@sexy_kitten7 wrote:
@SamsungHDTV wrote:
@Anonymous wrote:I applied chase Freedom and I had BOA cash reward card about 11 months at the time of application. Now BOA is about a year old, and I called reconsideration dept. They declined me two times today. What should I do for next step??
My Fico is 741....
The reason I declined was "Not enough credit history: credit history is too short".
1.BOA cash reward - opend 2013 AUG -Limits: $2,500
2.AMEX SPG - opend 2014 Jul -Limits: $2,000
3.AMEX Delta Gold - opend 2014 Jul -Limits: $15,000
4.Discover IT - opend 2014 Jul -Limits: $4,000
5.Barclays US Airways - opend 2014 Jul -Limits: $4,000
Total limits: $27,500
Your credit score is only one piece of the application. As you're experiencing now, there are many other factors that lenders look at. Chase is on the more conservative side. IMO, that isn't a bad thing. Just wait awhile and apply later. They'll eventually approve you.
If I was a lender, I would look at your application and see these reasons:
1. not enough history
2. short AAoA
3. too many inq within a short time
Chase Freedom is a starter card, so the lack of history is not the issue IMO.
The main issue is that OP had a thin file and then did a large AOR last month. Those inquiries are brand new.
I'd wait 90+ days before seeking more credit. Congrats on your current portfolio though!
Yes the Freedom might be a "stater card" but it is a Stater card for chase. Chase typically wants a full year of History before they will approve you for their cards so lack of history has credence.
