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Declined for CSP

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Anonymous
Not applicable

Declined for CSP

Hello, everyone! I recently applied for the Chase Sapphire Preferred card to earn the restaurant and travel bonuses. However, I was notified that I was denied. When I called the reconsideration phone number, the woman I spoke with told me she would not be able to approve me because of the age of my credit history. She asked about current cards I have, and I told her I have a Wells Fargo Cash Back Student card and an American Express Gold Card. The woman seemed to be pretty positive about my chances for approval. However, she pulled two different credit reports (which, by the way, has since shown up on my credit report as two hard inquiries) and said that she could not find any indication that I have the AMEX card. My American Express card is over two months old, and my first statement has already closed, so I am not sure why it is not showing up on my credit reports yet. At that point, she quickly said she would not be able to approve me for the CSP.

 

Does anybody have any suggestions as to how I can improve my chances of being approved? Is there a way I can have American Express contact Chase to vouch that I do indeed have a Gold Card, but that it simply has not shown up yet?

 

Thank you for your help!

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Declined for CSP

The two banks are not going to talk to each other.  That doesn't happen.

 

Amex should report - have you paid it off, yet?  Did you even use it, yet?  It is a charge card, and as such it reports a little differently than a regular credit card - like, it won't have a credit limit reported - and it might not report until you use it and pay it off.  I can't remember from back when I first got mine, if/how long it delayed reporting...

 

Hang in there, you're in the first lap of a very long race... it will eventually show up.

 

It also may not be the only thing keeping the CSP out of your hands, for now anyway - age of accounts can be a big underwriting factor for "prime" cards.  Many have underwriting requirements that insist that you have at least one account over a certain limit, and/or that it has been open for a certain period of time.  The young age of your file, and having a low-limit account as your only revoler right now, could also be standing in your way.

Message 2 of 5
austinguy907
Valued Contributor

Re: Declined for CSP

AMEX typically takes 45-90 days to report.  

Message 3 of 5
Anonymous
Not applicable

Re: Declined for CSP

She sounded very intrigued if you had an amex, I guess there is some truth that they do look if you have any other prime cards on your profile....

Message 4 of 5
JackBeNimble1
Contributor

Re: Declined for CSP

Amex takes its time reporting to the credit bureaus. This can be advantageous for getting around the 5/24 rule but in your case it's obviously not. Maybe call reconsideration once Amex reports. Check Credit Karma, MyFico or one of the other sites to see when Amex reports your Gold credit line.

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Message 5 of 5
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