May 24
I signed up for a credit card from Charles Schwab but got denied. I’m wondering if it’s because my credit line is too big in the other credit cards I have right now? I have two other cards, for a combined credit limit of around $8500. I’ve just graduated from college, but I always pay my bills in full. My credit score I believe is in the low 700’s.
is Charles Schwabs just being a biatch? cuz I thought everyone can sign up for a regular credit card without problems nowadays.
If you really want a Schwab card, call them and ask for a second look at your application, you feel your were turned down in error. There are many places to get charge cards, as you know, so keep looking around in case Schwab says “no” a second time.
If someone tells you that you have too much credit, it usually means that you are using too much credit. What percentage of the $8500 are you using now? If you are only making minimum payments (even if always on time), that is a warning sign and they might think that you cannot afford more credit.
Although, it could just be not a long enough history. When I first started working full time, I got American Express and Sears cards without any problem (many years ago), but J.C.Penny’s turned me down because was at my current address for less than a year. I already had a cosigned MasterCard for a couple of years.