topic Re: Denied Chase Slate Card in Credit Cards

Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 18:14:11 GMT

Hey guys,

So here is my situation. I have two cards that are very well near their limit:

4100/4300
5000/5400

These cards were racked up when I was irresponsible during college, but have since turned over a new leaf. I am now a software engineer with an annual income of 67,500$. My rent is $800. I'm looking to pay off these cards by getting a great balance transfer card but got denied because of high credit utilization. I called the backdor number and was denied for this reason. Should I call back and see what the other rep can do for me? Is there anything that i can do to pay off this debt respobsibly at a lower interest rate?

Thanks.

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 18:26:02 GMT

Welcome to the forum!

You can try again but tbh that util will most likely be a denial. I would suggest paying down the debt - with your income you should be able to throw a good chunk to one card and more than the min on the other cc. After you've gotten them down req a CLI. Alternatively, if you are a member of a CU, you might want to look at a LOC

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 18:37:55 GMT

Thanks for the reply. But at what point do I ask for another look? Also when I throw a good chunk of change at one card, how long does it take to show up on my credit report?

Re: Denied Chase Slate Card

parakleet — Wed, 31 Jul 2013 18:54:36 GMT

Typically, CRs are updated a few days after the statement cuts. There are free services like credit karma and sesame that help you keep track of when the balances are updated on your report.

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 19:23:10 GMT

Sucks because the purpose of a balance transfer is to help an account with an existing balance.

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 19:26:29 GMT

Also have a credit score of 659

Re: Denied Chase Slate Card

sccredit — Wed, 31 Jul 2013 19:50:41 GMT

You need to pay the balance down, once that happens your score wil go up (because you utilization is down) and you should be OK

Re: Denied Chase Slate Card

myjourney — Wed, 31 Jul 2013 20:36:52 GMT

In all honesty don't waste a HP with UTL that high IMHO no lender will take a chance on you at this point. Sorry just being honest

Right now from a lenders perspective you are just moving debt around. Show them you're paying the debt down to reasonable levels and you stand a better chance of approval when they look at your history of payments.

Best wishes

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 22:35:00 GMT

Pay down your balance below 70% util on both cards should give you a decent jump in score. After that you could try lending club, if denied then I would get my overall util below 30% before applying for any cards. Most lenders will runaway when they would see maxed out cards.

Re: Denied Chase Slate Card

takeshi74 — Wed, 31 Jul 2013 22:51:37 GMT

@Anonymous wrote:
Sucks because the purpose of a balance transfer is to help an account with an existing balance.

Yeah but the utilization you've posted is 93%. That's maxxed out. Get your util down and reported and you'll have much better odds.

The purpose of BT is for existing balances but at the same time it's purpose isn't to extend credit to extremely risky prospects. Utilization is a major factor in your credit scoring.

Re: Denied Chase Slate Card

Anonymous — Wed, 31 Jul 2013 23:00:34 GMT

I dont know if this is an option for you but you can try to request for CLI's on those existing 2 accounts to help lower that utilization a bit.

Re: Denied Chase Slate Card

Anonymous — Thu, 01 Aug 2013 02:58:45 GMT

I wasn't planning on applying for a Chase Slate or other low interest type of card as I have no open balances but SHOULD I keep one in the stable in case I MAY need it one day?

Re: Denied Chase Slate Card

Anonymous — Thu, 01 Aug 2013 03:02:18 GMT

@PhoenixDown

Some cc's only offer the 0% promo for a window of time after approval. It's wise to have a low interest cc for those emergencies that might pop up and you need to carry a bal.

Re: Denied Chase Slate Card

myjourney — Thu, 01 Aug 2013 03:08:41 GMT

@Anonymous wrote:
@Anonymous

Some cc's only offer the 0% promo for a window of time after approval. It's wise to have a low interest cc for those emergencies that might pop up and you need to carry a bal.

+1 agreed

Re: Denied Chase Slate Card

Anonymous — Thu, 01 Aug 2013 03:11:02 GMT

@myjourney wrote:
In all honesty don't waste a HP with UTL that high IMHO no lender will take a chance on you at this point. Sorry just being honest
Right now from a lenders perspective you are just moving debt around. Show them you're paying the debt down to reasonable levels and you stand a better chance of approval when they look at your history of payments.
Best wishes

I couldn't have said it better! DOWN WITH THE UTL!! I gotta work on mine too..so dont feel bad

Re: Denied Chase Slate Card

ltspongebob — Thu, 01 Aug 2013 05:31:04 GMT

Been there, when I had $30k in credit card debt (95% util), I couldn't get approved for anything. Now that I got that down to $7k, they are coming to me.

Re: Denied Chase Slate Card

joshuapd1987 — Thu, 01 Aug 2013 06:24:34 GMT

Sounds like a lot of hard work, itspongebob! Great job!

Re: Denied Chase Slate Card

CreditScholar — Thu, 01 Aug 2013 06:27:55 GMT

@takeshi74 wrote:
@Anonymous wrote:
Sucks because the purpose of a balance transfer is to help an account with an existing balance.
Yeah but the utilization you've posted is 93%. That's maxxed out. Get your util down and reported and you'll have much better odds.

The purpose of BT is for existing balances but at the same time it's purpose isn't to extend credit to extremely risky prospects. Utilization is a major factor in your credit scoring.

+1. Your FICO in the mid-600s is also very mediocre (and I'm being kind when I say that). That's definitely not helping you either.

Re: Denied Chase Slate Card

compassion101 — Thu, 01 Aug 2013 06:31:51 GMT

I've been in your shoes. It's really just a matter of setting a budget for yourself and sticking to it. You don't need more credit now, you need a budget. With your income/rent there is no reason you can't pay your balances down within 6-12 months. After that, you can obtain credit cards for points etc. and pay them down or use the 0% to your advantage.

Re: Denied Chase Slate Card

Anonymous — Thu, 01 Aug 2013 12:35:09 GMT

What everyone is saying is most likely right.. but I would personally give a recon a shot. Call the back door number. Tell them you know the reason you were denied was because of the high balances, but that is the reason you were applying for the card and that you want to take advantage of their great product...

Also, if that doesn't work, since it's really not that much money, if you pay even two grand towards one, or a grand towards both.. that will lower your UTL by about 30% or so.. and then you have a lot better shot.

Try asking for a CLI on both cards existing cards too. If you're approved, that will bring your UTL as well.. and again, you'll have another shot.

Are you eligble for NFCU? haha