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Established Member
Posts: 20
Registered: ‎09-08-2010
0

Worth A Recon?

[ Edited ]

I apped for Southwest Airlines Chase Tuesday evening and received letter today.

 

Reasons for denying credit are:

Credit report shows total available credit on accounts is too low  ($300 Cap 1, should increase to $500 anyday now)

Too few accounts on file for a sufficient amount of time ( Sept 10' Cap I)

Too many requests were made for new credit ( 3 in last 6 months)

 

They pulled Equifax and my current FICO score is 785

 

Is it even worth a Recon call?  Also, what questions will they ask?

 

_______________________________________________________
9/25/2011
EQ 802
TU 755

Current Cards: Amex BCP, Amex Pr. Gold, Best Buy, Cap 1, Chase Freedom

Established Contributor
Posts: 635
Registered: ‎07-29-2010
0

Re: Worth A Recon?

[ Edited ]

It never hurts to try. With a score like that, you should be good!

 

They will probably just ask about your income and occupation, living situation (rent or own), and what your housing payment is.

 

Is that capital one your only card? Do you have a balance on that card (or any card, if you have others)? showing on your CR? 

 

It looks like they think your utilization is too high and your file is too thin.

Discover IT $30K | FNBO Visa $25K | Citi Forward (grandfathered 5x Restaurants!) $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $15K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Southwest Premier $7.8K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity AMEX $7K | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Younkers/Comenity $2.4K | AMEX BCE $3K | Target $1K | EX FICO (from AMEX): 762, TU08 FICO (from Discover): 763, AAoA: 4.3 years
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Worth A Recon?

 


kingranch wrote:

I apped for Southwest Airlines Chase Tuesday evening and received letter today.

 

Reasons for denying credit are:

Credit report shows total available credit on accounts is too low  ($300 Cap 1, should increase to $500 anyday now)

Too few accounts on file for a sufficient amount of time ( Sept 10' Cap I)

Too many requests were made for new credit ( 3 in last 6 months)

 

They pulled Equifax and my current FICO score is 785

 

Is it even worth a Recon call?  Also, what questions will they ask?

 


 

The one thing to remember is it never hurts to try for a recon! 

 

It looks more like you are new at having credit and are applying for different cards or you are starting your rebuilding process. IMO you should let the CC you have grow some and age a little. Applying to quickly for additional credit can actually hurt you more then help you. 

Good Luck
May all your dreams and wishes become a reality!
Established Member
Posts: 20
Registered: ‎09-08-2010
0

Re: Worth A Recon?

Yes, the Cap1 is my only card right now.  Last month's ending statement balance was $17.  The only other TL reporting on my CR is a paid off car loan 06' through Ford Motor Credit.

 

I had several credit issues that have since fallen off my reports in the last 2 or so years.  Since I was showing baddies, I didn't even bother to have CC's, just paid cash and used my debit.

 

I know I have a very thin file, I just need some advice going forward.

 

Thank you for the advice!

_______________________________________________________
9/25/2011
EQ 802
TU 755

Current Cards: Amex BCP, Amex Pr. Gold, Best Buy, Cap 1, Chase Freedom

Frequent Contributor
Posts: 485
Registered: ‎02-17-2008
0

Re: Worth A Recon?

Is the southwest card a visa signature? If so that can make it a harder card to get because it has a min. CL of 5k.


Starting Score: 744
Current Score: 744
Goal Score: 800


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Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
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Re: Worth A Recon?

 


kingranch wrote:

Yes, the Cap1 is my only card right now.  Last month's ending statement balance was $17.  The only other TL reporting on my CR is a paid off car loan 06' through Ford Motor Credit.

 

I had several credit issues that have since fallen off my reports in the last 2 or so years.  Since I was showing baddies, I didn't even bother to have CC's, just paid cash and used my debit.

 

I know I have a very thin file, I just need some advice going forward.

 

Thank you for the advice!


 

IMO chase or any other prime lender is no great idea at this point. You should look for a store card say JCP or any other GEMB card and ask for CLIs regularly, you need more Revolving history for any prime lender. Anything less than 1 year of history is too little. Once you have a say 1.5k or so line on ur store card (abt 6-8 months), that should be the point I will look for a prime lender. You can try a CU card somewhere like 3-4 months after you get a store card.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: Worth A Recon?

OOPS, i forgot to say that you must ask for a recon anyway.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: Worth A Recon?

 


kingranch wrote:

Yes, the Cap1 is my only card right now.  Last month's ending statement balance was $17.  The only other TL reporting on my CR is a paid off car loan 06' through Ford Motor Credit.

 

I had several credit issues that have since fallen off my reports in the last 2 or so years.  Since I was showing baddies, I didn't even bother to have CC's, just paid cash and used my debit.

 

I know I have a very thin file, I just need some advice going forward.

 

Thank you for the advice!


 

Have you thought about the idea of a secured card? While I understand that at times we feel our credit is more deserving, the reality is when credit is limited and thin the only thing to heal those processes is time. 

 

If you have some funds available to open a secured card preferably one that will unsecure over time IMO would probably be your best alternative presently. The other possibility is to visit a local CU and stop in and speak to someone and see if they can offer you anything. Just bring in a current CR with the date pulled the same day you visit CU so they can offer their opinions.

Good Luck
May all your dreams and wishes become a reality!
Established Member
Posts: 20
Registered: ‎09-08-2010
0

Re: Worth A Recon?

 

I did the Recon and was denied Smiley Happy

 

I spoke with a real nice representative and they asked a few questions, then placed me on hold.  Fairly painless.

 

When he came back, he stated that I had the Cap I since late August 10'.  Too short of a revolving history with that card and was the main reason I was being denied.

 

I asked what they would consider a longer history with that card for approval and obviously they can't say for legal reasons.

 

At least I know where I stand with them and basically they want to see some aging.  It was a learning experience in of itself doing the recon.

 

Sound like I can app again in 6-9 months and likely not have any problems getting approved.

 

I'm still concerned about only one open CC TL right now?  Any other suggestions?

 

Thank you

_______________________________________________________
9/25/2011
EQ 802
TU 755

Current Cards: Amex BCP, Amex Pr. Gold, Best Buy, Cap 1, Chase Freedom

Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: Worth A Recon?


kingranch wrote:

 

I did the Recon and was denied Smiley Happy

 

I spoke with a real nice representative and they asked a few questions, then placed me on hold.  Fairly painless.

 

When he came back, he stated that I had the Cap I since late August 10'.  Too short of a revolving history with that card and was the main reason I was being denied.

 

I asked what they would consider a longer history with that card for approval and obviously they can't say for legal reasons.

 

At least I know where I stand with them and basically they want to see some aging.  It was a learning experience in of itself doing the recon.

 

Sound like I can app again in 6-9 months and likely not have any problems getting approved.

 

I'm still concerned about only one open CC TL right now?  Any other suggestions?

 

Thank you


Hi there.

 

Yes in a perfect world it would be better for you to have more than one CC but right now my advice is to just stop worrying about it and wait 6-12 months and while you wait do all the research you can to find the card that works best for your own unique financial situation. Don't apply for cards just because you can; apply for cards that will help to grow and rebuild.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

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