Just denied for Chase Freedom

[Anonymous]

OP,

I would actually recommend another recon request, given that it doesn't really hurt your score. However, ask if you can receive the card but with a lower CL and maybe no intro APR. Just throwing in my two cents.

Good luck and keep up posted.

[jwheel113]

Thanks for the advice.  I plan to make at least one more attempt.  I was reading another thread were someone said it took something like 20 attempts at recon and they were finally approved for the Freedom.  

[Anonymous]

Good luck. You might not be able to recon for too many times as they did take note of each failed recon.

[CS800]

REcon... recon...recon

Persistence pays, trust me been there.

[jwheel113]

Just made a third attempt at recon and was denied again.  Unlike the first 2 attempts, I felt like I stated my case much better this time and was still denied.  The CSR also stated this was my third failed attempt at recon and he agrees with the reasons the other 2 CSR's previously denied me for. 

As was suggested, I asked if Chase would give me a chance with a very low limit to start and the CSR stated they could not because they haven't seen enough evidence of reestablishment of credit since the foreclosure in 2008.  I've only opened one credit card and one installent loan (auto) since then and in the eyes of Chase, that isn't enough.  The fact that I have an open cc account with a 7,500 limit (2% utilization) is irrevelant because it was opened before the negatives were reported.

In hindsight, I probably should have applied for a card that was easier to obtain.  I figured I would have to recon to get approved but thought I could persuade based on the standing of my 2 open cc accounts, overall good credit for better than 3.5 years and my recent switch to Chase for banking.  Now this is seemingly, a wasted inquiry.  I think I learned a valuable lesson but I'm not quite sure what it was yet. Back to the drawing board, I guess.

[n777ua]

OP

If you don't mind me asking; how were you even able to cosign for a  mortgage in the first place?  I'm surprised at 22 you could do that as a full time student.  

[jwheel113]

No. I don't mind you asking. As I'm sure you're well aware, 2007 was near the peak of the housing boom, credit was very loose at the time, and 100% financing on mortagages was common.  At the time I signed, I was going to school full-time and essentially, working part-time. I had very good credit  (something like a 760 FICO) but I had only one credit card and one charge card then and I think that was about it (nothing extensive).  My income was nowhere near high enough for me to pay this mortgage but I reluctantly signed after being talked into it by a family member who I was living with at the time.  I was never expected to pay the loan or even contribute to paying it because nearly all of  the income I had went toward paying for my school at the time. To answer your question, I would guess my credit coupled along with my family member's income was good enough to qualify for the loan.  I should also add that I knew little to nothing about mortgages, real estate, or credit at the time. 

[wollepopolle]

Sorry to hear about your denial. I had scores much better than yours and no negative on my reports. Still, I was denied for the Chase Freedom due to too short a credit history (AAOA was three years at the time). I reconned and was denied again. I added more cards to my portfolio and reapplied 8 months later and was approved for a generous credit line with them. Without rhyme or reason as at that time my AAOA was less due to the three new accounts I had added.

I agree It's partially luck when reconning. However, in your case the serious negative will impact your report for years to come as long as it stays on there. You may recon again but at this point I'd just save my breath and wait till the negative ages off your reports. 3 1/2 years is not very old for a serious negative. In the world of credit, three years or so mean little.

[CS800]

That's the reason why I wont touch the freedom until my baddies fall off, my util go below 10%, my inqs go below 4 and my EX FICO goes above 740; then I will consider Chase and PenFed CC's

[dalebb]

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@jwheel113 wrote:

No. I don't mind you asking. As I'm sure you're well aware, 2007 was near the peak of the housing boom, credit was very loose at the time, and 100% financing on mortagages was common.  At the time I signed, I was going to school full-time and essentially, working part-time. I had very good credit  (something like a 760 FICO) but I had only one credit card and one charge card then and I think that was about it (nothing extensive).  My income was nowhere near high enough for me to pay this mortgage but I reluctantly signed after being talked into it by a family member who I was living with at the time.  I was never expected to pay the loan or even contribute to paying it because nearly all of  the income I had went toward paying for my school at the time. To answer your question, I would guess my credit coupled along with my family member's income was good enough to qualify for the loan.  I should also add that I knew little to nothing about mortgages, real estate, or credit at the time. 

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what charge card did u have?