Chase FU denial. Recon Odds?

[Anonymous]

Hello. I was recently aproved for the CSP, and because the 'Selected for you' green check mark was still present for the FU, against my better judgement, I went ahead and applied for the FU as well. The application status line just shifted to 7-10 days today, and on calling to ask about the status of the application, I was told that the application was denied due to too many recent accounts. I've only had 4 cards in the last two years, so I thought that maybe that wouldn't be an issue (wanted to get the FU before 5/24 rule could come into play, and because I felt that it would be a useful general spend card). My Freedom was opened 8 months ago with a 500$ limit (was still a new credit file at that stage), and the CSP was just approved for 6k. Other cards are Discover (opened Feb '16, 4500 CL), and AMEX BCE (opened Feb '17, 15k CL, might not be reporting yet)

Would calling for recon have any chance at success, or have I reached the limit of credit which Chase is willing to extend at this time? EX, TU scores are around the 720-735 range, and my annual income is 30k.

If I do recon, how am I supposed to go about it? Never done it before. Should I wait till the denial letter comes in?

[Anonymous]

"my annual income is 30k."

Too many new accounts have been opened and your income won't support another account at this time. Should your income go up to 45k+ then you can recon.

At this time I honestly wouldn't try to recon it, others may disagree but based on my experience and others here I would say be happy with the NEW CSP, meet the bonus and if you have no further use for it with the AF you can PC it to the FU.

[Anonymous]

I'm a grad student in engineering and looking into future jobs in California, so thought it would be nice to have a good amount of available credit (though arguably even my current limit is more than enough) and a good score by the time I graduate. My current income is only from my part time job at the university. I keep my utlization very low. The AMEX was almost an incidental application, I never expected that I would get such a high limit right off the bat, I got it planning to use it only for groceries. I bank primarily with Chase, and I do like their cashback structure and UR program (though their website could use some work). I was reading up how using the Chase trifecta is a good way to build up points, and that is why I applied for the FU.

[Anonymous]

All good things come in time. You just need to be patient. I know the "trifecta" is something people want but to be honest unless you travel A LOT it's not all that. With the $95 AF for the CSP you'll get hit with in about 9 months give or take you have to decide if it's a card worth keeping a lot of people just PC it to the Freedom or Freedom Unlimited rather than pay the annual fee.

If you try to recon it will go to manual review which will review your entire report, your available credit, and your income. They will more than likely conclude that your available credit overall in more than sufficient given your income.

Just think about it is what I'm saying.

[Anonymous]

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@Anonymous wrote:

Hello. I was recently aproved for the CSP, and because the 'Selected for you' green check mark was still present for the FU, against my better judgement, I went ahead and applied for the FU as well. The application status line just shifted to 7-10 days today, and on calling to ask about the status of the application, I was told that the application was denied due to too many recent accounts. I've only had 4 cards in the last two years, so I thought that maybe that wouldn't be an issue (wanted to get the FU before 5/24 rule could come into play, and because I felt that it would be a useful general spend card). My Freedom was opened 8 months ago with a 500$ limit (was still a new credit file at that stage), and the CSP was just approved for 6k. Other cards are Discover (opened Feb '16, 4500 CL), and AMEX BCE (opened Feb '17, 15k CL, might not be reporting yet)

Would calling for recon have any chance at success, or have I reached the limit of credit which Chase is willing to extend at this time? EX, TU scores are around the 720-735 range, and my annual income is 30k.

If I do recon, how am I supposed to go about it? Never done it before. Should I wait till the denial letter comes in?

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I applied for the Chase FU this morning and used the recon number after received the decision in 14 days. I was approved after they did some verification. Your income may limit you like other posters have mentioned but I still think its worth a shot especially if you already have a hard pull. 

[Anonymous]

Rashaad - I believe the Offers for You Prequal only does a SP. Not 100% sure but fairly certain. Also, they may do a HP on recon if they only did a SP for the app via the prequal.

[Anonymous]

Not true, had a HP on EX as soon as I applied.

[Anonymous]

And that's why I used phrases like "I believe" and "Not 100% sure".

But as another poster meantioned, "Your income may limit you".

With a 30k income I've seen multiple people who were at only 1/24 or 2/24 with 700 scores get denied for CSP, not to mention the large Amex limit. I would thank whoever you have watching over you for getting you those and be happy with them.

But I will advise you that any grants and scholarships you receive DO count as income for credit applications according to the CARD Act and they are legitimate accepted income on credit apps you can include them as "other income". So that may boost your income.

[Anonymous]

Student loans don't count though.

[Anonymous]

My job covers my tuition as well. I'm assuming I can't include that in income?

Thanks for the advice btw.