I just applied for a 2nd credit card (a store credit card). On the website one of the requirements was that you were already approved for a major credit card.
The letter said rejected because:
-number of recent inquiries on credit bureau report
-excessive obligations in relation to credit limit
-limited credit experience
In Janurary I was approved for a student credit card(Visa through Bank of America). I’ve paid my bill in full each month, and my average use is $250/month of my credit limit, which is $700. So each month I have not even gotten close to my credit limit.
I just want to know what “excessive obligations in relation to credit limit” means. I understand the other reasons.
Thank you
ok, thank you everyone for all the side notes.
can someone please tell me what “excessive obligations in relation to credit limit” means
thanks
