Applied for Chase Freedom with EX763 and got rejected

[Creditaddict]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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I just want to know about following information that I could not find in your posts.

• The amount you charge on each CCs monthly.
• The statement balance on each CCs.
• The time you PIF the balance.

Thank you.

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 To answer your questions:

1. 80% on my Amex / 20% on my PNC    ...  you charge 80% and 20% of it's CL   or   80% and 20% of what you spend?   I guess second one.

2. The balances vary according to my needs.  ...   very good!   The total balances for both cards for when they pulled the report were approx. $700 (on the low end of what I charge to my cards on a monthly basis)    

3. I pay the entire amounts when I get my monthly statements in the mail (usually same or next day)   ...   you let balance report on both ccs, then PIF right after you received statement.   

I got the official letter from Chase. They listed three things as reasons for their decision:

1.Insufficient length of credit history

2. Presence of a resent inquiry ["a" means one inquiry three weeks prior for my approved Capital One Cashback Card]

3. High percentage of credit profile consists of bankcards

Well, I am happy that I have added the Discover. Maybe from their perspective Chase has a point. I think it's silly nonetheless. I have a history and I just don't happen to have an auto loan. Our house mortgage is in my wife's name (in fact, she owned the house before we met and subsequently got married). What that basically means, I assume, Chase would have rejected me based on their parameters even if I had had a higher score.

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Advice:

1. PIF on two of your ccs (Amex or PNC or Discover) before it's closing date.   If you do this, you have three ccs but only one cc you carry the balance  and it shows on your CR. 

2. PIF on other cc 3~7 days before it's due date instead right a way.  It is better to be lower amount/lower util  also.

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With monthly charging only averaging $1500, poster really doesn't need to play the fico game of only 1 account report a balance, the util is still under 9% with both cards reporting.  And chase already didn't think they used enough of there credit, so you take away the balance of one of the cards and your going to barely see use of credit.

[Anonymous]

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@Creditaddict wrote:

With monthly charging only averaging $1500, poster really doesn't need to play the fico game of only 1 account report a balance, the util is still under 9% with both cards reporting.  And chase already didn't think they used enough of there credit, so you take away the balance of one of the cards and your going to barely see use of credit.

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so, it does not work on OP's case?   Is this mean that OP needs to charge more?   

My total CL is 50.7K (with high balance on Freedom World MC will be 46.9K) on 8 ccs, and total charge reported is $691.  which makes util of 1.3629%  (1.4733%)

If I decided to apply for another card, does CCCs look at that I am not using my ccs that much?

I am learning ... help me to understand.  Thanks.