Applied for Chase Freedom today & recon'd - odds?

[Anonymous]

Like a dummy I applied and got denied. Then recon'd. Was on the phone for 30 minutes (literally) answering tons of questions and on hold. He eventually came back and said he's given his recommendation and it was going to someone else. He said I should hear something 7-14 days. So what are my odds? Doesn't sound great! ;-(

[FinStar]

If they (UW) reevaluate things and feel your profile supports the approval then you'll know the outcome soon enough.

What were the primary reasons for being denied?

[Anonymous]

I didn't really wait long enough to get denial reasons. I recon'd immediately.  

My gut is utilization (89% on AU / MINE IS 0% with no debt). He asked me about my AU and if I was responsible for it and I said no. He acted like he was unsure of it was an AU or not. Either way I was on the phone another 30 minutes verifying some old lates, work info, etc. He said he gave his recommendation and it was on to the next person. Maybe this means he gave the go ahead? or they wouldn't bother sending it anywhere else? 14 days is on the auto line. He said 7-14 days.

[FinStar]

It's simply a standard protocol since you requested the reconsideration, but potentially there's some items working against your profile, especially the delinquencies and whatever other reasons that didn't meet the approval criteria.

Some of your other threads indicate you were denied for PenFed not long ago, NFCU only approved for $1K. Are those FICO scores listed in your signature?

[Anonymous]

Correct - FICO. I was also approved for BB&T Spectrum Cash Rewards $3500 recently. The ONLY reason I apped was because of hours of combing over data that suggests others with worse profiles were obtaining approvals. In addition I’m on the cusp of the 5/24. I won’t be able to apply for awhile. So I took a calculated risk.

[Anonymous]

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@FinStar wrote:
It's simply a standard protocol since you requested the reconsideration, but potentially there's some items working against your profile, especially the delinquencies and whatever other reasons that didn't meet the approval criteria.

Some of your other threads indicate you were denied for PenFed not long ago, NFCU only approved for $1K. Are those FICO scores listed in your signature?

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+1 - If you were declined for the PenFed and only approved for 1k (NFCU) then that could play a role as well as you've been taking inquiries on your credit report. 2 weeks is protocol and no one can say if its an approval or no but the customer service rep that you talked to (form the recon line) can approve applications so why wouldn't he/she do it at that moment and transfer your application to someone else? Just something to consider.

[Anonymous]

Yeah 2 weeks is 1 of 3 for Chase protocol. The other is 7-10 and 30 days. I guess my mindset is why would the CSR not just ride with the denial. It already happened. Not everyone reconing received A) 30 minute review - and B) 14 day consideration before a 2nd denial. Just doesn’t make logical sense to me.

My last late was almost 4 years ago. He asked me about it and continued asking me questions for what’s it worth. Could’ve just denied me right there but I have good history too.

Either way I’m prepared to get denied and my TU is what they pulled. 3 inquiries in 24 months. Excluding today isn’t poor.

[Anonymous]

Yeah, I agree with you. 

Here is my story with Chase: I applied for the CSP maybe like 4 months after getting denied for the old Amex Premier Rewards (now called Amex Gold) and I got the "we couldn't make a decision right now" message. At that time I had one other chase Card (Chase Slate that actually got upgraded to the Freedom Unlimited and I've had it for a little bit over 2 years) and I thought I had a good chance of approval (my credit score was around 680).

I kept calling the automated line for 3 days straight without an answer, I was getting the message that "Chase would let me know within 30 days". One afternoon I called and got the message that I was approved and I got the minimum credit limit for that card - 5k. As far as I understand, someone had to go through my application and actually take it or deny it (luckily, in my situation I got approved). 

[FinStar]

OP, not sure that comparing your profile to others gives that much solid foundation since everyone's overall profiles, sources of income, tradelines, negative items (or lack thereof), AAoA, etc., are different regardless of similarities on the surface. It may serve as some guidance, but ultimately the lender makes the ultimate decision.

Unfortunately, BB&T is not Chase as I'm sure you are aware when it comes to UW criteria. Even the 5/24 restriction isn't the end of the world, especially when you are rebuilding since time is definitely on your side.

[Anonymous]

This is a fantastic story!!!!  Thank you so much for sharing!