Hi, yesterday I applied and got the 7 to 10 day message and today they sent this message...
Too many installment loans other than mortgage, automobile or student loans (I only have one! the other one I had I just paid off perfectly)
Insufficient installment loan information (??? Had the othe loan for a year and a half and perfect payment)
Credit card balances are high compared to the age of the accounts (dont understand really, Im at 19% utilization with $80,000 of unused credit)
Insufficient business deposit relationship with us (this one is true)
I am at 0/24 and have 3 other Chase cards from 6 years ago. They have my score at 854 from a 900 on Chase Proprietary Score. I really thought it would be easily approved, side bussiness Sole-Prop has 49K revenue and is 6 years old. I should recon right? Any advice? Could they really have the wrong info on me to say too many installment loans when I only have one?
I'm sorry to hear about your denial! In your signature are those your usage amounts to the left of the / ? If so it looks like you have high usage on a few cards, especially some with Chase. That is probably playing a huge role in the denial unfortunately. I think having over 30% utilization on an individual card might scare some lenders.
@WP2020 wrote:Hi, yesterday I applied and got the 7 to 10 day message and today they sent this message...
Too many installment loans other than mortgage, automobile or student loans (I only have one! the other one I had I just paid off perfectly)
Insufficient installment loan information (??? Had the othe loan for a year and a half and perfect payment)
Credit card balances are high compared to the age of the accounts (dont understand really, Im at 19% utilization with $80,000 of unused credit)
Insufficient business deposit relationship with us (this one is true)
I am at 0/24 and have 3 other Chase cards from 6 years ago. They have my score at 854 from a 900 on Chase Proprietary Score. I really thought it would be easily approved, side bussiness Sole-Prop has 49K revenue and is 6 years old. I should recon right? Any advice? Could they really have the wrong info on me to say too many installment loans when I only have one?
It can't hurt to recon but I don't think it will get you anywhere, due to your having high utilization on some cards. If it makes you feel any better I just got turned down for an Ink card too.
My reasons for denial were:
Too many recent requests for credit or reviews of your credit
One or more requests for new credit in the past 12 months
Credit card balances are high compared to the age of the accounts
One or more recent requests for new credit
My Chase Proprietary Score was 770 out of 900.
The reasons my score wasn't higher were:
Number of requests for new credit in the past 12 months
Credit card balances compared to the age of the accounts
Number of requests for new credit in the past 3 months
Insufficient installment loan information
Hi thx for replying everyone,
Sry my signature is ver much outdated as Im not sure how to update that. I cleaned everything up and reached 830 Fico score, now currently at 788 and 0/24 accounts so I thought Chase would accept me. My overall utilization is around 19% and many of the reasons are wrong so I guess I will try to call in.
Any advice? Its been over 6 years since I apped for a credit card or called a recon line, I guess Im rusty.
@WP2020 wrote:Hi thx for replying everyone,
Sry my signature is ver much outdated as Im not sure how to update that. I cleaned everything up and reached 830 Fico score, now currently at 788 and 0/24 accounts so I thought Chase would accept me. My overall utilization is around 19% and many of the reasons are wrong so I guess I will try to call in.
Any advice? Its been over 6 years since I apped for a credit card or called a recon line, I guess Im rusty.
To edit your signature
1. left click avatar at the top upper right of the page you are viewing
2. then from drop down menu go to "personal information" where you'll see "signature" which you can edit
Thx @SouthJamaica will try that.
@cashorcharge Yes I agree and with that Chase SUB I couldnt resist since I do travel. As far as the others...
1. Citizens Bank, and the GM card they are both Soft Pulls even after you accept them? They seem interesting, any other SP out there? I was particularly wanting Chase the 0% apr offer since Im taking a big trip next month.
2. American Express Yes excellent I have both Blue Plus and Cash cards so I think I tapped Amex out as they are not showing me anymore preapprovals. They also declined my CLI on the BBP a couple of months ago so I guess they are not wanting to give me more. They do preapprove me always for the Gold and Plat but again I prefer the 0% apr for now.
3. Bank of America is great with me but when I was about to app they are now asking me if I have a dual citizenship which I do have. Anyone know why they ask this? Its the only bank that has ever asked me and it makes me wonder since I keep thing apart from my birth country which they are a pain.
4. Any Credit Unions cards perhaps worth getting? Any that will take stated income as Amex or others Im not up for to present docs just to get another card.
Thanks for any and all input
I called in to Recon and they had me back and forth with simple questions but took over 30 minutes. She then said approved then 3 minutes later said cant approve we need an EIN number, told her I only use SS# as its a soleprop, she said let me see if I can get an approval, then...
She says approved and your starting limit is...wait its giving me fraud let me first pass you to our fraud dept. Then I answer 2 simple questions and then finally they say approved, but dont know the SL. What a roller-coaster ride.
I was extremely happy until I called in and found out its only a $3K SL. Humm...Im happy to get in and also turn a denial into an approval but this SL isnt going to do much. Anyone else start this low?
@WP2020 wrote:Thx @SouthJamaica will try that.
@cashorcharge Yes I agree and with that Chase SUB I couldnt resist since I do travel. As far as the others...
1. Citizens Bank, and the GM card they are both Soft Pulls even after you accept them? They seem interesting, any other SP out there? I was particularly wanting Chase the 0% apr offer since Im taking a big trip next month.
2. American Express Yes excellent I have both Blue Plus and Cash cards so I think I tapped Amex out as they are not showing me anymore preapprovals. They also declined my CLI on the BBP a couple of months ago so I guess they are not wanting to give me more. They do preapprove me always for the Gold and Plat but again I prefer the 0% apr for now.
3. Bank of America is great with me but when I was about to app they are now asking me if I have a dual citizenship which I do have. Anyone know why they ask this? Its the only bank that has ever asked me and it makes me wonder since I keep thing apart from my birth country which they are a pain.
4. Any Credit Unions cards perhaps worth getting? Any that will take stated income as Amex or others Im not up for to present docs just to get another card.
Thanks for any and all input
First off...WooHoo!! Congratulations on your Recon'd Chase Approval!!👏🏼🍾🥂
It's not often that happens on the business side and despite all the hoops, that's terrific! Yes, the 0% APR will come in handy but with that limit, you may max out the card on your trip.
To your other questions:
Yes, GM and Citizens are personal SP on EQ. Besides small Net 30 or other dedicated accounts, these are the only are SP approvals for business that I'm aware of. Some banks such as Wells Fargo perform a EX SP if you open a bank account and they'll offer preapprovals based on that SP...but if you don't intend on opening a checking account with them, and it's not guaranteed you'll get approved...this could be useles.
AMEX...got it....sounds like for now you're at a limit their comfortable with.
CU's...I don't know of any CU's that offer a SP business approval and many CU's aren't as aggressive on the business side unless your banking with them..unlike on the personal side where a savings account would suffice.
0%...you can try FNBO which offers 12 months on approval (personal EX HP) and I just got 0% for 18 months with US Bank without a banking relationship...however, my TU HP and personal profile likely led to this approval and without that solid footing, you "may" get approved but perhaps not as much as you'd like.
Ultimately, you'll need to do some research, take some dings and keep on trying!
