topic Re: Just denied for Chase Freedom in Credit Cards

Just denied for Chase Freedom

jwheel113 — Sun, 11 Dec 2011 21:09:54 GMT

Hello,

I'm fairly new to this forum and haven't posted before but I've found this to be an excellent resource for information regarding personal credit. This seemed to be an opportune time for me to share the experience I just had in applying for the Chase Freedom (a card I've been interested in for sometime).

I've been focused on rebuilding my credit for the better part of this year and have seen signficant improvement in the last few months. I've been hesitant to apply for any new credit and finally, got the courage to apply for a Freedom after limit increases (without hard pulls) on both of my credit cards and paying down my utilization to 2%. My current cards are:

FNBO Visa $7500/ $192 opened 6/2004

Capital One MC $1,250/$0 opened 11/2009

Long story short, I have negatives on my reports resulting from late mortgage payments in 2007 & 2008 that eventually resulted in foreclosure in 2008. I cosigned on a mortgage with an immediate family member at 22 as a full-time college student because of my good credit. The end of result of this was an important life lesson for me as I'm still dealing with the effects but it's always tough when dealing with family.

Anyway, my FICO scores have gone up dramatically in the last several months, and in November I pulled:

TU 707

EQ 674

(Both are likely a few points higher now due to increased credit limits and lower utilization).

I applied for the Freedom just a few hours ago and got the 7-10 day message. I then preceded to call for recon and spoke to a nice lady who was willing to reconsider my app but after speaking for a few minutes she denied me because of the foreclosure and the associated negative info. I believe I stated my case OK but probably could have done it better as I've never done this before. I have no other negative info on my report and all negative information is at least 3 years & 7 months or older.

My question now is do I just accept defeat or is there a chance I can convince someone at Chase to give me a chance? I honestly believed the negative info was old enough and all the other positive info would have been enough to get approved through recon but the impression I got is this negative info is just too severe.

Sorry for the long rant. Thanks.

Re: Just denied for Chase Freedom

Anonymous — Sun, 11 Dec 2011 22:28:58 GMT

Try again. I had to call them three times to get my freedom. First person said no way. 2nd person said can't because of chase policy. 3rd person said sure you're approved. So much for policy.

Re: Just denied for Chase Freedom

jwheel113 — Sun, 11 Dec 2011 22:37:20 GMT

Thanks for the advice. Just wondering if there's a certain tactic to employ when calling or if it's more luck of the draw as to the CSR who takes your call?

Re: Just denied for Chase Freedom

haulingthescoreup — Sun, 11 Dec 2011 23:00:52 GMT

Hi, welcome to the forums!

Chase still asks the Three Questions of Death on applications:

Before completing the application, you should be able to answer "Yes" to the following statements by checking the boxes:

Yes, my credit history is clear of bankruptcy.
Yes, my credit history is clear of seriously delinquent accounts.
Yes, I have NOT been denied credit by Chase within the last 6 months.

While some have gotten approvals, you will generally get shot down if you've answered No to any of these. A fairly recent foreclosure isn't a good omen for Chase, I'm afraid.

But do try recon; you'll never know if you don't.

eta: Sorry, hit Post too soon. Scores are only part of the approval process. The specifics of your reports definitely matter, too.

But congratulations on the good recovery that you've made so far!

eta again: sorry for all the edits. html and I aren't playing nicely together today.

Re: Just denied for Chase Freedom

Anonymous — Sun, 11 Dec 2011 22:57:43 GMT

@jwheel113 wrote:
Thanks for the advice. Just wondering if there's a certain tactic to employ when calling or if it's more luck of the draw as to the CSR who takes your call?

IMO, it's the one I highlighted red, some CSR's really do like helping people and will go far beyond what other CSR's will do. I mean there is criteria you have to meet to be approved, but there is wiggle room, and if the CSR is new to the company, he/she may be scared to approve, or if it's an old cranky CSR that's been there for 25 years and is just tired of their job, to make it easier on themselves they will just say nope, sorry.

Then you get that one CSR who really cares about their job and people in general, and is more than willing to go out of their way to help you get approved any way they can.

Don't be sorry for the rant, that is what MyFico is here for.

BTW, Welcome to the Forums, hope to hear back that you reconed again and approved, keep us updated.

Re: Just denied for Chase Freedom

Anonymous — Sun, 11 Dec 2011 23:00:50 GMT

@haulingthescoreup wrote:
Hi, welcome to the forums!

Chase still asks the Three Questions of Death on applications:

Before completing the application, you should be able to answer "Yes" to the following statements by checking the boxes:
Yes, my credit history is clear of bankruptcy.
Yes, my credit history is clear of seriously delinquent accounts.
Yes, I have NOT been denied credit by Chase within the last 6 months.

I never apped for a Chase Card, I had no idea about these questions.

Thanks HTSU, yet again, another thing I learned today

Re: Just denied for Chase Freedom

jwheel113 — Sun, 11 Dec 2011 23:42:20 GMT

Thanks to everyone for the information. I made a second attempt at reconsideration and was denied again. Oddly enough, I'm not 100% certain but I think it was the same woman I spoke to the first time. Chase pulled TU which I'm very surprised at. I don't know my Exp FICO but I believe TU is my best score. Being in IL, I would have bet anything they would have pulled Exp. I opened a Chase checking account a couple months ago and it was a soft pull on Exp. I was recently given a CLI on my Capital One card from 750 to 1250 but according to the CSR, Capital One is still reporting a limit of 750 on my TU. My statement closed yesterday and I know for a fact my Exp report is already reporting the new limit. Anyway, I'm not sure that extra $500 would make any difference. According to the CSR, I haven't established enough positive credit since the negative information was reported (3 years and 7 months ago). I'm not sure I understand the logic if I have two revolving credit accounts with perfect payment history for a combined 9.5 years, a year old auto loan with perfect payments & a now paid off student loan account without a missed payment over a few years. A little frustrated now but maybe I'll make another attempt tomorrow and hopefully get someone different although now, it sounds like they've put a notation on my account that I've already asked for reconsideration and been denied (twice).

Re: Just denied for Chase Freedom

Anonymous — Sun, 11 Dec 2011 23:57:33 GMT

There is probably a notation on your acct, but I'd say give it one more shot.

You have nothing to lose and everything to gain.

Best of Luck!

Re: Just denied for Chase Freedom

Anonymous — Mon, 12 Dec 2011 00:56:45 GMT

I hate to say it, but I think it is unlikley that Chase will reconsider this. A foreclosure, as you have learned is a big deal. Chase is a prime card and while your 700ish scores are good, that foreclosed just over rules everything else. Keep working with what you have. Maybe pick up a walmart or other store visa or MasterCard to add another card to the mix. Good luck with it either way. The most valuable lesson many people have learned the hard way is to never ever ever co-sign anything for anybody. Like I have told my 22 year old daughter, I love her to much to ever put us in that position.

Re: Just denied for Chase Freedom

jwheel113 — Mon, 12 Dec 2011 01:38:58 GMT

Yes, I have learned this and feel fortunate I've been able to get my scores to where they are now with these negative marks. After two failed recon attempts, my feeling is about the same as yours. Chase seems unwilling to overlook the foreclosure. With that said, I may try again as it was said earlier, I really have nothing to lose at this point. BTW, your daughter is very fortunate. That isn't a position anyone should be put into.

Re: Just denied for Chase Freedom

Anonymous — Mon, 12 Dec 2011 03:33:22 GMT

OP,

I would actually recommend another recon request, given that it doesn't really hurt your score. However, ask if you can receive the card but with a lower CL and maybe no intro APR. Just throwing in my two cents.

Good luck and keep up posted.

Re: Just denied for Chase Freedom

jwheel113 — Mon, 12 Dec 2011 12:35:21 GMT

Thanks for the advice. I plan to make at least one more attempt. I was reading another thread were someone said it took something like 20 attempts at recon and they were finally approved for the Freedom.

Re: Just denied for Chase Freedom

Anonymous — Mon, 12 Dec 2011 13:06:22 GMT

Good luck. You might not be able to recon for too many times as they did take note of each failed recon.

Re: Just denied for Chase Freedom

CS800 — Mon, 12 Dec 2011 13:15:41 GMT

REcon... recon...recon

Persistence pays, trust me been there.

Re: Just denied for Chase Freedom

jwheel113 — Mon, 12 Dec 2011 16:09:55 GMT

Just made a third attempt at recon and was denied again. Unlike the first 2 attempts, I felt like I stated my case much better this time and was still denied. The CSR also stated this was my third failed attempt at recon and he agrees with the reasons the other 2 CSR's previously denied me for.

As was suggested, I asked if Chase would give me a chance with a very low limit to start and the CSR stated they could not because they haven't seen enough evidence of reestablishment of credit since the foreclosure in 2008. I've only opened one credit card and one installent loan (auto) since then and in the eyes of Chase, that isn't enough. The fact that I have an open cc account with a 7,500 limit (2% utilization) is irrevelant because it was opened before the negatives were reported.

In hindsight, I probably should have applied for a card that was easier to obtain. I figured I would have to recon to get approved but thought I could persuade based on the standing of my 2 open cc accounts, overall good credit for better than 3.5 years and my recent switch to Chase for banking. Now this is seemingly, a wasted inquiry. I think I learned a valuable lesson but I'm not quite sure what it was yet. Back to the drawing board, I guess.

Re: Just denied for Chase Freedom

n777ua — Mon, 12 Dec 2011 17:32:42 GMT

If you don't mind me asking; how were you even able to cosign for a mortgage in the first place? I'm surprised at 22 you could do that as a full time student.

Re: Just denied for Chase Freedom

jwheel113 — Mon, 12 Dec 2011 17:55:17 GMT

No. I don't mind you asking. As I'm sure you're well aware, 2007 was near the peak of the housing boom, credit was very loose at the time, and 100% financing on mortagages was common. At the time I signed, I was going to school full-time and essentially, working part-time. I had very good credit (something like a 760 FICO) but I had only one credit card and one charge card then and I think that was about it (nothing extensive). My income was nowhere near high enough for me to pay this mortgage but I reluctantly signed after being talked into it by a family member who I was living with at the time. I was never expected to pay the loan or even contribute to paying it because nearly all of the income I had went toward paying for my school at the time. To answer your question, I would guess my credit coupled along with my family member's income was good enough to qualify for the loan. I should also add that I knew little to nothing about mortgages, real estate, or credit at the time.

Re: Just denied for Chase Freedom

Anonymous — Mon, 12 Dec 2011 19:05:26 GMT

Sorry to hear about your denial. I had scores much better than yours and no negative on my reports. Still, I was denied for the Chase Freedom due to too short a credit history (AAOA was three years at the time). I reconned and was denied again. I added more cards to my portfolio and reapplied 8 months later and was approved for a generous credit line with them. Without rhyme or reason as at that time my AAOA was less due to the three new accounts I had added.

I agree It's partially luck when reconning. However, in your case the serious negative will impact your report for years to come as long as it stays on there. You may recon again but at this point I'd just save my breath and wait till the negative ages off your reports. 3 1/2 years is not very old for a serious negative. In the world of credit, three years or so mean little.

Re: Just denied for Chase Freedom

CS800 — Mon, 12 Dec 2011 19:10:18 GMT

That's the reason why I wont touch the freedom until my baddies fall off, my util go below 10%, my inqs go below 4 and my EX FICO goes above 740; then I will consider Chase and PenFed CC's

Re: Just denied for Chase Freedom

Anonymous — Mon, 12 Dec 2011 19:20:39 GMT

@jwheel113 wrote:
No. I don't mind you asking. As I'm sure you're well aware, 2007 was near the peak of the housing boom, credit was very loose at the time, and 100% financing on mortagages was common. At the time I signed, I was going to school full-time and essentially, working part-time. I had very good credit (something like a 760 FICO) but I had only one credit card and one charge card then and I think that was about it (nothing extensive). My income was nowhere near high enough for me to pay this mortgage but I reluctantly signed after being talked into it by a family member who I was living with at the time. I was never expected to pay the loan or even contribute to paying it because nearly all of the income I had went toward paying for my school at the time. To answer your question, I would guess my credit coupled along with my family member's income was good enough to qualify for the loan. I should also add that I knew little to nothing about mortgages, real estate, or credit at the time.

what charge card did u have?