage of my credit I was using, but I put $1,200 of dental work on Care Credit about 6 months ago and my score dropped from 815 to 775
paid it off over a couple of months, back up to 814. Crazy how that works.
Posted on 6/29/24 at 7:04 am to LoneStar23
quote:
I was denied a new card because they said I don't keep enough revolving balances. Is this common? I
Never heard of that, but maybe there are new red flags since consumer credit debt is at an all time high and they don't want to risk someone having tons of open credit sitting there and then it being run up and default
They want proof of consistent historical usage/payments
Posted on 6/29/24 at 7:21 am to LoneStar23
Use as in carry a balance? I frequently max mine out and pay it off in the same month. Doesn’t negatively affect me score.
Posted on 6/29/24 at 10:16 pm to LSUGUMBO
quote:.
I put $1,200 of dental work on Care Credit about 6 months ago and my score dropped from 815 to 775
People with bad teeth tend to be poor credit risks.
Posted on 6/30/24 at 6:29 pm to LoneStar23
Credit scores = How good of a debt slave you are
Posted on 6/30/24 at 6:32 pm to Hussss
quote:
Hussss
Who let this loon out of his cage?
Posted on 6/30/24 at 7:32 pm to Hussss
quote:or how bad of a debt slave for some of us
Credit scores = How good of a debt slave you are
Posted on 6/30/24 at 8:20 pm to LoneStar23
quote:
Sofi 2% unlimited cash back. I wanted a card with no category restrictions, no annual fee and I was going to use it more. Currently I just use the Capital one savor for 3% back on groceries
You don't want that card anyway. They won't give you a credit limit increase. You can't even request one.
Fidelity has a 2% cash back and Citi has a double cash back. Wells fargo has a 2% as well. I'd get the citi when it has a sign up bonus.
Posted on 6/30/24 at 10:31 pm to LoneStar23
It's not common. However, there are datapoints from the myfico forums and reddit which seem to indicate that a handful of cards have algorhithms which purposefully try to screen out:
1) People who never run a balance
2) People who churn credit card bonuses
3) People who maximize the bonus categories on lots of different credit cards
Right now, the Capital One Venture X seems to be the most notorious card along these lines. Some individuals with 800+ credit scores and impecable records have reported being denied "for too many revolving credit lines" and/or other seemingly bogus reasons. Others with credit scores between 730-800 and minimal lines of credit have had few problems with their applications.
This doesn't seem to be a widespread issue. However, I wouldn't be surprised if more credit card issuers try to tweak their algorhithms to focus on the "highly profitable" card holders who carry balances but don't default.
1) People who never run a balance
2) People who churn credit card bonuses
3) People who maximize the bonus categories on lots of different credit cards
Right now, the Capital One Venture X seems to be the most notorious card along these lines. Some individuals with 800+ credit scores and impecable records have reported being denied "for too many revolving credit lines" and/or other seemingly bogus reasons. Others with credit scores between 730-800 and minimal lines of credit have had few problems with their applications.
This doesn't seem to be a widespread issue. However, I wouldn't be surprised if more credit card issuers try to tweak their algorhithms to focus on the "highly profitable" card holders who carry balances but don't default.
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