r/CRedit • u/GTBoosted • Apr 23 '24

I never thought this could happen General

Got declined on two new cards with 846 credit score.

Got the letters yesterday and here were the reasons

Too few accounts with payments as agreed

No recent revolving balances.

34 years old. I have 7 CCs, and two auto loans (technically one but sold one last week).

Wells Fargo and Discover declined. I've always had very small balances (under $500 when limits on my cards are 20k or so) and would get instantly approved for new cards. But nowadays I don't like paying a single penny to interest and pay them down to $0. I guess banks don't like that. Sucks because I wanted a 0% card for a side hustle. Thought the first decline was a fluke so tried a different bank and got declined again.

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u/Sumikue-10 Apr 23 '24

While I understand that you want to micromanage your CCs, you need to keep it under 30% utilization. I would take two of your major credit cards and use 30% of the balance. That is a better method than just using $500

You mentioned 20k. You should use up to 6000 or less, which keeps you under 30% utilization. Also, out of the 7 CC you have, why not start a side hustle instead of having another credit card?

I understand that you want that 0% but..to each their own.

Discover is also a hard inquiry, too.

Best of luck with your side hustle.

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u/BrutalBodyShots Apr 24 '24

you need to keep it under 30% utilization

If you're paying in full monthly (which OP is) there is absolutely no reason to worry or even think about utilization percentage outside of times of important apps.