Chase Reconsideration Question

[Ahava18]

A friend applied for the chase IHG and got declined. Currently only AU on Cap1 $2,500, Chase $7,500, 10K+ Discover, Called recon and they gave 2 reasons. 1) Limited credit history. 2) Something about lack of deposit account.

Applied since for Barclay's and got $500. So my question is, if they open a Chase checking account and ask recon to pull credit again to see the Barclay's will it improve the approval odds.

[Anonymous]

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@Ahava18 wrote:
A friend applied for the chase IHG and got declined. Currently only AU on Cap1 $2,500, Chase $7,500, 10K+ Discover, Called recon and they gave 2 reasons. 1) Limited credit history. 2) Something about lack of deposit account.

Applied since for Barclay's and got $500. So my question is, if they open a Chase checking account and ask recon to pull credit again to see the Barclay's will it improve the approval odds.

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It wont improve the odds. 

Lack of deposits must be a well established history, not just opening an accoount and depositing a few hundred dollars.

 Also, if he/she just applied for the Barclay, not sure if that puts him/her into the 5/24 Chase rule, which if it did, that would be a denial based on that along.

I would recommend for your friend to open the checking account anyways for future CC applications.  To avoid the monthly maintenance fee, i think you have to have $500 in monthly direct deposits from your employer.  Transfers do not count.

[Ahava18]

Also, if he/she just applied for the Barclay, not sure if that puts him/her into the 5/24 Chase rule, which if it did, that would be a denial based on that along.

No it does not, he has 0/24 so that wouldn't be a factor. He really wants the card since he applied for the old IHG which won't available in the future. What other steps/pleas can he do that may get him approved, he wants to know that he exhausted all options before giving up.

[Anonymous]

Am I reading this correctly?  Your friend's current credit history consists of being an authorized user on three credit cards: Capital One, Chase, and Discover; and a recent Barclay's card in their name for $500?

If so, your friend has no chance of an approval for any Chase card.  Chase normally requires at least one year of credit history managing your own credit (AUs don't count) before they will approve an application.  Better off to open a Discover account, then reapply with Chase after a year.

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@Ahava18 wrote:
A friend applied for the chase IHG and got declined. Currently only AU on Cap1 $2,500, Chase $7,500, 10K+ Discover, Called recon and they gave 2 reasons. 1) Limited credit history. 2) Something about lack of deposit account.

Applied since for Barclay's and got $500. So my question is, if they open a Chase checking account and ask recon to pull credit again to see the Barclay's will it improve the approval odds.

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[Ahava18]

Does he have a chance with any Amex?

[Anonymous]

He can always check to see if he's prequalified with Amex:  https://www.americanexpress.com/us/credit-cards/check-for-offers/

[Anonymous]

Did you check? Anything?

[Ahava18]

Does not PQ, but if there was a chance which card would it be?

[Anonymous]

I would highly recommend the Discover Secured Card to your friend. That is how I started building my credit. They can put down a deposit as little as $200, which is then their credit line. Since there is a deposit, they will almost surely be approved. And, the card does report to the credit bureaus. After 8 months of having the card, Discover will review their account and if they show responsible use, Discover will refund their deposit and increase their credit limit (graduation). If your friend is interested in the 5% Cash Back categories (Secured Card comes with a different cash back rewards offer), they can contact customer service and ask to change rewards programs, which is what I did. Also, even on the secured card, their cash back will be matched at the end of their first year!