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New Visitor
ternify
Posts: 1
Registered: ‎09-24-2012
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Chase Freedom CC/Recon

[ Edited ]

Hi Everyone!

First of all, I'd like to thank everyone here on myFICO forums. You guys have no idea how much you've helped poeple like me without even realizing it. I am completely new to credit and I've understood quite a lot (I think) after coming across this forum. I have a couple of questions that I was hoping someone would be kind enough to help me out with. Like I said, I'm new to credit, and I only have only 1 CC, a CITI Secured credit card, with a CL of $500. I've only had it for 7 months, but I have been responsible with it and I've never been late on my payments, always PIF as soon as the statement balance is due. I think I understand the concept of utilization, and I try to keep it at around 25-30% every month. I recently went on an app spree, applied for Barclays CC (for getting a laptop through Apple), Chase Freedom, and got denied for both of them. I only received a letter from Chase, with the obvious reason that there were few revolving accounts and they were not open long enough. Barclays denied me online, right then and there. I then learned about recons, how some people were approved for Chase Freedom with limited credit history after coming across this forum, so I decided to give it a shot. Now this is the part where I messed up, I have no idea why, but I think it was out of frustration, I called the Chase recon number, that was on the denial letter, about 4 times within 2 hours. The first three times I talked to the credit analysts, they did agree to reconsider my application, and put me on hold for a couple of minutes before coming back with the dreadful "Sorry, we're not able to approve you at this time." The fourth time, however; the person flat out declined to even reconsider my application, saying I had reconned three times already the same day. Now I understand that it was complete ignorance on my part, and I accept full responsibility for it. Then I decided to apply for BofA Cash Rewards for Students, got the message saying it'll take about 30 days before they get back to me. I was of course expecting a denial letter in the mail. The next day however, I got a call from them, they asked me to confirm my address, and to my surprise, I was approved (even though they only gave me a CL of $700, but I don't think it's that bad for a student CC, no?) I was happy for it, but I really wanted that Chase Freedom :smileysad:

I appologize for the length of this post, but what I actually wanted to ask is:

Am I going to be way out of line to try to call the recon number for Chase Freedom after, say, 20 days (since I think I have 30 days until my inquiry expires) and ask for a reconsideration AGAIN? They are going to know that I did call them about 4 times already, right? Also, I understand that applying for any CC is a HP, so does trying to recon also affect my credit scores? I'm afraid they might flag me as desperate (if that is even possible) and never approve me for it if I apply ever again in the future.
 Also, is my approval for a new credit card going to affect their decision in any way? Because I applied for it and got approved AFTER being denied by Chase.

Again I apologize for this lengthy post or if I'm not making any sense. Any help would be greatly appreciated, and thanks in advance.

My credit scores are EQUIFAX-710, EXPERIAN-702,TU-681 if that helps.

New Contributor
mrwheezy117
Posts: 63
Registered: ‎07-26-2012
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Re: Chase Freedom CC/Recon

Chase will not give you a Freedom without at least one year history of good revolving credit. (Not secured btw. They won't count by WF Secured but they count my unsecured ones, and whether a card is secured or not is reported by Equifax).

 

If you have any other loans that are paid off, they will greatly help. Call back after your Citi turns one year or apply for the Chase Amazon card and see if you can PC later. Plus, I think Chase uses an internal scoring system as well so having a Chase Amazon with good history can't do any harm.

Moderator
Revelate
Posts: 9,731
Registered: ‎12-30-2011
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Re: Chase Freedom CC/Recon

[ Edited ]

MrWeezy: may I ask what your source is for Chase's not evaluating secured cards?  I'm pretty confident they have for other people that recently obtained Freedoms.  Also the Freedom underwriting requirements have been pretty much in freefall since June or thereabouts, 640 and 6 months seems to be about the minimum barrier of entry vis a vis Amex Zync which Chase likely sees as a competitor to their $500 CL Freedom.

 

Tern,

 

Welcome to the forums!

 

There's probably not any harm to trying to recon again, but I'd wait till my Citi secured cleared a year and just reapply then if I really wanted the Freedom card (and admittedly it is a nice one).  Students are in a grey area for Chase these days, as Chase did away with its student version of the Freedom.  Now I suspect you have to clear the typical underwriting criteria, and having a year on a tradeline is going to be nothing but goodness.  You also would be better off waiting till the BOFA card reaches  the six month mark if you want to maximize your chances as a student I suspect: two tradelines >> one.

 

Regardless though, you're actually in a good place now between the Citi and BOFA cards: for all the negativity BOFA gets in general, their 1-2-3 Cash rewards card really is a very good everyday card for people of limited credit history... and two credit cards is close to ideal for building a FICO score (3 may be somewhat better but 2 is 95% of the way there I suspect).  Many congrats on your approval.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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New Contributor
mrwheezy117
Posts: 63
Registered: ‎07-26-2012
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Re: Chase Freedom CC/Recon

I spoke to a Chase credit analyst about five times. I was in the same boat as the OP.

 

The every time I was rejected I had insufficient credit history. Now that my Wells Fargo secured card turned about 11 months old, I called them up again. They told me that they only see a 6 months credit history regarding my Capital One account. I asked them about the WF account and they told me that the credit bureau reports it as a secured account with a collateral, and not really a "true" line of credit.

 

Thus I was declined. :smileysad: They told me to call back when my oldest non-secure card turned one year old. However, this is only if your report is made up of only revolving balances, from what they told me.

 

 

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Chase Freedom CC/Recon


mrwheezy117 wrote:

Chase will not give you a Freedom without at least one year history of good revolving credit. (Not secured btw. They won't count by WF Secured but they count my unsecured ones, and whether a card is secured or not is reported by Equifax).

 

If you have any other loans that are paid off, they will greatly help. Call back after your Citi turns one year or apply for the Chase Amazon card and see if you can PC later. Plus, I think Chase uses an internal scoring system as well so having a Chase Amazon with good history can't do any harm.


I agree, they are stringent on this.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
maiden_girl
Posts: 2,110
Registered: ‎12-29-2011
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Re: Chase Freedom CC/Recon

I would wait it out before reapplying or RECONing again since you've already called 4 times prior. You have a great card with BofA. I would wait 90 days from your chase application and apply again. Then you'll be past your one year mark with your other cards and you can start out fresh with a new app with Chase b/c by that time, they will have purged your old app.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Chase Freedom CC/Recon


mrwheezy117 wrote:

I spoke to a Chase credit analyst about five times. I was in the same boat as the OP.

 

The every time I was rejected I had insufficient credit history. Now that my Wells Fargo secured card turned about 11 months old, I called them up again. They told me that they only see a 6 months credit history regarding my Capital One account. I asked them about the WF account and they told me that the credit bureau reports it as a secured account with a collateral, and not really a "true" line of credit.

 

Thus I was declined. :smileysad: They told me to call back when my oldest non-secure card turned one year old. However, this is only if your report is made up of only revolving balances, from what they told me.

 

 


This is true.  This actually happened to a relative of mine who increased his limit on a BOA secured card (they report as secured) and applied for a CSP.  Upon recon they told him they wanted to see experience with a 5k account and told him they dont even look at secured accounts

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Regular Contributor
ternify-
Posts: 185
Registered: ‎10-11-2012
0

Re: Chase Freedom CC/Recon

Thank you everyone for your valuable input. Sorry I couldn't reply earlier because I was trying to retrieve the account that I originally posted with. (I forgot my password, and turns out, there's no way you can reset your password if you are only registered for myFICO forums, so I had to make a new account.)

Anyway just wanted to update you guys. I did call the recon number again around 20 days after I initially talked with them, which was this Monday. So credit analyst I got was aware that I had called them four times and asked them to reconsider THREE times already and she said I CANNOT recon again (obviously) and she also said I wasn't supposed to recon more than once. So I was left disheartened and I was probably going to leave it at that but for some reason, I don't know what I was thinking or why I did that, but I called them once more a couple of minutes later! Now I knew I was going to be rejected again, but I probably did it to just hear the rejection one last time. So she asked me the same questions as the other credit analysts, she asked me about my current CITI credit card, and I think she wasn't aware that it was a secured card. So I answer all the questions honestly, she puts me on hold for about 4-5 mins, then comes back with "Congratulations!" I literally replied "Are you serious!" because this was the one call where I was least expecting to get approved. I don't have words to describe what I felt at that moment.This would've never been possible if it weren't for this forum and everyone on it.

I would just like to thank you guys again. Had I never come across this forum, I would've never learned about recons and would've still been sulking over my denial letter. So to all the people out there in the same boat as me, NEVER give up hope on recons!

Chase Sapphire Preferred / Chase United MileagePlus Explorer / Chase Freedom / AMEX PRG / AMEX SPG / AMEX BCE / Discover IT / Barclaycard Financing / BofA Cash Rewards for Students / CITI Classic
Established Contributor
jcstarkey8826
Posts: 708
Registered: ‎06-01-2012
0

Re: Chase Freedom CC/Recon


mrwheezy117 wrote:

Chase will not give you a Freedom without at least one year history of good revolving credit. (Not secured btw. They won't count by WF Secured but they count my unsecured ones, and whether a card is secured or not is reported by Equifax).

 

If you have any other loans that are paid off, they will greatly help. Call back after your Citi turns one year or apply for the Chase Amazon card and see if you can PC later. Plus, I think Chase uses an internal scoring system as well so having a Chase Amazon with good history can't do any harm.


This is not true. I received my chase freedom last month and I only had one CC with 7 months history, and a secured card with 2 months history. Called and got it on recon. They do like to see it, but that doesnt mean they wont approve you for one without it.

In my wallet: GCU Patinum Visa 1500 CL, Charter One Platinum Rewards 500 CL, Chase Freedom 800 CL, Wal Mart Discover Card 6300 CL, Kay Jewelers 3000 CL
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Chase Freedom CC/Recon

Congrats


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