Credit Cards

[JL421]

I applied for a Chase Freedom card on Monday, and got the 10 day review message. Yesterday I called the backdoor analyst number to see if they needed any additional information as I had moved recently. The rep came back and told me that I was denied because of high util on both my cards. I mentioned that that would be old information as I had paid my util down from 93% to 40% in the last month. She said I was welcome to call back any time in the next 30 days for a recon.

My credit profile on the 1st has a 628 TU FICO, 597 EQ FICO, and a 679 EX Plus score. It still shows me as having 93% util, 6 TU inquiries, 7 EQ inquiries, and 3 EX inquiries in the last year. My oldest account is a Cap 1 Platium with a $750 CL that is 2 years old, I also have a Citi Platium Select with a $1,600 CL that's 7 months old. AAoA is 0.9 years. I also have an installment loan with my bank for $2k that's 8 months old and has $540 left.

Basically I'm just trying to figure out what they are going to ask, and what I should say when going for a recon.

[jsucool76]

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JL421 wrote:

I applied for a Chase Freedom card on Monday, and got the 10 day review message. Yesterday I called the backdoor analyst number to see if they needed any additional information as I had moved recently. The rep came back and told me that I was denied because of high util on both my cards. I mentioned that that would be old information as I had paid my util down from 93% to 40% in the last month. She said I was welcome to call back any time in the next 30 days for a recon.

My credit profile on the 1st has a 628 TU FICO, 597 EQ FICO, and a 679 EX Plus score. It still shows me as having 93% util, 6 TU inquiries, 7 EQ inquiries, and 3 EX inquiries in the last year. My oldest account is a Cap 1 Platium with a $750 CL that is 2 years old, I also have a Citi Platium Select with a $1,600 CL that's 7 months old. AAoA is 0.9 years. I also have an installment loan with my bank for $2k that's 8 months old and has $540 left.

Basically I'm just trying to figure out what they are going to ask, and what I should say when going for a recon.

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If you go in for a second recon with your util paid down, they will most likely repull you, as the report they pulled isn't going to update magically. 

[migliogiorni]

will be another HP to pull the report and there's no garantee's even with your uti lower.  Best chances are to lower it more before getting another HP.  Might as well get it into the teens and app again.

[Jake0215]

Geez, if this is true why didn't you just wait for your reports to update. At best you're looking at two pulls for a low limit card. 

[maiden_girl]

I would wait and just reapply at a later date. If you RECONN within 30 days and your credit hasn't really improved much...you're going to waste another HP and its not guaranteed they are going to approve you. Pay down your UTIL...check your reports before you apply to make sure your credit is accurately reporting info then reapply.

[youngandcreditwrthy]

You could have them pull a diff report... That's what they did for me...

[JL421]

Ok, I've got my util down to 29% and my AAoA is now 1.1 years...Should I call the recon number where they'll do another hp, or just submit a new app?

[Epcot]

I don't know if the balances you paid down would be showing up on your reports that way yet. You could try a recon and explain what has changed. I did that once several years ago and they just asked for my latest CC statement showing the balance change, then I was approved.

Edit- that was with a different bank though, not chase.

[LS2982]

If you can get it below 20% i'd do the recon. Other than that, I'd pass on it.

[kwazziee]

I say wait and apply again at a later time when your utl is below 10%. This way you will not be getting a toy limit.