09-27-2012 07:23 PM
Since those cards will get backdated I think it's worth a try. My Zinc reported a couple of weeks after I recieved it. G.L. I think you'll get in with Chase once those cards report.
I am going to ask if they are going to do another Hard Pull.
If they say yes then I will wait four months and give it a another shot by then my Amex revolver card should have a higher CLi.
09-27-2012 07:33 PM
09-27-2012 07:50 PM
I believe the score will go up when the cards report with a 1983 date since it is extra time. There will be no new account drop because it will not see them as new. Keep in mind though that Chase does not always go by score, as they look more at how you have handled the cards. They also quite frequently use the Vantage Score over a FICO Score.
You will probably not get the same analyst twice but the second one can still see why you were denied and will see that it was because of lack of revolving lines. Backdating is only good for computers. Humans can see that no history is visible for the accounts and will either wonder and ask why it is missing, or will be familiar with it and see the accounts as new.
Even if your income is alright, banks still do not always like lending to people opening up a lot of accounts. It is a possibility that you are doing it because you desperately need credit. Sometimes it is mentioned that I have ten new accounts under a year old but they see that I have no balances and on time payments and overlook it. I am also young (22), but speak from experience with this, except for the backdating.
09-27-2012 07:52 PM
I have to disagree with the other posters given your reasom for original denial.
1. New cards that are really backdated with high limits are IDEAL in this sit.
2. You won't get the same credit analyst twice.
3. In this case I can only see you losing points for the inquiries assuming your backdating of Amexs are reflected on your CR.
With backdating your aaoa could actually increase thereby trumping the few inquiries you incurred, esp. If your CRs reflect 1983 as the open date.
Furthermore, check your fico if you can before you decide to show them your most recent report.
As far as util is concerned, you already are in the ideal range of 10% or less... Assuming you keep usage on your new accounts 10% or less, the effect should be neutral. Keep in mind though, the more credit avail to you, the better your score generally tends to be assuming util is in line.
Oh one other thing... The only way a new amount of credit becomes an issue in this case is if your income can't handle the lines..
So your income will be a significant factor too... But opening an extra $11,000 in lines never kept me from getting cli or new accounts!
I know I'm young (23), but I've studied credit so much...
My advice is good:-)
Hope this helps!!!! Best of luck again.
Thanks youngandcreditworthy I think you have made some very good points. (just because you are young does not mean you are not knowledgable :-))
I will give it a shot with Chase in two weeks when the Amex cards report.
What is the worst that can happen...... they say NO...........I will still have my Amex cards,
my Capital one secured card and there is always Debit cards and Cash and Checks.
The problem with only having Amex Cards is that there are places that do not accept them because
they charge the Vendors more than Visa and Master Charge.
09-27-2012 08:00 PM
09-27-2012 08:14 PM
In my opinion, the accounts will still look suspicious to a human looking over the report. For a computer that looks at score and length of history, it would not be an issue. A human will without a doubt see the missing payment history and wonder why it is not there.
It all depends on the analyst in the end. At Chase one analyst said they only give business cards if the business is two years old (I just started in June). I rang the next day and got approved after about a five minute conversation on what I planned to do with the business. At FIA I had an analyst say no credit limit increase and when I tried again the lady looked at it for literally about thirty seconds before approved the 4000 increase. There are other stories but I think you get the idea.
In my experiene banks do not seem to be concerned about what other lenders have given you. The credit limits I get are all over the place. American Express almost gave me a heart attack approving me for 10000, a few weeks later Discover gave 1000.
09-27-2012 08:30 PM
09-27-2012 08:55 PM
They did a second hard pull on me as well during recon. But it was on a different credit bureau which only had two inquiries in last two years so for me it wasn't a problem.
09-28-2012 08:06 AM