Looking for some insight in regard to my FU application. Applied about 2 weeks ago and got a 7-10 day automatic response from the phone credit card application automated line. I then spoke with someone who told me that they needed to verify my identiy and I needed to fax in the first/last page of my lease, which I promptly did. Then, I recieved a letter in the mail saying that my application was denied for "too much financial obligation compared to income." A few days later, I recieved a letter in the mail stating that Chase needed to comfirm my address (same thing the person on the phone said). I then faxed in lease along with the letter and reference number (a couple days after I faxed only the lease).
Today, I called the automated application status check and it said "you have two applications on file, the first one is being reviewed and we will be with you in 7-10 business days, the second one is being reviewed and we will notify you within two weeks of our response). I called and spoke to someone who told me (after a long wait) that they received my documents but only the first page of my lease agreement came in (not the last) and that I needed to resend the docs. I imagine they will get the second round of docs I faxed shortly. Automated application status now says 7-10 days again.
What can I expect from here? Fico is 710 and haven't opened a new account in a long time (am in law school though). I imagine my first application got denied and now they are waiting for my verifcation for second app (even though I only applied once).
OP, you were denied for DTI, address verification probably wont change the outcome.
If it is a denial, and you have other revolving accounts, you could try calling for reconsideration.
I would wait and try again later. Even if approved during recon, you are probably looking at a very low SL based on their reluctance to approve at the current time.
|Total Credit: $240,100||Credit Utilization: 1%||AAoA: 5 years, 7 months||Installments: Car Lease, Marcus Loan||Negatives: 0|