Card Match Tool Offers - CSP Denied

[ultimaterewardsguy357]

I should have waited at least a month or so after my good credit habits shot up another 16+ points (wishful thinking). Feels like I wasted a HP for nothing. Anywho, last night I decided to try my hand at the Card Match Tool when I realized that some of the inaccurate baddies (other baddies remain still in dispute due to fraud alert on my account) on my Experian report were removed and my credit score jumped up from 636 to 654. My Bank Score Risk V2 which is what Chase uses for me was at least 681. I saw two offers one for CSP 60K UR and one for CFU with $150 Cash Back after meeting minimum spend. I got denied. Chase's letter says I have a Risk V2 of 597 and they state they are denying me due to:

• Foreclosure or repossession or early lease termination
• Charge off/collection
• Recent delinquency
• One or more recent requests for new credit

I currently got approved for a Merrick Bank and they started reporting to Experian a 0% UTI. Weird. My current cards include:

CapOne QuicksilverOne $1K CL 1% UTI ( 1 yr 8 months)

CapOne Platinum Secured $201 CL 0% UTI (4 months)

Discover $500 CL 0% UTI (1 month)

Merrick Bank $1,250 CL 0% UTI (less than 1 month)

Should I try my hand at the Chase Freedom Unlimited and waste another HP or denial or should I just aged my other accounts and continue good habits until I repair my situation.

Thoughts? Advice?

[Remedios]

Hi and welcome to the forums

Dont try chase anything right now. The end result will be the same based on your denial reasons.
Your internal risk score is very low, and even if Freedom had more lax UW standards, you wouldn't make it at this time.

You should make every effort to clean up your credit report, and go from there.
If you haven't done so already, visit the rebuilding subforum for additional help.

Also pay no attention to prequals from various websites. They are paid to paddle cards, and they do peddle card.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

[FinStar]

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@Remedios wrote:
Hi and welcome to the forums

Dont try chase anything right now. The end result will be the same based on your denial reasons.
Your internal risk score is very low, and even if Freedom had more lax UW standards, you wouldn't make it at this time.

You should make every effort to clean up your credit report, and go from there.
If you haven't done so already, visit the rebuilding subforum for additional help.

Also pay no attention to prequals from various websites. They are paid to paddle cards, and they do peddle card.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

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Quick question @Remedios on the bolded part, are these cards paddled because they're naughty?  How much do you think they get paid cuz...you know...paddle goals ❤️😂😜

[Remedios]

Stupid autocorrect 😂

Look what I got 🦦🦦🦦🦦🦦

Otters can paddle and they peddle cuteness!

[randomguy1]

I would wait until your scores and credit limits shoot up. Keep in mind if you want a Chase card in the future, be mindful of your next few apps because you are currently 4/24. Chase only will approve you if you are under 5 new accounts in under 24 months (almost always, unless pre-approved check mark offer).

Have you tried getting soft pull CLI increases on your Capital One Quicksilver? Go for a Discover CLI after your 3rd statement hits. Generally, when you start getting declines or approved for low credit limits (see Discover @ $500), that usually means you barely snuck in the door and you are at a risk for a denial on your next app. Before you want to apply next, don't be shy in posting.

[SarahJo]

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@randomguy1 wrote:

I would wait until your scores and credit limits shoot up. Keep in mind if you want a Chase card in the future, be mindful of your next few apps because you are currently 4/24. Chase only will approve you if you are under 5 new accounts in under 24 months (almost always, unless pre-approved check mark offer).

Have you tried getting soft pull CLI increases on your Capital One Quicksilver? Go for a Discover CLI after your 3rd statement hits. Generally, when you start getting declines or approved for low credit limits (see Discover @ $500), that usually means you barely snuck in the door and you are at a risk for a denial on your next app. Before you want to apply next, don't be shy in posting.

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In addition to this, the CSP is a $5000 starting limit, and they seem to prefer to not be the first CL that extends that number...meaning, get those limits up pertaining to your current cards.  That being said, the needed CLI's come with time and payments that are managed well and are of an acceptable amount (AZEO, more than minimum).

However, seeing your reasons for denial, more information is needed on how recent these negative marks occurred, and with whom?  Then we can help put a plan in place!

[randomguy1]

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@SarahJo wrote:

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@randomguy1 wrote:

I would wait until your scores and credit limits shoot up. Keep in mind if you want a Chase card in the future, be mindful of your next few apps because you are currently 4/24. Chase only will approve you if you are under 5 new accounts in under 24 months (almost always, unless pre-approved check mark offer).

Have you tried getting soft pull CLI increases on your Capital One Quicksilver? Go for a Discover CLI after your 3rd statement hits. Generally, when you start getting declines or approved for low credit limits (see Discover @ $500), that usually means you barely snuck in the door and you are at a risk for a denial on your next app. Before you want to apply next, don't be shy in posting.

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In addition to this, the CSP is a $5000 starting limit, and they seem to prefer to not be the first CL that extends that number...meaning, get those limits up pertaining to your current cards.  That being said, the needed CLI's come with time and payments that are managed well and are of an acceptable amount (AZEO, more than minimum).

However, seeing your reasons for denial, more information is needed on how recent these negative marks occurred, and with whom?  Then we can help put a plan in place!

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I think that is generally true but not always the case. I didn't have any other credit cards left on my profile due to closures, PFD, etc. and my highest limit was $2000. Chase gave me $11,700. However as always stated, every profile and situation is different. I have a decent amount of credit history with multiple paid off car loans and mortgages. My file is pretty dirty with lates as well (none in last 12 months at time of approval). Just wanted to provide some data, but I do think my case was more the exception than the norm.

[ultimaterewardsguy357]

Thanks everyone! Your comments are much appreciated and I have been working very hard to monitor my FICO across the CRAs and have been working at disputing the BADDIES on my CR.

Yes, I thought I have all 0% UTI across my accounts and my score dipped 20+, I thought I had been rebucketed due to good behavior but after my QS reported a $3/$1000 and 0% UTI on all others, my score jumped up 18+ very weird. I guess there is some truth to AZEO.

To date, the baddies that remain are:

Portfolio Recovery - Claims this collection was opened back in 2018 at an old address in a different city and the verifiable info was dated with my old address back in 2016 but I have been living in this new city since 2016. Not sure what new evidence I can submit to get them to remove this info.

Repossession with amounts that vary across CRAs dated back in 2015. No recollection of this account and have not had any verifiable info to-date sent to my mailing address. Experian says proof from the creditor is legitimate.

Medical collection dated back in 2015 that I cannot seem to get removed for whatever reason has come back verified and I have not received this verifiable info.

[ultimaterewardsguy357]

Thanks, @randomguy1!

Yes, I will be at 3/24 after May 2020. But I was hoping to wait until my Merrick Bank card doubles my CL to $2500 near the end of August 2020 before applying for any more cards.

CLIs

• Quicksilver just received a $500 boost in November. Eligible to request another CLI in May.
• Platinum Secured will likely get a small boost in March and then September. CapOne made it clear I cannot request a CLI on a secured line of credit. I will likely cancel this card after September (1 year from opening the card)
• Discover - I have debated whether I should request a CLI after my third statement or after my fifth statement. The longer the better? If so, how much should I ask for? I was thinking of making the argument for 6K since I max out the quarterly bonus categories and a low limit will not allow me to take advantage of the rewards with a low limit.
• Merrick Bank - DYL offer on August 2020, make responsible use every month and nicely ask every 6 months for CLI. I heard the system automatically grants CLIs as they review account usage.

Thoughts? 

[I_Love_Cards]

Sorry about the denial. That can sting.

On the collections/repos-are these fraudulent accounts (meaning you legitimately don’t know what these accounts are, you didn’t get the medical services in question, etc.)? Or are you disputing them on “technicalities” and hoping they will be removed?

If they are fraudulent accounts - then file a police report, then a claim, and put a fraud alert on your credit reports. (There’s a sticky somewhere)

If you are disputing debts that are actually yours, then you are digging a bigger hole. The items will come back verified, they will say disputed and verified, and you can be flagged for frivolous disputes.

If the debts are yours-you’ll be better served by working on pay for deletes (Portfolio recovery does this automatically) and goodwill letters to address other lates. There’s a TON of info in the rebuilder forum linked above.

Good luck!