I applied for a credit card with RBFCU and was denied. The reasons for the denial were "excessive obligations compared to income". I thought to myself "Excessive obligations? Wha???" Then I realized the credit report they have doesnt reflect all the credit limit increases I've gotten, a few new accounts, a couple of cards that show a balance on TU but are paid off and a large payment I just made to Capital One so I went home that night and printed ALL of my credit card statements, emailed them to RB and asked for the documents to be reviewed and reconsider approving my applications. So the next day, I get a message that the documents have been forwarded back to the lending committee for review and I'll get an email, blah blah blah. A few hours later I checked the status and see "denied" again with the same reason..."loan could over obligate", "excessive obligations in relation to income". I'm really freaking confused by this point because I do not have excessive obligations so I messaged them and said in not so many words "You denied me again, I want to know why." She emailed me back and proceeded to tell me that I've opened 7 new accounts in the last 12 months and my DTI is 45%. I dont think I even finished reading the rest of the message when I hit the reply button.
"How can my DTI be 45% when the only obligations I have are my car payments, a few credit cards that equal $2600 out of 33k in total and a $10/mo student loan payment that is now in deferrment because I'm back in school??? My utilization is 12% so I dont know how my DTI can be 45%. As far as the new accounts, I obtained those only to strengthen my credit profile and have no intention of carrying balances on them. I believe I've been very responsible with my credit cards considering the number that I have and I work very hard to keep my balances low and will continue to do so but my goal is to acquire some different credit accounts with a lower APR and I would like those accounts to be with RBFCU."
Last night I checked my applications status page and that denial had changed to "pending decision". Then today I got an approval. Starting limit 4K @ 9.95%.
Twas a pretty good recon I believe, seeing as how I didnt even ask for a recon the second time and got it anyway, plus an approval! 