topic Re: Multiple Applications after a HP in Credit Card Applications

Multiple Applications after a HP

Anonymous — Wed, 22 Jan 2020 21:47:56 GMT

Hey Guys,

I just applied for a Chase Business Ink Preferred and the application was declined due to my avg lenght of credit (I moved to the US two years ago). It sucked but at least all I have to do is wait. Nevertheless I ran the creditmatch a few days after and for the first time ever it told me I was prequalified for the Chase Sapphire Preferred and the Chase Freedom Unlimited.

I called Chase and got a somewhat lethargic rep telling me I had to re-apply and have another HP for this card even though they have a fresh 2 day old HP on file.

I just wanted to confirm with you that this was in fact the case or if I should call again and ask them to use my exisiting two day old HP to check me for the Sapphire Preferred. I dont want to risk another HP as I have been burned by previouos Prequalify offers (altough never from creditmatch)

Thanks!

Re: Multiple Applications after a HP

sccredit — Wed, 22 Jan 2020 21:51:29 GMT

The rep from Chase was correct.

Re: Multiple Applications after a HP

Jnbmom — Wed, 22 Jan 2020 21:54:48 GMT

Credit match is just a marketing site, heck I just ran mine I got anything from chase offers to the indigo card 😳

If you apply again they will pull another hp maybe even 2 but since you credit history hasn’t lengthened you will most likely get the same response, a denial.

Re: Multiple Applications after a HP

I_Love_Cards — Wed, 22 Jan 2020 22:02:15 GMT

You might want to double check that prequal on the chase site. Credit match is CONVINCED I can get any old chase card I want.

I’m about 164959505002384750/24. Which is just a touch more than the 5/24 Chase considers a max.

Re: Multiple Applications after a HP

Anonymous — Wed, 22 Jan 2020 22:55:09 GMT

As mentioned above, Cardmatch is just marketing tool. I matched with CSP and CFU just like you and I am blacklisted by Chase.

I would wait until your scores are higher and length of credit history is longer, unless you get pre-qualified from Chase online or in-branch.

Re: Multiple Applications after a HP

Anonymous — Wed, 22 Jan 2020 23:54:00 GMT

This brings up a thought. Do some people just use the roulette method when apping, rather than putting in the research?

You'd think with the technological age we're in, more and more people would be slighly more informed with certain decisions.

Re: Multiple Applications after a HP

I_Love_Cards — Thu, 23 Jan 2020 00:29:46 GMT

@Anonymous wrote:
This brings up a thought. Do some people just use the roulette method when apping, rather than putting in the research?

You'd think with the technological age we're in, more and more people would be slighly more informed with certain decisions.

I don't think most people really recognize how much is marketing. After all, such and such a site says I have a 98% match with purple bonus star approval odds plus it's flashing and that must mean it's good. And my tinder matches are only 83%.

I don't think that most average, non-card collecting, reward maximizing, credit hobbiests do much research beyond that. But then again-I don't think most of that population would be likely to run into the inquiries & accounts/whatever months restrictions since they likely aren't opening cards to get .267% more cash back in this category.

I saw a discussion last week (not here, obviously LOL) where a number of people wanted to opt out of all these credit card offers that come in the mail because they already have a credit card. A card. Like just one. And they didn't "need" more. Some even asked for credit limits to be cut because no one needs a $25k credit limit.

Obviously-that wasn't here LOLOLOL.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 00:53:56 GMT

@Janus yes its weird how its hard for people not to immidiately understand the insane credit system you have in the US. I remember when I first moved here and asked my bank rep to explain how Credit and credit scores works in the US, and she opened with "There are several theories...". Thank god for youtube.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 05:56:31 GMT

@I_Love_Cards wrote:
@Anonymous wrote:
This brings up a thought. Do some people just use the roulette method when apping, rather than putting in the research?

You'd think with the technological age we're in, more and more people would be slighly more informed with certain decisions.

I don't think most people really recognize how much is marketing. After all, such and such a site says I have a 98% match with purple bonus star approval odds plus it's flashing and that must mean it's good. And my tinder matches are only 83%.

I don't think that most average, non-card collecting, reward maximizing, credit hobbiests do much research beyond that. But then again-I don't think most of that population would be likely to run into the inquiries & accounts/whatever months restrictions since they likely aren't opening cards to get .267% more cash back in this category.

I saw a discussion last week (not here, obviously LOL) where a number of people wanted to opt out of all these credit card offers that come in the mail because they already have a credit card. A card. Like just one. And they didn't "need" more. Some even asked for credit limits to be cut because no one needs a $25k credit limit.

Obviously-that wasn't here LOLOLOL.

Exactly. The average consumer has 4/5 cards. They don't research cards. They get a card or two and go back to living their lives. Its presumptious to apply the myFICO standard to the average person. Today at the dentist I gave the receptionist my CC and she asked what are they like to bank with. I said I have no idea I only have their CC. She said "you can get a CC from a bank you don't bank with?"

Re: Multiple Applications after a HP

CreditInspired — Thu, 23 Jan 2020 12:52:58 GMT

Chase luvs to HP. Sometimes twice for the same application. If you're weary of a HP, don't apply.

Re: Multiple Applications after a HP

Brian_Earl_Spilner — Thu, 23 Jan 2020 13:05:52 GMT

@Anonymous wrote:
This brings up a thought. Do some people just use the roulette method when apping, rather than putting in the research?

You'd think with the technological age we're in, more and more people would be slighly more informed with certain decisions.

Regular people don't research. They see Samuel L. Jackson asking what's in their wallet and think they should have a capital one in their wallet.

Re: Multiple Applications after a HP

M_Smart007 — Thu, 23 Jan 2020 15:58:18 GMT

Marketing

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 17:44:34 GMT

Thanks for all the answers here guys. I just spoke to a friend of mine that has a 30 year history on an open AMEX Platinum, he said he could add me as an Authorized user. In terms of the average length issue Chase gave me, would being added as an AU fix this or is there something else I then have to be aware of? With opening that AU account I would be att 2/24, my other cards have an average age of 2.3 years, I will also wait with the next app until my a score is above 700.

Re: Multiple Applications after a HP

FinStar — Thu, 23 Jan 2020 19:01:26 GMT

@Anonymous wrote:
Thanks for all the answers here guys. I just spoke to a friend of mine that has a 30 year history on an open AMEX Platinum, he said he could add me as an Authorized user. In terms of the average length issue Chase gave me, would being added as an AU fix this or is there something else I then have to be aware of? With opening that AU account I would be att 2/24, my other cards have an average age of 2.3 years, I will also wait with the next app until my a score is above 700.

An item to keep in mind, if you are added as an AU on your friend's AmEx, the history will not backdate. AmEx will plop that account on your CRs and will report as a new tradeline (depending on when it gets added). So, in terms of AAoA, it will not help and if you are considering Chase, the AU account will be factored into the 5/24 restriction.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 19:09:51 GMT

Ok, thats what I was afraid of, so no point adding the Amex account as AU then.

I found this online:

Authorized user backdating

For older kids, you could identify your oldest credit card accounts and add them as authorized users to those accounts. Usually banks report the account open date as the date that you requested the authorized user card, but a few report your original account opening date.

The following card issuers are known to back-date authorized user accounts:

Capital One (source: MyFICO thread)
Chase (source: MyFICO thread)
Bank of America (source: MyFICO thread)
Synchrony (source: MyFICO thread)
US Bank (source: GLT via comments)

The following issuers do not back date authorized user accounts:

American Express, as of March 2015 (Doctor of Credit)

I’ll update the above lists as I get more information. Readers: if you have proof of backdating (or proof against it) for these issuers or others, please let me know!

Source: https://frequentmiler.boardingarea.com/building-and-viewing-teenage-credit/

Sounds like I need to find a friend with an old Chase CC. Anyone that can debunk, verify or give datapoints on the info?

Re: Multiple Applications after a HP

FinStar — Thu, 23 Jan 2020 19:19:43 GMT

In addition to the top 5 mentioned above, Citi, Comenity, ELAN (a division of US Bank), USAA, FNBO plus a variety of Credit Unions, such as NFCU and PenFed would have the backdating capability.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 19:28:53 GMT

OP, your sig shows 4 cards. Of those 4 how many are just yours, and not AU on? It only takes a couple to get started, and keep in mind it will take time to add more as your profile matures. Building credit doesn't happen overnight, and can take a person a few years from scratch.

You also cannot depend on AU accounts, as most banks ignore them.

@Anonymous wrote:
Today at the dentist I gave the receptionist my CC and she asked what are they like to bank with. I said I have no idea I only have their CC. She said "you can get a CC from a bank you don't bank with?"

How old was she, 75? lol

I admit that not everyone is like us here, but that line of thinking sounds very old. Even as a young man in the early 90's I knew you could get a CC without actually banking with a peticular institution.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 19:51:31 GMT

All of the 4 in my sig is mine.

I also have 4 AU cards (Citi DoubleCash, Capital One Quicksilver, Capital One Platinum, Credit One Platinum->No one warned us about this godforsaken company).

This put me at 5/24, when I called Chase reconsideration line however, they asked if I was paying on these accounts, I said no and the rep took them away and put me at 1/24 and ran my application which then said my average age of credit was too low.

Yes it looks like I will just have to wait, but the reason for wanting the Chase Business Ink Preffered as soon as possible was the 3% cash back on Advertising/ marketing. My business spend ard $5k a month on this, and have been for the last 2 years (from a debit card), so I go to sleep crying over wasted points every single night.

Re: Multiple Applications after a HP

FinStar — Thu, 23 Jan 2020 19:50:55 GMT

I would concur on waiting, and as mentioned upthread. The good thing is that Chase can 'exclude' the AU accounts during the internal review process to pass the 5/24 'test'. The downside, once excluded, if the overall history is short and/or scores are below a certain threshold, then the solution is simply just time/aging.

Re: Multiple Applications after a HP

Anonymous — Thu, 23 Jan 2020 19:51:16 GMT

If you're set on the Ink Preferred, then you definitely need time and to raise your score to 680-690ish.

It might also benefit you to open a Chase Business Checking account.