Chase Denial....possible recon?

[Foodie2018]

Well,

I was denied by Chase.

Stats:

Fico 8 is TU 649,

I have 5 collections accounts that are paid (waiting for the CRA to update)

54k in student loans

1 Cap One 1000/0

1 Cap One Platinum secured 200/0

1 Credit One 450/100

When I called about the status of my application I ended up speaking to one of the rudest, most condescending representative EVER. She told me that I was denied because I have several lates, possible BK (I never have), too many collections and my DTI was too high (54k student loans). They aare deferred and in good standing.

Is it worth reaching out to the recon line or should I just leave it alone?

Thoughts?

[Manonfire]

Which Chase card were you denied for?

[Foodie2018]

It was the Freedom.

[fltireguy]

How old are you existing cards? Do you have any banking relationship with Chase? Those two factors May weigh heavily into a Recon with Chase. If you have one year or less, with your lineup of cards you might have a very hard time getting that overturned. They like to see at least a year usually two of history. Also, remember that even if you do get the denial overturned,, you're probably going to wind up with a $500 card that will not grow easily.

[Foodie2018]

I do not have any accounts with Chase, my other two cc are 15 months old, from when I started to rebuild. I'm thinking about just letting it go, I can't muster up the nerve to talk to a credit analyst and explain my credit situation. Maybe I will write a letter...(its less confrontational that way)

[Anonymous]

Peanut gallery chiming in here...I can more than understand your anxiety about going over your credit history with a stranger when calling for a recon. Financial history is very personal, and having to re-live every foible or misstep may seem daunting. It may end up feeling like the analyst is judging you (which in essence they are) but there is a light at the end of the tunnel. My first recon attempt was a very stressful experience for the reasons I just listed. I shy away from confrontation and although I’ve made many positive steps, there are things in my financial history that I am not particularly proud of (charge offs, lates, etc.) It is entirely possible that making that call and talking to someone (regardless of outcome) may prove cathartic for you and help you own your financial journey. It will offer you insight, you will improved your perspective of lenders, and you will have an opportunity to do something that scares you. At the end of the day, nothing ventured offers nothing gained. Make the call. It will be a positive experience regardless of what happens.

[Foodie2018]

Hi Alco524,

I loved that the "peanut gallery" chimed in! So, per your advice, I decided to bite the bullet, I called in to the recon line, I spoke to a really nice rep, who asked me numerous questions concerning my ONE late payment and collections. I explained the situation to her honestly, although I was super nervous. I was utlimately was still declined, but at least I conquered my fear. What's crazy is that the collections that are showing up are medical bills that I paid off last month, and I'm still waiting on the CRA's to remove them or at least report them as paid. I guess they'll take their sweet time to remove them.

The rep was extrememly sweet and gentle with her "let down" LOL, but I took it like champ : )

[Anonymous]

Glad you made the call despite the outcome! It is definitely not an easy thing to do so props to you!! Now you know what their concerns are for next time when you decide to reapply. Once your derogs are handled I wish you happy app-ing!

[Anonymous]

Could you send me the Chase recon line please. Thank you!