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Just got declined with an 800 credit score


glassjoe
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I thought that I would do a pre qual with GS Marcus for a personal loan for kicks. I have a GM Mastercard and GM business MC with them that I just got within the last 2 months. CLs are $13k and $5.5K, with $0 balances respectively. I wouldn't have accepted it even if I got approved. Interesting to know that these decisions are based on more than just credit score.

 

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how many accounts opened in the past 24 months? IIRC GS is as such sensitive especially with thin files.

 

also, what is on your SS report?

 

interesting it may not be a FICO score.

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28 minutes ago, hegemony said:

how many accounts opened in the past 24 months? IIRC GS is as such sensitive especially with thin files.

 

also, what is on your SS report?

 

interesting it may not be a FICO score.

It's my Fico 9

mEv1x0b.png

 

Just finished an app spree.

Since March

Amex Plat

GS Apple Card; $10k

GS GM Card $13k

Citi Costco $10k

GS GM Business $5.5k

Cap 1 Venture $1k

September

Toyota Financial $60k vehicle loan

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Been biting my tongue on this one for awhile, so it's not directed at OP:

 

More than ever before I'm absolutely mystified by what motivates "app sprees".

 

Inquiries, in the larger picture are relatively inconsequential ("relatively" is the key word); New accounts are quite consequential ... along a number of avenues).

 

Since I make it a rule to only open an account that has immediate benefit (beyond a SUB), along the lines of bonus cb on a frequent spend category, elevated cb on all spend for a period, a no-fee 0% bt opportunity, or the like, I can only reasonably accommodate 1 or 2 new accounts into my spend at any given time.

 

Further, I prefer opening an account that prompts significant immediate spend on the card, setting myself up generous CLI consideration in the short term.

 

I suspect many app sprees (not all, of course) of giving rise to ultimate card "deadwood", leaving some to aggressively chase after account inactivity for cards that have no likely future utility.

 

I presume I'm simply out on a long limb here inasmuch it seems that such sprees are generally encouraged, particularly among those building/rebuilding credit.

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52 minutes ago, hdporter said:

Been biting my tongue on this one for awhile, so it's not directed at OP:

 

More than ever before I'm absolutely mystified by what motivates "app sprees".

 

Inquiries, in the larger picture are relatively inconsequential ("relatively" is the key word); New accounts are quite consequential ... along a number of avenues).

 

Since I make it a rule to only open an account that has immediate benefit (beyond a SUB), along the lines of bonus cb on a frequent spend category, elevated cb on all spend for a period, a no-fee 0% bt opportunity, or the like, I can only reasonably accommodate 1 or 2 new accounts into my spend at any given time.

 

Further, I prefer opening an account that prompts significant immediate spend on the card, setting myself up generous CLI consideration in the short term.

 

I suspect many app sprees (not all, of course) of giving rise to ultimate card "deadwood", leaving some to aggressively chase after account inactivity for cards that have no likely future utility.

 

I presume I'm simply out on a long limb here inasmuch it seems that such sprees are generally encouraged, particularly among those building/rebuilding credit.

 

in other words, dopamine

 

 

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1 hour ago, hdporter said:

I presume I'm simply out on a long limb here inasmuch it seems that such sprees are generally encouraged, particularly among those building/rebuilding credit.

 

I think the reasoning has been that if someone is just starting to rebuild, and after five years, they want to have five accounts, then getting all five at once in the beginning leads to a better AAoA than adding one new card per year.

 

Nevertheless, I'm with you.  I prefer to proceed slowly and only get cards that will have long-term benefits for me.  That has not hindered me from ending up with scores well over 800 once my BK fell off the reports.

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Been biting my tongue on this one for awhile, so it's not directed at OP:
 
...
 
Since I make it a rule to only open an account that has immediate benefit (beyond a SUB), along the lines of bonus cb on a frequent spend category, elevated cb on all spend for a period, a no-fee 0% bt opportunity, or the like, I can only reasonably accommodate 1 or 2 new accounts into my spend at any given time.
 
Further, I prefer opening an account that prompts significant immediate spend on the card, setting myself up generous CLI consideration in the short term.
 
I suspect many app sprees (not all, of course) of giving rise to ultimate card "deadwood", leaving some to aggressively chase after account inactivity for cards that have no likely future utility.
 
...

I find that view to be incredibly shortsighted.

The key to this game is diversification. On more than one occasion I have had a card turn into virtual gold bullion. On the other hand, I have had cards that were considered gold turn into .

Some time ago I was bored and caved to @Hegemony's insistence to get the AmEx Blue Business Cash Card. That card is, to me, far less valuable that a Citi Double Cash or a PenFed Power Cash Rewards Card. Now, however, the AmEx Blue Business Cash Card is more valuable than gold bullion.

Every month I incur about $3,500 in FedEx charges. These charges are ultimately paid by @Hegemony's tax money. After these FedEx charges are paid, FedEx rebates 30% to me. AmEx then rebates an additional 30% of the initial amount to me because I pay with the Blue Business Cash Card. AmEx then gives me 2% rewards on the original purchase amount.

I dare any Einstein here to tell me they are earning $2,170 every month for virtually no spend on any of their cards.

I had long ago an HSBC card that was . Now it is a $100k CapOne card that, before the prevalence of 2% cards, pretty good. I still use it sometimes because they charge no foreign transaction fees.

I also have cards now that were once great that have turned to .

Diversification is key. Nobody here knows what will happen tomorrow. Those who put their faith in their HSBC cards are now getting FITA because HSBC is schlepping them off to some scum bank. Barclays used to have a decent Uber card, but that has been given the axe.

The general rule is to get while the gettin' is good. You might think you have enough now, but in the future when you decide you need more it's entirely possible cad issuers are not in the giving spirit. Maybe you have enough now and then a bit later card issuers get a bug up their butt and start slashing everybody's limits. It has happened.

Today's "deadwood" can be tomorrow's gold.


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45 minutes ago, PotO said:

The general rule is to get while the gettin' is good. You might think you have enough now, but in the future when you decide you need more it's entirely possible cad issuers are not in the giving spirit. Maybe you have enough now and then a bit later card issuers get a bug up their butt and start slashing everybody's limits. It has happened.

Today's "deadwood" can be tomorrow's gold.

For this, I salute you.  

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Posted (edited)
2 hours ago, PotO said:

I find that view to be incredibly shortsighted.

The key to this game is diversification. On more than one occasion I have had a emoji90.png card turn into virtual gold bullion. On the other hand, I have had cards that were considered gold turn into emoji90.png.

 

It's always good to disagree with you @PotO.  (Of course, even better when we're in agreement ;)

 

You know you're the "exception" guy.  It's happened more than one that I've looked askance at the prospects of one of your card relationships (before and/or after the fact), only for you to build "it" into something exceptional.  In my book, you get to make your own rules :)

 

That has much to do with your unparalleled perseverance and determination on the credit front.  (I definitely don't count myself as being in your "league" ... although I occasionally pony up to the bar as a "poser" ;)

 

The advice /perspective that I churned out earlier in the thread is very much targeted to those who manage their credit relationships little better than the sole of their shoe ("if something sticks, that's good").

 

Look, if someone want to engage in a app spree and they do so with a modicum of strategy, I don't have a bone to pick. 

 

(That said, I think there's a lot to be said for cultivating use and relationship in the first year of card membership.  It can be both cumbersome and disadvantageous to engage in such activity on more than 2 or 3 new accounts in a year, while still taking advantage of the best that the existing herd has to offer.  So I'll stick to my self-set limitations, which has worked nicely for me thus far and not limited me from taking advantage of anything exceptional that has cropped up.)

 

What I refuse to cheer on is the present day equivalent of quickly app'ing every Comenity card in sight, as if you're going to win a new car if you complete the "full set".  And, there's a fair amount of that still going on, in different guises.

Edited by hdporter
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For this, I salute you.  

This is something everybody here on CB should have learned if they paid attention to our illustrious ancestors Bob Wang, Mindy, Mr. Juggs, Hegemony, Kat58 et. al.

One name I forgot, ashamedly, is a guy who had a nice, long thread on the Installment Loan Hack. He always had a solid grasp on the credit game.


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...
 
Look, if someone want to engage in a app spree and they do so with a modicum of strategy, I don't have a bone to pick. 
 
(That said, I think there's a lot to be said for cultivating use and relationship in the first year of card membership.  It can be both cumbersome and disadvantageous to engage in such activity on more than 2 or 3 new accounts in a year, while still taking advantage of the best that the existing herd has to offer.  So I'll stick to my self-set limitations, which has worked nicely for me thus far and not limited me from taking advantage of anything exceptional that has cropped up.)
 
What I refuse to cheer on is the present day equivalent of quickly app'ing every Comenity card in sight, as if you're going to win a new car if you complete the "full set".  And, there's a fair amount of that still going on, in different guises.


I find that sometimes the shotgun approach is not a bad strategy. I agree that applying for every Comenity card possible is a poor use of resources. One definitely should not waste time on a closet full of Stinkrony and Comenity, but they do have some potentially worthwhile offerings.

I don't see much downside in experimenting. It's not like buying stock where you can end up losing everything. With a CCC (crap credit card) you take the SUB and then dump the card if it becomes a liability to maintain.

Were I just starting out, I'd probably go for as many as I could get approved for and let them all mature together for a couple of years until losing the stench of a thin file.

I find it easy to manage accounts -- lots of accounts. All you need is 15 minutes per day and a few tools: Excel, a legacy copy of MS Money, e-mail / mobile alerts and automatic payments.


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This thread is the perfect reminder of why people should GET credit when the getting is easy and NOT when the financial climate is clearly on the downhill portion of the roller coaster ride.  The economy sucks.  As a result, banks are tightening the purse strings.  And setting aside that score has NEVER been the primary driver, it is going to be even LESS of a factor now that more and more people know how to game the system for higher scores.  

 

I actually welcome a return to the days of prudent underwriting, where capacity and collateral actually matter. 

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  • 2 weeks later...

I can tell you right now, you were declined for inquiries. Goldman Sachs hates inquiries and they have a cutoff of 6 (or maybe 5) within the last 6 months where they will automatically deny you. I have run into this with my Apple Card. They will deny new applications as well as CLI requests if you have more than their acceptable number of inquiries. The good news is that if you go below their threshold for inquiries, you can try again, and likely be successful.

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8 hours ago, RehabbingANDBlabbing said:

I can tell you right now, you were declined for inquiries. Goldman Sachs hates inquiries and they have a cutoff of 6 (or maybe 5) within the last 6 months where they will automatically deny you. I have run into this with my Apple Card. They will deny new applications as well as CLI requests if you have more than their acceptable number of inquiries. The good news is that if you go below their threshold for inquiries, you can try again, and likely be successful.

 

Agree.  One can have just about any credit card they want, but you can't have them all.

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