topic UPDATE: Approved! | Chase Freedom Denied for Short Credit History in Credit Card Applications

UPDATE: Approved! | Chase Freedom Denied for Short Credit History

Anonymous — Fri, 17 Aug 2018 18:28:27 GMT

UPDATE, Got approved for $1000 CL. Long story short:

8/3 online application auto denied.

8/9 Called recon line, was told that credit history is too short (7 months). Called again the next day, was told the same reason.

8/11 Opened Chase checking account with $10k deposit and setup direct deposit.

8/15 Called recon again, was told to upload documents to my profile.

8/16 Uploaded documents in branch.

8/17 Called recon to follow up, approved for $1000 CL.

Hello everyone. I am currently having one CC only which is a BofA Cash Reward Visa opened 7 months. I pay my balance every month in full. I received my FICO score 722 and thought that I’m good to apply for the Chase Freedom. However, they denied me both online and on the recon phone line. The representative said I have too short credit history, too many applications ( which is 7 because I’m looking for auto loan st the same time with credit unions).
Am I able to be reconsidered if I call again? I am planning to open a checking account with Chase this weekend, would that help and should I mention that? Or should I just tell them I would like to establish relationship with them and have confidence to pay balance in full because I really can?
Thanks for your reply in advance.

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 03 Aug 2018 09:12:25 GMT

@Anonymous@ wrote:
Hello everyone. I am currently having one CC only which is a BofA Cash Reward Visa opened 7 months. I pay my balance every month in full. I received my FICO score 722 and thought that I’m good to apply for the Chase Freedom. However, they denied me both online and on the recon phone line. The representative said I have too short credit history, too many applications ( which is 7 because I’m looking for auto loan st the same time with credit unions).
Am I able to be reconsidered if I call again? I am planning to open a checking account with Chase this weekend, would that help and should I mention that? Or should I just tell them I would like to establish relationship with them and have confidence to pay balance in full because I really can?
Thanks for your reply in advance.

While it may be assumed that you have a good credit score; lending decisions are not made only on the basis of your score(s). Your entire credit profile is considered and unfortunately yours appears to be quite short. Chase prefers at least one year of credit history before applying for their credit cards.

You can always call again but Its unlikely you will get a different answer. The analyst you spoke with will have made notes in your account and anyone else will see the previous decision. And opening an bank account will not help unless youre making a deposit large enough to qualify as a Chase Private Client.

If you must have a credit card now I suggest a lender like Discover or American Express who don't mind "thin" credit files. Then wait until your Average Age of Accounts is over a year before reapplying to Chase.

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 03 Aug 2018 12:04:27 GMT

@Anonymous wrote:
Hello everyone. I am currently having one CC only which is a BofA Cash Reward Visa opened 7 months. I pay my balance every month in full. I received my FICO score 722 and thought that I’m good to apply for the Chase Freedom. However, they denied me both online and on the recon phone line. The representative said I have too short credit history, too many applications ( which is 7 because I’m looking for auto loan st the same time with credit unions).
Am I able to be reconsidered if I call again? I am planning to open a checking account with Chase this weekend, would that help and should I mention that? Or should I just tell them I would like to establish relationship with them and have confidence to pay balance in full because I really can?
Thanks for your reply in advance.

If I were you, I would walk up to the closest chase bank and firstly request to speak to the bank manager about your scenario and mention about your interest regarding banking with the Chase, discussing to open checking/savvings account and request same manager to write you a letter of recommendation for chase CC.

All the best

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 03 Aug 2018 16:17:01 GMT

The way around it is to open an account with them and deposit a **bleep** load of money in it (I had $30k for reference). I got my freedom unlimited with 3 months of credit history (No FICO either at that point). Coincidentally, only card I had before it was the BoA cash rewards.

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 03 Aug 2018 16:21:41 GMT

First of all, thank you for your replys from all of you. Appreciate it.

I will try to open an account with $10k deposit this weekend and ask the manager to write me a recommend letter.

Thanks again!

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 03 Aug 2018 16:39:11 GMT

@Anonymous wrote:
First of all, thank you for your replys from all of you. Appreciate it.
I will try to open an account with $10k deposit this weekend and ask the manager to write me a recommend letter.
Thanks again!

Good luck. It used to be that if you deposited $10K or more you would be eligible for Special Reconsideration but apparently that was discontinued in 2016. See this article: Chase $10,000 on Deposit Special Consideration Has Been Discontinued.

Re: Chase Freedom Denied for Short Credit History

Anonymous — Mon, 13 Aug 2018 04:28:13 GMT

@Anonymous wrote:
First of all, thank you for your replys from all of you. Appreciate it.
I will try to open an account with $10k deposit this weekend and ask the manager to write me a recommend letter.
Thanks again!

Did you have any luck?

Re: Chase Freedom Denied for Short Credit History

Anonymous — Mon, 13 Aug 2018 12:22:41 GMT

Good luck OP! I got my FU when my Disco (my only other card at the time) was ~7 months old, but I already had a Chase relationship. (Granted, it also came with a toy limit, so that may be worse for you than not getting the card at all.)

Re: Chase Freedom Denied for Short Credit History

Anonymous — Mon, 13 Aug 2018 12:30:38 GMT

Choosing My Second Card and Some Questions

Re: Chase Freedom Denied for Short Credit History

Anonymous — Thu, 16 Aug 2018 01:11:25 GMT

DPs

I had like 50k at chase last year and they barely approved me for an Amazon at aooa at 9 months, my third card.

They did give me my first card cfu with a toy limit

Report is spotless at AAoA 1.1 and aooa 1.5

No prequals, actually came to this thread to learn yeahrights' magic secret

Re: Chase Freedom Denied for Short Credit History

Anonymous — Thu, 16 Aug 2018 16:34:23 GMT

Hey guys!

Yesterday I was so annoyed and kept thinking about they denied me twice in reconsideration, so I called for the third time (after my checking account opened with direct deposit setup). After the representative verified my information, it took a while longer than usual. After like 15 mins, she's back and told me to give them prove of address and copy of social security number in branch. I guess that's a good sign!

So I guess for those who have really short history, an account in Chase can really helps since they treasure their relationship with customers. But I'm not sure how much deposit you'll need, I have 10k in my account.

@Anonymous

Re: Chase Freedom Denied for Short Credit History

Anonymous — Fri, 17 Aug 2018 18:19:42 GMT

UPDATE!

I just got approved for $1000 CL after I did what the CSR told me the day before yesterday. I called the reconsideration line earlier today and it took 20mins for the whole process from a CSR picking up my call and got approved, the CSR was very polite this time though. Thank you for the helpful advices from you guys!