topic Re: Chase Bank, how I covet thee 5/24 CC! in Credit Card Applications

Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 14:48:42 GMT

As many of you know, I desire my first Chase CC. I have been in the garden since November 2018 do get below the 5/24 threshold so I can apply.

The 2008 recession was hard on many of us, myself included. I was not as credit knowledgeable and made many mistakes. After losing my great paying job I burned several creditors, one of which was Washington Mutual. I burned Washington Mutual and potentially Chase in 2009 when I defaulted on my debt.

Last year in August 2018 I leased a vehicle from Subaru thru Subaru Motors Financing which I later discovered was underwritten by Chase.

So my question is, does have my lease finance by Chase mean that all is forgiven and that I am not blacklisted? Or is there an element I am not aware of and I will be denied when I apply for my coveted Chase 5/24 CC?

My hope is that having a lease with Chase Bank will be an added bonus as I now have an internal history of timely payments and that it will increase my chances of approval.

Anyone have any experience or thoughts they can share with me?

TIA

Re: Chase Bank, how I covet thee 5/24 CC!

FinStar — Thu, 08 Aug 2019 15:30:15 GMT

Unfortunately, the Chase auto finance/lease or mortgage side of the business does not improve any chances of getting an approval. Totally separate divisions from credit card lending.

The only way to know for sure is when you apply for any of their CC products whether that's through the branch (if pre-approved offers are available) or a cold application.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 15:34:13 GMT

Not was I was hoping to hear however it is what I expected. I am going to wait until January 2020 before I apply to be sure all of my 12 month inquires have dropped off and I am well within the 5/24 rule.

Re: Chase Bank, how I covet thee 5/24 CC!

FinStar — Thu, 08 Aug 2019 15:45:54 GMT

My recommendation is once you're out of the 5/24 restriction, just visit a branch and speak to a banker (provided Chase has a presence in your area) and explore to see whether any pre-approved offers are available.

Re: Chase Bank, how I covet thee 5/24 CC!

Brian_Earl_Spilner — Thu, 08 Aug 2019 15:50:45 GMT

All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 15:50:46 GMT

The nearest Chase branch is about 80 miles away. I might consider doing so. I am still concerned about my WaMu history though.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 15:55:28 GMT

@Brian_Earl_Spilner wrote:
All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.

So you are saying that defaulting on a WaMu CC had no internal influence on getting a Chase auto finance? What will the effect be on trying to obtain a Chase CC?

Re: Chase Bank, how I covet thee 5/24 CC!

FinStar — Thu, 08 Aug 2019 16:19:39 GMT

As mentioned upthread, the predecessor bank (WaMu) would have had no bearing on the auto lease approval. Different systems and departments altogether.

Typically, when the submit button is clicked, that's when the CC division performs a cross-reference check (aside from the CR) on its internal records to determine whether or not you meet internal criteria for approval. The outcome would hinge on whether the WaMu account is picked up (or not).

Re: Chase Bank, how I covet thee 5/24 CC!

Anonymous — Thu, 08 Aug 2019 21:44:01 GMT

Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 22:23:54 GMT

@Anonymous wrote:
Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.

Thank you. That bit of info has lifted a weight off my shoulders. My WaMu card had a $1000 CL and I don't recall how much I defaulted for. Knowing that when I get out of the garden I am not blacklisted when I apply for a Chase card is a relief. Again, thank you for the info.

Re: Chase Bank, how I covet thee 5/24 CC!

Remedios — Thu, 08 Aug 2019 22:26:32 GMT

I'm not sure where the "they dont use that information for credit cards" is coming from.

They will use any and all information available to them. In my case, that was both Providian and WaMu

Whether they got over it or not, is whole another story.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Thu, 08 Aug 2019 22:34:30 GMT

@Remedios wrote:
I'm not sure where the "they dont use that information for credit cards" is coming from.
They will use any and all information available to them. In my case, that was both Providian and WaMu

Whether they got over it or not, is whole another story.

With the information I am getting here, I suspect my course of action will be to apply and if I am denied either recon or wait for the AA letter to arrive for the reason(s) for denial.

Re: Chase Bank, how I covet thee 5/24 CC!

Remedios — Thu, 08 Aug 2019 22:43:45 GMT

@Medic981 wrote:
@Remedios wrote:
I'm not sure where the "they dont use that information for credit cards" is coming from.
They will use any and all information available to them. In my case, that was both Providian and WaMu

Whether they got over it or not, is whole another story.
With the information I am getting here, I suspect my course of action will be to apply and if I am denied either recon or wait for the AA letter to arrive for the reason(s) for denial.

Lets hope you get approved and those extra steps are unnecessary

I was just letting you know that info is available to them in most cases, but what they do with it is something that only application answers.

Re: Chase Bank, how I covet thee 5/24 CC!

Anonymous — Thu, 08 Aug 2019 23:01:42 GMT

That’s what the regional manager told me.

Re: Chase Bank, how I covet thee 5/24 CC!

sjt — Thu, 08 Aug 2019 23:49:23 GMT

@Medic981 wrote:
@Anonymous wrote:
Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.
Thank you. That bit of info has lifted a weight off my shoulders. My WaMu card had a $1000 CL and I don't recall how much I defaulted for. Knowing that when I get out of the garden I am not blacklisted when I apply for a Chase card is a relief. Again, thank you for the info.

Given the fact that it was $1K, the CO occurred in 2009, and you established a good credit history, I don't think you would have a problem getting in with Chase.

Have you gone to their pre-qual site?

Re: Chase Bank, how I covet thee 5/24 CC!

FinStar — Fri, 09 Aug 2019 00:26:36 GMT

Unfortunately, the regional manager isn't part of UW. So, I wouldn't rely on that as solid advice.

There may be instances where it may not be an issue. But, to @Remedios' point, if you search through a variety of past threads, those predecessor [WaMu, First Chicago/NBD, Bank One] CO/IIB accounts have been cited as reasons for being declined for a variety of applicants.

On the upside, most have been able to get reconsidered and approved if all else profile-wise checks out, but outcomes will still vary.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Fri, 09 Aug 2019 12:28:21 GMT

@sjt wrote:
@Medic981 wrote:
@Anonymous wrote:
Your lucky because I was in a similar situation as yours. I defaulted on a WaMu credit card 10 years ago. It’s obviously not on my credit report anymore, but, CHASE does have it on their own records. I know this for a fact, because I was applying for a SBA loan through them, and they will not approve it because of it. However, last week I did get the Amazon Prime card from Chase. They DONT use that old information for their cards, but absolutely do for SBA loans. So you can apply, that WaMu won’t hurt you now. Also, Chase told me if the WaMu card was less than 4K, they don’t care also. Mine was 5k! Doah! So literally I will never ever be able to get a business loan from them, even 30 years from now, but CC are different.
Thank you. That bit of info has lifted a weight off my shoulders. My WaMu card had a $1000 CL and I don't recall how much I defaulted for. Knowing that when I get out of the garden I am not blacklisted when I apply for a Chase card is a relief. Again, thank you for the info.
Given the fact that it was $1K, the CO occurred in 2009, and you established a good credit history, I don't think you would have a problem getting in with Chase.

Have you gone to their pre-qual site?

This is the message I get every time I check the prequalification page. I have never opted out of prescreening and I have unfrozen all of my credit bureau files before checking. I am still sitting at 9/24 and will be until Nov 2019, which is the only reason I can think of that might be causing this message.

Re: Chase Bank, how I covet thee 5/24 CC!

Brian_Earl_Spilner — Fri, 09 Aug 2019 21:18:51 GMT

@Medic981 wrote:
@Brian_Earl_Spilner wrote:
All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.
So you are saying that defaulting on a WaMu CC had no internal influence on getting a Chase auto finance? What will the effect be on trying to obtain a Chase CC?

No, auto doesn't see any of that. You could be overdrawn on your Chase checking and they would have no idea. As for the Chase CC, they will see it, and they will remind you of it. And if the amount is high enough, they will constantly remind you of it. There are people on here that can't do anything with their Chase cards without a recon because of their past relationships. There are also others that have had no problem once they get their foot in the door.

Re: Chase Bank, how I covet thee 5/24 CC!

Medic981 — Fri, 09 Aug 2019 21:51:53 GMT

@Brian_Earl_Spilner wrote:
@Medic981 wrote:
@Brian_Earl_Spilner wrote:
All the departments are separate and don't influence the others. They also have different criteria. Auto will finance you 1 year after BK. Cards won't look at you for 10.
So you are saying that defaulting on a WaMu CC had no internal influence on getting a Chase auto finance? What will the effect be on trying to obtain a Chase CC?
No, auto doesn't see any of that. You could be overdrawn on your Chase checking and they would have no idea. As for the Chase CC, they will see it, and they will remind you of it. And if the amount is high enough, they will constantly remind you of it. There are people on here that can't do anything with their Chase cards without a recon because of their past relationships. There are also others that have had no problem once they get their foot in the door.

Sounds like a crapshoot! I guess I will have to see how Chase is going to treat me when I am below 5/24 and apply.

Re: Chase Bank, how I covet thee 5/24 CC!

AverageJoesCredit — Sat, 10 Aug 2019 02:47:43 GMT

Why covet a Chase 5/24 CC when you can get a better one for only 5/3