topic Re: Chase & Discover Approval Question in Credit Cards

Chase & Discover Approval Question

ahh10000 — Wed, 09 Oct 2013 14:46:54 GMT

Hi Everyone,

I am more active in the rebuilding forum but I figured this would be a good place to ask this question. I have some paid C/O's that are due to fall off in December, my current Fico EQ score is a 692. I have tried the pre approval apps on Discover and Chase and have been denied both times. Even though I have seen people with lower scores get approved, do Discover and Chase both care that much about C/O's that this could be why I'm getting denied? What do you think my chances are of getting approved with perfect payment history once these charge offs are cleared from my CR? Thanks for the help!

Re: Chase & Discover Approval Question

Anonymous — Wed, 09 Oct 2013 14:50:27 GMT

@ahh10000 wrote:
Hi Everyone,

I am more active in the rebuilding forum but I figured this would be a good place to ask this question. I have some paid C/O's that are due to fall off in December, my current Fico EQ score is a 692. I have tried the pre approval apps on Discover and Chase and have been denied both times. Even though I have seen people with lower scores get approved, do Discover and Chase both care that much about C/O's that this could be why I'm getting denied? What do you think my chances are of getting approved with perfect payment history once these charge offs are cleared from my CR? Thanks for the help!

They are both relatively conservative lenders, so yes, the COs could be causing you problems. They are also both known to deny for too many recent inquiries, among other factors. Chase, in particular, has a long memory and will blacklist you if you have burned them in the past.

Re: Chase & Discover Approval Question

ahh10000 — Wed, 09 Oct 2013 14:57:28 GMT

Thanks for your prompt response. One of those C/O's is from Chase for $450.00, so you mean that if my CR is clean with a CS of even 750 that Chase will give me the big screw you just because of the one C/O from my past? I understand their thinking but that is dissapointing for those who've shown that they've grown up and changed with their finances and decision making.

Re: Chase & Discover Approval Question

Anonymous — Wed, 09 Oct 2013 15:05:37 GMT

@ahh10000 wrote:
Thanks for your prompt response. One of those C/O's is from Chase for $450.00, so you mean that if my CR is clean with a CS of even 750 that Chase will give me the big screw you just because of the one C/O from my past? I understand their thinking but that is dissapointing for those who've shown that they've grown up and changed with their finances and decision making.

It has been known to happen. YMMV, of course, but like I said, Chase tends to have a long memory, especially if the CO was never remediated. A colleague's daughter burned them in college on a $300 student line of credit and they still will not extend her credit. In her case though, the charged off TL is aged but it still reporting on her CRA, so I can't advise as to whether they forget once the CO drops off.

My gut would be to say no, that they would still remember, but all you can do is apply once the CO drops off and see what they do for you.

Re: Chase & Discover Approval Question

shane1120 — Wed, 09 Oct 2013 15:31:12 GMT

@ahh10000 wrote:
Thanks for your prompt response. One of those C/O's is from Chase for $450.00, so you mean that if my CR is clean with a CS of even 750 that Chase will give me the big screw you just because of the one C/O from my past? I understand their thinking but that is dissapointing for those who've shown that they've grown up and changed with their finances and decision making.

If it helps - I was approved for both Chase Freedom and the IT card with scores lower than yours, between 630-650. My util was around 20%. I also had a CO from chase that was paid from 2008. The chase card required a recon but the IT card was an instant approval. YMMV but hope my info helps you with your decision.

Re: Chase & Discover Approval Question

12njoy — Sun, 13 Oct 2013 21:17:37 GMT

OP,

I applied for the Chase Freedom in March 2013 and was denied online. I reconned the next day and the representative asked about my 1993 bankruptcy which included Chase. He also asked about my 3 paid chargeoffs from 2008. I answered all questions and was approved for $500. Fastforward to July 2013, I closed the Chase Freedom because I was consolidating my lower limit cards and Chase wanted to do another hard pull for CLI. I just applied for Chase Slate on 10/12/13 online. Immediately got the 30 day pending message. Immediately called Recon line. Representative didn't ask me any questions, but put me on hold and came back after like 1 minute and said I was approved for $2,500. I app'd for Discover in July 2013 and was instantly denied. When I received my denial letter, it said chargeoff's on credit report. I attempted to recon and got the same response. I was advised to try again after charegoffs fall off which won't be until December 2014. I won't be reapplying for Discover then or again, since I have the Walmart Discover and it will grow over time (I just got it in July 13). Amex has been very good to me. Have you tried them? Good Luck to you.

Re: Chase & Discover Approval Question

youngandcreditwrthy — Sun, 13 Oct 2013 22:33:14 GMT

Honestly, the answer to your question is mixed. Won't know til you try. Score seems good though!

Re: Chase & Discover Approval Question

Anonymous — Sun, 13 Oct 2013 23:11:08 GMT

I recommend not trying for Chase. When I was 19 I had a charge-off from Chase, Discover, Cap 1 and First Premier. I was young and stupid and over extended myself and to be honest, it was a very good learning experience. But I paid off all of the charge-offs in full because a felt terrible screwing someone over like that. Discover was for $2800, Chase was for $5600, Cap 1 was for $1500 and First Premier was for $800. Im 27 now and I've had a Cap 1 card that i ended up closing since my problems in the past and a Discover card which i still have. Chase WILL NOT extend credit to me AT ALL. I've contacted the EO multiple times and all they tell me is which the C/O there is NOTHING they will do. I have a high income, mid 700s credit score across the board and a PIF credit history since everything happened. Although I didnt have any credit cards for a few years after the C/Os were paid. Ive been very frustrated with Chase ever since. I do have a lot inquries in the past 2 years(16 inquries), but some of those are credit cars and others are a car and houses. I wanted to open up a private banker account with Chase with investing money but they told me they didnt care about that and they wouldnt approve me for the Palladium card or CSP just because my history with Chase. I recently applied again for the CSP and I got the same response. I basically told them to screw themselves and I dont want to have anything to do with them ever again. Although, Kari(a lady who works in the EO) is very nice and great to deal with, if you ever need to contact the EO you can PM me and i can give you her email address and phone number.

I can understand them not approving me for anything if i didnt pay everything back about 8 years ago, but paying everything back and my history since them just shocks me that they cant do anything for me. I told them I would take ANY Chase card EXCEPT a secured card and they still told me it wouldnt happen.

I hope you have better luck than me but from my experience I recommend not wasting the inqury. Good luck if you do and of course YMMV

Re: Chase & Discover Approval Question

Anonymous — Sun, 13 Oct 2013 23:53:24 GMT

BMW you might have a better chance once the CO fall off and you have low inquiries. Chase has been very generous to me till now.