topic Re: Applied for Chase Freedom with EQ763 and got rejected in Credit Cards

Applied for Chase Freedom with EX763 and got rejected

Anonymous — Fri, 03 Sep 2010 12:43:53 GMT

I really wanted this card as it is one of the better rewards cards out there. However, Chase did not agree that I derserved it.They denied the request.

Here is my credit history:

American Express Blue Cash (previously a Delta Skymiles Card) since 2004 - current limit $12,000

PNC Select Rewards Platinum Credit Card since 2007 - current limit $8,000

One recent inquiry with Capital One for a No Hassle Cashback Card approved with a limit of $7,500 (does currently only show up on my credit report as an inquiry, not the card/line of credit yet)

My Experian Credit Score is 763. [Comment: I thought it was Equifax but found out they pulled Experian]

I charge about $18,000 on my cards annually and pay off the balance in full EVERY month!

I called the backdoor number that some here have listed as helpful and talked for 40 minutes to three people: the account adviser, the account supervisor, and the account manager. They remained impenetrable and did not budge. They kept repeating their phrases, politely so, but they remained firm. I then told them that they will be turning away a good new customer who is responsible and has good credit. They said they are sorry but couldn't help me. The standard phrases that they were told to say....

Here is the reason that Chase gave me why they rejected me:

1. My credit history is too young.

2. I don't have enough revolving credit.

3. They want to "see" more lines of credit (Quote: "Between 2004 and 2007 why didn't you open more lines of credit?")

To which I retorted:

1. I came to the U.S. a few years ago. I started building my credit. I've had my Amex for six years. Isn't that something?

2. I charge almost $18,000 to my cards annually. I just happen to pay it off in full.

3. I was a graduate student at the time. I didn't need lines of credit other than what I had. I am not willing to just open card accounts for the sake of establishing more and more credit. I only open accounts that I WANT.

I have my doctorate, I am responsible. I have a good job. I have never made a late payment. I am a good customer. I am saddened that Chase thinks I do not qualify.In hindsight, I don't think I want to be a Chase customer in the future. Their people on the phone are either gruff Indians (general hotline) or impenetrable Americans ("backdoor" number). They didn't say it explicitly on the phone but it was clear that they'd rather take someone with a long credit history, preferably someone with LOTS of revolving credit who is more likely to pay interest and overspend and subsequently run into trouble than me. Interestingly, the fact that I got approved for the Capital One Cashback card played apparently no role in their decision as it showed up only as one inquiry on my report.

What are your experiences with Chase. It seems that after googling them, there are LOTS of people who are unhappy with them. After the immediate consternation wore off, I am kind of glad now that they rejected me. I don't want to be their customer anymore. Goodbye Chase!

Re: Applied for Chase Freedom with EQ763 and got rejected

chasmith — Wed, 01 Sep 2010 16:25:35 GMT

I don't think it's just Chase - all the big banks offer poor service, arbitrary decisions and high costs in terms of fees and interest rates charged. I'm a complete fan of Credit Unions and smaller or focused banks - I happen to use USAA which I'm eligible for full membership due to my dad's service.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 01:11:39 GMT

Chase is Big Bank, super prime credit card issuer

try again later time, it doesnt mean to hate them if you got declined

Bank always have a power, they could reject new customer even Brad Pitt

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 01:25:58 GMT

I agree with the poster who said that they were not into the big banks... i'm done with big banks myself. All you are to them is just a number not even cuz they have to look you up to even recall what number you are. They don't make these ginormous profits every year by not charging excess fees off the backs of the little guy.

Go with your gut O.P if this is how they treated you now and you KNOW that you are a good customer and you heard other war stories than they are not even worth it.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 03:27:22 GMT

@Anonymous wrote:
I really wanted this card as it is one of the better rewards cards out there. However, Chase did not agree that I derserved it.They denied the request.

Here is my credit history:
American Express Blue Cash (previously a Delta Skymiles Card) since 2004 - current limit $12,000
PNC Select Rewards Platinum Credit Card since 2007 - current limit $8,000

One recent inquiry with Capital One for a No Hassle Cashback Card approved with a limit of $7,500 (does currently only show up on my credit report as an inquiry, not the card/line of credit yet)

My Equifax Credit Score is 763.

I charge about $18,000 on my cards annually and pay off the balance in full EVERY month!

I called the backdoor number that some here have listed as helpful and talked for 40 minutes to three people: the account adviser, the account supervisor, and the account manager. They remained impenetrable and did not budge. They kept repeating their phrases, politely so, but they remained firm. I then told them that they will be turning away a good new customer who is responsible and has good credit. They said they are sorry but couldn't help me. The standard phrases that they were told to say....

Here is the reason that Chase gave me why they rejected me:
1. My credit history is too young.
2. I don't have enough revolving credit.
3. They want to "see" more lines of credit (Quote: "Between 2004 and 2007 why didn't you open more lines of credit?")

To which I retorted:
1. I came to the U.S. a few years ago. I started building my credit. I've had my Amex for six years. Isn't that something?
2. I charge almost $18,000 to my cards annually. I just happen to pay it off in full.
3. I was a graduate student at the time. I didn't need lines of credit other than what I had. I am not willing to just open card accounts for the sake of establishing more and more credit. I only open accounts that I WANT.

I have my doctorate, I am responsible. I have a good job. I have never made a late payment. I am a good customer. I am saddened that Chase thinks I do not qualify.In hindsight, I don't think I want to be a Chase customer in the future. Their people on the phone are either gruff Indians (general hotline) or impenetrable Americans ("backdoor" number). They didn't say it explicitly on the phone but it was clear that they'd rather take someone with a long credit history, preferably someone with LOTS of revolving credit who is more likely to pay interest and overspend and subsequently run into trouble than me. Interestingly, the fact that I got approved for the Capital One Cashback card played apparently no role in their decision as it showed up only as one inquiry on my report.

What are your experiences with Chase. It seems that after googling them, there are LOTS of people who are unhappy with them. After the immediate consternation wore off, I am kind of glad now that they rejected me. I don't want to be their customer anymore. Goodbye Chase!

These days you never know and I could be wrong, but maybe they consider that you have a "thin file." I don't think it is just the AAoA because even recently people with much lower AAoA get approved.

Re: Applied for Chase Freedom with EQ763 and got rejected

haulingthescoreup — Thu, 02 Sep 2010 04:05:24 GMT

That's my guess, too.

You have to realize that lenders are chicken. They want to have other lenders go first, extending generous credit lines, and they want to see a history with many others.

It's a shame, but that's their mentality. Try not to take it personally! All lenders have their little categories, and if you don't fit in one, out you go.

And FWIW, Chase seems to be monkeying around with the classic Freedom rewards. Many of us have gotten one, only to find that we're not getting the rewards that they used to advertise.

Are there some particular rewards that you want? (gas, restaurant, airlines, dining, etc.) The Freedom card --if they actually give you the 3% back, which took me a good year --rotates the rewards categories, so one quarter you might have one category that works for you, another quarter there might be two, and then a third quarter might have all the rewards categories in areas that are useless to you.

Re: Applied for Chase Freedom with EQ763 and got rejected

Creditaddict — Thu, 02 Sep 2010 05:43:41 GMT

I mean did they forget to have Starbucks that morning and don't know what a good credit report looks like.

I would not consider anyone with over a 720 fico in this credit market to be a high risk.

Consider yourself lucky, apply at USbank or something, they are a lot more stable or Discover

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 14:19:46 GMT

Hi 06, yes, you might be right. They might consider this a "thin" file. But what's wrong with someone who doesn't go overboard and has built six years of history on one and three years on the other account.I mean, I didn't ask them to give me a loan to buy a house. I asked them to give me one of their decent (not spectacular) credit cards. They could have given me a small credit line to start out. When I suggested approving me with a small, even very small credit line they told me "No, this is not the way it works!"

Aha, the way it works is only to approve people with fat (and NOT necessarily good) credit files and start them out on big credit lines. If banks like Chase were really interested in educating customers and furthering good credit responsibility, they could approve people with smaller limits and see how it works. Come on, what's the risk for Chase to give someone like me a card with a line of $1000? Will I "max out" such a "fat" line and then disappear?

As one of the other posters suggested, it really is willy-nilly! There is no real logic behind being approved or declined. Yesterday, I decided to go for Discover More and got an instant online approval pending telephone verification. I'll continue building my credit this way. Chase's loss, Discover's gain.

To respond to the other posters: I'll look into independent credit unions in the future. My wife has an account with one and they're very fair.

Also, since I have my Blue Cash as my main spending card, when I reach the $6500 limit, I'll use the Amex on everyday expenses axclusively and then use the Discover 5% rotating offers as they emerge.The Capital One No Hassle Cashback is good for travel abroad as they do not charge a foreign transaction fee. I hope they'll keep that because that was the main reason why I got it (the 2% on groceries and gas is good, too, but with my current spending the Blue Cash will give me back more in that category).

Re: Applied for Chase Freedom with EQ763 and got rejected

Uniqua — Thu, 02 Sep 2010 14:51:56 GMT

Since when did Chase pull hards on EQ? History shows that Chase pulls TU or EX. TU was pulled on me twice with softs on EX every month. So, you could be assuming you should have been approved based on the wrong CR. Did you double check which CR they pulled?

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 21:58:35 GMT

@Uniqua wrote:
Since when did Chase pull hards on EQ? History shows that Chase pulls TU or EX. TU was pulled on me twice with softs on EX every month. So, you could be assuming you should have been approved based on the wrong CR. Did you double check which CR they pulled?

Chase pulls TU and EQ on me - and soft pulls on EX.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 23:24:03 GMT

@Uniqua wrote:
Since when did Chase pull hards on EQ? History shows that Chase pulls TU or EX. TU was pulled on me twice with softs on EX every month. So, you could be assuming you should have been approved based on the wrong CR. Did you double check which CR they pulled?

Since forever.

Chase pulls across the board. In my experience with Chase I have been harded on all three from Chase. It all depends on what part of the country you live in and the lunar cycle.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Thu, 02 Sep 2010 23:26:01 GMT

@Anonymous wrote:
Hi 06, yes, you might be right. They might consider this a "thin" file. But what's wrong with someone who doesn't go overboard and has built six years of history on one and three years on the other account.I mean, I didn't ask them to give me a loan to buy a house. I asked them to give me one of their decent (not spectacular) credit cards. They could have given me a small credit line to start out. When I suggested approving me with a small, even very small credit line they told me "No, this is not the way it works!"

Aha, the way it works is only to approve people with fat (and NOT necessarily good) credit files and start them out on big credit lines. If banks like Chase were really interested in educating customers and furthering good credit responsibility, they could approve people with smaller limits and see how it works. Come on, what's the risk for Chase to give someone like me a card with a line of $1000? Will I "max out" such a "fat" line and then disappear?

As one of the other posters suggested, it really is willy-nilly! There is no real logic behind being approved or declined. Yesterday, I decided to go for Discover More and got an instant online approval pending telephone verification. I'll continue building my credit this way. Chase's loss, Discover's gain.

To respond to the other posters: I'll look into independent credit unions in the future. My wife has an account with one and they're very fair.
Also, since I have my Blue Cash as my main spending card, when I reach the $6500 limit, I'll use the Amex on everyday expenses axclusively and then use the Discover 5% rotating offers as they emerge.The Capital One No Hassle Cashback is good for travel abroad as they do not charge a foreign transaction fee. I hope they'll keep that because that was the main reason why I got it (the 2% on groceries and gas is good, too, but with my current spending the Blue Cash will give me back more in that category).

I couldn't agree with you more. A 6-year history, IMO, shows ample credit history and with only 2 accounts, more than an abundance of restraint.

Chase is brain-dead.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 01:37:43 GMT

06, haha! I love how you phrase it! Braindead is an understatement it seems to me.

Anyway, I finalized my Discover More online approval on the phone. The operator was extremely nice and offered me a $3500 credit line. She asked if that would be enough for me. And I agreed that it is a nice and sufficient initial credit line. I could have pushed for more, probably, but I was so happy that they treated me so nicely (as opposed to Chase). Also, as time will pass and I'll make my payments, they'll probably increase the limit. I'm happy as I have all the credit cards that I need currently.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 01:59:50 GMT

@Anonymous wrote:
06, haha! I love how you phrase it! Braindead is an understatement it seems to me.

Anyway, I finalized my Discover More online approval on the phone. The operator was extremely nice and offered me a $3500 credit line. She asked if that would be enough for me. And I agreed that it is a nice and sufficient initial credit line. I could have pushed for more, probably, but I was so happy that they treated me so nicely (as opposed to Chase). Also, as time will pass and I'll make my payments, they'll probably increase the limit. I'm happy as I have all the credit cards that I need currently.

Congratulations on the Discover! That's a decent credit limit for Discover.

Re: Applied for Chase Freedom with EQ763 and got rejected

hyprble — Fri, 03 Sep 2010 02:29:41 GMT

"Chase" away their customers!

I had an 11k credit limit with Chase, but probably only because I had an account with FirstUSA that converted to Chase. I tried applying for one of their other cards years back and was declined. I was fine with Chase because I had a 5.99 life of the balance transfer apr but got pretty jaded once they tried their "charge $10/mo maintenance fee". It eventually got reverted, but that was enough to leave a bad taste. I'm kind of annoyed that Chase is now my oldest TL because once my balance is pif I'll have to still use it here and there just to keep it from closing.

Amidst all the credit card craziness, Discover has been pretty nice to me - I don't think you're missing out on much by not having a Chase card - with good credit like yours, other banks will gladly take your business!

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 06:44:05 GMT

@Anonymous wrote:

Here is my credit history:
American Express Blue Cash (previously a Delta Skymiles Card) since 2004 - current limit $12,000
PNC Select Rewards Platinum Credit Card since 2007 - current limit $8,000

One recent inquiry with Capital One for a No Hassle Cashback Card approved with a limit of $7,500 (does currently only show up on my credit report as an inquiry, not the card/line of credit yet)

My Equifax Credit Score is 763.

I charge about $18,000 on my cards annually and pay off the balance in full EVERY month!

Fact:

Two open CC accts with 12K and 8K CL.
One inquiry.
EQ Score 763.
Total annual charge of 18K ... which is average of 1.5K/mo.
PIF the balance every month.

I just want to know about following information that I could not find in your posts.

The amount you charge on each CCs monthly.
The statement balance on each CCs.
The time you PIF the balance.

Thank you.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 06:58:49 GMT

@Anonymous wrote:

Anyway, I finalized my Discover More online approval on the phone. The operator was extremely nice and offered me a $3500 credit line. She asked if that would be enough for me. And I agreed that it is a nice and sufficient initial credit line. I could have pushed for more, probably, but I was so happy that they treated me so nicely (as opposed to Chase). Also, as time will pass and I'll make my payments, they'll probably increase the limit. I'm happy as I have all the credit cards that I need currently.

Alright, Congratulations! Which design have you requested? If you want to, you can request another card with different design ... you know right? Then you can choose which one to have in your wallet for the day/week/month/work etc.

So, remember, make sure to sign-up for the 5% Cash Back Categories. The special in September is Grocery Stores and Drug Stores. Enjoy with extra $$$ when you redeem the points for the Gift Cards.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 12:41:24 GMT

@Anonymous wrote:
I just want to know about following information that I could not find in your posts.
The amount you charge on each CCs monthly.
The statement balance on each CCs.
The time you PIF the balance.
Thank you.

First of all, I apologize. One of the previous posters was right. They pulled Experian, not Equifax. So, it's my Experian score (I verified with my Myfico account).The score, though, is 763. That was correct.

To answer your questions:

1. 80% on my Amex / 20% on my PNC

2. The balances vary according to my needs. The total balances for both cards for when they pulled the report were approx. $700 (on the low end of what I charge to my cards on a monthly basis)

3. I pay the entire amounts when I get my monthly statements in the mail (usually same or next day)

I got the official letter from Chase. They listed three things as reasons for their decision:

1.Insufficient length of credit history

2. Presence of a resent inquiry ["a" means one inquiry three weeks prior for my approved Capital One Cashback Card]

3. High percentage of credit profile consists of bankcards

Well, I am happy that I have added the Discover. Maybe from their perspective Chase has a point. I think it's silly nonetheless. I have a history and I just don't happen to have an auto loan. Our house mortgage is in my wife's name (in fact, she owned the house before we met and subsequently got married). What that basically means, I assume, Chase would have rejected me based on their parameters even if I had had a higher score.

Re: Applied for Chase Freedom with EQ763 and got rejected

Uniqua — Fri, 03 Sep 2010 13:57:51 GMT

Spezi, I think you're right about Chase. I've seen people with scores around 800 that were rejected by Chase for whatever reason. I don't think we can access our EX CRs here on myfico, nor do we have access to our EX FICO. We only have access to EQ and TU here (unless this has changed recently). So, you're probably mistaking EX with TU. My guess is that they pulled TU. Congrats on the Discover card though. I'm sure you'll enjoy it. I used to have that CC and I do miss it. Discover was very good to me.

Re: Applied for Chase Freedom with EQ763 and got rejected

Anonymous — Fri, 03 Sep 2010 21:07:54 GMT

@Anonymous wrote:

@Anonymous wrote:
I just want to know about following information that I could not find in your posts.
The amount you charge on each CCs monthly.
The statement balance on each CCs.
The time you PIF the balance.
Thank you.

To answer your questions:
1. 80% on my Amex / 20% on my PNC    ... you charge 80% and 20% of it's CL   or   80% and 20% of what you spend?   I guess second one.
2. The balances vary according to my needs. ...   very good!   The total balances for both cards for when they pulled the report were approx. $700 (on the low end of what I charge to my cards on a monthly basis)
3. I pay the entire amounts when I get my monthly statements in the mail (usually same or next day)   ...   you let balance report on both ccs, then PIF right after you received statement.

I got the official letter from Chase. They listed three things as reasons for their decision:
1.Insufficient length of credit history
2. Presence of a resent inquiry ["a" means one inquiry three weeks prior for my approved Capital One Cashback Card]
3. High percentage of credit profile consists of bankcards

Well, I am happy that I have added the Discover. Maybe from their perspective Chase has a point. I think it's silly nonetheless. I have a history and I just don't happen to have an auto loan. Our house mortgage is in my wife's name (in fact, she owned the house before we met and subsequently got married). What that basically means, I assume, Chase would have rejected me based on their parameters even if I had had a higher score.

Advice:

1. PIF on two of your ccs (Amex or PNC or Discover) before it's closing date. If you do this, you have three ccs but only one cc you carry the balance and it shows on your CR.

2. PIF on other cc 3~7 days before it's due date instead right a way. It is better to be lower amount/lower util also.