Chase Slate - CLI Denied

[jandlynn]

Yes, that sounds about right, maybe a little more towards 9k. Does that matter? I thought that it was a percentage of credit utilized that mattered?

Like I said, I take advantage of low and no APR offers. I wait for the 0% interest deals before I buy anything of substance.

That seems like an intelligent choice to me, so why would I be penalized? My income / debt easily supports running as high as a 40k balance.

[jandlynn]

I have 2 - 30 day lates from 2006 for an auto and student loan. I was experiencing a personal tragedy at the time. Paying bills was least of concerns.

That was almost 7 years ago, and has been squeeky clean since.

[jandlynn]

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@theoldnocreditmaster wrote:

Not to be a know it alll, but it looks like your running about 8K in debt. I would second guess your request......

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Yes, that sounds about right, maybe a little more towards 9k. Does that matter? I thought that it was a percentage of credit utilized that mattered?

Like I said, I take advantage of low and no APR offers. I wait for the 0% interest deals before I buy anything of substance.

That seems like an intelligent choice to me, so why would I be penalized? My income / debt easily supports running as high as a 40k balance.

[fittiger]

Just to play devils advocate....think about it from the banks perspective.

Why do you need a CLI? It may appear you have enough credit available to you and It might seem to them that you are just wanting to charge up more debt or simply move it around without paying it down. Or that you just want to lower your utilization by a credit limit increase. I think it might seem odd that you are carrying balances on so many revolving accounts.

You emphasized using 0% apr accounts as free money.....what about your other accounts; why not just pay them off?

All of this together may increase your risk profile in their eyes.

Just some thoughts

[theoldnocreditmaster]

1%, 2% Util.... but where people  get misguided is on the percentage. Yes with my lines I could be at 30% util which equates to 30k of debt.  What I’m trying to say is when you’re talking to a credit ANAL...... IST,  they look at the dollar amount while scoring companies have you focused on percentages.

They are looking at your debt. Not util as others would have you believe. 9K in debt and asking for more (because you don’t have enough on hand) throws out a ton of flags. Particularly, when a person's income is listed at nearly 200K. either there is something in your report that's flagging them or a complete lack of credit information. It has to be one or the other.

Just my observation and experience. Please don’t take it personally.   

[jandlynn]

Yeah, I suppose that I can somewhat understand that logic.

Half my income comes in the form of a guaranteed 'bonus' at the end of the year.

I like keeping the cash in the bank in case of a rainy day I guess. At the end of the year I always pay off all balances that aren't promotional.

Everyone is different, I do things my own way and I guess that I expect that banks will be understanding to that. Bank America and PSECU always do right by me.

Unfortunately, BOA doesn't have the best interest rates and the points aren't that great either. But I bank with them and they were my first 15k+ card, so I guess there is a little bit of a loayalty factor there.

I dislike citi for personal reasons, and Chase won't play ball. Discover APR isn't great either. I guess I am still searching for the perfect card(s).

I grew up an orphan and ward of the state, so I guess that I have some problem with conforming to the rules due to my angry, rigid childhood experience, haha.

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@fittiger wrote:
Just to play devils advocate....think about it from the banks perspective.

Why do you need a CLI? It may appear you have enough credit available to you and It might seem to them that you are just wanting to charge up more debt or simply move it around without paying it down. Or that you just want to lower your utilization by a credit limit increase. I think it might seem odd that you are carrying balances on so many revolving accounts.

You emphasized using 0% apr accounts as free money.....what about your other accounts; why not just pay them off?

All of this together may increase your risk profile in their eyes.

Just some thoughts

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[jandlynn]

Oh, I don't take it personally! On the contrary, I am thankful for the insight!

I had some trouble starting out in life, been on my own since I was 13. No one taught me how to manage money, so I stumbled a bit.

I'm also a bit of a rebel, so conforming too the "system" was a big step (in maturity, hah).

When I was a younger man, I always thought of credit as a tool of the man.

I realized about 6 years ago that I really needed to start working on building a real credit profile and using credit as a tool.

I guess that can happen when you transition from being completely destitute into a fairly successful professional.

I carry some balances through the year and then pay them off at the end of the year when I receive my annual bonus.

I guess some analysts can't grasp that life, it's weird living on 1/2 your salary and then receiving the other half in one large lump sum.

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@theoldnocreditmaster wrote:

1%, 2% Util.... but where people  get misguided is on the percentage. Yes with my lines I could be at 30% util which equates to 30k of debt.  What I’m trying to say is when you’re talking to a credit ANAL...... IST,  they look at the dollar amount while scoring companies have you focused on percentages.

They are looking at your debt. Not util as others would have you believe. 9K in debt and asking for more (because you don’t have enough on hand) throws out a ton of flags. Particularly, when a person's income is listed at nearly 200K. either there is something in your report that's flagging them or a complete lack of credit information. It has to be one or the other.

Just my observation and experience. Please don’t take it personally.   

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[bluedog1]

IMO it is Chase's prerogative to extend/deny credit as they see fit business-wise but there is definitely no need for the attitude on the part of the CSR/UW. Customer service is touted by a lot of banks but I've found it to be quite underwhelming with Chase and others. I was denied a CLI with Chase on recon and ended up applying and getting approved for a new card with double the credit I asked for initially.

[theoldnocreditmaster]

Fully understood….  But what you must realize it that creditors see this. In other words they know you need their credit to survive in order to make ends meet until pay day. Whether next week or at year end.  To overcome this you will need to tack a back seat for a while. Go without certain things and make your payments on time. Every time.

I know you’ve probably heard this a million times, but it’s true. When you get to that point you will be able to use your credit in the fashion you need without sending up distress signals. Your credit lines will increase by themselves, belter score, better terms and it will be more seamless for you.

It won’t be easy, I know. Been there did that and didn’t even get a t-shirt out of the deal,,,,

[kobe2012]

I think you should try to recon one more time and if denied call EO and plead your case... I got an increase on my freedom from $1k to $5k yesterday after 7 attempts! Even EO wouldnt budge since i froze my EX but somehow i tried d recon line again and this nice guy approved me ...no hard pull yet on EQ and TU ... had my freedom for 7 months... I really think it all depends who you talk to...