CSP DECLINED with 740 Credit Score?! Really, CHASE?!

[nitrov]

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@baller4life wrote:

Definitely try reconsideration in branch. A Freedom cli request would probably yield a 2nd hp

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That's what the analyst said over the phone and I was hoping she was wrong  I guess at this rate I'm not going to be able to get the stupid CSP for another year and a half since I think I opened 5 accounts just in 2015 alone. Guess I better move on to another bank or find another unicorn...sigh. Can't believe they even have that policy. My credit was way worse when they gave me the IHG card a year ago. I guess I should've apped for CSP back then.

[baller4life]

I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

[ScoreOrBeScored]

Are those all the cards that's on your Siggy on your reports or are there more. If that's all of them , I'm sure they will give you a cli but don't expect to get more than

$12k. Not sure how much your requesting, but keep in mind that their decision is going to be bases off your current file and credit worthiness and not

what you have In your accounts with them, so I would suggest to try not to throw your weight around to get what you want. They will give what they feel

comfortable giving 

[nitrov]

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@baller4life wrote:
I agree it's an absolutely ridiculous policy. Rumor as it that it will expand to co-branded cards as well on April 1. However, that hasn't been confirmed.

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Wow, their number of new accounts is going to tank. They're passing up on a lot of quality accounts from it. 5 is a pretty small number, even for a "conservative" bank's standards. Like, come on, I'm not even 30 years old ad I just bought a home that needed improvements...I could understand if it's 15 new accounts for Saks 5th Ave, Neiman Marcus, and if I had crazy balances on everything, but good grief. 

[nitrov]

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@ScoreOrBeScored wrote:

Are those all the cards that's on your Siggy on your reports or are there more. If that's all of them , I'm sure they will give you a cli but don't expect to get more than

$12k. Not sure how much your requesting, but keep in mind that their decision is going to be bases off your current file and credit worthiness and not

what you have In your accounts with them, so I would suggest to try not to throw your weight around to get what you want. They will give what they feel

comfortable giving 

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I worked at Chase for almost 6 years and I can tell you that how much you have in your accounts with them and how much your income is goes a VERY long way with them. The "special consideration form" is literally only eligible for clients with over $15k in deposits held at Chase, which is why I bring up how much I have at their bank. You used to not even need to complete the form if a credit analyst could verify the amount of deposits you have. Apparently my decline has NOTHING to do with my creditworthiness or my credit file, but solely based on the fact that I opened more than 5 new cars in less than 2 years. That's absurd. One of those cards is from them and it's the 2nd to last new account I even opened. So, I was good enough for $9k then, but not good enough for anything now despite that my score is up 40 points from a year ago and util is cut in half with zero late anythings on my credit.

Makes sense. /sarcasm

And aside from my sig I have a mortgage, a home equity line of credit, student loans, and an auto loan.

[FinStar]

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@nitrov wrote:

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@baller4life wrote:

Definitely try reconsideration in branch. A Freedom cli request would probably yield a 2nd hp

---

That's what the analyst said over the phone and I was hoping she was wrong  I guess at this rate I'm not going to be able to get the stupid CSP for another year and a half since I think I opened 5 accounts just in 2015 alone. Guess I better move on to another bank or find another unicorn...sigh. Can't believe they even have that policy. My credit was way worse when they gave me the IHG card a year ago. I guess I should've apped for CSP back then.

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A special consideration will likely not work OP, regardless of your depository relationship.  If the "5/24" rule wasn't enforced as much by UW (given your CSP outcome) then there would be some potential leeway.  You can try the branch approach but it's unlikely lending would budge.  There are exceptions sometimes but it really depends on the circumstances.

[FinStar]

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@nitrov wrote:

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@ScoreOrBeScored wrote:

Are those all the cards that's on your Siggy on your reports or are there more. If that's all of them , I'm sure they will give you a cli but don't expect to get more than

$12k. Not sure how much your requesting, but keep in mind that their decision is going to be bases off your current file and credit worthiness and not

what you have In your accounts with them, so I would suggest to try not to throw your weight around to get what you want. They will give what they feel

comfortable giving 

---

I worked at Chase for almost 6 years and I can tell you that how much you have in your accounts with them and how much your income is goes a VERY long way with them. The "special consideration form" is literally only eligible for clients with over $15k in deposits held at Chase, which is why I bring up how much I have at their bank. You used to not even need to complete the form if a credit analyst could verify the amount of deposits you have. Apparently my decline has NOTHING to do with my creditworthiness or my credit file, but solely based on the fact that I opened more than 5 new cars in less than 2 years. That's absurd. One of those cards is from them and it's the 2nd to last new account I even opened. So, I was good enough for $9k then, but not good enough for anything now despite that my score is up 40 points from a year ago and util is cut in half with zero late anythings on my credit.

Makes sense. /sarcasm

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If you worked for Chase for ~6 years, then you should be aware that some LOBs tend to shift certain internal policies from time to time which includes Card Services and other lending areas.  While some bankers can have some influence given a depository or other relationship and can work in most cases, it's not always 100% a sure shot.  Now, if you were part of CPC, sure. 

[nitrov]

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@FinStar wrote:

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@nitrov wrote:

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@baller4life wrote:

Definitely try reconsideration in branch. A Freedom cli request would probably yield a 2nd hp

---

That's what the analyst said over the phone and I was hoping she was wrong  I guess at this rate I'm not going to be able to get the stupid CSP for another year and a half since I think I opened 5 accounts just in 2015 alone. Guess I better move on to another bank or find another unicorn...sigh. Can't believe they even have that policy. My credit was way worse when they gave me the IHG card a year ago. I guess I should've apped for CSP back then.

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A special consideration will likely not work OP, regardless of your depository relationship.  If the "5/24" rule wasn't enforced as much by UW (given your CSP outcome) then there would be some potential leeway.  You can try the branch approach but it's unlikely lending would budge.  There are exceptions sometimes but it really depends on the circumstances.

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Isn't the special consideration form the only thing they do in a branch? Trust me, my hopefulness for a favorable outcome at this point is near zero, but since they already did the HP I guess I have nothing else to lose at this point by dealing with those lovely folks in the branch

[nitrov]

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@FinStar wrote:

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@nitrov wrote:

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@ScoreOrBeScored wrote:

Are those all the cards that's on your Siggy on your reports or are there more. If that's all of them , I'm sure they will give you a cli but don't expect to get more than

$12k. Not sure how much your requesting, but keep in mind that their decision is going to be bases off your current file and credit worthiness and not

what you have In your accounts with them, so I would suggest to try not to throw your weight around to get what you want. They will give what they feel

comfortable giving 

---

I worked at Chase for almost 6 years and I can tell you that how much you have in your accounts with them and how much your income is goes a VERY long way with them. The "special consideration form" is literally only eligible for clients with over $15k in deposits held at Chase, which is why I bring up how much I have at their bank. You used to not even need to complete the form if a credit analyst could verify the amount of deposits you have. Apparently my decline has NOTHING to do with my creditworthiness or my credit file, but solely based on the fact that I opened more than 5 new cars in less than 2 years. That's absurd. One of those cards is from them and it's the 2nd to last new account I even opened. So, I was good enough for $9k then, but not good enough for anything now despite that my score is up 40 points from a year ago and util is cut in half with zero late anythings on my credit.

Makes sense. /sarcasm

---

If you worked for Chase for ~6 years, then you should be aware that some LOBs tend to shift certain internal policies from time to time which includes Card Services and other lending areas.  While some bankers can have some influence given a depository or other relationship and can work in most cases, it's not always 100% a sure shot.  Now, if you were part of CPC, sure. 

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It's funny because I was considering doing CPC but they're so expensive and now I'm really pretty convinced it's not worth it. Policies like the 5/24 are so arbitrary, I honestly never experienced anything like that while I was there. Usually the special consideration form was just something the PB/BB filled out, faxed into the credit analysis department, and could sometimes call and suck up to try and sway a decision, but no more power than that. The only person who can override a special consideration decline is the District Manager, who has to sign off on the entire credit exposure, meaning if the person defaults, the district's general ledger takes the hit for the full amount of the charge-off. As a result, overrides at that level almost NEVER happened. But special consideration forms probably had a 50-60% recon approval rate, solely because of the deposits the client had in the bank. The form itself is so short, that's really all they ask about. 

Keep in mind, I worked there about 4 years ago so I have no clue what has changed. But the CSR on the phone did tell me they still do special consideration forms. 

[FinStar]

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@nitrov wrote:

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@FinStar wrote:

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@nitrov wrote:

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@baller4life wrote:

Definitely try reconsideration in branch. A Freedom cli request would probably yield a 2nd hp

---

That's what the analyst said over the phone and I was hoping she was wrong  I guess at this rate I'm not going to be able to get the stupid CSP for another year and a half since I think I opened 5 accounts just in 2015 alone. Guess I better move on to another bank or find another unicorn...sigh. Can't believe they even have that policy. My credit was way worse when they gave me the IHG card a year ago. I guess I should've apped for CSP back then.

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A special consideration will likely not work OP, regardless of your depository relationship.  If the "5/24" rule wasn't enforced as much by UW (given your CSP outcome) then there would be some potential leeway.  You can try the branch approach but it's unlikely lending would budge.  There are exceptions sometimes but it really depends on the circumstances.

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Isn't the special consideration form the only thing they do in a branch? Trust me, my hopefulness for a favorable outcome at this point is near zero, but since they already did the HP I guess I have nothing else to lose at this point by dealing with those lovely folks in the branch

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Correct, the form can only be submitted via the branch or through CPC.