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Big D from Chase :(

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enharu
Super Contributor

Re: Big D from Chase :( [Updated]


@EndlessRoad wrote:

Well I ended up calling and it still came back as a no.  Said I needed to show more rebuilding (figured it was the BK).  Kind of a bummer but I guess it is what it is at this point.  Thanks everybody for the hope!


give it a few more months to a year.

hopefully things will be much better then

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 11 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :( [Updated]

Hoping so, was happy to almost be at 700 FICO's but apparantly even that isn't enough to look beyond past mistakes as a young misinformed consumer...

Message 12 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :( [Updated]

I decided to call Chase again for a second recon.  I find it kind of weird how the reason changed from the first time I called?  Chase is starting to seem a bit shady to me after today and seriously has me reconsidering my banking relationship with them in general.  I understood the BK to a certain extent, but the second time I call I'm told its because my other credit cards are over 50% util.  I have one card with a bal of $599 and a CL of $700, but what it doesn't show is I actually purchased a $2200 dollar iMac 6 months ago, and moved the balance to my Barclay Apple card...after paying $1600 dollars off in 6 months I moved the line back to my rewards card.  I have 0% interest until mid 2015...kind of dumb that having a balance when taking advantage of a financing offer looks bad especially since I paid of 73% of the balance in the first third of the financing offer. 

 

Maybe I'll move my checking and savings over to Discover (at least they have an interest rate worth having on savings).  I'm officially done with Chase.

Message 13 of 25
Involver
Valued Contributor

Re: Big D from Chase :( [Updated]

While it's frustrating to be denied and subsequently denied again through recon, you need to look at the situation objectively and understand that you are asking a human being to override tried and true mathematical risk algorithms.  It is their discretion to see something in your credit history they like or don't like, and while one person may find that you need more time rebuilding, another may be wary of a high util on a card.  If you're sitting at 83% on a CC and trying to get new credit not far out from a BK it could come off as being credit desperate.  It's not as if they know you purchased a Mac, paid of X% of the balance, and then transfered it to another card.  Chase is generally pretty recon friendly and two recon denials should probably just be a good way of letting you know that you're not quite there yet, rather than considering immediately terminating a financial relationship.  At the end of the day though that's your choice.  Hopefully things work out for you. Smiley Happy

 

 

Message 14 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :( [Updated]

I agree with you to a certain extent, but I like to think I learned my lesson with BK (of course an algorithm doesn't believe that).  I was young and ignorant.  All that "free" money was just more than I needed.  Its just frustrating, they like to dwell on the bad things but not see the huge leap I've made in scores, 3 YEARS of on time payments which amounts to upwards of 240 payments.  525 FICO after my BK to almost 700 now.  Also I dont see how they could see it as being credit desperate, I have over $6000 dollars worth of available credit, and actually wanted the Freedom to replace my Capital One cards.  Makes me wonder just what the recon accomplishes if they change there reasoning within an hour. 

 

Thank you for the reply I always enjoy/respect others insight to these things Smiley Happy

Message 15 of 25
Involver
Valued Contributor

Re: Big D from Chase :( [Updated]


@EndlessRoad wrote:

I agree with you to a certain extent, but I like to think I learned my lesson with BK (of course an algorithm doesn't believe that).  I was young and ignorant.  All that "free" money was just more than I needed.  Its just frustrating, they like to dwell on the bad things but not see the huge leap I've made in scores, 3 YEARS of on time payments which amounts to upwards of 240 payments.  525 FICO after my BK to almost 700 now.  Also I dont see how they could see it as being credit desperate, I have over $6000 dollars worth of available credit, and actually wanted the Freedom to replace my Capital One cards.  Makes me wonder just what the recon accomplishes if they change there reasoning within an hour. 

 

Thank you for the reply I always enjoy/respect others insight to these things Smiley Happy


 

I'm just trying to show how they could look at it from a different perspective.  It's their job to mitigate risk as an underwriter so they need to be careful with the manual decisions they make.  While it's highly likely you aren't credit desperate, someone with high util on a card looking for more cards could trigger red flags.  It's just the nature of the beast.  I had to explain my way into a Chase account via recon (multiple attempts) so sometimes it just depends on who you speak to and particular language that you use during your call.

 

In any case - congrats on your recovery and the progress you've made.  I was young and made a lot of poor choices too so I can certainly relate to the frustrations of the rebuilding.  It's definitely worth the hard work, and it seems you're doing everything right to get where you want to be.

Message 16 of 25
ibmrad7
Established Contributor

Re: Big D from Chase :( [Updated]

Different Analysts can look for different points on your report. It's human nature.. every person has a different outlook. 

Consider yourself in analysts position and think about working on someone's recon request.. For you too many inquiries could be a reason for denial, where as for me Util upwards of 50% could be the reason for denial, for someone else BK less than 5 yr old could be the main reason for denial. 

They don't read the same transcript for denial reason as this point, the transcript will be mailed to you as the official denial reason. 

Message 17 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :( [Updated]

Thanks again for the reply.  Appreciate the morale boost (just frustrating to hear "no" lol).  Live and learn is a great saying in this situation, and congrats to you as well, its always nice to persevere over troubles we may have had.  I know I've been working hard to get to where I am, its clearly not the top but its better than where I was.  Maybe I'll revisit chase in 6 months or so see if anything has changed.

Message 18 of 25
Kayo
Valued Member

Re: Big D from Chase :( [Updated]

Underwiting is sometimes tricky. I used to underwrite mortgages for HSBC before the real estate collapse.

 

Computer modeling handles most of the application guidlines but underwriters are still given some authority to override the computer model. The people you are talking to are viewing your reports static information and giving your their personal interpretation of the data. They can't see your score increases from 3 years, only your payment history, current account information and their scoring model.

 

You have good recent payment history, but a BK from 3 years ago and a high reporting utilization is a red flag.

  • One underwriter might want to see you improve with another year of good payment history before they would overide the computer model.
  • Another underwriter might say no because you have a recent BK and high utlization and they won't overide the computer model.

Both are correct since you're calling in to recon a denial from Chase's standard credit model. It's up to the underwiter to make the call. They see dozens of applications a day and their jobs depend on making calls that align with Chase's goals.

I'd give a few more recon calls. If no luck then continue on paying down your balances and apply later.

 

Current Score: EQ 708, TU 704, EX 717 (3/2014)

Current Score: EQ 796, TU 764, EX 788 (11/2020)
Message 19 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :( [Updated]


@Kayo wrote:

Underwiting is sometimes tricky. I used to underwrite mortgages for HSBC before the real estate collapse.

 

Computer modeling handles most of the application guidlines but underwriters are still given some authority to override the computer model. The people you are talking to are viewing your reports static information and giving your their personal interpretation of the data. They can't see your score increases from 3 years, only your payment history, current account information and their scoring model.

 

You have good recent payment history, but a BK from 3 years ago and a high reporting utilization is a red flag.

  • One underwriter might want to see you improve with another year of good payment history before they would overide the computer model.
  • Another underwriter might say no because you have a recent BK and high utlization and they won't overide the computer model.

Both are correct since you're calling in to recon a denial from Chase's standard credit model. It's up to the underwiter to make the call. They see dozens of applications a day and their jobs depend on making calls that align with Chase's goals.

I'd give a few more recon calls. If no luck then continue on paying down your balances and apply later.

 


That makes sense if they have different degrees of "pull" when it comes to certain things.  I may call one more time tomorrow, or just take the HP and bow out.  I really have no balances to pay down, the 599 on my Apple card but thats got no interest for another year so I wasn't worrying about it now, though itll probably be paid off in the next 3-6 months depending how I feel.  Maybe Ill try again then.  Until then thank goodness for Discover card! 

 

Thanks for the info, I appreciate it!

Message 20 of 25
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