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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Chase Sapphire Prefered - Declined

Been reestablishing my credit for 10 long years. Ch 7 bankruptcy due to fall off in August (9 years, 4 months old). Just recently was approved for tier 1 lease financing through Acura. Have ALWAYS paid on time and left low balances on my cards each statement. I have been managing post bankruptcy unsecured cards since 2008 with no min payments and no lates. I have been at my same job for almost 12 years and my gross income is 91K. What the $&@??!?!!!!! So ticked off! The did a recon and double denial. Grrrr...am I SOL after the recon? The rep said he tried really hard but couldn't do it. He said I don't have enough re establishment yet. Really????? I paid another auto loan on time since 2008 and it was just paid in full last month and now I am on my second car loan post BK with a prime lender. Then the rep said I haven't had any experience managing a card with a $5000 CL. I said, that was one of my reasons to apply...to complete my portfolio!! I have a total of $3100 in credit. That is not that far away from $5000 is it???? So mad and frustrated! My fico is 702, in the second tier for rates with a 9% risk of defaulting. What do you need? An 800 for CSP? Was hoping to build up points to take the family on a vacation, we have never went anywhere. And it looks like we will be at home for another 4 years!!!! I can qualify for top tier luxury leasing and a mortgage but not CSP! $&@?!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
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Re: Chase Sapphire Prefered - Declined

[ Edited ]

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.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Contributor
SnackTrader
Posts: 1,567
Registered: ‎09-15-2012
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Re: Chase Sapphire Prefered - Declined


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. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Chase Sapphire Prefered - Declined

I don't know what else to apply for that has good odds. Once I get declined, I usually stop applying for anything for 1-2 years due to being discouraged. I guess I'll try for something in September after the BK falls off. And I asked the rep about the BK and she said don't worry about it, it doesn't automatically decline you, just check the box...bunch of lying snakes!!!! :smileysad: ugh!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Chase Sapphire Prefered - Declined

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. :smileysad:
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Community Leader
Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
0

Re: Chase Sapphire Prefered - Declined


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. :smileysad:

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.  :smileyhappy:


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Community Leader
Valued Contributor
improvingmycredit
Posts: 1,402
Registered: ‎07-12-2011
0

Re: Chase Sapphire Prefered - Declined


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. :smileyhappy:. Didn't mean to duplicate a prior post.  


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Established Contributor
tennisfan78
Posts: 630
Registered: ‎09-18-2011
0

Re: Chase Sapphire Prefered - Declined


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. :smileysad:

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.  :smileyhappy:


Agreed!!!  You are doing great and will be approved for cards like this soon!


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: Chase Sapphire Prefered - Declined

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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
toppers555
Posts: 551
Registered: ‎09-28-2012
0

Re: Chase Sapphire Prefered - Declined

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!!!



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