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Big D from Chase :(

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yudeology101
Senior 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


You have done a great job on rebouncing back from your BK, however, scores are not the sole factor that big lenders such as Chase or AMEX would look at...rather they look at your profile as a whole.  Anyone w/ BK in their CR would seem very risky to any lenders for approval, even with 3years of perfect history and building up the scores.  Perhaps Chase wants to see a longer history.   

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Message 21 of 25
newmomnewme
Valued Contributor

Re: Big D from Chase :( [Updated]


@EndlessRoad wrote:

@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!


@endless, I was denied Chase and after two recons still no. Like your experience, the first rep gave one reason and the second one (although much nicer) gave another. End result HP and two NOs. So, I took that as a nice time to head back to the garden and tend to my seedlings (2nd rep said I had too many new accounts).  I kinda wished I had tried once more, but I just couldn't chance hearing no once again. I feel your pain. Just keep your head up.

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Message 22 of 25
eagle2013
Established Contributor

Re: Big D from Chase :( [Updated]


@EndlessRoad wrote:

@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!


if you're denied again by the first CSR (most likely you will be) politely say thank you and ask for their supervisors consideration. I reconned with both Chase and BofA through the supervisor on the first attempt. Be honest about why you got a BK (preferably if it was something out of your control like medical expenses). Also, say why you want the Freedom this month for a kitchen remodel and/or numerous graduations and birthdays coming up (restaurants).TYPE what you will say and read it verbatim. You will sound more confident and polished. Good luck! you're doing fantastic in your rebuilding!

Message 23 of 25
indiolatino61
Valued Contributor

Re: Big D from Chase :(


@mnosal9 wrote:

Call Call Call Call Smiley Happy and let us know what happened


What should he do again...lol...Smiley LOL?

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Message 24 of 25
PlasticOrPlastic
Established Contributor

Re: Big D from Chase :(

Thanks newmom and eagle, Ill be out on a job site today and will probably make one more call and ask for a supervisor.  And if that dont work, Ill be in the garden, newmom watering my little seedling of hope Smiley Tongue

Message 25 of 25
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