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Chase Freedom- Denied

New Visitor

Chase Freedom- Denied

Hi all!

Just looking for some advice and would appreciate any help. 

 

First a quick rundown-

25 yrs old     Income: $40k           Rent: $0          Student Loans: about $30k           Car Loan: about $5k remaining (chase 03/2015)

 

According to credit journey-

Late payments: 0           Utilization: 0%         Opened accounts (2 years): 2        

Inquiries (2yr): 3- last being freedom pull        Depth of credit: 7 years         Credit Score:733

 

Currently have a capital one venture card (2/2016) 10k limit and a chase sapphire reserve (11/2017) 11k limit

 

Sorry for the info dump! I was denied and immediately called recon, they said they wanted to see how I treat my new reserve first, but wouldn't estimate a time frame for me. I also offered to redistribute credit from my reserve to the freedom, still no dice.

 

Any advice is appreciated. I spend a lot on gas and would like to be earning more UR, I was also considering getting a Freedom Unlimited soon.

Message 1 of 13
12 REPLIES
Senior Contributor

Re: Chase Freedom- Denied


jdweasley11 wrote:

Hi all!

Just looking for some advice and would appreciate any help. 

 

First a quick rundown-

25 yrs old     Income: $40k           Rent: $0          Student Loans: about $30k           Car Loan: about $5k remaining (chase 03/2015)

 

According to credit journey-

Late payments: 0           Utilization: 0%         Opened accounts (2 years): 2        

Inquiries (2yr): 3- last being freedom pull        Depth of credit: 7 years         Credit Score:733

 

Currently have a capital one venture card (2/2016) 10k limit and a chase sapphire reserve (11/2017) 11k limit

 

Sorry for the info dump! I was denied and immediately called recon, they said they wanted to see how I treat my new reserve first, but wouldn't estimate a time frame for me. I also offered to redistribute credit from my reserve to the freedom, still no dice.

 

Any advice is appreciated. I spend a lot on gas and would like to be earning more UR, I was also considering getting a Freedom Unlimited soon.


Well, on the upside, you're definitely ok as far as 5/24. However, lending would not be able to reallocate or carve out (except maybe $1K) from your current CSR since the minimum CL for CSR is $10K.  Are your loans deferred?

Message 2 of 13
New Visitor

Re: Chase Freedom- Denied

Thanks for the info, I asked recon if I could reallocate $3,000, don't know if that contributed to the decision. Also, no my loans are not deferred, currently the min. payment is about $220 a month. They were deferred at the beginning of 2017, if that makes a difference. 

Message 3 of 13
Senior Contributor

Re: Chase Freedom- Denied


jdweasley11 wrote:

Thanks for the info, I asked recon if I could reallocate $3,000, don't know if that contributed to the decision. Also, no my loans are not deferred, currently the min. payment is about $220 a month. They were deferred at the beginning of 2017, if that makes a difference. 


I see.  $3,000 would not be possible to move since $10K is the minimum CL required for the CSR.  $1K maybe, again depending on their criteria for reconsideration.  Sounds like this may point a bit to DTI, what is the payment amount on your car loan?

Message 4 of 13
New Visitor

Re: Chase Freedom- Denied

Car loan is $210/month

Message 5 of 13
Valued Contributor

Re: Chase Freedom- Denied

Really bogus denial but Chase sees you with 50% of income in TCLs so maybe they're being cautious since you've only recently starting using revolving credit.

Just monitor your chase login for green checkmark offers, I bet one will show up eventually.
Message 6 of 13
New Visitor

Re: Chase Freedom- Denied


ABCD2199 wrote:
Really bogus denial but Chase sees you with 50% of income in TCLs so maybe they're being cautious since you've only recently starting using revolving credit.

Just monitor your chase login for green checkmark offers, I bet one will show up eventually.

Any thoughts on closing/lowering CL on the venture card? I never use it anymore and was going to downgrade, just keeping it open because it was my first credit card. 

Message 7 of 13
Senior Contributor

Re: Chase Freedom- Denied


jdweasley11 wrote:

ABCD2199 wrote:
Really bogus denial but Chase sees you with 50% of income in TCLs so maybe they're being cautious since you've only recently starting using revolving credit.

Just monitor your chase login for green checkmark offers, I bet one will show up eventually.

Any thoughts on closing/lowering CL on the venture card? I never use it anymore and was going to downgrade, just keeping it open because it was my first credit card. 


Definitely don't lower the CL or close your Venture.  If anything, you can PC to Quicksilver and effectively becomes your non-AF cashback CC.

Message 8 of 13
Contributor

Re: Chase Freedom- Denied

The customer service rep has the ability to approve the recon, you just haven't been able to convince them.

 

HUCA, hang up call again. One of the guys I follow had to call 20 times before he got approved for a Barclay card. I myself had to call several times to recon a Barclay card (small limit of course) and that was when my credit profile wasn't nearly as strong as yours. 

 

During the call, first, engage in small talk maybe ask them where they're based out of, hows the weather, have they got any crazy or interesting calls recently, what kinda crazy limits have they seen before. Get some rapport going. Now you've separated yourself from all the other people they see as "just a credit profile". You've got to humanize yourself then humanize your credit profile. Now you start pointing out the strengths in your profile. Make sure you let them know you never run up balances, and make a strong case for why you want the card. Its especially useful if the reason you actually want the card contradicts the reason they didn't wanna give you the card. IE:

 

"Sorry sir we just wanna see how you do with the CSR card limit". -Chase recon rep

"I have plenty of experience with other cards in my profile if you wanna go off that. I don't want the card for the extra credit exposure with Chase I just want to take advantage of the benefits because I spend a lot of money in the 5% rotating categories and want to use the UR points to travel. If you were me you'd wanna maximize your cash back too I bet!"

 

Just my 0.02, hope this helps.

 

-Glenn

 

 

 

{Cap1 Quicksilver: $750} {Discover It: $1.5k} {Amex BCE: 20k} {Wells Fargo Cash Wise: $6k} {Sam's Club Credit: $967} {Barclaycard Ring: $750} {Chase Slate: $7,500} {Wal-Mart MC: $7.9k} {Chase Amazon: $2k} {Target RedCard: $850} {AU on BofA card: $15k)
Message 9 of 13
Contributor

Re: Chase Freedom- Denied


FinStar wrote:

jdweasley11 wrote:

ABCD2199 wrote:
Really bogus denial but Chase sees you with 50% of income in TCLs so maybe they're being cautious since you've only recently starting using revolving credit.

Just monitor your chase login for green checkmark offers, I bet one will show up eventually.

Any thoughts on closing/lowering CL on the venture card? I never use it anymore and was going to downgrade, just keeping it open because it was my first credit card. 


Definitely don't lower the CL or close your Venture.  If anything, you can PC to Quicksilver and effectively becomes your non-AF cashback CC.


I agree with this!

{Cap1 Quicksilver: $750} {Discover It: $1.5k} {Amex BCE: 20k} {Wells Fargo Cash Wise: $6k} {Sam's Club Credit: $967} {Barclaycard Ring: $750} {Chase Slate: $7,500} {Wal-Mart MC: $7.9k} {Chase Amazon: $2k} {Target RedCard: $850} {AU on BofA card: $15k)
Message 10 of 13