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Will Discover IT help my approval for Chase Freedom and Amex Green? UPDATE: APPROVED FOR BOTH!!

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Boragard
Established Contributor

Will Discover IT help my approval for Chase Freedom and Amex Green? UPDATE: APPROVED FOR BOTH!!

Hey all, thanks in advance for taking the time to read and reply.  So my question is does me having and being approved for a Discover Card help my chances of getting a Chase Freedom and Amex Green? These are the only 2 cards I want and once approved will be done with applying for credit cards... On October 4th, I applied for a Discover IT card and was finally approved after my 3rd time trying (I first applied to Discover YEARS ago, and again this past April).  I was approved (shockingly) with a Credit Karma score of 634, and a Fico of 638 from Equifax.  Discover is my highest limit overall with $2.4k CL, my other cards below are Quicksilveone $1k, PPSC $300, The Room Place $1k, and Sony $500.  My AAoA is 4 years.  A little back story...I had a Chase Freedom Card and an Amex Zync in the past.  I closed the Freedom account in 2010 along will ALL of my other credit cards, paid them all off and had absolutely no credit debt(My scores suffered as I closed a 7 year credit account) until April 2011 when I applied for the Sony Card, then in December of 2011 I had an Amex Zync with $500 limit.  I closed the Freedom card in 2010 because they raised my APR to the penalty of 29.99% due to me making payments late twice  In May of 2012 Amex cancelled my Zync card because I lost my job and was unable to make payments.  I also filed a dispute because they listed my payments as derogatory on my credit report and I was paying as agreed to the hardship plan they put me on.  So in September of last year I paid it off.   So as you can see I have a past with both of these companies with basically the same accounts.   So on October 3rd, I applied for both of them again and denied.  I called and reconed with Chase they told me I have a Charge Off on my account with Sallie Mae $1300, which is stating as current but my last date of activity was in 08/2006.  The analyst then asked me why I closed my account and why I wanted another one.  I told him I am trying to rebuild my credit and I loved the Freedom card, which I did, just not the penalty APR.  Which was my fault of course.  He told me to call Transunion and to call him back after it has been removed and I would be approved.  So I immediately called TU told them the story and they told me they would investigate and send me a letter in 30 days.  Today (10-09)I got the denial letter from AMEX stating

1.  Serious delinquency

2. Proportion of revolving balances to revolving credit limits is too high

3. Too many inquiries last 12 months

4. Time since delinquency is too recent or unknown

 

They pulled Experian myfico @ 605...

1. Now the serious delinquency is the charge off as discussed earlier.

2. The revolving balances is $500/$1000 for The Room Place, and $450/$500 for Sony Card all other accounts are $0. 

3. Too many inquiries in 12 months, I have 13 inquiries in total.  5 of those are from AMEX for the green, and the other 5 are for the Freedom. 2 for the IT card and 1 from December of 2011 for a car. 

4.Haven't been late on anything else so I'm thinking that's the charge off as well. 

 

I don't know my Transunion score but of course that is under investigation at the moment.  I also reconed AMEX with the Executive Office he said he wants my score at least in the Mid 600s, maybe even 700s, and to call Experian for the Charge off.  So I called them as well.  So Transunion and Experian is under investigation.  The charge off is not showing on Equifax because it was deleted when I disputed it last time.  So back to my original question will me having a Discover Card help my chances of getting an Amex Green and Chase Freedom?  I know that Chase and Discover likes to compete for business.  Also my last Freedom account was $1,500.  I plan to apply in December because I am gardening for all of 2014 and want those cards in tow while enjoying gardening...  Please let me know your opinions.  Thanks!

Message 1 of 9
8 REPLIES 8
Revelate
Moderator Emeritus

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?

I think you need to clean up your reports before applying anymore.

 

Anecdotally neither Amex nor Chase will approve at 600.  Having a DIscover doesn't really help much, while the Freedom competes with Discover by virtual of it's being nearly line item identical, I don't think Chase nor Amex views Discover as a real competitor.

 

Maybe if you get the CO issue resolved there's a shot at Chase, I think you're a non-starter at Amex a while but stranger things have happened.

 




        
Message 2 of 9
Boragard
Established Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?

UPDATE:

 

I have been APPROVED for both of the cards as of today! (01/17/2014).  I really wanted (Amex Green & Chase Freedom)..SO EXCITED!!!  I really thank this forum as I have improved my credit score by 100 points since October 2013, and increased my available credit from $1500 to $10250 in 3 months! Amazing!

 

I am officially done apping for cards as I have all that I want!  Smiley Very Happy

 

Everyone has helped me in the forums and I am VERY GRATEFUL to be a part of this community!

 

For my Amex cards I had problems, but I eventually obtained them.  Those stories can be read here...

 

http://ficoforums.myfico.com/t5/Credit-Card-App-Approvals/Back-in-with-AMEX-woohoo-Approved-for-Cost...

 

and here http://ficoforums.myfico.com/t5/Credit-Cards/Why-did-Amex-pull-CR-from-August-2012-UPDATE-APPROVED/m...

 

For the Freedom card I had to do a recon but after explaining why the charge off was still reporting he went ahead and approved my application, I literally ran across the house, LOL. 

 

If anyone has any questions I will be glad to answer them for you. 

 

Message 3 of 9
Involver
Valued Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?

Congrats on the approvals.  I'm assuming you had the charge-off removed from TU and EX?

Message 4 of 9
Boragard
Established Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?


@Involver wrote:

Congrats on the approvals.  I'm assuming you had the charge-off removed from TU and EX?


No, the charge off is still reporting as current on all 3 CRAs.

Message 5 of 9
Involver
Valued Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?

Hmm, maybe it's worth giving an Amex a try then .. I've got an old (2007) collection account and was also recently approved for IT and Freedom.  I *really* should wait until they're gone in May though.  Patience ... Smiley Tongue

Message 6 of 9
Boragard
Established Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?


@Involver wrote:

Hmm, maybe it's worth giving an Amex a try then .. I've got an old (2007) collection account and was also recently approved for IT and Freedom.  I *really* should wait until they're gone in May though.  Patience ... Smiley Tongue


well my charge off is from 2006!  I have no idea why its still reporting as current.  I have disputed it plenty of time to the point where Experian won't even accept any more disputes from me.  All of the CRAs are saying it will be removed in March 2017!  That would be 11 years on my CR.  However, at one point the CO stopped reporting from 2008-2010.  So I think that is why it will report until 2017, it seem to have rest the clock. 

 

Are you sure they are dropping off in May?   If they are I say wait.  Amex is really hard to recon unless they made a mistake in their application.  What card are you trying for? and what is your score?

Message 7 of 9
Involver
Valued Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?

 

@Boragard wrote:

@Involver wrote:

Hmm, maybe it's worth giving an Amex a try then .. I've got an old (2007) collection account and was also recently approved for IT and Freedom.  I *really* should wait until they're gone in May though.  Patience ... Smiley Tongue


well my charge off is from 2006!  I have no idea why its still reporting as current.  I have disputed it plenty of time to the point where Experian won't even accept any more disputes from me.  All of the CRAs are saying it will be removed in March 2017!  That would be 11 years on my CR.  However, at one point the CO stopped reporting from 2008-2010.  So I think that is why it will report until 2017, it seem to have rest the clock. 

 

Are you sure they are dropping off in May?   If they are I say wait.  Amex is really hard to recon unless they made a mistake in their application.  What card are you trying for? and what is your score?


There is one account which appears across all three CRs that is set to drop in April, and there is an additional account associated with it that reports only to EX that is set to fall off in May.  These dates are from my EX CR so I'll trust them as legitimate.  My DoFD is accurate.  Considering the double derog hit on EX it would certainly be in my best interest to wait on Amex as I know they'll pull EX first.  Okay I just talked myself through it / out of it, haha.  I'm currently sitting at 662 on EX, and those COs are the only baddies I have.  

 

I was thinking about looking at a PRG first to get some history with the company with a charge card before going for a revolver (probably BCE).  I'm thinking I will get a pretty significant score boost when my reports are clean, so we'll see in time. Smiley Happy

Message 8 of 9
Boragard
Established Contributor

Re: Will Discover IT help my approval for Chase Freedom and Amex Green?


@Involver wrote:

 

@Boragard wrote:

@Involver wrote:

Hmm, maybe it's worth giving an Amex a try then .. I've got an old (2007) collection account and was also recently approved for IT and Freedom.  I *really* should wait until they're gone in May though.  Patience ... Smiley Tongue


well my charge off is from 2006!  I have no idea why its still reporting as current.  I have disputed it plenty of time to the point where Experian won't even accept any more disputes from me.  All of the CRAs are saying it will be removed in March 2017!  That would be 11 years on my CR.  However, at one point the CO stopped reporting from 2008-2010.  So I think that is why it will report until 2017, it seem to have rest the clock. 

 

Are you sure they are dropping off in May?   If they are I say wait.  Amex is really hard to recon unless they made a mistake in their application.  What card are you trying for? and what is your score?


There is one account which appears across all three CRs that is set to drop in April, and there is an additional account associated with it that reports only to EX that is set to fall off in May.  These dates are from my EX CR so I'll trust them as legitimate.  My DoFD is accurate.  Considering the double derog hit on EX it would certainly be in my best interest to wait on Amex as I know they'll pull EX first.  Okay I just talked myself through it / out of it, haha.  I'm currently sitting at 662 on EX, and those COs are the only baddies I have.  

 

I was thinking about looking at a PRG first to get some history with the company with a charge card before going for a revolver (probably BCE).  I'm thinking I will get a pretty significant score boost when my reports are clean, so we'll see in time. Smiley Happy


Well yes, I think you should wait.  However, keep in mind I was approved for the Amex Revolver first then applied for the Charge account.  Your scores are actually a little higher than mine.  I am 680-690 on all 3.  I don't know if this is true or not but Costco came to my job and said they were opening a new store and was looking for new members.  I applied at work, he then asked if I wanted the American Express version or regular version.  I asked for the Regular version and asked if they require approval for the AMEX, he said yes and "but since we are a new store opening we struck a deal with American Express so they will approve most new accounts within 30 days of our store opening".  I applied at that time, in late November, and it was cancelled due to an application for The Green about 3 weeks earlier.  Once the 30 days hit, I applied again and was approved.  So I don't know if there is truth in what he told me or if it was because I recently got my scores up.  Maybe a combination of both, who knows.  Since I was approved for the Revolver I immediately applied for the Charge knowing SP if denied and HP if approved.  That is noted in a link above. 

Message 9 of 9
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