topic Re: Chase Sapphire Prefered - Declined in Credit Cards

Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 03:51:10 GMT

Been reestablishing my credit for 10 long years. Ch 7 bankruptcy due to fall off in August (9 years, 4 months old). Just recently was approved for tier 1 lease financing through Acura. Have ALWAYS paid on time and left low balances on my cards each statement. I have been managing post bankruptcy unsecured cards since 2008 with no min payments and no lates. I have been at my same job for almost 12 years and my gross income is 91K. What the $&@??!?!!!!! So ticked off! The did a recon and double denial. Grrrr...am I SOL after the recon? The rep said he tried really hard but couldn't do it. He said I don't have enough re establishment yet. Really????? I paid another auto loan on time since 2008 and it was just paid in full last month and now I am on my second car loan post BK with a prime lender. Then the rep said I haven't had any experience managing a card with a $5000 CL. I said, that was one of my reasons to apply...to complete my portfolio!! I have a total of $3100 in credit. That is not that far away from $5000 is it???? So mad and frustrated! My fico is 702, in the second tier for rates with a 9% risk of defaulting. What do you need? An 800 for CSP? Was hoping to build up points to take the family on a vacation, we have never went anywhere. And it looks like we will be at home for another 4 years!!!! I can qualify for top tier luxury leasing and a mortgage but not CSP! $&@?!

Re: Chase Sapphire Prefered - Declined

Cdnewmanpac — Sat, 22 Dec 2012 04:04:46 GMT

I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are unsecured. Card companies pay much less attention to your experiences with collateralized debt than to your experiences with revolving debt. Also, while 702 is undoubtedly an achievement in your rebuilding, the average american's fico is around 720, so getting some rejections is to be expected.

chase is not generally thought of as bk friendly and csp is one of their premier cards. There is a thread on here that lists bk friendly issuers and if you decide to try again with chase in a few months, I might try the freedom. It has lower underwriting criteria, lets you rebuild some history with chase and when you get the csp in the future, all the points you earned with freedom can be converted to airline or hotel miles to help get to your vacation goal.

Re: Chase Sapphire Prefered - Declined

SnackTrader — Sat, 22 Dec 2012 03:57:14 GMT

@Cdnewmanpac wrote:
I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are un

+1 and also there are a million threads on here discussing the rumored $5,000 credit line prerequisite that the CSR alluded to.

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 04:09:26 GMT

I don't know what else to apply for that has good odds. Once I get declined, I usually stop applying for anything for 1-2 years due to being discouraged. I guess I'll try for something in September after the BK falls off. And I asked the rep about the BK and she said don't worry about it, it doesn't automatically decline you, just check the box...bunch of lying snakes!!!! ugh!

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 04:17:13 GMT

I made several different phone calls to different reps to get a warm fuzzy before applying and was lied to each time as look at my final result. They don't care about your inquiries, it is just please apply. And then you have to reapply for the Freedom and get another inquiry. I said no thanks as I need to get this mortgage in February so no more inquiries. I know my score is well above the minimum...no risk to that. But I want the best interest rate on a 30 year fixed as possible.

Re: Chase Sapphire Prefered - Declined

improvingmycredit — Sat, 22 Dec 2012 04:41:44 GMT

@Anonymous wrote:
I made several different phone calls to different reps to get a warm fuzzy before applying and was lied to each time as look at my final result. They don't care about your inquiries, it is just please apply. And then you have to reapply for the Freedom and get another inquiry. I said no thanks as I need to get this mortgage in February so no more inquiries. I know my score is well above the minimum...no risk to that. But I want the best interest rate on a 30 year fixed as possible.

Welcome to the forums MovingForward_2012!

i'm sorry to hear of your decline. With your inexperience with CLs at/or above 5K, I would have never recommended apping this card. Double so with a pending mortgage app. This is one of Chase's top tier cards. even though that BK is 9+ years old, you are still a rebuilder with your unsecured credit profile and should look at cards more reasonable for approval. Cards I would have recommended if you are dead set on getting approved before mortgage app with high approval probability: Chase Freedom/Amazon- Barclays Rewards Card/Priceline Visa. Freedom and Chase Amazon for sure and Barclays after recon. The Freedom approval would have set you up with URs points for transfer to the CSP later on for your vacation. Something to consider. Please ask the forum with future apps for advice on better aping strategy. Try not to get too upset. It's not the end of the world and you are almost there.

Re: Chase Sapphire Prefered - Declined

improvingmycredit — Sat, 22 Dec 2012 04:52:30 GMT

@Cdnewmanpac wrote:
I'm sorry to hear of your decline. However, keep in mind that auto loans and mortgages are collateralized loans, whereas revolving accounts are unsecured. Card companies pay much less attention to your experiences with collateralized debt than to your experiences with revolving debt. Also, while 702 is undoubtedly an achievement in your rebuilding, the average american's fico is around 720, so getting some rejections is to be expected.

chase is not generally thought of as bk friendly and csp is one of their premier cards. There is a thread on here that lists bk friendly issuers and if you decide to try again with chase in a few months, I might try the freedom. It has lower underwriting criteria, lets you rebuild some history with chase and when you get the csp in the future, all the points you earned with freedom can be converted to airline or hotel miles to help get to your vacation goal.

+1000

Sorry I missed the second paragraph of this post! Great advice here. . Didn't mean to duplicate a prior post.

Re: Chase Sapphire Prefered - Declined

tennisfan78 — Sat, 22 Dec 2012 04:56:56 GMT

@improvingmycredit wrote:
@Anonymous wrote:
I made several different phone calls to different reps to get a warm fuzzy before applying and was lied to each time as look at my final result. They don't care about your inquiries, it is just please apply. And then you have to reapply for the Freedom and get another inquiry. I said no thanks as I need to get this mortgage in February so no more inquiries. I know my score is well above the minimum...no risk to that. But I want the best interest rate on a 30 year fixed as possible.
Welcome to the forums MovingForward_2012!
i'm sorry to hear of your decline. With your inexperience with CLs at/or above 5K, I would have never recommended apping this card. Double so with a pending mortgage app. This is one of Chase's top tier cards. even though that BK is 9+ years old, you are still a rebuilder with your unsecured credit profile and should look at cards more reasonable for approval. Cards I would have recommended if you are dead set on getting approved before mortgage app with high approval probability: Chase Freedom/Amazon- Barclays Rewards Card/Priceline Visa. Freedom and Chase Amazon for sure and Barclays after recon. The Freedom approval would have set you up with URs points for transfer to the CSP later on for your vacation. Something to consider. Please ask the forum with future apps for advice on better aping strategy. Try not to get too upset. It's not the end of the world and you are almost there.

Agreed!!! You are doing great and will be approved for cards like this soon!

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 04:57:05 GMT

You could try for the US Bank Flexperks card. If you do not qualify for the signature card, they may offer you the select rewards card.

Also, see if chase can give you the freedom or regular shappire instead for the HP.

You may also have a shot at an AMEX charge card or even the Delta revolver.

Don't lose hope, and come august you will have a shot at many great card.

Re: Chase Sapphire Prefered - Declined

toppers555 — Sat, 22 Dec 2012 06:36:26 GMT

Well if you are serious commited to getting to that next level you can always open a secure account with Bofa, and easily get a 5k + limit. It is what I did to break 5k limit during my rebuilding, and they had no problem turning it to a unsecure signature card at my one year mark. So when May comes around I will be all set for cash+ and sapphire.

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 15:29:56 GMT

Thank you all for all your support on this forum! It is really helpful to me. I have calmed down now and was able to fully understand what you all are saying.

Is there a max # of inquiries you can have at time of HP of mortgage App? I would have liked to apply for the freedom but I am fearful of another inquiry. I have 5 total now and 2 MAY fall off before applying for the mortgage. I had to do a HP for the mortgage in July to see where I stood and my highest beacon score was 754. When I app'd w/ Acura last month, my beacon was 724. So I was hoping my fico would inflate slightly with the beacon pull for the CSP. Weirdly, the rep said my score was fine and that it was the BK and inexperience with a $5000 limit that got me declined. I don't know what score they pulled, will call today and ask.

I need a different card to grow with because Cap1 rewards card is going to go NOWHERE. I will get an increase to $2500 in March and I believe that will be the last one because that is how they are. The other Cap1 card that was an Orchard stopped increases a year and a half ago which is why I applied for the green card.

I would put $5000 secured on a card but I am about to close on this mortgage. My landlady is giving me $3100 or so at closing plus my $1500 deposit back plus that month's rent that won't need to paid. We have lived here 3 1/2 years and I never paid her late. I have been on time the 1st of every month so she is very happy to help me close on her former house. But the $$$ has to come from my account because you can't get your down payment from relatives or friends as a gift and then I will get the money back from her after closing plus Christmas shopping etc. I never Christmas shop on credit. I get a nice bonus every March and I keep it in savings and build on it and use part of it for Christmas shopping. I won't touch my 401K for nothing!

I think I will call Chase back today and see if they can make a decision on the Freedom from the CSP HP and tell me if I app for the Freedom that I will get approved. Just worried about the inquiries.

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 16:48:39 GMT

Hi All. I decided to reapply for the Chase Freedom and it was declined for the same reasons. But I am working with a very understanding rep and he did the recon and recommended approval for the card. His recommendation has to go to another department for final review. He said he would know on Monday. Keeping my fingers crossed!!!!

Re: Chase Sapphire Prefered - Declined

improvingmycredit — Sat, 22 Dec 2012 16:57:32 GMT

@Anonymous wrote:
Hi All. I decided to reapply for the Chase Freedom and it was declined for the same reasons. But I am working with a very understanding rep and he did the recon and recommended approval for the card. His recommendation has to go to another department for final review. He said he would know on Monday. Keeping my fingers crossed!!!!

Hey! I think you will be approved. Frankly- I'm surprised he couldn't answer you today. Please keep us informed! .

Re: Chase Sapphire Prefered - Declined

improvingmycredit — Sat, 22 Dec 2012 17:04:17 GMT

On a side note!!!! Stop apping!!!! I don't think you are doing your mortgage app any good! If you get this card (you will btw) You are getting it probably at the expense of your mortgage terms/APR. Just friendly advice!!

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 17:04:27 GMT

I sure hope so!! Even if it is only $500 I know it will grow as I prove my worthiness unlike Capital One. I would be overjoyed if I got in the door with Chase. He said it would be Monday because they don't have full staff in that department on weekends. He said it could be sooner but likely Monday. I will keep you all posted. Thinking positive.

Re: Chase Sapphire Prefered - Declined

Anonymous — Sat, 22 Dec 2012 17:07:08 GMT

@improvingmycredit - this was the last one. PROMISE! I think two will fall off by February. Thank you all so much! You all have been a tremendous help!

Re: Chase Sapphire Prefered - Declined

Anonymous — Mon, 24 Dec 2012 19:27:46 GMT

Hey Everyone! I have an update on my Chase Freedom application! They did the final review after it is was recommended for approval a couple of days ago. From their final review, they said they are "looking to approve" once I fax in a copy of my SS card and proof of address. So they officially declined UNTIL I provide that information. They said it will two weeks before I hear the decision. He said if I was declined declined, he would have told me today but he said they are looking to approve after I provide that info. He said it is not a guarantee but they are looking to approve.

Does this sound like a slam dunk or should I get prepared for a let down? I am assuming he couldn't guarantee it because some documents that have been sent in have been fraudulent? I know my docs won't be so does that mean I am approved? Anyone here go through this process with Chase, and if so, what was the outcome?

I am cautiously excited!

Re: Chase Sapphire Prefered - Declined

thom02099 — Mon, 24 Dec 2012 20:15:22 GMT

@Anonymous wrote:
Hey Everyone! I have an update on my Chase Freedom application! They did the final review after it is was recommended for approval a couple of days ago. From their final review, they said they are "looking to approve" once I fax in a copy of my SS card and proof of address. So they officially declined UNTIL I provide that information. They said it will two weeks before I hear the decision. He said if I was declined declined, he would have told me today but he said they are looking to approve after I provide that info. He said it is not a guarantee but they are looking to approve.

Does this sound like a slam dunk or should I get prepared for a let down? I am assuming he couldn't guarantee it because some documents that have been sent in have been fraudulent? I know my docs won't be so does that mean I am approved? Anyone here go through this process with Chase, and if so, what was the outcome?

I am cautiously excited!

I think you've got it! If it were another decline, they would not request the documentation that they did, they would simply decline for the same reason(s). Sounds to me like you've got the beginnings of a relationship with Chase!

If you're looking to build a portfolio, try other cards that have an easy approval and are good for CLI. AMEX Clear or BCE would be good cards to include. One doesn't always need to have beaucoup rewards, sometimes having the card with decent and regular CLI is/should be the goal. Citi was very good to me with the Diamond Preferred MC, and I've read that Citi can be generous.

Re: Chase Sapphire Prefered - Declined

Anonymous — Mon, 24 Dec 2012 20:37:28 GMT

Thank you for the response! I was thinking the same thing as you that if I was truly declined after the final review, they would have said so. I don't bank with them nor have I had any prior relationship with them so they truly do not know me. So it is understandable they want proof of who I am. Plus there is a fraud alert on my Fico report because my debit card # got stolen online and I had to report it and close it and they issued a fraud alert for me. This happened about 4 years ago.

I wanted a Chase CC as I am hoping for generous increases over time. I have seen people post very nice limits on their Chase Freedom cards on this thread. But it sounds like you are saying I need to add another card down the road for a good CL. Do you have a Chase CC, and if so, how generous have they been to you with regards to increases?

I'm very excited to start a long relationship with Chase and hope to get to $5000 at a minimum 1 to 2 years from now. I think I will try for Amex in August of next year. Are the AMEX cards you are suggesting easier to get approval for than the Chase Freedom? I'm realizing Chase is more difficult than I realized!

Thanks in advance.

Re: Chase Sapphire Prefered - Declined

youngandcreditwrthy — Tue, 25 Dec 2012 16:05:40 GMT

I love this forum! I got my Chase Freedom on my second recon call! Haha! I had to fight for it....and I even got a $5,000 limit! 0% on bal xfers and purchases for 15 mos + $100 cash back!! Haha
I know ops are recommending a halt to your app'ing; however, GECRB accts will grow FAST, which would get you to higher limits more quickly. I'd open a couple GECRB accts for that specific purpose, if you haven't already.
Just my 2 cents! Haha
Good luck!