Well, I took a chance. My CreditExpert score is 773, so I took a chance and applied for the Everbank Platinum Visa. I just found out I was denied. The rep said she couldn't tell me why, but I would receive a letter. Right now my credit report is only showing about 10k of revolving debt on credit limits totalling about 105k. That is why my score is so high. I have about 15k more revolving debt, but those 2 companies haven't reported it yet (recent balance transfers). So I guess you need better than a 773 CreditExpert score to get the Everbank platinum card.
Why should they give you a card? How are they going to make any money from you? You have $100k lines and are using 20%? How likely is it that you would cary a balance with them? Answer, very unlikely, and you have a lot of potential debt already. I don't understand WHY you applied.
Actually, it is very likely I would carry a balance with them because there interest rate is 8.65%. Also, when I applied, I filled out the balance transfer request, so it was obvious I was planning on carrying a balance with them. And I do have very adequate income to support the credit limits that I have. I applied because of the interest rate, and the other benefits of the card. Isn't that reason enough? A person does not have to be desparate to apply for a credit card.
Other, I'm sorry you didn't get Everbank. I'm think you may be having the same problems as George and creditworks. Once you hit the 100K-150K line it seems that rules for establishing additional credit are alot stricter. It's sad that the companies don't base it on an exceptional credit record rather than how high your credit lines are. Dani
I agree Dani that could be it. I'd really like to dump a couple of my credit cards that I don't like the terms of. I won't do it until I have something to replace them with because I don't want to screw up my debt to limit ratio. Lowering that ratio has made a big difference in my credit scores.
I am about to test the theory that lowering my debt will increase my chances of getting better cc or terms with existing cc. Just paid off my Providian account (3k) and Cap 1 is next. Balance to CL limit should be about less than 5% when I am done. Best regards, Sam
I was declined with 723 CreditExpert. The Everbank rep said I needed 5 open revolving accounts with one at least 5 years old as a minimum to getting the Evercard. A tip though, I was able to get the inquiry removed on CreditExpert before I cancelled. That way it did not hurt me for the attempt. Dispute it say you never applied for this card and never gave them permission. -Dave
I disputed the inquiry as soon as I found out I was denied. After I get the letter, I'll call again to see if I can convince them to give me the card. I have more than 5 accounts with 1 that is well over 5 years. So there must be some other criteria as well.
