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Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

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GoldenBoy1
Established Member

Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

Okay, So for the past 18 months I've been sitting on 3 secured cards ( US Bank, BofA, and Capital One) and when I started this journey my credit score was 497 and as of today it is 610.  Not great by any stretch of the means but for the past 18 months I have pretty much paid in full every statement and well before the due date as I am dead set on repairing my credit and staying on track for the rest of my life.  I decided to try and get some of these secured cards graduated, so first on the list was Capital One.

 

Capital One -  I called and got a foreign agent but one who spoke fairly decent english.  She transfered me to an American agent regarding unsecuring my card.  The lady was extremely helpful and said that they don't graduate cards but I could apply over the phone to see if I would be approved for a card....So I did.  She took all of my information, placed me on hold and came back and told me I qualified for 2 cards.  The Capital One Platinum and The Capital One QuickSilverOne and I accepted both cards.  Each card started with a 500.00 limit which isn't great but I realize I'm still in rebuilding mode.  There was no reconsideration required for CapOne but I wanted to mention them because they seem to be great at giving people who are in the higher spectrum of poor credit great opportunities to rebuild.  I decided to keep my secured card for AAoA so I now have 3 accounts with CapOne.

 

US Bank - I've had this secured card for 18 months ( NEVER LATE, ALWAYS PAY IN FULL WELL BEFORE MY DUE DATE ).  I called and spoke to a woman about unsecuring my card, she gathered a little information and submitted the request.  I got the dreaded denial letter today and called the Recon Dept Number and spoke to a gentleman in underwriting.  I don't know if it is just me or if US Bank just has a zero chance for reconsideration.  I explained to him that I have been current on everything since taking out the card, and yet he brought up medical accounts and a repo that took place 5 years ago.....Which is well before I even got this card in the first place.  I explained that I was in rebuilding mode and he said he understood but they simply would not graduate the card until I get those accounts showing paid on my CR.  I called back and pretty much got the same story from a female in underwriting.  Based on my experience with them today, if you are expecting a fair shot at a reconsideration from US Bank.....Guess Again.  I just don't think even with a logical explanation they will change their mind.

 

Bank Of America - Pretty much the same situation as the US Bank card ( I've had this secured card 16 months, ALWAYS PAY IN FULL AND ALWAYS BEFORE MY DUE DATE ).  I called in and requested the card be graduated, and I was instantly denied on the phone.  When I asked why, they responded derogatory information on my credit report.  This negative information they are talking about is over 5 years old (SIGHS) and was well before I started rebuilding.  I certainly understand a bank wanting to protect their assets but when someone has always been on time with a secured card for 16 months, I think offering them a 300.00 limit to prove themselves with an unsecured card is a legitimate request.  I reconned and was shut down quick.  I don't think they have very friendly recon policies.  

 

Barclays - Applied online and was given the dreaded 7-10 message.  I don't currently have a card with them but after being so aggravated with what has just happened with US Bank and BofA I decided to apply.  When I saw the 7-10 day message I let the F bomb drop and was even more frustrated.  I decided to Recon and got a VERY FRIENDLY guy on the phone.  He talked to me in regards to my old collections and my repo from 2009.  I explained my situation and he placed me on a brief hold.  He comes back and says " I have good news and bad news ".  The good news is we are going to give you a chance to prove yourself.  The bad news is we are going to start you out with our minimum credit limit of 250.00      I know a 250 limit to some of you big dogs might sound pathetic, but to someone in my shoes wanting to rebuild...I am thrilled to get it.  The recon process took all of 5 minutes and even if I had been denied I certainly appreciate the fact that Barclays is willing to hear me out.

 

Chase Bank -  This was an interesting situation to say the least.  I applied for a Chase card and was denied.  I immediately called the recon number and in a grueling process the final verdict was a no go.  They said that they simply could not approve me with my credit score where it was and the amount of medical collections as well as the Repo.  I was upset and low and behold, I get a letter from Ally Bank the same day saying they wanted to finance my car loans at a lower rate.  I currently have a 2014 Nissan Rogue and a 2013 Dodge Ram, which are both financed with.......you guessed it....Chase Bank.  I called Ally, faxed them proof of income and because I put such a large down payment down on both vehicles when initially purchased they were easily able to approve me.  I called Chase to get my payoffs and they didn't like the idea of losing 32,000 dollars worth of auto loans.  They asked why I was leaving and I explained that I was pissed off that I'm good enough to qualify for 32,000 dollars in auto loans, but not good enough to qualify for one of their credit cards.  They actually got a supervisor on the phone and I had to explain again why I was going to let Ally buy out my loans.  The supervisor put me on hold for 22 minutes and 19 seconds.....yes I was timing it.  So I hung up.  He personally called me back and told me spoke to underwriting and that they truly wanted to keep my business.  Approved for a CC with a .....5,000 dollar limit   O.O  I literally almost crapped my pants.  Well, needless to say I agreed to keep my auto loans with them but WOW.  What a turn of events.

 

I'd say it was a productive day and I appreciate Capital One, Barclays, and Chase for giving me the opportunity to grow.  As for BofA and US Bank ( you people seriously need to get with the program ).  You should know when you issue a secured card that the person has a bad past and is trying to overcome it.  How could you possibly bring up 5 year old collections when the card I have with you is only 1  1/2 years old.  Give people a chance to prove themselves.  For God's sake.....IT IS ONLY 300 DOLLARS.   This overly conservative attitude is just as deadly as an overly liberal attitude.  GIVE PEOPLE A CHANCE!

 

edit: shouting Smiley Happy --Rev

Message 1 of 22
21 REPLIES 21
wHiTeSoL
Valued Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

There is a huge difference between a secured auto loan and an unsecured credit card.  I'm glad it all worked out for you in the end. 

Message 2 of 22
One7
Valued Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

Wow! You've been busy. Congratulations on all your success and sorry about the other two. They will come around eventually

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Message 3 of 22
GoldenBoy1
Established Member

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

I am well aware of the difference.  My point to them was I've financed my last 3 vehicles through them and have never been late.  As a matter of fact on the current 2 vehicles I have ( 2014 Nissan Rogue and a 2013 Dodge Ram ) I pay double the monthly payment.  They sent me a letter a few weeks back saying i'm 4 payments ahead on my Rogue and if I wanted to skip some payments I could do that without affecting my accounts good history.  

 

Also, just for the record.  I am actually a finance manager for a dealership and I assure you, that if a company has to repo a vehicle, they stand to lose thousands and thousands of dollars.  As a matter of fact, just recently a Mustang was repo'd by First Franklin Financial.  They loaned out 14,000 for the person to buy the car and the customer made ZERO PAYMENTS.  The car sold at auction for 9,100 bucks.  So you are talking about a 5,000 dollar loss on that one vehicle.  To say that an auto loan is risk free for a lender is absurd.  I think they are in fact way more risky than approving someone for a 500.00 unsecured credit line. 

Message 4 of 22
Creditaddict
Legendary Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

Wow you ended up with some great stuff in the end... Congrats.

ill just add that usbank use to have pretty hard line drawn on a 680 credit score required to unsecure... Don't take it to personal with them.

Message 5 of 22
wHiTeSoL
Valued Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase


@GoldenBoy1 wrote:

I am well aware of the difference.  My point to them was I've financed my last 3 vehicles through them and have never been late.  As a matter of fact on the current 2 vehicles I have ( 2014 Nissan Rogue and a 2013 Dodge Ram ) I pay double the monthly payment.  They sent me a letter a few weeks back saying i'm 4 payments ahead on my Rogue and if I wanted to skip some payments I could do that without affecting my accounts good history.  

 

Also, just for the record.  I am actually a finance manager for a dealership and I assure you, that if a company has to repo a vehicle, they stand to lose thousands and thousands of dollars.  As a matter of fact, just recently a Mustang was repo'd by First Franklin Financial.  They loaned out 14,000 for the person to buy the car and the customer made ZERO PAYMENTS.  The car sold at auction for 9,100 bucks.  So you are talking about a 5,000 dollar loss on that one vehicle.  To say that an auto loan is risk free for a lender is absurd.  I think they are in fact way more risky than approving someone for a 500.00 unsecured credit line. 


I agree it is absurb to believe it is risk free becuase we both know it's not. I work in business financing as well and the vast majority of the time I will approve a secured loan over an unsecured one regardless of the actual dollar amount from someone who has some blemeshes on their credit history. This is not a personal dig at you, infact I am glad this worked out well for you, I just think it's absurd to compare the two types of loans apples to apples.

Message 6 of 22
jkjklkjkl
Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

GoldenBoy,

 

You did an excellent job of going after what you want, and congratulations on your successes!!!

 

I would like to say, though, that you should in no way not refinance your auto loan, if it is going to save you money, simply because Chase gave you a credit card.  This is about the big financial picture, and if you were going to "pay" for a credit line, it would've been better to open up another secured card, instead of wasting that money every month on the loans you kept with Chase.  Unless you signed/agreed contractually to keep your loan with Chase, in exchange for the credit line, you are under obligation to do so.

Message 7 of 22
alvon123
Super Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

congrats on your success


Message 8 of 22
Stanic413
Regular Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase


@jkjklkjkl wrote:

GoldenBoy,

 

You did an excellent job of going after what you want, and congratulations on your successes!!!

 

I would like to say, though, that you should in no way not refinance your auto loan, if it is going to save you money, simply because Chase gave you a credit card.  This is about the big financial picture, and if you were going to "pay" for a credit line, it would've been better to open up another secured card, instead of wasting that money every month on the loans you kept with Chase.  Unless you signed/agreed contractually to keep your loan with Chase, in exchange for the credit line, you are under obligation to do so.


I kind of like this idea. Not sure if there will be any repercussions with Chase but as JK said, unless you signed something you're not obligated to keep your auto loan with them.  I was actually wondering what your interest rate is with Chase on the auto loan and what it would've been had you done the refi.  You can always rebuild your credit and get those higher limit unsecured cards at some point, but you can't get money back that you've paid in interest if you don't refinance.  If you have a lower rate with Chase, stick with them but if not, save yourself some money. 

18k10k7.6k10k10k5k5.6k1.7k2k
Federal CU PLOC: $5k
Scores, Dec. 2014- TU: 755 EX: 763 EQ: 757
Last App: 12/8/14. In the garden until Jan 2016, getting "mortgage" ready.
Message 9 of 22
bigblue7722
Valued Contributor

Re: Recon heaven and hell for today! US Bank, Barclays, Bank of America, Capital One, and Chase

I have had very similar experiences as the op. I think capital one is doing a great job and I like their eo office. Chase has been great and very recon friendly from what I have heard, I have 3 cards with them all instant approvals. As for boa they drive me up a wall. They are rude and unhelpful. I would not recommend them to anyone. The sallie Mae card and barclaycard are so much better than the 123 rewards. I'm closing my secured card in a couple of days I can't wait

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.
Message 10 of 22
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