Advice for circumventing Chase CSR Decline

[Anonymous]

I recently applied for a CSR in-brand after being preapproved but was denied for "having too many inquiries within the past 3 months" 

Allow me to preface my new-found obsession with CC's and credit building.  My CC history and general profile is lacking mostly because I was working abroad after college and its not something that I ever gave much thought or consideration to, especially when I had a Visa Infinite card from my international bank (comparable to CSR benifits minus the rewards) which extended the travel perks and insurances that I wanted. It wasnt until a little over 4 years ago that I realized that I'm rendered financially immobile without any credit history. So I regrettably started off my credit journey with a Wells Fargo secured card. I havent applied for anything since then until Jan 2018.

What current profile looked like PRIOR to CSR application:

Score: 733 TU / 753 EQ (score took a hit because of a recent high 47% utilization )

AAoA: 2yrs 7months

O derogatory marks  

2 open accounts: Wells Fargo Platinum and Chase Freedom Unlimited (SL 6400)

Income: 90k 

3/24 (2 of which havent been posted yet) 

2/30 days

I've applied for the Chase Freedom earlier this month and was approved with a SL of 9100. I've also applied for the Amex Blue Cash and was approved a few days following Chase Freedom. 

It's clear that I was i violation of Chase's 2/30 rule, and I wouldnt have applied had I known about it at the time. I was only familiar with the 5/24 rule. 

I got on the phone with one of their reconsideration reps but the girl seemed pretty apathetic and eager to get off the phone (there was an hour left to her shift on a Friday (sort of makes sense) She didnt provide much details other than what was provided on my rejection letter. I asked about the 2/30 rule and said she cannot give out lending philosophies. I opened up a new checking acct with Chase as well but not sure if that helps in anyway. 

I was really looking forward to finally establishing a strong foundation of cards moving forward, and I was hoping to use the CSR for a few travel purchases and upcoming holiday expenses and basically have the Chase trio serve as my main spending cards for the next 2 years. 

I'd like to hear your feedback on how to move forward from here. Is there anything that can be said/done that'll improve my chances of getting approved within the next 20 or so days via another reconsideration call? 

My late entry to the world of personal finance certainly does impact things, but it's better late than never.  

[Anonymous]

Sorry but I'm gonna jump on this one! hmm CSR that's $450 in AF if I'm correct. Have you ever seen or heard of the show "Deal or No Deal"? That banker that sits up there in silhouette? For me that's CHASE! Too many inquiries, too many of this and violation of this and that and so on (don't get me wrong your scores are good in that ballpark or excellent as per your scores).... I'm almost ranting but they either love you or hate you in my experience...  And it doesn't have anything to do with your scores,  or good/excellent credit history for that matter in my opinion (their golden goose the "INQUIRIES" go figure). I'm not exactly sure what tune their marketing/CC underwriting strategies is playing on but good luck to you in future aps. I was told in a nonchalant manner shrug this phone call off of me way there's nothing else I can do for you - 24 months on inquiries free and clear so they can approve me. I'm feeling like Bart Simpson "Eat My Shorts!"... I will most likely close my Private Banking Account and my card in 2019

[Anonymous]

Haha Yeah, I catch your Chase drift. Scores are only part of their eligibility criteria. They also weigh in AAoA and Inq's, and like you said, they seem to weigh a lot more heavily on Inquiries across a 30 or 90 day period. 

One huge concern of mine waiting an additional 20 days to call them up would be the deacrease in my AAoA seeing how the two new CC's would be reported and substantially lower my overall score by the time they view my profile for a second recon call. Though I feel that's already reflected on their end. 

[Anonymous]

Yep you get screwed on that hard pull with no cigar. Reminds me of that Michael Jackson song... "Smooth Criminal" heheh

[Anonymous]

Just to be clear I'm not bashing CHASE... In my opinion they just have to get with the program and loosen up a bit if they want to compete effectively in today's CC Industry...

[Anonymous]

1.  How many hard pulls/inquiries have you had in the 30 days prior to applying for the CSR?

2.  You did not violate the 2/30 rule.  That rule only applies to Chase personal and business cards and one of the cards you opened was with American Express.

3.You actually have 4 open accounts.  Chase can see from their internal records that you recently opened a Freedom card so they don't have to rely on your credit report for that.

4.  As long as your AAoA stays above 2 years you will not incur a FICO scoring penalty.

You can always call again and speak with another analyst but its doubtful that you can do anything in the next few weeks to overturn their denial.  You can wait 30 days from the date of application, or better yet 30 days from the date of denial, and reapply.  But you will be doing that without a pre-approval which will lower your approval odds a bit.  At this point you'll probably be best served by allowing the recent inquiries to age for a few months and by reducing your utilization to at least below 28.9%.  Hopefully by that time you'll have another in-branch pre-approval.

[Remedios]

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@Anonymous wrote:

Just to be clear I'm not bashing CHASE... In my opinion they just have to get with the program and loosen up a bit if they want to compete effectively in today's CC Industry...

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What do you mean by * if they want to compete *

A few years back, there was this notion how Chase is not going to do well after instituting 5/24

Turns out, they are doing just fine. 

For every person that does not get approved, there is one that does. Chase is not hurting for new applicants. 

People on this forum are timing their applications to appease Chase lending practices

As far as rest of population goes, majority of people are not affected as most people do not apply for new credit every 4 months. 

OP, it was too soon. Allow some time between Chase applications and  build some payment history. 

Disclaimer...been banking with Chase for two decades and I dont like them one bit.