Hi Community,
Wanted to see if you have any advice here.
Applied for CSP in-branch today and got instant rejection due to underwriting reasons.
DPs at the moment of application (pulled EX & EQ):
EX FICO 8 - 746
EQ VantageScore 3.0 - 750
3 Credit Card Accounts - 1% balance each month over all 3 cards for the entire history from day 1 (no baddies at all)
1 Installment Loan - 88% remaining
AAoA - 11 months
Available Credit - $19,800
Hard Inq: 8 on EQ (7 of which are car loan shopping on the same day, should be calculated as 1) & 14 on EX (3 of which Apartment Complex Tenant Screeninng, 8 of which are car loan shopping on the same day, should be calculated as 1). So effectivelly EQ 2, EX 4
Income: $75,000
So, after rejection, the banker was confused by a reason and said he never seen this reasoning before. He said to wait for a mail and then come back, because Chase suppose to state an actual reason in the mail. He said to do not call reconsideration just yet, because he will have a branch manager call them after they see the mail I get.
So, what exactly "underwriting reasons" could mean? Could it be a Green Card related? Because every time Chase asks me do you have a permanent residency question...why it matters for them, could it be a reason?
Should I call reconsideration now on my own or it will hurt if the branch manager wants to do it on his own after I get a mail? Please help!
UPDATE: I was impatient and called recon, had to speak for 25 mins about what purchases I have in mind, how I am planning on repaying them, why 5 months ago I stopped depositing money into my Chase Checking, questions about Chase and my relationship and their future, why I want CSP specifically, how much I spend monthly on my other credit cards, etc. It was wild, but APPROVED after all for a minimum $5,000 SL.
* What recon rep didn't like was too many INQ (which I easily explained), but then she tried sticking to "your oldest account is not old enough", so it was really hard to overcome, but I explained that I try as hard as I can being a new immigrant and moving here just 2 years and 2 months ago, but having 1yr 10 months an oldest account. So it worked! Just be yourself and explain why you dont have a longer history - for me it was easy, I didn't live here to have same chance to start early like people who are born here.
