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Member
Vaetrian
Posts: 11
Registered: ‎07-20-2013
0

Chase Freedom denied.. Should I recon?

Hello,

 

You guys might remember me from this post http://ficoforums.myfico.com/t5/Credit-Cards/Advice-on-Cap1/m-p/2308419#M649748 looking for a cashback no FTF card, and the advice was to apply for Discover. However, due to not having enough income and not a student, I was not able to apply for it.

 

I've decided that I was going to look for a different card, this time just for cashback and having no FTF would be an extra. I went and apply for the Chase Freedom got a pending review and today just got my denial letter. I was denied because of

 

"Current obligations too high relative to income"

 

When I applied, I had these as my balances

Cap1 Platinum 65.79/1250

Cap1 Playstation 0/500

 

Should I attempt to recon? or just let it go?

 

 

Moderator
09Lexie
Posts: 25,309
Registered: ‎09-13-2012
0

Re: Chase Freedom denied.. Should I recon?

Established Contributor
sccredit
Posts: 836
Registered: ‎09-14-2012
0

Re: Chase Freedom denied.. Should I recon?


09Lexie wrote:
What was the income?

+1??

 

A $65 obligation to a $0 income could be a major issue.  A $65 obligation on a $10,000/mo income is a non issue.  Need more info.

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; US Bank Platinum $8,600; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Business Visa $8,000; US Bank PLOC Overdraft $1,500; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
0

Re: Chase Freedom denied.. Should I recon?

Always recon.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||
Citi Double Cash ||25k||
Sallie Mae World MC ||18.8k|| Fico Scores (3 Fico Monitoring): EQ 745,TU 749, EX 743. Last app: 9-12-14 Sallie
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Chase Freedom denied.. Should I recon?


Swapmeet wrote:

Always recon.


:smileyhappy:  Yup.....


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
manwoot
Posts: 247
Registered: ‎02-16-2013
0

Re: Chase Freedom denied.. Should I recon?


Vaetrian wrote:

Hello,

 

You guys might remember me from this post http://ficoforums.myfico.com/t5/Credit-Cards/Advice-on-Cap1/m-p/2308419#M649748 looking for a cashback no FTF card, and the advice was to apply for Discover. However, due to not having enough income and not a student, I was not able to apply for it.

 

I've decided that I was going to look for a different card, this time just for cashback and having no FTF would be an extra. I went and apply for the Chase Freedom got a pending review and today just got my denial letter. I was denied because of

 

"Current obligations too high relative to income"

 

When I applied, I had these as my balances

Cap1 Platinum 65.79/1250

Cap1 Playstation 0/500

 

Should I attempt to recon? or just let it go?

 

 


Is that what your balances were when you applied or what had been reported to the CRAs when you applied?

AMEX True Earnings (11.5k) || Discover IT (9k) || Chase Sapphire Preferred (6k) || Chase Freedom (5k) || Citi ThankYou Preferred (4.9k) || GE CareCredit (4.9k) || Sallie Mae (4k) || Citi Diamond Preferred (3.4k) || Best Buy (2k) || AMEX Blue Cash Everyday (2k) || Target REDcard (1k)
Super Contributor
longtimelurker
Posts: 6,530
Registered: ‎04-22-2013
0

Re: Chase Freedom denied.. Should I recon?


Shogun wrote:

Swapmeet wrote:

Always recon.


:smileyhappy:  Yup.....


Don't agree with "Always"   If the card is a real stretch (so you are unlikely to be successful) and it the recon is likely to cause another HP (and if you can't "afford" it), then I wouldn't recon.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi Double Cash, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 848 (Sep)
Member
Vaetrian
Posts: 11
Registered: ‎07-20-2013
0

Re: Chase Freedom denied.. Should I recon?


manwoot wrote:

Vaetrian wrote:

Hello,

 

You guys might remember me from this post http://ficoforums.myfico.com/t5/Credit-Cards/Advice-on-Cap1/m-p/2308419#M649748 looking for a cashback no FTF card, and the advice was to apply for Discover. However, due to not having enough income and not a student, I was not able to apply for it.

 

I've decided that I was going to look for a different card, this time just for cashback and having no FTF would be an extra. I went and apply for the Chase Freedom got a pending review and today just got my denial letter. I was denied because of

 

"Current obligations too high relative to income"

 

When I applied, I had these as my balances

Cap1 Platinum 65.79/1250

Cap1 Playstation 0/500

 

Should I attempt to recon? or just let it go?

 

 


Is that what your balances were when you applied or what had been reported to the CRAs when you applied?


It's the balance when I applied, it hasn't been reported to the CRA yet.

 

As for the income it's 7k with no loans, mortgage and rent

New Contributor
PhoenixDown
Posts: 62
Registered: ‎07-16-2013
0

Re: Chase Freedom denied.. Should I recon?

7k a month or 7k a year?

Member
Vaetrian
Posts: 11
Registered: ‎07-20-2013
0

Re: Chase Freedom denied.. Should I recon?


PhoenixDown wrote:

7k a month or 7k a year?


Unfortunately, yearly.


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