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I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are unsecured. Card companies pay much less attention to your experiences with collateralized debt than to your experiences with revolving debt. Also, while 702 is undoubtedly an achievement in your rebuilding, the average american's fico is around 720, so getting some rejections is to be expected.
chase is not generally thought of as bk friendly and csp is one of their premier cards. There is a thread on here that lists bk friendly issuers and if you decide to try again with chase in a few months, I might try the freedom. It has lower underwriting criteria, lets you rebuild some history with chase and when you get the csp in the future, all the points you earned with freedom can be converted to airline or hotel miles to help get to your vacation goal.
@Cdnewmanpac wrote:I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are un
+1 and also there are a million threads on here discussing the rumored $5,000 credit line prerequisite that the CSR alluded to.
@MovingForward_2012 wrote:
I made several different phone calls to different reps to get a warm fuzzy before applying and was lied to each time as look at my final result. They don't care about your inquiries, it is just please apply. And then you have to reapply for the Freedom and get another inquiry. I said no thanks as I need to get this mortgage in February so no more inquiries. I know my score is well above the minimum...no risk to that. But I want the best interest rate on a 30 year fixed as possible.
Welcome to the forums MovingForward_2012!
i'm sorry to hear of your decline. With your inexperience with CLs at/or above 5K, I would have never recommended apping this card. Double so with a pending mortgage app. This is one of Chase's top tier cards. even though that BK is 9+ years old, you are still a rebuilder with your unsecured credit profile and should look at cards more reasonable for approval. Cards I would have recommended if you are dead set on getting approved before mortgage app with high approval probability: Chase Freedom/Amazon- Barclays Rewards Card/Priceline Visa. Freedom and Chase Amazon for sure and Barclays after recon. The Freedom approval would have set you up with URs points for transfer to the CSP later on for your vacation. Something to consider. Please ask the forum with future apps for advice on better aping strategy. Try not to get too upset. It's not the end of the world and you are almost there.
@Cdnewmanpac wrote:I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are unsecured. Card companies pay much less attention to your experiences with collateralized debt than to your experiences with revolving debt. Also, while 702 is undoubtedly an achievement in your rebuilding, the average american's fico is around 720, so getting some rejections is to be expected.
chase is not generally thought of as bk friendly and csp is one of their premier cards. There is a thread on here that lists bk friendly issuers and if you decide to try again with chase in a few months, I might try the freedom. It has lower underwriting criteria, lets you rebuild some history with chase and when you get the csp in the future, all the points you earned with freedom can be converted to airline or hotel miles to help get to your vacation goal.
+1000
Sorry I missed the second paragraph of this post! Great advice here. . Didn't mean to duplicate a prior post.
@improvingmycredit wrote:
@MovingForward_2012 wrote:
I made several different phone calls to different reps to get a warm fuzzy before applying and was lied to each time as look at my final result. They don't care about your inquiries, it is just please apply. And then you have to reapply for the Freedom and get another inquiry. I said no thanks as I need to get this mortgage in February so no more inquiries. I know my score is well above the minimum...no risk to that. But I want the best interest rate on a 30 year fixed as possible.Welcome to the forums MovingForward_2012!
i'm sorry to hear of your decline. With your inexperience with CLs at/or above 5K, I would have never recommended apping this card. Double so with a pending mortgage app. This is one of Chase's top tier cards. even though that BK is 9+ years old, you are still a rebuilder with your unsecured credit profile and should look at cards more reasonable for approval. Cards I would have recommended if you are dead set on getting approved before mortgage app with high approval probability: Chase Freedom/Amazon- Barclays Rewards Card/Priceline Visa. Freedom and Chase Amazon for sure and Barclays after recon. The Freedom approval would have set you up with URs points for transfer to the CSP later on for your vacation. Something to consider. Please ask the forum with future apps for advice on better aping strategy. Try not to get too upset. It's not the end of the world and you are almost there.
Agreed!!! You are doing great and will be approved for cards like this soon!
You could try for the US Bank Flexperks card. If you do not qualify for the signature card, they may offer you the select rewards card.
Also, see if chase can give you the freedom or regular shappire instead for the HP.
You may also have a shot at an AMEX charge card or even the Delta revolver.
Don't lose hope, and come august you will have a shot at many great card.
Well if you are serious commited to getting to that next level you can always open a secure account with Bofa, and easily get a 5k + limit. It is what I did to break 5k limit during my rebuilding, and they had no problem turning it to a unsecure signature card at my one year mark. So when May comes around I will be all set for cash+ and sapphire.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!