Chase Platinum Denied, What next ?

[Anonymous]

Hi

I applied for a Chase Platinum Master Card and it has been denied. The reason i applied for the platinum instead of the Chase Freedom Master Card was that i read a few posts about chase not reporting credit limits on the Freedom card. It apparently increases the utilization and thats not good...am no expert, but i thought i should not apply. The reason they gave was : 

1> Too many accounts with high balances

2>  Credit Report Shows total Bankcard Balances have grown too fast. 

 I dont even know what the second one means !

I checked my score 6 months ago and it was 700+. I have three other credit cards : Mastercard from credit union with 300 limit (secured card), Capital one platinum master card with 1500 limit (1000 balance at the time of applying) and Citi Platinum Select Student card with 1200 limit and 500 balance. I am an international student. 

I am wondering what to do now ? I need to apply for another card, any suggestions ? How much will this denial hit my score and history ? I have been denied a card by citi 8 months ago. Right now i have an offer from discover more with no annual fee and Zero Apr on purchases and balances for a year, what are the chances they will approve me after this denial ? 

Any suggestions will be useful. Thank you for your time.  

[smalldede]

Try to call the backdoor number and request for a RECON. Dont give up.

[Anonymous]

Hi

thanks for your reply. I have a question though. For them to reconsider my application, they'd have to pull up my records again right ? 

and what about applying for the discover card ? 

[smalldede]

If you applying for the discover card it's must a NEW hard pull. As I know Chase will recon base on your Credit report they

already pull, all you have to do is explain why you have high balance and all the questions only. So for me I will RECON first.

[Anonymous]

Hi

Thanks a lot. That helped me.

I called them for a Recon. I told her that I made the payment on my other cards, waited for it to post online and then applied for the chase card. She told me that CC companies usually report my credit once a month, and therefore the payment had not been reported. Hence, it was showing a high balance relative to my limit. When i told her that i could get the capital ones current status faxed over, she also said that she would not be able to approve by looking at anything else except for the credit report. 

If the whole credit reporting once a month thing was something i was supposed to know earlier, I certainly did not do my research right. I guess i'll just wait around for sometime and keep the balances as low as i can and repply only after 3 months or so.

If i am thinking in the wrong direction, kindly let me know.

Thank you very much for your help. This place has helped me learn a lot more than i knew earlier.  

[Anonymous]

oh and one more thing, she said i could call again in 30 days for recon if i wished to, but as you say, if they are not going to pull the records again, use the old record with them, it will still show a high balance, and pulling up new record wont do any good will it ?

[smalldede]

Too be honestly , if I'm in your case I will call to RECON again. Because you already no lost. ( At least one more time )

Different Credit Analysis may ask you different question and have different result.

GOOD LUCK

[hemi961]

One thing to keep in mind if you recon in 30 days or whenever is that the Freedom card comes either as a Platinum card or a Signature card.  The Signature starts at limits of $5,000 or $5,500, I'm not sure which and any credit limit below that will get you the blue freedom card you see on the web site (they consider it a platinum card) which does report the credit limit just like any other card.  So, don't be afraid to ask for the Freedom card if that is what you want. 

[Anonymous]

Thank you all.

My balance was 1400 out of 1500 in capital one and 1070 out of 1200 in citi card. That is a high balance reported, unfortunately just before i made the payment. 

My question is will they look at the same old report which they had looked at previously when as for a recon, say 28 days later ? anf if yes, that wont help much will it ? 

[Anonymous]

Generally when a credit card company tells you to try back in 30 days they mean you can apply again in 30 days, so my guess would be that if you call back in 30 days they'd pull your report again. It would mean new info to review, but also a new inquiry. From what I've heard with recons, if at first you don't succeed.......

Just because this one person said no, doesn't mean you shouldn't keep calling. You'll get a different person every time, and if there's any kind of manual override to their automated application process I'm sure you'll eventually get through to someone with a brain who can say yes, your score is good, the only issue was the reporting debt so if you can show me it's not there we'll approve you.

At least that's what I'm hoping, because I'm trying for a recon right now too