Planning to request recon/seeking advice...

[Anonymous]

I have had only one loan in my life, which is a student loan I have been making payments on (always on time) for a couple years now. I need to build credit and raise my FICO score so I can buy a home. Yesterday, I walked into my bank of 10 years (which used to be WaMu, but is now Chase) with my FICO scores (705:TU, 739:Equi). The lady who processed my request said everything looked good, but I was summarily rejected by the computer. Boo!

I am planning to call Chase underwriting to request reconsideration. I have not yet received the letter stating why I was rejected, but I imagine it is because I have only one trade line.

If anyone has any suggestions on what to say or what not to say when I call Chase, I would greatly appreciate it. I am very, very new to this credit stuff. I have been conservative my whole life, only driving/buying used cars I could afford and never wanting a credit card because I believed I shouldn't buy stuff until I could already afford it. Feel free to talk to me like a baby, because in the world of credit, that's exactly what I am!

[creditwherecreditisdue]

Welcome to the forums!

You are one of those folks with a thin credit file and little/no revolvimg credit experience. In that circumstance FICO scores will not reflect the results likely to be achieved when app'ing credit.

Just call Chase and answer truthfully any questions you might be asked. There is no real inside information on what to do here. Don't wait for the letter either. That could take weeks. Call them today.

When you have completed the call post back in this thread and we will try to help you from there.

[DI]

Call this number for Chase recon:  1-888-270-2127

I just called and got a recon approved after being declined for too many recent credit inquires.  

[Anonymous]

You guys are fricking awesome! I called the number DI listed and spoke to a gent who reconsidered my application and he tells me I'll be receiving my card in the mail.

My first credit card! At 33, I'm finally real adult! I'm glad I didn't wait for that rejection letter to come...

[creditwherecreditisdue]

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@Anonymous wrote:

You guys are fricking awesome! I called the number DI listed and spoke to a gent who reconsidered my application and he tells me I'll be receiving my card in the mail.

My first credit card! At 33, I'm finally real adult! I'm glad I didn't wait for that rejection letter to come...

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Congrats on your approval!

[DI]

Congratulations!!

What kind of card are you getting?

[Anonymous]

It's a Chase "Freedom" card. Interest rate seems kinda high to me, but then again, I know *nothing* about credit cards, so...

Here's a link to the pricing and terms, if you're interested in cheacking it out:

https://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?pdn=pt_chase_con_2009_1&card=CLTT&page_type=appterms

I plan to use it once a month or so and pay it off before they can get any interest charges out of me

Message Edited by JaneKathleen on 09-18-2009 02:17 PM

[DI]

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@Anonymous wrote:

It's a Chase "Freedom" card. Interest rate seems kinda high to me, but then again, I know *nothing* about credit cards, so...

Here's a link to the pricing and terms, if you're interested in cheacking it out:

https://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?pdn=pt_chase_con_2009_1&card=CLTT&page_type=appterms

I plan to use it once a month or so and pay it off before they can get any interest charges out of me

Message Edited by JaneKathleen on 09-18-2009 02:17 PM

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That's the card I'll be receiving too with  $4,000 CL

[creditwherecreditisdue]

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@Anonymous wrote:

It's a Chase "Freedom" card. Interest rate seems kinda high to me, but then again, I know *nothing* about credit cards, so...

Here's a link to the pricing and terms, if you're interested in cheacking it out:

https://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?pdn=pt_chase_con_2009_1&card=CLTT&page_type=appterms

I plan to use it once a month or so and pay it off before they can get any interest charges out of me

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What terms were you approved for?

[Anonymous]

Okay, this is embarrasing, but the truth is I was so excited that the guy was offering me a card, I didn't ask...

I presume he would have approved me for the "Standard" terms as opposed to the "Elite". I will be using the card infrequently (about once a month) and paying off the balance immediately, so I don't plan to pay any interest charges.

The whole idea behind getting this card is to use it to build my credit so I can purchase a home next year.The reason I've never had a cc is that I've never needed or wanted one. I actually don't believe in buying things I don't already have the cash to purchase (excepting a home). I've only gotten a credit card now because, apparently, I have to if I ever want to own instead of rent...

Message Edited by JaneKathleen on 09-18-2009 03:57 PM