Chase Freedom Unlimited - Decision in flux

[Crimsonglory]

So figured I would shoot for 2 cards in 1 week because this would be it for me as far as credit cards are concerned. I would not be seeking anything else credit-wise until next August at the earliest when my car lease is up, and by then I will have a 9k personal loan paid off as well as money paid towards student loans. Plus 3 HPs will fall then. Was approved for Amex BCP this week for 15K.

I have had a bank account with Chase for years now, so I figured getting approved would not be an issue. But I'm guessing that possibly the reason for a request for more information is income verification? While I have an account with Chase, only 25% of my income is deposited into that account, and I just started this job paying a lot more in November. What are the odds of it getting approved with 6% utilization, scores in the 770-805 ranges and this would be the 2nd inquiry in a week? Amex has not posted the new account yet as I'm still waiting on the card in the mail. Chase did a HP on Experian, I thought there is no HP if it's denied?

[dragontears]

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@Crimsonglory wrote:

So figured I would shoot for 2 cards in 1 week because this would be it for me as far as credit cards are concerned. I would not be seeking anything else credit-wise until next August at the earliest when my car lease is up, and by then I will have a 9k personal loan paid off as well as money paid towards student loans. Plus 3 HPs will fall then. Was approved for Amex BCP this week for 15K.

I have had a bank account with Chase for years now, so I figured getting approved would not be an issue. But I'm guessing that possibly the reason for a possible request for more information is income verification? While I have an account with Chase, only 25% of my income is deposited into that account, and I just started this job paying a lot more in November. What are the odds of it getting approved with 6% utilization, scores in the 770-805 ranges and this would be the 5/24 inquiry?

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FYI 5/24 refers to revolving accounts not inquiries. 

[Crimsonglory]

Gotcha, I'll edit. If this is the case, then this would only be 2/24. The Amex app was this week. Before that, I haven't had a new card app in at least 4 years.

[Hoben02]

If you are near a chase branch you could walk-in and see if you are preapproved 

[FinStar]

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@Crimsonglory wrote:

So figured I would shoot for 2 cards in 1 week because this would be it for me as far as credit cards are concerned. I would not be seeking anything else credit-wise until next August at the earliest when my car lease is up, and by then I will have a 9k personal loan paid off as well as money paid towards student loans. Plus 3 HPs will fall then. Was approved for Amex BCP this week for 15K.

I have had a bank account with Chase for years now, so I figured getting approved would not be an issue. But I'm guessing that possibly the reason for a request for more information is income verification? While I have an account with Chase, only 25% of my income is deposited into that account, and I just started this job paying a lot more in November. What are the odds of it getting approved with 6% utilization, scores in the 770-805 ranges and this would be the 2nd inquiry in a week? Amex has not posted the new account yet as I'm still waiting on the card in the mail. They also did a HP on Experian, I thought there is no HP if it's denied?

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@Crimsonglory- AmEx can still HP, regardless of whether approved/denied. The majority of profiles can be approved via SP if an existing AmEx credit relationship exists, but that's also a YEMV. Plenty of DPs reported even for long-tenured AmEx cardholders can still get a HP.

[Crimsonglory]

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@FinStar wrote:

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@Crimsonglory wrote:

So figured I would shoot for 2 cards in 1 week because this would be it for me as far as credit cards are concerned. I would not be seeking anything else credit-wise until next August at the earliest when my car lease is up, and by then I will have a 9k personal loan paid off as well as money paid towards student loans. Plus 3 HPs will fall then. Was approved for Amex BCP this week for 15K.

I have had a bank account with Chase for years now, so I figured getting approved would not be an issue. But I'm guessing that possibly the reason for a request for more information is income verification? While I have an account with Chase, only 25% of my income is deposited into that account, and I just started this job paying a lot more in November. What are the odds of it getting approved with 6% utilization, scores in the 770-805 ranges and this would be the 2nd inquiry in a week? Amex has not posted the new account yet as I'm still waiting on the card in the mail. They also did a HP on Experian, I thought there is no HP if it's denied?

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@Crimsonglory- AmEx can still HP, regardless of whether approved/denied. The majority of profiles can be approved via SP if an existing AmEx credit relationship exists, but that's also a YEMV. Plenty of DPs reported even for long-tenured AmEx cardholders can still get a HP.

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@FinStar The HP was done by Chase when I applied today. That's what I was referring to, yet it says I need to wait on the mail for a decision. Amex I knew would do a HP since I was approved.

[FinStar]

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@Crimsonglory wrote:

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@FinStar wrote:

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@Crimsonglory wrote:

So figured I would shoot for 2 cards in 1 week because this would be it for me as far as credit cards are concerned. I would not be seeking anything else credit-wise until next August at the earliest when my car lease is up, and by then I will have a 9k personal loan paid off as well as money paid towards student loans. Plus 3 HPs will fall then. Was approved for Amex BCP this week for 15K.

I have had a bank account with Chase for years now, so I figured getting approved would not be an issue. But I'm guessing that possibly the reason for a request for more information is income verification? While I have an account with Chase, only 25% of my income is deposited into that account, and I just started this job paying a lot more in November. What are the odds of it getting approved with 6% utilization, scores in the 770-805 ranges and this would be the 2nd inquiry in a week? Amex has not posted the new account yet as I'm still waiting on the card in the mail. They also did a HP on Experian, I thought there is no HP if it's denied?

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@Crimsonglory- AmEx can still HP, regardless of whether approved/denied. The majority of profiles can be approved via SP if an existing AmEx credit relationship exists, but that's also a YEMV. Plenty of DPs reported even for long-tenured AmEx cardholders can still get a HP.

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@FinStar The HP was done by Chase when I applied today. That's what I was referring to, yet it says I need to wait on the mail for a decision. Amex I knew would do a HP since I was approved.

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Thanks for clarifying.

Can I ask where the logic comes from as far as no HP if denied by Chase?

Chase is known to HP regardless if approved or denied. And, sometimes they can pull a combo of 2 CRAs (any of the 3).

[Crimsonglory]

I thought in the case of some cards, if it's not approved then the HP will not be reflected with some carriers. I'm guessing this is not always the case, and especially with Chase here. I may check with my local branch to see if I can find out any details before waiting on the mail. When I got the first notice right away it said more information may be needed. Then the email I got after just says to look for something in the mail.

[FinStar]

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@Crimsonglory wrote:

I thought in the case of some cards, if it's not approved then the HP will not be reflected with some carriers. I'm guessing this is not always the case, and especially with Chase here. I may check with my local branch to see if I can find out any details before waiting on the mail. When I got the first notice right away it said more information may be needed. Then the email I got after just says to look for something in the mail.

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Some lenders can be SP all-the-way, if approved (TRUIST is one of them but only if using their pre-qualification tool). Other lenders can be SP (if denied), such as the case of SoFi. But, yeah, Chase isn't one of them.

Since you already applied for the Chase CC, just hang tight until you learn of any updates. The branch isn't going to have any updates. It's all up to the lending department so just be patient until they complete the processing of your application. You can periodically call the automated line to check the progress, though.

[Crimsonglory]

So I received an email today that I was approved for 11.5K, however, the APR is horrendous at 23.74% given my 771-805 credit scores and 6% utilization. I'll post in the approval thread, just thought for sure I would be denied.