No Harm No foul....
You are right on point. I already know what I need to do but I guess I get caught up in the approval excitement. Your advice is well taken.
I will tender my garden a while and I should be good to go in no time.
@Anonymous wrote:
@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.
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**.
@Jolo0801 wrote:No Harm No foul....
You are right on point. I already know what I need to do but I guess I get caught up in the approval excitement. Your advice is well taken.
I will tender my garden a while and I should be good to go in no time.
@Anonymous wrote:
@Jolo0801 wrote:
What approach should I take and does anyone have a number for chase? I don't see one on the letter.
http://ficoforums.myfico.com/t5/Credit-Card-Applications/Backdoor-Numbers/m-p/408066
