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Chase Freedom Got Declined after Prequalified

Valued Member

Chase Freedom Got Declined after Prequalified

Hi Everyone. I just joined myfico and here my first post.

 

I recently got my first Credit card in January 13 with BOA 123 Secured card, Limit $500. I then got DCU-Platnum VISA, no rewards-$3000, Discover IT for $750, CapOne for newcomers with $500. Then I got too much excited, applied for Penfed Cash rewards and got declined. Two weeks before applied for CLI with BOA and product change for unsecured- Got declined for Thin File. Last week when I was browsing through CHase website, i checked for prequalified offer and it said I was prequalified for CHase freedom and slate. I went to bank to enquire about it and rep said that I have a very good chance of approve for freedom since I was prequalified. But I got declined saying that too many recent Inquiries. Is there anything I can do guys. Please help me. I recently found this forum, today morning and looks like it has very useful information and people helping each other with advice.

 

My Credit Karma Score is 698. 

My Experian and Equifax score is Non-scorable because of Thin file.

Discover - 12/30/2013 - $750
BOA 99/500 Secured 123 - 12/31/2013 - $500
DCU - 01/05/2013 - $3000
Cap One Newcomer Card - 02/24/2013 - $500
BOA 123 Cash Rewards - 04/24/2013 - $2000
Chase Freedom - 04/28/2013 - $1200
Citi Thank you - 05/29/2013 - $6000

CK score : 713
Quizzle: 701
Credit Sesame: waiting to update
DCU free EQ score : 688
Message 1 of 42
41 REPLIES
Super Contributor

Re: Chase Freedom Got Declined after Prequalified

call Chase: 888-245-0625 (Credit Analyst - Recons) and try to recon tomorrow.

 

chase usually wants 1 year minimum credit history for most people, but since you already took the inquiry hit, might as well recon and try to get approved. Best of luck!

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 2 of 42
Super Contributor

Re: Chase Freedom Got Declined after Prequalified

Welcome to the forum

Recon if you can explain INQ's

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 3 of 42
Moderator Emerita

Re: Chase Freedom Got Declined after Prequalified

Welcome to the forum fearlessdragon!

Sorry you were declined for Freedom. enharu has already discussed recon and I would say it is worth the call. Be prepared to explain the inq's. responses like, 'Ijust want a cc or I need more util' won't work. Your answer needs to be honest and genuine. Do you bank with Chase? If not, have you thought about banking with them? They are very strong on banking relationship and maybe you could mention your asking history or yor plans to bank with them. Perhaps you could mention there excellent rewards structure and you realized - insert chuckle- that your newly acquired cc's do not compare with Chase's benefits/bonuses.

I just looked at your siggy and relied that you don't have a CS - if the recon doesn't work. Give them a try in the Fall.

Good luck!
Message 4 of 42
Valued Member

Re: Chase Freedom Got Declined after Prequalified

Thanks for advice guys. I do have chase account. I bank with them for more than 2 years. 3 years in August 2013. I want to know what are the possible questions they can ask me? I really wanted to have chase CC because its a nice card with good rewards, and CHase being my primary bank, easy for me manage my card and payment..

Discover - 12/30/2013 - $750
BOA 99/500 Secured 123 - 12/31/2013 - $500
DCU - 01/05/2013 - $3000
Cap One Newcomer Card - 02/24/2013 - $500
BOA 123 Cash Rewards - 04/24/2013 - $2000
Chase Freedom - 04/28/2013 - $1200
Citi Thank you - 05/29/2013 - $6000

CK score : 713
Quizzle: 701
Credit Sesame: waiting to update
DCU free EQ score : 688
Message 5 of 42
Senior Contributor

Re: Chase Freedom Got Declined after Prequalified


fearlessdragon wrote:

Thanks for advice guys. I do have chase account. I bank with them for more than 2 years. 3 years in August 2013. I want to know what are the possible questions they can ask me? I really wanted to have chase CC because its a nice card with good rewards, and CHase being my primary bank, easy for me manage my card and payment..


They will likely ask you a variety of questions stemming as to why the recently opened new accounts (<6 mos) - they may see what you have as sufficient for starters... or the reason for so many inquiries (they may see this as a possible overextension in such a short period of time), they may also ask as far as utilization (as applicable), your income, etc.

 

An item to keep in mind, pre-qualification does not always translate into an approval.  And, not to dash any hopes for getting this card; however, the odds don't look favorable.  Admittedly, your file is thin and fairly young from a credit standpoint.  However, all is not lost.  If you do not get approved, you will at least know where you stand and how to improve your chances for getting this card in the future by gardening what you currently have.  Otherwise, if you do get approved, it will likely be a very small CL ($500 minimum).  Good luck.

Message 6 of 42
Established Contributor

Re: Chase Freedom Got Declined after Prequalified


fearlessdragon wrote:

I have a chase account. I bank with them for more than 2 years. 3 years in August 2013.I really wanted to have chase CC because its a nice card with good rewards, and CHase being my primary bank, easy for me manage my card and payment..


That all sounds like a great recon conversation to me. Just tell them like you told us. Smiley Happy Best of Luck!


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Message 7 of 42
Valued Contributor

Re: Chase Freedom Got Declined after Prequalified


BrokaToe wrote:

fearlessdragon wrote:

I have a chase account. I bank with them for more than 2 years. 3 years in August 2013.I really wanted to have chase CC because its a nice card with good rewards, and CHase being my primary bank, easy for me manage my card and payment..


That all sounds like a great recon conversation to me. Just tell them like you told us. Smiley Happy Best of Luck!


Yes, great recon material.

 

Explain that you want them to be your primary bank, and without the credit card that can't happen.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 42
Frequent Contributor

Re: Chase Freedom Got Declined after Prequalified

Always recon!!! If no go garden until fall.

Starting Score: 620 FAKO
Current Score: FICO TU 715 (wal-mart) FICO EQ 692
Goal Score: 700


Take the FICO Fitness Challenge
Message 9 of 42
Valued Member

Re: Chase Freedom Got Declined after Prequalified

I called the recon number for chase and they said the same thing - Too many open accounts in the 6 months and no history. As I posted earlier, I was declined for product change and CLI increase for my BOA secured card. I called their recon number and they approved me. Got Unsecured BOA 123 card with $2000 CL. Thanks for your advice guys..

Discover - 12/30/2013 - $750
BOA 99/500 Secured 123 - 12/31/2013 - $500
DCU - 01/05/2013 - $3000
Cap One Newcomer Card - 02/24/2013 - $500
BOA 123 Cash Rewards - 04/24/2013 - $2000
Chase Freedom - 04/28/2013 - $1200
Citi Thank you - 05/29/2013 - $6000

CK score : 713
Quizzle: 701
Credit Sesame: waiting to update
DCU free EQ score : 688
Message 10 of 42