Chase Recon Help - Please

[Jolo0801]

Hello All,

I received my denial letter in the mail for the Chase CC.

I want to do a reconn but I want to make sure I do it properly.

Reasons for denial:

Credit Report Delinquency (all on zero balance - paid - 4 accounts)

too many request for new credit

balances on cc high (only 2 of my cards are high but I'm working on those)

Total on avaible credit to low

I can explain all of these and my report shows good history for last 2 years.

What approach should I take and does anyone have a number for chase? I don't see one on the letter.

[Anonymous]

I'm a bit confused, do you currently have 4 collections (though paid off) on your account?

[Jolo0801]

Yes....Paid after the collection was already on my CR.

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@Anonymous wrote:
I'm a bit confused, do you currently have 4 collections (though paid off) on your account?

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[Anonymous]

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@Jolo0801 wrote:

Hello All,

I received my denial letter in the mail for the Chase CC.

I want to do a reconn but I want to make sure I do it properly.

Reasons for denial:

Credit Report Delinquency (all on zero balance - paid - 4 accounts)

too many request for new credit

balances on cc high (only 2 of my cards are high but I'm working on those)

Total on avaible credit to low

I can explain all of these and my report shows good history for last 2 years.

What approach should I take and does anyone have a number for chase? I don't see one on the letter.

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I'll let others be more definitive but I would imagine until those collections are off your chances are not that good.  Probably best if your scores were a touch higher based on your EX score.  Again, I am only saying this based on my readings here in the past.

[Anonymous]

I will say this... A paid collection looks better than an unpaid one but no collection looks better than a paid collection.

The moral? See if the CAs will remove them from your report. Even if they only remove 2 out of 4 you will still be in better shape.

[ccb2115]

I'll also let others chime in, but I don't think your chances are that great with 4 collections...even if paid. Have you tried to get them deleted via goodwill letters/calls? I would maybe work on that first. Right now, you're not giving them any reason to let you in. You have high balances, 4 collections, and your scores are sub par. I think it would be a different story if you had one or two paid collections and your score was 680+.  You can try giving them a call for a recon, but I think you should focus most of your efforts on getting those collections and negative accounts removed. Hope this helps! 

[CreditCuriosity]

4 unpaid collections on my reports and have a freedom/csp and Amex's all seeing them...  Obviously YMMV depending on amounts, how old they are, type of collection your current credit profile, etc..  I had no issues though and they clearly saw them.  Different folks different situations I guess.

[ccb2115]

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@CreditCuriousity wrote:

4 unpaid collections on my reports and have a freedom/csp and Amex's all seeing them...  Obviously YMMV depending on amounts, how old they are, type of collection your current credit profile, etc..  I had no issues though and they clearly saw them.  Different folks different situations I guess.

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What were your scores when you applied with these 4 collections? 

[CreditCuriosity]

They pulled TU for both 1 month apart freedom was first, csp was a month or so later.  Probably right around 680-690 at the time of approval TU sits at 698 ATM w/16 inquiries, only 4 are from the last 12 months.  With this being said I applied for the Chase amazon a month before and denied eq/tu pull...  Then the freedom/CSP were from the pre-qual from the website (known to be golden)

Freedom approved 4k

CSP 7.5k

Both had to go through verification, but no recon.  Income > 100k

If talking about my ED from Amex EX 665 at time 3 Recent inquires last 12 months (reason for diff from TU score one additional CO account on this report)

ED 10k

So ya it is possible with baddies, but have ALOT of CC's and auto loans and old mortgages in perfect standing as well...  Guessing the last three+ yerars of perfect payment history at the same job w/good income got me these approvals.  Each time I apply for something I know I might have to explain it, but not that is life until they disappear from my credit report in a few years and what I got myself into when dumb...  Barcays I reconned my initial limit as well from 1.3k to 4k and had to explain my baddies, but wasn't an issue really and the took my explanation.  So will be applying for the Ring or SM towards end of the year as well

Utilization any given time around 1-4% reporting

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@ccb2115 wrote:

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@CreditCuriousity wrote:

4 unpaid collections on my reports and have a freedom/csp and Amex's all seeing them...  Obviously YMMV depending on amounts, how old they are, type of collection your current credit profile, etc..  I had no issues though and they clearly saw them.  Different folks different situations I guess.

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What were your scores when you applied with these 4 collections? 

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[Anonymous]

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@Jolo0801 wrote:

Hello All,

I received my denial letter in the mail for the Chase CC.

I want to do a reconn but I want to make sure I do it properly.

Reasons for denial:

Credit Report Delinquency (all on zero balance - paid - 4 accounts)

too many request for new credit

balances on cc high (only 2 of my cards are high but I'm working on those)

Total on avaible credit to low

I can explain all of these and my report shows good history for last 2 years.

What approach should I take and does anyone have a number for chase? I don't see one on the letter.

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Have you considered that perhaps you should get your finances in order before looking for more credit?  It is understandable why Chase or any other lender would be hesitant to extend credit to you.

1. Delinquencies do not look good, whether they're paid or unpaid.  Of course, paid delinquencies look better than unpaid delinquencies, but if you have 4 on file, CCCs see a pattern.

2. Too many recent inquiries CAN show that this person is desperate for credit.  If you don't have the file to support the new credit, lenders will be hesitant to take a risk on you.

3. Balances too high, I take this as a debt-to-income ratio.  Creditors don't believe that your income supports you taking on additional debt, therefore are worried that you will default on additional lines you take out.

4. Total available credit too low, I take this as an issue with high UTIL.  Again, creditors like people who use credit, but not those who NEED credit.  If someone who uses credit loses their job, they're stuck paying interest.  If someone who NEEDS credit loses their job, the creditor is stuck footing the bill.

Nothing against you personally, but I don't think you're an ideal candidate to lend to at this time.  Many here have rebuilt from far worse positions than you are in.  If you take their advise, you will be a prime candidate for credit in no time.

From a cursory glance:

Stop seeking new lines of credit at this time, focus on tending to your current cards.  This make large payments and pay down your large balances.  Once your UTIL and balances drop, your scores will improve and you won't be considered as large of a risk to creditors.  By then, your recent credit seeking activity will have aged, you will be a MUCH better candidate to apply for good cards.

Edit, sorry to sound like a **bleep**.