Advice for future Chase Approval, denied twice, approved and then card revoked

[Anonymous]

Hello, long time reader of this community and hoping to get some advice for a future chase approval.  I've been trying for a while to get a Chase CC and eventually complete a "trifecta" for everyday spending but have had very bad luck.  Here's some background on my situation

Income = $200,000 per yer

Credit score at time of initial applications = mid 750's

All utilization 1-2%

2x 30 day late payments from August and November 2016, no other derogatory remarks at all.

My oldest card on file was 2 years 9 months old

All cards are "sub prime" Wells Fargo Secured 300 limit, 2x Capital one Quicksilver with 750 limit, secured with 300 limit, Credit one with 500 limit

Applied for Chase Freedom and CSP in April, went into 30 day decision and then 2 week, then 7-10 and was eventually declined for both.  Called recon several times but was never able to get anywhere, got a range of answers of why I was declined, ranging from "thin credit file", "late payments" from 2+ years ago, "previous unsatisfactory with bank" (had a chase checking account I closed many years ago, no negative balance)  The were only willing to do 2 reconsiderations and then started saying the decisions were final

Decided after this to open a checking account with chase and as soon as I did I had a prequalification offer for every card they had.  Decided I'd go into a branch and just try to start with a FU card, was instantly approved for 4,000 credit line.  A month goes by, spent about 400~ on the card and tried to use it at a store, card declined.  Come to find out Account was closed permanently.  Called recon again and they said closed for "thin credit file, derogatory remarks" I was pretty upset but decided I would keep banking with Chase as to hopefully get an approval in the future

So a few questions:

1. Would it be worth it to file a CFPB complaint here? I now have a permanently closed card on my account that dropped my score, all for normal credit card use, which they revoked a month after approving me for.  I'mworried that if I do this though they'll just close my bank account and blacklist me

2.  Any advice or tps for future approvals?  Id' really like to get in with Chase, just kinda discouraged after 2 declines and a revocation. 

Thanks for any advice or help, if there's any more info I could share just let me know

[FinStar]

Hello @Anonymous, welcome to the forums.

Unfortunately, the CFPB complaint isn't going to yield anything fruitful since Chase has been known to AA and close accounts at a whims notice, all perfectly legal based on the CCA. The complaint will not overturn the decision.

It appears that you were successful in reestablishing a Chase depository relationship, which is a plus. What was the reason for the previous unsatisfactory relationship with Chase, though?

While the "trifecta" may be of appeal, IMO if you want to try them again, best thing to do is wait after a year to give your overall profile some age and let this recent Chase account closure cycle out.

Out of curiosity, did you place any type of questionable spending on the card? Also, any recent inquiries on your CRs?

[CreditInspired]

Hi OP

Your declines are also due to all of your other CCs having toy limits and/or are secured. IMHO, I think you should forget about Chase for the time being. And, no, you don't have a legitimate reason to file a complaint against Chase. You applied for a card so the HP is valid. It doesn't matter that Chase approved it, then closed it down. CCCs have that prerogative. It’s obvious that a computer approved you but once the UW did an AR, they decided they still didn't like your credit profile. I recommend waiting 6 months then go to Discover and Amex’s prequalify page and see if there are any pre-approvals.

Also, it may be a good idea to add more money to your secured cards which at least would show a larger CL. Just a thought.

[Anonymous]

Thanks for the insights, I was never able to get the reason for the "unsatisfactory relationship" thing, I just assumed it was because I closed a checking account with them years ago and they didn't like that. 

Spending was just normal stuff for me, coffee shops, an oil change, ordered a few things online.  No recent credit inquiries.

The whole ordeal was quite confusing, I had many different recon reps telling me different reasons for the decline and denial than I actually recieved on the physical letters in the mail

[Anonymous]

Hi, thanks for the advice.  IDK if this is relevant but when I applied for the FU, the branch employee actually called and spoke to someone and the card was approved a few minutes later, maybe not a computer but who knows

[Remedios]

@Anonymous  "unsatisfactory relationship" could be with any bank Chase acquired over time. I really do not think it's because you closed a checking account, especially if the account was in good standing. They do not hold grudges over that.   

You had two apps for Chase cards at the same time (big no-no for them), followed by another app less than a month later.  That's three apps in barely two months, so I am pretty sure a flag or two went up. Whenever you get an application denied, you should wait till reasons for denial are no longer present (or at least not all of them) before applying again. 

One more thing, you listed your "score" as 750 which is quite high for two 30 day lates that are barely 2.5 years old. Where are you getting your scores from? 

[Anonymous]

@Remedios

I had 753 when I checked it through Discover's website/App which i believe is a fairly accurate Fico score tool?  I have never trusted CK which had me significantly lower in the low 700's and I'm currently sitting in the 750's with Experian's app as well

I realize now that the 2 applications on the same day was a big mistake, I should have realized alot of the advice I read about applying for 2 cards on the same day with Chase was outdated.  One weird thing about the "unsatisfacotry relationship" thing was it was never brought up again in my recons after the FU was revoked only during the initial 2 applications for the CSP and Freedom

[Remedios]

Sometimes Chase can be 😐

It would probably be for the best to give yourself 6 months without apps due to recent inquiries and after that time look at card(s) from other lenders.
There will be plenty of time for Chase later.