08-16-2012 02:27 PM
I disagree, even with my bad scores. The reason for scores is to treat everyone fairly and base decision off independent factors. While I love companies that allow for recons, the survivability of financial institutions depend on them, in part, to be able to evaluate risks. Scores are necessary but shouldn't be only factor.
That is true but are scores really "fair"? With enough time and effort someone with a bankruptcy or multiple negatives in the past could have a 700 or more score. Someone with only a year of history could only have a 600 score. It would make more sense to lend to the person who has never had any negatives, but because the score is only 600 the system automatically declines. Scores can easily be skewed by being added as an authorised user onto a card with a 20 year history. An internal scoring method could be different, but the FICO score is a downfall to so many people.
I agree with doing away with scores. It especially hurts those trying to build credit coming out of college (which IMO, is a little late to start to begin with) because those with student loans are stuck with high utilization values which kills your scores. If you can prove that you have no issues paying down your student loans, they should consider that and not a score and allow responsible people to start building their credit portfolio so they can prepare for possibly buying a home in the future.
So true about building credit. Two years ago at 19 I heard so many times about score being too low. Even at 20 I still heard the same thing, even though I had a year of perfect payment history it was not enough. When I added another card (Amazon Store) it did not matter, still too low. Even Citi and Capital One declined to extend credit because of low score, and this was for their "beginner cards". Then finally at 21 the scores must have changed because I started getting approved for everything. When denied for inquiries it took two minutes to push the application through.
08-16-2012 02:28 PM - edited 10-15-2012 10:27 AM
what number did you use for recon. mine was in 2008 and the person i talked to said they never approve with a bk reporting. got my denial letter (today) and that was the only reason listed
08-16-2012 02:37 PM
I just used the one shown on the backdoor numbers list on this forum, 888-270-2127 .
That's very strange re. BK. Maybe it varies by analyst (?)
I just edited my previous reply to show approval for $1k, not $1.200. Sorry, I got it confused with another one.
08-16-2012 02:39 PM
should I try again?
08-16-2012 02:44 PM
Hmm, I think somone much more knowledgeable about all this stuff than I am will have to reply to that.
They did ask me about the circumstances of my 2005 BK when I recon'd.
Also I've never had any type of account with Chase before. They have a local branch though, and I'm considering opening a savings account just to help build the relationship over time.
Good luck either way
08-16-2012 03:03 PM
Well I did.......guess who you get makes the difference. Made her laugh musta worked. Explained my story, and why Chase rocks. she put me on hold for about 2 minutes and transfered me to authorizations. Limit 1k............very very happy guy today!!!! Oh and buy bye Cap 1
08-16-2012 03:11 PM
Congratulations! I guess it does make a difference who answers.
08-16-2012 03:14 PM
I was instantly approved with ONLY a $500 credit limit, howver , I had opened several new accounts prior to applying. I tried for a recon for the CL upon receiving the card , but ended up wasting a hard pull for absolutely nothing...scores at approval were like 672
08-16-2012 03:19 PM
i reconed twice......couldn't hurt? call exec office! You have a gripe with some of your higher limits.
08-16-2012 03:39 PM
How hard is it to get chase freedom? No know about whogavemecredit. I'm looking for some additional info from forum guys and gals.
I was in mid to high six's when I got freedom, but was denied for Sapphire when right at 700, mainly because of too many accounts less than a year old. My log has specifics.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO