@CreditCuriosity wrote:Main reasons I suspect is your baddies as Chase doesn't like charge-offs or late payments regardless of how old they might be. I suspect your would be approved once those go off your report if you still meet their other criteria. Things vary as well and DTI might be more sensitive with negatives on your acount as well and DTI ratios might change as by your own words you have had a few late payment and a CO (is it a paid CO or still unpaid)? Likely worried you had those issues and might have those issues again. Best thing is to wait until baddies fall off report and if still want to be with Chase apply at that time.
The CO is paid.
If I had baddies on my reports... paid or otherwise... Chase would be the last bank I'd attempt to do business with.
@TRC_WA wrote:If I had baddies on my reports... paid or otherwise... Chase would be the last bank I'd attempt to do business with.
Well, I have my doubts because of the baddies and I would perfectly understand if I was denied on the recon for that those same reasons. I just don't agree with the recon specialist about my DTI being a reason for denial. Based on Chase's published way to calculate DTI, I'm below the the threshold with my gross income (even if they don't include my non-taxable income, I'm still above the threshold).
I plan on calling the recon line once more and see if I can get someone to I can actually talk to. If I'm still denied, than so be it, at least the HP was on my EQ and not EX.
Need to Vent!
I called the recon line on March 11th, to hopefully get a clearer reason on why I was being denied of my DTI, I spoke to CSR on the leading team who confirmed my Credit info was pulled from EQ, however my app'ed show that EQ was frozen. I explained I already took a HP from EQ on Mar 1st, and to please use my data from the EQ. After a 30 min conversation with the CSR to include reviewing my income, home mortgage payment and baddies on my CR, I thought she was doing the manual review over the phone as I have read about on this forum and reddit. Instead I was told that she was submitting another application for review, and expect a letter in the mail with the decision.
A days ago, I received another denial letter due to the Obligations Too High Relative to Income. Once again I don't get it. My DTI is well below the average, and my gross income is over 5x of my montage payment.
Was Chase appyling their 50% rule to my app meaning they will not approve you for a card or credit limit increase if your credit available to you is 50% of your stated income. (Which it is in my case)
After a few days of thinking about this app, I needed to find out what percentage of debt to income Chase deemed acceptable, so I called the recon line again today. After being transferred from the application team to the leading team I was briefed about proving the wrong SSN on an application can result in a $50 fine from the SSA. (I'm not sure if that is a standard Chase leading team disclosure or not, but was the second time I was briefed this so it freaked me out).
During the call I explained my concern and asked for further clarification my denial reason citing the Chase website about DTI. I asked was the denial due to amount of credit available as it related to my income, I didn't get a clear yes or no, BUT after another review of my finances I was now being asked about my wife's income. I stated my wife's info and another application was being drafted including total household income (something I normally don't do). While when the CSR was reviewing my account, she let my know that she couldn't access my EX CR, and that my SSN doesn't match my address or DOB. I quickly informed the CSR that I already took a HP on EQ on Mar 1st.
She informed me that my lack of EX data was is a major factor (which I did get a letter from Chase stating that CR was frozen). I ask if this would result in another HP or would it be a SP? I would told a SP so I unfroze my EX. Then I was informed the same for TU, I asked yet again about the HP or SP, and I was told the same answer, it would be a SP, so I unfroze my TU. The CSR also asked if I could provide address and DOB info to Chase.
While thinking my concerns were finally addressed, (even tho I didn't get direct answer about my DTI), I feel better when I ending this call vice the last few calls. Then while checking my email for Chase address/DOB verification, I noticed all the credit alerts from TU and EX stating that a lender got a hold of my CR after being told I wasn't going to get a HP!
I would like to get in Chase, but not at the cost of triple HP! I'm pissed because I was lied to (or at lease misinformed) and I now I can't get rid of these HPs. I spend close to an hour back on the phone with Chase trying to get someone to fix these HPs, but kept getting transferred from department to department with no help, other then call EX and TU to dispute the INQs.
@CreditPoor wrote:Your denial was multiple things in the banks eyes
1. Your DTI was an issue for the bank's appetite to lend. The bank's calculation and evaluation is what matters at the end of the day. Understood, however I think the its a bit hypocritical for the bank to publish a blog about DTI on their website, and then not follow it.
2. The baddies on your report were factored in, whether paid or not. Banks see it as a risk and in the current environment where default and debt are rising, the banks get stricter. Agree.
3. Your income is 109k Gross. After taxes depending on where you live it's not considered high earnings to most banks anymore and with the amount of credit you have combined with your obligations, I'd say that was also factored in. I don't live in a high cost of living area like NYC, SoCal, or etc. My only debts are my mortgage and less than $1.5k of revolving CC debt that I pay in full monthly and had so since the past few years. My available credit was too high related to my income for Chase's liking.
Replies in green. However I was approved once I factored in my wife's income.