topic Re: App itch-Chase Freedom denied in Credit Cards

App itch-Chase Freedom denied--UPDATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Rhaeny — Sat, 23 Mar 2013 22:09:48 GMT

Yea so much for the garden....I am such a loser

So I have a Chase checking/savings account and I really like banking with them. So I get the itch and apply knowing that I am marginal. I get the "yea we'll get back to you later" message so I call the recon number. The nicest girl answered the phone and she tells me that I was declined due to my bankruptcy. I asked her if I could recon this and she said sure would.

She said that she sees a number of inquiries since september (I believe around 10 of which 4 were for a car) and 14 new accounts opened since June of last year .

I didn't know that I had that many opened, I mean well I knew that I had opened a lot, but didn't realize it was 14!!! Okay but a lot are toy limits that I don't use, you know how it is when you first get started and everytime you see "APPROVED" the adrenaline surge gets you pumped up. So yea I got addicted and been trying to stay away from the apps but it ain't easy while hanging around these parts with you guys...LOL!

Anyway she said that I was doing a great job at re-establishing my credit but at this time they can't approve me for anything because of so many new accounts in the last year. She sounded like she wanted to give me something but just couldn't or wouldn't cross that line. I mean she asked about everything, why I filed bankruptcy, how I was handling my accounts monthly (basically that I PIF), etc. But then....

There was one thing she said that made me think that she was somewhat of a newbie. I asked her what they pulled and she said TU. I asked her what was my score and she said that they don't base their decisions on scores, but I could go and get my score from anyone of "those" sites that offer your credit reports. She also mentioned myFico for credit help!!

Well now what she said sent up a red flag, and I was thinking maybe I should call back and see if I get someone else. But then I thought, mehhhh, forget it. I mean how do you explain 14 new accounts inside of a year? My util is at 11% and total CL's are $28K so I think as long as I keep that utilization low, let these accounts age with NO MORE apps I wll be okay for an account sooner or later. Oh and btw, she didn't even ask me about the fact that IIB'd them. Go figure?

UPDATE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

OMG!!!! OMG!!! OMG!!!

So I'm sitting here, drinking some captain and coke, and getting a nice buzz. I am just mulling over this entire situation and I decide to pull my EX and see that Chase hit me up there as well today. So two HP's and a denial. And I said oh what the hell. I called the recon number AGAIN today and a guy named Joseph answered.

Before he could finish saying hello I just blurted out to him that I apped and was denied due to bankruptcy. I said that was 6 years ago and I paid back my debt. I have been re-establishing my credit. I went on to explain the two negative items on my report that were IIB and should be off of my reports by now, but the damn CRA's are playing games and I can't get it off. I told him that I PIF on a regular basis except in those cases where I can get some great offers like 0% BT's. I said that I want a Chase Freedom because I want to establish a relationship with a local bank that I can walk right into. I made him sit there and listen to me go over every line item on my report.

I addressed the inquiries and told him that some were for auto's, CU memberships and some credit related. I explained that the gazillion store cards were only opened to gain extra savings on the items that I purchased and he can verify that because a lot of them don't have activity for 6 months or more. He said okay ma'am, I'd like to put you on hold and review your account further. I said yea sure. This guy put me on hold for about 5 minutes and came back and said ma'am I have just pushed this through and you are approved for $5K!!

And he said if you login to your account now you should see it. And its there people!!! Already sitting there with a CC number and limit!!

Yayyyyy!!!!!!!!! Woot Woot!!!! Wooooooo!!!!!! Ahhhh!!!!

I did a drunk recon and it worked! I cannot believe this. Like I am still in shock.

I am stoked and now I am really done for a long while. I do not need anything else except for to take care of all that I have.

Oh and I did IIB Chase, so no blacklist for me. Woooo hooooo!!!!

Re: App itch-Chase Freedom denied

Open123 — Sat, 23 Mar 2013 16:24:29 GMT

In my view, if you "really" wanted this card (not just app'ing because you were bored, which I've done before), since you've already taken a HP, you could call back in a week and maybe get a different result. It's been known to happen.

On the other hand, if the card isn't really that important to you, then I'd let it go for two reasons. One, your next recon may result in additional HPs on other CRAs. Two, they may approve it with another toy limit, which for Chase is problematic given the unlikely scenario of ever raising a CL with a SP.

With Chase, I've always felt it's best to app when your CRs are in the best shape for the higher CL. Conversely, with Amex, just get in and with a high usage and transaction score, your CLs will have a meteoric rise without additional HPs.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:12:59 GMT

@Open123 wrote:
In my view, if you "really" wanted this card (not just app'ing because you were bored, which I've done before), since you've already taken a HP, you could call back in a week and maybe get a different result. It's been known to happen.

On the other hand, if the card isn't really that important to you, then I'd let it go for two reasons. One, your next recon may result in additional HPs on other CRAs. Two, they may approve it with another toy limit, which for Chase is problematic given the unlikely scenario of ever raising a CL with a SP.

With Chase, I've always felt it's best to app when your CRs are in the best shape for the higher CL. Conversely, with Amex, just get in and with a high usage and transaction score, your CLs will have a meteoric rise without additional HPs.

Yea one part of me thinks since I took the HP I might as well try again, but then again the other side says don't worry about it just move on. If I do another recon then surely they will question 14 new accounts and I have no excuse other than to blame it on the myFico community....not sure if that will work though.

I'm really thinking about closing out some of those store cards, you know the commenity cards that we can get real easily, and some other low limit cards to reduce the number of recently opened accounts. Chase is one of my goal cards along with Amex, but do I *really* need them now? No I don't and it was one of those *bored apps* but I like I said earlier, I'm struggling with myself about doing the recon since I already took the HP. What have I got to lose you know?

Let this be a lesson, it has been said time and time again here, only open the accounts you really will use and don't go gang buster out of the gate rebuilding.

Re: App itch-Chase Freedom denied

Anonymous — Sat, 23 Mar 2013 18:18:03 GMT

Closing the cards won't increase the AAoA or get rid of the inqueries. So, I'd hold on to them. What they will do is reduce your total utilization, which is a good thing.

Re: App itch-Chase Freedom denied

seattletravels — Sat, 23 Mar 2013 18:22:26 GMT

I thought Chase pulls EX for the most part?

Re: App itch-Chase Freedom denied

webhopper — Sat, 23 Mar 2013 18:22:58 GMT

Chase does not like to see a lot of inquiries or a lot of new accounts. Most people garden pretty heavily for at least six months before they hit up chase. If the inquiries are older than 6 months, it doesn't hurt to try to recon again but you could get stuck with another toy limit which is counter productive. You can also mention your checking and savings with chase.

Re: App itch-Chase Freedom denied

Anonymous — Sat, 23 Mar 2013 18:33:46 GMT

I agree with webhopper. I had 7 Exp inq in the past 6 mos - added 7 new accounts (reporting) at the time I applied. I had to recon for my approval and the CSR questioned me on my inq's and new accounts. Luckily, 3 of the inq's were from Chase plus I had my auto loan with them for 11 mos.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:39:01 GMT

@Anonymous wrote:
Closing the cards won't increase the AAoA or get rid of the inqueries. So, I'd hold on to them. What they will do is reduce your total utilization, which is a good thing.

AAoA as it is 8.6 years and of course keeping them open will help with util....however none of that is a concern for me now. I'm just having an internal struggle with myself on the recon issue.

Re: App itch-Chase Freedom denied

zyzzus — Sat, 23 Mar 2013 18:39:32 GMT

For credit card underwriting Fico (vantage etc) scores are not used in approvals/denials.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:39:33 GMT

@seattletravels wrote:
I thought Chase pulls EX for the most part?

Must be a regional thing because I just checked and they sure as heck pulled TU.

Re: App itch-Chase Freedom denied

LS2982 — Sat, 23 Mar 2013 18:40:26 GMT

@seattletravels wrote:
I thought Chase pulls EX for the most part?

Chase likes to pull EX but will pull others. I believe it really depends on where you live.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:44:08 GMT

@webhopper wrote:
Chase does not like to see a lot of inquiries or a lot of new accounts. Most people garden pretty heavily for at least six months before they hit up chase. If the inquiries are older than 6 months, it doesn't hurt to try to recon again but you could get stuck with another toy limit which is counter productive. You can also mention your checking and savings with chase.

Okay okay you're talking me down off of the ledge now because you must know that I'm about to jump right? LOL

As for my inquiries, there were 9 in the last 6 months of which 3 were for auto loans and 2 were for CU memberships, and 1 of them is Chase's. And yes there is the possiblity of a toy limit and I really don't need one of those. Okay taking a deep breathe now....

Re: App itch-Chase Freedom denied

LS2982 — Sat, 23 Mar 2013 18:46:07 GMT

@Rhaeny wrote:
@webhopper wrote:
Chase does not like to see a lot of inquiries or a lot of new accounts. Most people garden pretty heavily for at least six months before they hit up chase. If the inquiries are older than 6 months, it doesn't hurt to try to recon again but you could get stuck with another toy limit which is counter productive. You can also mention your checking and savings with chase.
Okay okay you're talking me down off of the ledge now because you must know that I'm about to jump right? LOL

As for my inquiries, there were 9 in the last 6 months of which 3 were for auto loans and 2 were for CU memberships, and 1 of them is Chase's. And yes there is the possiblity of a toy limit and I really don't need one of those. Okay taking a deep breathe now....

I think your better off getting back into the garden and letting those INQ's age for a year then go for Chase IMO.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:47:11 GMT

@zyzzus wrote:
For credit card underwriting Fico (vantage etc) scores are not used in approvals/denials.

Are you the one who created the "Ask a Chase banker thread"?. If so what is your take on my situation? If not, sorry I confused you with someone else.

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:48:26 GMT

@LS2982 wrote:
@Rhaeny wrote:
@webhopper wrote:
Chase does not like to see a lot of inquiries or a lot of new accounts. Most people garden pretty heavily for at least six months before they hit up chase. If the inquiries are older than 6 months, it doesn't hurt to try to recon again but you could get stuck with another toy limit which is counter productive. You can also mention your checking and savings with chase.
Okay okay you're talking me down off of the ledge now because you must know that I'm about to jump right? LOL

As for my inquiries, there were 9 in the last 6 months of which 3 were for auto loans and 2 were for CU memberships, and 1 of them is Chase's. And yes there is the possiblity of a toy limit and I really don't need one of those. Okay taking a deep breathe now....
I think your better off getting back into the garden and letting those INQ's age for a year then go for Chase IMO.

Okay okay, climbing back in the window off of the ledge now

Re: App itch-Chase Freedom denied

Anonymous — Sat, 23 Mar 2013 18:49:42 GMT

Last year when I was denied and req a recon they pulled TU (initial app was Ex)

Re: App itch-Chase Freedom denied

Anonymous — Sat, 23 Mar 2013 18:50:12 GMT

I had the same luck with Chase.

I was denied for the bk and they tried to give me speach about new 18 accounts within 6 months and when the 6 months was up they change their song again to something else

When i mention the 600k i deposit every year there for 3 yrs now they said we appreciate that but due to the bk and........................Click i hang up

Now Bank of America on the other side gave me 5 months on secure and then unsecure for a low limit of $1500 even though i had other cards showing 20k limit on the cr

Chase by far has the lowest limits on the prime lending lately.I know i know there are others that have some high limits but maybe 7% of the fico community

I really believe they need to step up their game to catch up with the current economical trend and be serious when it comes to prime costumers

Re: App itch-Chase Freedom denied

Rhaeny — Sat, 23 Mar 2013 18:53:30 GMT

@ danielodonolI

I absolutely love the last line in your siggy...ain't that the truth huh?

Awesome!!

Re: App itch-Chase Freedom denied

LS2982 — Sat, 23 Mar 2013 18:55:15 GMT

@Rhaeny wrote:
@ danielodonolI

I absolutely love the last line in your siggy...ain't that the truth huh?

Awesome!!

At least he's honest......

Re: App itch-Chase Freedom denied

zyzzus — Sat, 23 Mar 2013 18:58:22 GMT

Thats me.

I read the OP and skipped over the rest I'm sorry at work now and we are busy.

I am going to assume there was a ton of good advice before mine.

It wouldn't hurt to try and recon again and ask if your banking relationship could potentially influence an approval. Explain that you are now more of inqs and how they effect you and how its viewed by lenders. If this is something you really want explain why and how it will prove to be useful and beneficial in the future as well as the long run. They may have specific guidelines where the inqs do not allow for an approval I do not know criteria I appologize.