Credit Seekers BEWARE!

Just an FYI in case it had not been discussed.

Due to Covid-19 and the current and extended economic uncertainty, employment uncertainty and difficult time.

Many banks, credit cards and other creditors are being very strict on approvals and on credit limit increases. Where in January 2020 you could easily get a new credit card, loan or credit limit increase. Now they are either not approving or approving for far less.

Example, I received a credit limit increase on one of my cards in January, I did not ask or request it. They said it was due to my excellent payment history, usage and score, as a thank you to me. They said if I need more I can request one, no time limit or wait due to this courtesy increase.

I asked for one last month. My account usage had not changed, I actually had paid it down, my credit score was higher than at the time of the courtesy increase, basically everything was better. EXCEPT the economy and Covid-19.

I was denied, I received my letter why, and essentially everything they said in January that was so great and why I received the courtesy increase, was now all bad. Credit score to low (Higher than ever since account opened), credit to debt ( Lower than any point), age of credit, I mean like 6 reasons for the denial although they said how great I was and my credit was in January, and my score and credit and debt, age, all that is better now than in January.

It makes no sense, so don’t try and get new or more credit now unless you have to. You could get denied and a inquiry on your credit for nothing when normally you would be approved.

Hope this helps you avoid frustration or make better choices.

Like my topic if I helped you at all, I hope so, just sharing my experiences and knowledge.


One of my credit cards just offered me a CL raise the other day for no reason. I was actually shocked because I was under the assumption of the things you listed above.

Now that we are further into this maybe they are looking at the accounts that stayed current or did not get maxed out and are starting to reward those customers.

I hope so.

Thanks for the heads up. I also got a credit line increase. I am also getting more offers. I will not move forward on these until this improve more. No need for an inquiry on the CR .