Hey all! My first post here 
Ok, my question - any tips for a Chase Freedom reconsideration? What do they like to hear?
My stats: 27-yr old male, in grad school in Chicago, IL, originally from South FL. During my undergrad I applied for several cards for free T-shirts or free pizza or whatever, the way they used to bombard clueless students. Most of these cards I never used and were eventually closed due to inactivity. In 2005, still in school, I wasn't very responsible with a Citi card. $1,000 limit and went up to $1,400. Had it closed by them, paid it off. Will fall off credit history soon. Despite this, in 2008/2009 I was approved for a Bankofamerica card at $1,600, a Discover at $3,500, and Chase Amazon card at $1,500. They were generous with students a few years ago, eh? Anyway I paid them on time, but my balances were high so I entered an interest-lowering credit counseling program near the end of 2010. Unfortunately, either by incompetence or trickery, they DID NOT tell me that the process would CLOSE my cards, so all I was left with was a JCPenney card. No "major" cards left.
Fast forward to now: Been researching into credit, now far more knowledgeable then a few years ago and decided I should expand. I've made NO inquiries in the last 2 years, so I'm spotless in that regard. I've taken alot into consideration, even the neighborhood where I apply, due to the unfortunate history or redlining. It may not make a difference due to my address, but just in case, I applied in person in rich, white neighborhoods. I don't have any bank accounts with Chase right now.
According to Transunion, it's 762, though it was only rated "C" so it may not be not the "real" one, just the one they give consumers.
Myfico.com said my Equifax score was 686.
Experian said my score was 654 or "Fair." They also said my credit history is 9 years old.
My JCPenney card is 4 years old, originally $800 limit but I asked for a CL increase in 2010 and they gave me $1,800. Excellent payment history with it, rarely use it anyway. I was late on my school loan in summer 2010, but it's okay now. And there is a collection in June last year of about $200, from T-mobile due to a cellphone account I made for my younger brother a few years back, which he thinks he paid, but suddenly showed up, so we're investigating and seeing if it can be removed or not, make sure he mafe that payment or not, etc.
Saturday March 24th I applied for Chase Freedom. Was told it was weekend so on Monday they'd look and let me know in 7-10 days. On that Monday I applied for 3 more cards.
- Bank of America, approved with $1,000 limit after discussion over the phone. I've had bank account with them for 10 years so that helped, and I described why my previous card had been closed, and pointed out that I was never late with it.
- I applied for Walmart and got the store card, not the Discover as I'd hoped, but approved nonetheless for $800.
- Applied for Carecredit over the phone, asked for $800 and was approved for a shocking $2,000! Perhaps my JCPenney card, also under GE, helped?
I applied for these all near the same time in case it would help by inquiries not showing up on my report yet. I'm working, with occasional help from parents so I told them all ~$26K yearly salary, but that's a bit of an overestimation cause it's sales and hours vary. I've been working there for 3 months. My school loans, in deferment since I'm in class, are now at ~$19K. Some say they don't affect you in their in deferment - but Bankofamerica did ask about them - but on the other hand, Experian didn't show them as factoring into my "mix" of credit either, so I guess it depends on the creditor.
Received denial letter from Chase last Friday the 30th, said I'd had negative account with them, though that's not true. My precious card was closed, yes, but I was never late on it. According to Chase's application process, my Transunion is 649. I called the reconsideration line and the lady didn't approve it. Funny enough, she wanted to see signs that I was re-establishing my credit, but DUH, I was AVOIDING inquiries, to seem responsible, and now I'm applying to YOU to re-establish. No budge. Argh. I want to call again so I'm wondering, any tips, things I should mention?
This was already more success than I anticipated, so I can be happy with what I've got now, but I'm stubborn so if I CAN still make the Chase inquiry worthwhile, I will call and call again, hehe. I don't mind if it's a low limit; my expenses aren't crazy.
Sorry so long, but thanks for taking the time to help; I appreciate it!
@Boston +1
@bostonte wrote:
More good credit reporting from your new accounts, and more time. Eventually both should be enough to counter the credit counseling history. With a recon, maybe even now... If not not, garden for 6-8 months and try again.
I would even say a full year of gardening will do you better.
@crunching_numbers wrote:Call fo a CLI on JC Penney. Use the automated system phone number. Ask for a big increase, double your limit now, and take it, or the counter-offer. It will be a SP, and will help your numbers. You can call GE every 4 months and get that CLI up higher. It will help you when you want the other cards to increase your CL. No one wants to be your highest line, and they want to see other lines in the amount you are looking to get.
Be patient with Chase. Go open a Chase checking account. They seem more comfortable opening CC accounts when there is an existing financial relationship that is positive with them. The other posters are correct that they are not happy with the debt program you were in. Longer history with the new cards you have, and getting an account with them will heal this somewhat. Chase is not very forgiving.
+1