Sorry for the denial. How big are your baddies (i.e. how much you owe)? Have you tried to PFD w/ the COs? Most major lenders don't like to see baddies (also on how much balance you owe), so I would recommend and see if you can get those settled first and go from there. Best of luck to you.
@Creditaddict wrote:
@luckymommy wrote:Tried calling for a second time this morning to get my Chase Freedom denial overturned. Explained my baddies on my report and about why I have new accounts in a short period of time. Still no dice. Told me to try back once I have the accounts for longer and get the collections settled. The bad accounts I do have are from 2009 and 2010.. I've heard of other people being approved with a couple negatives in their reports. Oh well. Not meant to be for me at the moment I guess.
I think the big difference is rather those baddies are settled or not.
I think lots of people get it confused that they shouldn't pay old collections because it won't improve your credit... While your score might not instantly go up, there are many creditors that draw a line in the sand that they can look past old baddies but only if they are at least settled... having unpaid baddies is a huge sign that you are not past those bad times even if those bad times happened years ago because if you were past the bad times, why wouldn't you have the money to pay your past debts.
this has been very true for my own credit and getting more credit.
Couldn't agree more. So many people advocate not paying baddies because it 'doesn't help your score'. But if you are doing a manual recon, the analyst or underwriter isn't sitting there reviewing your score.
@Creditaddict wrote:
@luckymommy wrote:Tried calling for a second time this morning to get my Chase Freedom denial overturned. Explained my baddies on my report and about why I have new accounts in a short period of time. Still no dice. Told me to try back once I have the accounts for longer and get the collections settled. The bad accounts I do have are from 2009 and 2010.. I've heard of other people being approved with a couple negatives in their reports. Oh well. Not meant to be for me at the moment I guess.
I think the big difference is rather those baddies are settled or not.
I think lots of people get it confused that they shouldn't pay old collections because it won't improve your credit... While your score might not instantly go up, there are many creditors that draw a line in the sand that they can look past old baddies but only if they are at least settled... having unpaid baddies is a huge sign that you are not past those bad times even if those bad times happened years ago because if you were past the bad times, why wouldn't you have the money to pay your past debts.
this has been very true for my own credit and getting more credit.
++++1
I was in this boat. I applied for the Chase Freedom originally in March 2013 with three CO's (all paid) and a 1993 BK which included Chase (they never forget). I was denied. Called to recon and was approved for $500. Fast forward to August 2013, I closed Freedom. I then applied for Chase Slate in October 2013 and approved instantly for $2,500 with a HP on EQ which at this time I only had 1 CO on EQ remaining. Then in January 2014 asked for CLI to $5,000 denied. Called recon line and CSR pulled Experian which still has original 3 CO's listed. CSR asked what I wanted additional $2,500 for and I responded a balance transfer. Approved. No mention of CO's. I should mention that I did apply for the Chase Sapphire Preferred card in November 2013 and was denied. When I tried to recon that card, CSR said that CO wasn't an issue since they were from 2008. The only reason for denial at that time was because I had a lot of new accounts including the Chase Slate and they wanted to see more payment history. I say this to say that creditaddict is correct that paid bad debt is always better than unpaid, especially on a manual review. It has not been an issue in me obtaining 12 of the 14 cards in my siggy (not included Tires Plus & Barclays) since July 2013. Best of luck to you OP
(Formerly known as: Credit is my hobby (1.6M)/TCL objective)
@Creditaddict wrote:
@luckymommy wrote:Tried calling for a second time this morning to get my Chase Freedom denial overturned. Explained my baddies on my report and about why I have new accounts in a short period of time. Still no dice. Told me to try back once I have the accounts for longer and get the collections settled. The bad accounts I do have are from 2009 and 2010.. I've heard of other people being approved with a couple negatives in their reports. Oh well. Not meant to be for me at the moment I guess.
I think the big difference is rather those baddies are settled or not.
I think lots of people get it confused that they shouldn't pay old collections because it won't improve your credit... While your score might not instantly go up, there are many creditors that draw a line in the sand that they can look past old baddies but only if they are at least settled... having unpaid baddies is a huge sign that you are not past those bad times even if those bad times happened years ago because if you were past the bad times, why wouldn't you have the money to pay your past debts.
this has been very true for my own credit and getting more credit.
As I understand it, the advice to not pay old baddies is when they are just about to fall off of your report. If you have not paid it (or them) for 6 or 6-1/2 years, then why bother now (other than to "do the right thing)? In the case where they are "fresh" then certainly a paid oldie is better upon manual review than an open one.
Yeah i would pay off the bad debts. And wait a bit then try again. Good Luck in your Future approval.
