topic Re: What card to attempt to get? Chase denied. in Credit Cards

What card to attempt to get? Chase denied.

BrandonSS — Mon, 29 Nov 2010 19:03:32 GMT

Hello all,

Last Wednesday I changed banks to Chase ( I know, I know.. Mixed feelings about this bank) but they have ATMs everywhere and there is even a Chase in my office building. Much more convenient than my past bank that I'm switching from. When I opened the account it was preapproved for the Freedom card so I figured why not. Everyone including the banker said they pull Experian. Well they soft inquired my Ex when opening the account but hard pulled my Transunion for the credit card.

Today I got a letter in the mail that I have yet to read. The "wife" opened it and read it over the phone. The app for the Freedom card was declined due to past collections. I have 2 past collections that are paid on the report from 2006. I now have 3 inquiries on the Transunion counting the Chase.

Should I even bother with recon?

If not, can someone suggest a decent card to grow with? I want to add another card to improve my mix and my score. I only have one CC currently.

Current scores are below though I dont know my EX obviously.

I have 1 open collection now on EQ but that will be gone very shortly. The rest are clean of collections.

EX and TU have 2 paid collections from 2006. EQ only shows 1 of those, which was a Capital One card. I've been trying to GW them but they wont budge even though I have a current Capital One card now.

My scores aren't going to get any higher without a lot of aging due to being held down by multiple consecutive lates in 2005-2006. Those are my baddies that I am unable to remove with goodwills. I've tried over and over and they aren't going to move I'll continue trying but I've accepted that they wont be removed any time soon, unfortunately.

RE: What card to attempt to get? Chase denied.

Anonymous — Mon, 29 Nov 2010 20:38:18 GMT

Capital One perhaps....they have a pre qualify link somewhere

Re: What card to attempt to get? Chase denied.

william23 — Mon, 29 Nov 2010 20:54:13 GMT

Sorry Somehow everything dissapeared I would call them up to reconsider I work for Citi and I worked on the credit department for 2 years. The fact that they are paid counts remember you decided to pay them and you didnt have to, also you couldve settled. I am a newbie but try to recon why not? Good Luck

Re: RE: What card to attempt to get? Chase denied.

BrandonSS — Mon, 29 Nov 2010 21:38:43 GMT

@Anonymous wrote:
Capital One perhaps....they have a pre qualify link somewhere

I already have a Capital One card with a low limit that I got when my scores were at 605'ish. I also had Collections and a PR on the reports when i got this card, so the $300 limit is to be expected.

I will attempt recon with Chase when i get home to read the letter. Are there any points to touch on, like a how to do recon?

Re: What card to attempt to get? Chase denied.

Anonymous — Mon, 29 Nov 2010 21:42:57 GMT

Brandon,

Remember it's not such a bad thing to NOT have cc's with your bank.

If there's every any difficulty with your cc acount, they can "move" (okay, there's a more technically correct term, I just can't think of it) funds from your other accounts to cover the credit card account.

And Chase can be a difficult card to get - I think you're right to focus on other cards for the time being. There are several that historically take folks with collections still reporting on their CR's. When those collections age off, it'll open doors to other potential cc's for you. But for now, focus on the guys that are most likely to provide you with a cc account. It looks like you're already getting some good recommendations for cards you might consider.

Congrats on all the hard work you've been doing - Wow! looks like you're very close to hitting your FICO Fitness Challenge - and best wishes moving forward!

Re: What card to attempt to get? Chase denied.

BrandonSS — Tue, 30 Nov 2010 03:36:57 GMT

Thanks Beam!

I could definitely use some good leads to get a decent card

Re: What card to attempt to get? Chase denied.

Anonymous — Tue, 30 Nov 2010 03:43:59 GMT

Brandon,

You might want to check out the Credit Card Center tab up above.

And there's a Credit Card Center Discussions as well. You might find some great help there.

Re: What card to attempt to get? Chase denied.

BrandonSS — Tue, 30 Nov 2010 15:09:37 GMT

Thanks. I dont see anything i recognize in there for 660+ range. I am thinking about walking over to Indiana Members Credit Union around lunch time since they have a branch in the south tower here at work. I assume I should take a copy or my report and open a small savings account and inquire about a credit card and an auto loan through them to get things going?

Re: What card to attempt to get? Chase denied.

Anonymous — Tue, 30 Nov 2010 15:32:02 GMT

Good thinking!

Lots of members on these forums love their CU's - me included. We did find that one of our local CU's (we'd been working with for years) was a LOT more conservative than one of our other local CU's. We'd just about given up on all CU's after running into some roadblocks with our first one. But we love our second one - they gave us an awesome rate on our car loan; and gave us a $10,000 CL Visa - when the first CU wouldn't offer one at all. So remember that even CU's vary quite a bit.

Best wishes - and smart move bringing in your CR!

Re: What card to attempt to get? Chase denied.

BrandonSS — Tue, 30 Nov 2010 16:58:22 GMT

after looking at www.whogavemecredit.com , it seems people with similar scores are getting approved for $1500 Discover Cards, Bank of america cards, and AMEX Zync?

Re: What card to attempt to get? Chase denied.

Anonymous — Tue, 30 Nov 2010 18:02:33 GMT

Glad you're doing your homework!
@BrandonSS wrote:
Thanks. I dont see anything i recognize in there for 660+ range.

Are you using the Credit Card Center tab up above?
When I hit the 660+ button, it gives me 38 cards to compare,
http://creditcards.myfico.com/offers/rewards/
including Discover, Cap One, AmEx and a slew of others.

It looks like you have a few cards in mind.

It might be helpful to do a search for each of those cards on these boards and see what folks are saying. It's always helpful to hear who's been approved (or not) and then what their experiences and opinions are.

In addition, back to the Credit Card Center on the tab above, you can select cards and compare them, which may give you some helpful info as well.

And I'm sure you'll get great feedback on this post as well.

Congrats on being diligent in finding those cards which will work best for you and are most likely to approve you. Gold star for the day!

Re: What card to attempt to get? Chase denied.

MarineVietVet — Tue, 30 Nov 2010 18:16:23 GMT

Just a note of caution. Take your time and don't apply for any card just because you can. Get a card (or cards) because they can help you and not for any other reason. (Color, "glitter", prestige, etc.)

CC's are a tool not a toy and like any tool they need to be chosen carefully and used wisely. They can also be very dangerous.

I'd rather have just 2 or 3 cards that will age gracefully with me than a dozen that will go nowhere.

OK I'm out of grandpa mode.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: What card to attempt to get? Chase denied.

BrandonSS — Tue, 30 Nov 2010 18:28:02 GMT

Well I give up for now. I did the credit card advisor and researched the Discover More card... seemed like a shoe in.

Declined:

SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
NUMBER OF ACCOUNTS WITH DELINQUENCY

Ugh! they pulled EQ... the PR is supposed to be off of the account by today/midnight. I forgot about it but wasnt worried since everything i've seen pulls Transunion... not for me i guess.

I have 5 years AAoA

I have a lot of deliquencies in 2006 when i was laid off.

I guess I should have pulled my EQ first, but i didnt think they would pull anything but TU... what should I do?

Re: What card to attempt to get? Chase denied.

MarineVietVet — Tue, 30 Nov 2010 18:32:11 GMT

@BrandonSS wrote:
Well I give up for now. I did the credit card advisor and researched the Discover More card... seemed like a shoe in.

Declined:

SERIOUS DELINQUENCY, AND DEROGATORY PUBLIC RECORD OR COLLECTION FILED
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED
NUMBER OF ACCOUNTS WITH DELINQUENCY

Ugh! they pulled EQ... the PR is supposed to be off of the account by today/midnight. I forgot about it but wasnt worried since everything i've seen pulls Transunion... not for me i guess.

I have 5 years AAoA

I have a lot of deliquencies in 2006 when i was laid off.

I guess I should have pulled my EQ first, but i didnt think they would pull anything but TU... what should I do?

I would stop for about 6-12 months and let everything age and settle down.

Don't let frustration influence short term decisions.

Re: What card to attempt to get? Chase denied.

BrandonSS — Tue, 30 Nov 2010 18:37:00 GMT

I was meaning should I wait and see that it comes off tomorrow, then call for recon? I cant believe 4 years of good history wont negate the old paid charge offs (2) and the lates that happened in 2005-06. I really want another card to bump the score a bit and then let it age. I dont even plan on using it really, just want to get the ball rolling and ready for next July.

Re: What card to attempt to get? Chase denied.

MarineVietVet — Tue, 30 Nov 2010 18:40:11 GMT

@BrandonSS wrote:
I was meaning should I wait and see that it comes off tomorrow, then call for recon? I cant believe 4 years of good history wont negate the old paid charge offs (2) and the lates that happened in 2005-06. I really want another card to bump the score a bit and then let it age. I dont even plan on using it really, just want to get the ball rolling and ready for next July.

No I would stop for 6-12 months and not think about CC's for awhile.

But that's just me.

Re: What card to attempt to get? Chase denied.

Anonymous — Tue, 30 Nov 2010 19:09:20 GMT

@MarineVietVet wrote:
I would stop for about 6-12 months and let everything age and settle down.

Don't let frustration influence short term decisions.

Well said!

And a great reminder to us all that FICO scores are not the only determining factor that potential creditors look at.

Those delinquencies will impact you for awhile. As you let your accounts age, also take a peek at the Rebuilding Your Credit board. The stickies at the top, along with all the standard posts, are great for learning how to rebuild your credit. It looks like you've already been working some of these - but don't give up too soon.

ETA:

Hey Brandon,

I just went back and reread your original post. One of the best helps we have when we are denied is that letter stating why. Most times, it will correlate with the items on your FICO Score report under "What's Hurting Your Credit." This helps you know what needs to be cleared up (or aged or aged off) to make you look attractive to creditors. And remember that a collection will affect your FICO score (and your potential approvals) for as long as it reports, whether it was paid or not. FICO scores are only one factor that creditors see - they will also see the baddies and even if your FICO score is in their range, they may not approve because of those negative factors on your report.

So, at this point, you really need to concentrate on builder/rebuilder cards.

Have you checked the builder/rebuilder forum?

The one card you may try for (and you may want to wait several months) is an Orchard. They have an application fee and an annual fee. They are my favorite builder/rebuilder card - other folks have other favorites.

Again, as MVV points out, you may want to give it a little rest. When you're ready to approach apps again - do so slowly and thoughtfully. It's always helpful to pay attention to what potential creditors are looking for - FICO scores, yes - and the other factors on our CR's as well.

One thing I notice in myself and others, is the tendency to believe that four or five years makes baddies not count - even though they're on our reports. The truth is baddies count for as long as they're reporting (well at least the baddies we're talking about - like collections).

Inhale. Exhale. Take in some yummy hot chocolate. Enjoy the holiday season. Keep the utilization on that one card down. And remember that slow and steady wins the race!