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Denied Chase Freedom, next steps?

Member

Denied Chase Freedom, next steps?

Hey all, I'm just starting to build credit (none before now) and on the advice of a friend I applied for a Chase Freedom card. Got the denial letter in the mail today, called them up and they said it was primarily because I don't have enough revolving credit. I still want to open some card and get some kind of credit but I have no idea what to try next! I got a couple of Discover It offers in the mail a while ago, should I even bother with those or am I likely to get the same revolving-credit denial? Maybe my bank (BofA) since I already have accounts with them? There's a lot of options but I don't know what to try.

 

Some info about me:

Age: 22

Income: $50k approx

Debt: approx $52k of student loans opened between 9/2008 and 9/2012, started paying some off in 1/2013, 3/2013, and will start the rest in 6/2013 and 11/2013. Nothing else.

Credit score: I did the 3-bureau report from TU a couple of weeks ago and the scores were 693, 699, and 704 (don't remember which was which), all out of 990. But the denial letter said my EX score was 616.

Message 1 of 12
11 REPLIES
Frequent Contributor

Re: Denied Chase Freedom, next steps?

Recon Chase freedom first. You might want to start with CapOne Platnium or a secured credit card with BofA. BofA card graduates to unsecure one year later if you have good payment history. Once you have one card whole lot of possibilities will open in 6 months after the first card.


PNC Secured 2000 (Dec12), Chase Amazon 2000 (Apr13), CapOne Newcomer 2500 (May13), Citi dividend 3000 (May13), Discover IT 1000 (Jul13), Amex BCP 6000 (Jul13), Chase Southwest 10000 (Jul13), Chase Marriott 12000 (Oct 13), BofA Travel Rewards 5000 (Dec13)

- In garden till Dec 2014
Message 2 of 12
Valued Contributor

Re: Denied Chase Freedom, next steps?

I had numerous student loans and also an auto loan reporting on my reports, but I started with a Capital One Cash Rewards card last June. My buddy had an auto loan and deferred student loan reporting when he was approved for the Discover It last week as his first card.

Here is the accompanying thread:

http://ficoforums.myfico.com/t5/Credit-Cards/Unique-Discover-IT-Approval-Story-No-Previous-Revolving...

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 3 of 12
Member

Re: Denied Chase Freedom, next steps?

Thanks guys. I looked at that Discover thread and it sounded pretty encouraging so I decided to take another look at the mailing I got...I missed a couple of things the first time I read it:

 

- Pre-approved (I don't know if this actually means anything)

- Offer expires May 31!

 

So I figured the worst that could happen would be another decline, and with an hour and a half left on the offer, I went through the application online, asked for online confirmation...a minute later, it says I'm approved! I called them up this morning and found it has a $4500 limit Smiley Surprised I think I'll be in a good place starting here. Next time I need to actually pull a credit report will probably be for an apartment in 4-6 months, things should be looking pretty good then. Thanks again!

Message 4 of 12
Valued Contributor

Re: Denied Chase Freedom, next steps?

Congrats on the Discover. I would still recon the Freedom though since you've already used a HP with them. Conventional wisdom will always tell you to recon with Chase. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 5 of 12
Frequent Contributor

Re: Denied Chase Freedom, next steps?


parakleet wrote:

Congrats on the Discover. I would still recon the Freedom though since you've already used a HP with them. Conventional wisdom will always tell you to recon with Chase. 


 

 

I agree. Recon at least 2-3 times and f you have a checking account you should say you like the convenience of being able to link and use the accounts. Hopefully they get you started even with a $500 limit. If they still don't budge I would garden the new limit for at least 6-12 months and apply for it again. Keep us posted!

Message 6 of 12
Established Contributor

Re: Denied Chase Freedom, next steps?


ktibghni141 wrote:

Thanks guys. I looked at that Discover thread and it sounded pretty encouraging so I decided to take another look at the mailing I got...I missed a couple of things the first time I read it:

 

- Pre-approved (I don't know if this actually means anything)

- Offer expires May 31!

 

So I figured the worst that could happen would be another decline, and with an hour and a half left on the offer, I went through the application online, asked for online confirmation...a minute later, it says I'm approved! I called them up this morning and found it has a $4500 limit Smiley Surprised I think I'll be in a good place starting here. Next time I need to actually pull a credit report will probably be for an apartment in 4-6 months, things should be looking pretty good then. Thanks again!


Congrats!


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Message 7 of 12
Senior Contributor

Re: Denied Chase Freedom, next steps?

IIRC, Chase like to see some history of credit use. Your file may just be too thin right now.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 8 of 12
Super Contributor

Re: Denied Chase Freedom, next steps?

since you already applied, might as well recon it. Best of luck!

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 9 of 12
Regular Contributor

Re: Denied Chase Freedom, next steps?

I agree with everyone else, I would try to have Chase reconsider your application for the Freedom card.  The Freedom card and your new Discover card would go great together for the rotating 5% cash back categories (since they differ throughout the year).  I've never personally done a recon with Chase but I've seen many stories on these boards speaking of successful recon attempts with Chase.  Their customer service is excellent!

AMEX Green Corporate - NPSL | AMEX Everyday - $50,000
Chase Sapphire Reserve Visa Infinite - $31,500 | Chase Freedom Visa Signature - $27,300
Best Buy (Citi) Card - $20,000 | USAA Platinum Visa - $26,000
Message 10 of 12