Credit Tips: Credit Card Denial Due to High Revolving Accounts

Written by carnold
Posted On: February 1, 2006

Author: Credit_Confused
Posted: Wed Oct 15, 2003 11:00 am
Post subject: Credit Card Denial Due to High Revolving Accounts
Hello,

last year i applied for a credit card and was denied. i want it b/c it’s a low fixed rate with a platinum limit. when i was denied, i received a letter saying it was b/c of high revolving accts. i would like to apply again this year, but i want to know what makes me a more attractive candidate b/c i don’t want to be denied a second time.

i have 3 credit cards- one of which is a platinum card with a 10,000 max. limit. only two of my cards have balances and can be paiof off immediately. i have one dept store card and several thousand in college loans. one of my credit cards and my dept store card has a 0 balance.

will cancelling two of my credit cards improve my chances? will paying off a quarter of my school loans do it?

i asked for a credit report and got a good rating although it was’t great. i think it was in the upper 600’s out of 800.

thanks for the advice.

Author: Steve
Posted: Fri Oct 24, 2003 11:54 pm
Post subject: Credit Card Denial Due to High Revolving Accounts

Do not close your existing credit card accounts as that will make your debt to available credit ratio worse.

Your current ratio is probably good enough to get the card, providing that was the only reason why they denied you the card the first time around.

You should pay the cards with a balance. Credit cards are one of the most expensive methods of credit. The interest on your student loan is probably much less than the rate on your credit cards. Always pay the debt with the most expensive interest rate first.

Author: Aisha
Posted: Sun Oct 26, 2003 4:45 pm
Post subject: Credit Card Denial Due to High Revolving Accounts

Not only is the payment history a factor and credit to debt ration, but a real big factor is length of time you have had credit and you’re income. All of what Steve has said is true and what I have said applies. Creditor’s have changed the way they issue credit and in our current economy it is getting more difficult to obtain prime credit. Your FICO needs improvement at least to at least 700-750. Pay down all bills but don’t close any that have significant available credit.

Author: Eugene
Posted: Sun Oct 26, 2003 11:37 pm
Post subject: Credit Card Denial Due to High Revolving Accounts

Quote:
will cancelling two of my credit cards improve my chances?

Read this:http://moneycentral.msn.com/content/Banking/Yourcreditrating/P41876.asp