topic Re: 730 EQ Fico = Freedom @ $500 ???? in Credit Cards

730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 01:32:48 GMT

Anyways I signed up my friend for $200 chase checking bonus at Chase bank today. They asked if they wanted him to app for a Freedom card. and he only got approved for $500....

we were like **bleep**? Since he had a Capital one for 3 years canceled, and only thing he has now is a Discover with 3 year AAOA open.

with 1200 out of $2500 limit used and a $0 balance on a Marks and Morgans credit card with a $3900 limit. That should keep him up at 18% credit to debt ratio which should be fine. Considering his score and AAOA he should ATLEAST be approved for $2,000 imo even with only 2 cards reporting.

So turns out Chase does NOT factor in store card accounts into their utility..... so it looked like he was almost 50% of his credit usage with their underwritting....

Chase is a great bank, but never something new everyday....

Re: 730 EQ Fico = Freedom @ $500 ????

gettnthere — Fri, 02 Nov 2012 01:40:07 GMT

Dang, that stinks! i know how that feels tho lol chase did the same thing to me. kinda pissed me off lol but no big deal i guess

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 01:41:23 GMT

yea it's his first Visa since his capital one was a mastercard, and it's worth it just for discounts and reward malls alone, chase is pretty good about CLI until $5,000 then it's not so fun.

Re: 730 EQ Fico = Freedom @ $500 ????

jsucool76 — Fri, 02 Nov 2012 01:51:51 GMT

@distantarray wrote:
Anyways I signed up my friend for $200 chase checking bonus at Chase bank today. They asked if they wanted him to app for a Freedom card. and he only got approved for $500....

we were like **bleep**? Since he had a Capital one for 3 years canceled, and only thing he has now is a Discover with 3 year AAOA open.

with 1200 out of $2500 limit used and a $0 balance on a Marks and Morgans credit card with a $3900 limit. That should keep him up at 18% credit to debt ratio which should be fine. Considering his score and AAOA he should ATLEAST be approved for $2,000 imo even with only 2 cards reporting.

So turns out Chase does NOT factor in store card accounts into their utility..... so it looked like he was almost 50% of his credit usage with their underwritting....

Chase is a great bank, but never something new everyday....

Does "Marks and Morgans" report to all 3 CRAs? I've never heard of that store, so it is probably a small store or a jewlery store or something that gives out CCs. If they don't report to all 3 CRAs and chase pulled an agency they don't report to that could be the cause of the high util.

Re: 730 EQ Fico = Freedom @ $500 ????

youngandcreditwrthy — Fri, 02 Nov 2012 01:55:30 GMT

If it reports, they consider it. They considered my overall util including all of my store cards when I got my Freedom w a $5k limit.

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 01:56:44 GMT

@jsucool76 wrote:
@distantarray wrote:
Anyways I signed up my friend for $200 chase checking bonus at Chase bank today. They asked if they wanted him to app for a Freedom card. and he only got approved for $500....

we were like **bleep**? Since he had a Capital one for 3 years canceled, and only thing he has now is a Discover with 3 year AAOA open.

with 1200 out of $2500 limit used and a $0 balance on a Marks and Morgans credit card with a $3900 limit. That should keep him up at 18% credit to debt ratio which should be fine. Considering his score and AAOA he should ATLEAST be approved for $2,000 imo even with only 2 cards reporting.

So turns out Chase does NOT factor in store card accounts into their utility..... so it looked like he was almost 50% of his credit usage with their underwritting....

Chase is a great bank, but never something new everyday....
Does "Marks and Morgans" report to all 3 CRAs? I've never heard of that store, so it is probably a small store or a jewlery store or something that gives out CCs. If they don't report to all 3 CRAs and chase pulled an agency they don't report to that could be the cause of the high util.

Marks and Morgans is a Jewelry store owned by Sterling. and Sterling owns

kays Jeweler
Goodman Jewelers
Jared The Galleria of Jewelry
Leroys Jewelers
JB Robinson Jewelers
Marks and Morgans Jewelers
Osterman Jewelers
Rogers Jewelers
Belden Jewelers
Shaws Jewelers
Friedlander Jewelers
Shaws Jewelers
Friedlander Jewelers
Weisfield Jewelers

and they report to all bureaus.

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 01:58:22 GMT

@youngandcreditwrthy wrote:
If it reports, they consider it. They considered my overall util including all of my store cards when I got my Freedom w a $5k limit.

They told straight out, we do not factor store cards internally, it helps your Fico score, but they ONLY look at major credit cards that are backed by a larger network like Visa Amex Discover etc. They counted his credit to debt ratio on his single Discover card alone for the internal score.

Re: 730 EQ Fico = Freedom @ $500 ????

youngandcreditwrthy — Fri, 02 Nov 2012 02:45:33 GMT

Wow... That sucks.... Well I had to recon twice to get my $5k freedom. Chase is hit or miss just like the rest of 'em. Hahaha

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 02:48:08 GMT

recon twice for the limit or just the approval? lol

Re: 730 EQ Fico = Freedom @ $500 ????

Anonymous — Fri, 02 Nov 2012 02:54:26 GMT

They are big on saying they don't go by score alone. Some people have high scores and low AAoA so I guess that's why they take that stance in the recon department at least.

Re: 730 EQ Fico = Freedom @ $500 ????

CreditScholar — Fri, 02 Nov 2012 02:55:13 GMT

What's his income? That might have something to do with it as well.

Re: 730 EQ Fico = Freedom @ $500 ????

CreditEd — Fri, 02 Nov 2012 02:55:47 GMT

you may have an old account that Chase has bought up during the bailout. It could be generating history that's no longer reporting to a CRA, but is hindering you on Chases internal scale.

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 02:57:18 GMT

@CreditEd wrote:
you may have an old account that Chase has bought up during the bailout. It could be generating history that's no longer reporting to a CRA, but is hindering you on Chases internal scale.

He's never had financial problems, always paid things on time, and his income is about 50k a year.

Re: 730 EQ Fico = Freedom @ $500 ????

Mike360 — Fri, 02 Nov 2012 04:08:02 GMT

Well it's not his income cause they gave me $3000 and I make half that. They probably thought his credit file was thin which from the sounds of it looks like it. 2 cards is not a lot to go bye.

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 04:09:18 GMT

@Mike360 wrote:
Well it's not his income cause they gave me $3000 and I make half that. They probably thought his credit file was thin which from the sounds of it looks like it. 2 cards is not a lot to go bye.

yea but considering I had about that limit with 3 cards combined for 1 year, or his 1 card for 3 years lol should still add about the same imo LMAO

Re: 730 EQ Fico = Freedom @ $500 ????

trumpet-205 — Fri, 02 Nov 2012 05:58:12 GMT

First, you are too in love of FICO score. FICO is not everything. In fact you can have 750 FICO score but a thin credit file. FICO score can be easily skewed/biased. Chase usually use either their internal credit score or VantageScore.

If it does turn out that Chase uses VantageScore, keep in mind that VantageScore place more emphasis on recent credit activity.

Re: 730 EQ Fico = Freedom @ $500 ????

SportBike4Life — Fri, 02 Nov 2012 07:21:39 GMT

yeah that stinks =P but it would make sense that they don't consider store cards because they are more-or-less subprime

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 08:32:09 GMT

@trumpet-205 wrote:
First, you are too in love of FICO score. FICO is not everything. In fact you can have 750 FICO score but a thin credit file. FICO score can be easily skewed/biased. Chase usually use either their internal credit score or VantageScore.

If it does turn out that Chase uses VantageScore, keep in mind that VantageScore place more emphasis on recent credit activity.

I don't care that much about the Fico score, but regardless he's had 4 credit cards in the past, only 1 he left open. 3 years of AAOA, and NEVER late or missed payments, and perfectly clean report. I'm sorry but considering most people's first credit cards have a higher limit than $500 this is really unjustified. It should atleast be $2,000 and that'd still be the lowest limit in his wallet.

I have about a 1 year AAOA and I got approved for over 30k in total credit limits between 4 cards. Only difference is I had 2 personal cards secured $1,000 and $1,500 and a $400 kays jeweler card.... the credit limit was essentially same, got approved for $5,500 BCP $17,000 Navy $5,000 Sapphire $3,000 Freedom all within a few days.

Re: 730 EQ Fico = Freedom @ $500 ????

Anonymous — Fri, 02 Nov 2012 14:00:56 GMT

Has he reconned the CL yet? I didn't see you mentioning he has. I would have him call and recon - use the 5% rewards categories this time around for the advantage. Examples: Interested in the Best Buy category for buying a TV for Christmas but $500 is not enough for me to get it... I was thinking of visiting family over the holidays on a trip and this limit won't even cover my ticket alone.

I have found their computers to not permit high limits, but their backdoor underwriters are much more lenient and willing to look at the "whole picture". I found out by calling them that their computers don't like student loans ((really?))... There are millions of financially sound people with student loans... but that is the first thing the underwriter brough up.

Re: 730 EQ Fico = Freedom @ $500 ????

distantarray — Fri, 02 Nov 2012 14:08:48 GMT

@Anonymous wrote:
Has he reconned the CL yet? I didn't see you mentioning he has. I would have him call and recon - use the 5% rewards categories this time around for the advantage. Examples: Interested in the Best Buy category for buying a TV for Christmas but $500 is not enough for me to get it... I was thinking of visiting family over the holidays on a trip and this limit won't even cover my ticket alone.

I have found their computers to not permit high limits, but their backdoor underwriters are much more lenient and willing to look at the "whole picture". I found out by calling them that their computers don't like student loans ((really?))... There are millions of financially sound people with student loans... but that is the first thing the underwriter brough up.

well it's a huge chunk out of your DTI to have a expensive student loan, and statistically it could be sound proven. Like how new drivers usually get into an accident within the first 6 months of driving..... I'm even guilty of that even though it was about 180 day mark -_-;

but funny thing is he works part time at bestbuy to help out since he used to work there years ago, keeps him busy and he loves the discounts. he only works like a day a week haha but if he uses the card he gets 5% on top of his employee discount this quarter =)