Chase Slate Denial

Anonymous · ‎08-11-2016

I have a CSP with an AU (and an AMEX BCP with same AU) that are getting high util., so I transferred part of the CSP balance to Penfed and then applied for a Slate to transfer part of the AMEX balance to (My fault. I've taken the AU cards). I got extra points for adding an AU, and after I added her, I requested a CLI, which they denied. My mistake was in giving her the actual card! I haven't been getting many hours at work which makes it more difficult to make my payments and hers, also. A bunch of emergencies on her end came up (deaths, divorce, etc. but still, no excuse. My fault, again), but as soon as I recognized the risk was increasing I shut that down.

My Experian score is 715, no baddies, no lates. I applied for the Slate and attempted to recon. I explained the situation with the AU and that I have no delinquency on my CR. Recon rep said I have several cards with other CCC w/balances above $1k (true), and that my account with Chase "grew too fast" (they offered me extra miles to spend x in x months) and that one time, a year ago, we were 1 day late on one of our payments. Harsh!

I will get this all cleared up, eventually. I'm in nursing school full-time, so extra $$$ is harder to come by than when I was doing sales FT.

Anywho... it is what it is. Lessons learned.

Just wanted to share!

CreditMagic7 · ‎08-11-2016

It takes some real courage sometimes to share but this is the place to air out both our errors and successes while drawing on useful discussion and advice that might be helpful.

Good for you that you recognized that the risk was heading toward a hard pill to swallow if not already and you took steps to put on the brakes.

It's noble and commendable to step up like you did with such sad circumstances to try to make it better for them as best you can but then comes the part where you see the numbers are still concrete in any situation and can only go so far.

I have to add that even in a pinch or not, there are (2) cards that are always promoted by their respective company's as BT cards, Simplicity & Slate, but from what i read they almost always only offer far less SL's then you might expect for a BT card despite 18 months 0% (Citi Simplicity) and no BT Fee (Chase), and time and again i read where approvals for both were almost always met with disappointment in the limits not nearly adequate to pick up the balances intended.

If i was looking for a good BT card believe it or not, i would instead search out common run of the mill type cards that also offer at least 12 month 0% APR that are somewhat known to offer reasonably enough good limits accordingly with your current scores and profile provided no serious concerns were present that might be cause for them to approve low limits.

I hope i made a little sense for you on this and do feel that you have control now of how better to make whatever adjustments can address what you expect than what you already experienced so far.

I'm sure others can better guide you on this than i can but i also wanted to share that when you NEED a good BT card to help weather a storm, those so-called BT cards simply aren't as supportive as they are made out to be sometimes.

Anonymous · ‎08-19-2016

Thank you so much for the reply and the advice!! Sorry for taking so long to reply. It's been a hectic week. I am resuming classes in two weeks and trying to deal with this situation as well. Work scheduling is so much more difficult with school, now. I want to go back to sales! $$$ :-)

I ended up getting a mailer for Citi Diamond Preferred, so I applied and got it, but with a low limit (I applied before I saw your message). It's not really even enough to skim the top off of some of my balances before the interest gets out of control. I may just leave it as an emergency card because I got 0% APR on purchases from open date and BT for 18months from date of first transfer. I've read that sometimes if you treat them right they will auto cli after 6 months. I may do something little and pay it off in full each month, but no BT at this current limit ($1800). Also, it will allow me to BT cash at 0%, so it will be a good emergency card. Maybe treating it right will get me more mailers. I am afraid to apply to anything without preselection now, and the Citi prequal site actually provided "no offers".

I was able to work some things out with my boyfriend and fam to help out so I can pay these down while in school, and my sister is committing to helping pay down her share. I am hoping that she will get some mailers soon so that she can BT her portion off of my cards. With her permission, I filled out some prequals for her, but she didn't get any offers either. Hopefully something will come in the mail soon now that they see she is looking and that will help me with my util.

I will keep on the lookout for the "run of the mills", but I don't want to worsen my situation until I get some offers in!

Thanks again :-)

Anonymous · ‎08-21-2016

Discover has worked out much better for me. 4.99 life of the loan is decent, or 0% offers. The BT fee upront is where you have to calculate whats better for you short and long run.

Anonymous · ‎08-23-2016

Thanks!

Their preapproval link is just showing an APR range for me, so I'll wait and see if they send me a mailer.

Anonymous · ‎08-23-2016

@Anonymous wrote:
I have a CSP with an AU (and an AMEX BCP with same AU) that are getting high util., so I transferred part of the CSP balance to Penfed and then applied for a Slate to transfer part of the AMEX balance to (My fault. I've taken the AU cards). I got extra points for adding an AU, and after I added her, I requested a CLI, which they denied. My mistake was in giving her the actual card! I haven't been getting many hours at work which makes it more difficult to make my payments and hers, also. A bunch of emergencies on her end came up (deaths, divorce, etc. but still, no excuse. My fault, again), but as soon as I recognized the risk was increasing I shut that down.

My Experian score is 715, no baddies, no lates. I applied for the Slate and attempted to recon. I explained the situation with the AU and that I have no delinquency on my CR. Recon rep said I have several cards with other CCC w/balances above $1k (true), and that my account with Chase "grew too fast" (they offered me extra miles to spend x in x months) and that one time, a year ago, we were 1 day late on one of our payments. Harsh!

I will get this all cleared up, eventually. I'm in nursing school full-time, so extra $$$ is harder to come by than when I was doing sales FT.

Anywho... it is what it is. Lessons learned.

Just wanted to share!

Can I ask, did you get an instant denial? Or a 7-10 message or 30 day message? My own Chase App is in 30 day purgatory.

Anonymous · ‎08-24-2016

IIRC it was instant. Then I called the recon line who explained the reasoning.

@Anonymous wrote:
@Anonymous wrote:
I have a CSP with an AU (and an AMEX BCP with same AU) that are getting high util., so I transferred part of the CSP balance to Penfed and then applied for a Slate to transfer part of the AMEX balance to (My fault. I've taken the AU cards). I got extra points for adding an AU, and after I added her, I requested a CLI, which they denied. My mistake was in giving her the actual card! I haven't been getting many hours at work which makes it more difficult to make my payments and hers, also. A bunch of emergencies on her end came up (deaths, divorce, etc. but still, no excuse. My fault, again), but as soon as I recognized the risk was increasing I shut that down.

My Experian score is 715, no baddies, no lates. I applied for the Slate and attempted to recon. I explained the situation with the AU and that I have no delinquency on my CR. Recon rep said I have several cards with other CCC w/balances above $1k (true), and that my account with Chase "grew too fast" (they offered me extra miles to spend x in x months) and that one time, a year ago, we were 1 day late on one of our payments. Harsh!

I will get this all cleared up, eventually. I'm in nursing school full-time, so extra $$$ is harder to come by than when I was doing sales FT.

Anywho... it is what it is. Lessons learned.

Just wanted to share!

Can I ask, did you get an instant denial? Or a 7-10 message or 30 day message? My own Chase App is in 30 day purgatory.

Anonymous · ‎08-24-2016

@Anonymous wrote:
Discover has worked out much better for me. 4.99 life of the loan is decent, or 0% offers. The BT fee upront is where you have to calculate whats better for you short and long run.

The prequal site gave me a green card, 3 point spread, so I pulled the trigger. I was approved but only for a measly $500. I guess it's better than nothing. Maybe I can BT each month and pay it back in full. I'm not sure if that would help any, mathematically. I'll have to work something out.

Anonymous · ‎08-24-2016

I would do the personal loan Gamble. Get sofi, avant, lendingclub etc something 12 to 18% interest rate, pay all cards off. A few months later you should get CLIs and new balance transfer offers to pay off the personal loan. Still a 715 with sky high util means you have a lot of history behind you. that is what is going to pull you out of it.

My loan suggestion is only if you are already paying 24% Chase type interest on all of your cards

Anonymous · ‎08-25-2016

@Anonymous wrote:
I would do the personal loan Gamble. Get sofi, avant, lendingclub etc something 12 to 18% interest rate, pay all cards off. A few months later you should get CLIs and new balance transfer offers to pay off the personal loan. Still a 715 with sky high util means you have a lot of history behind you. that is what is going to pull you out of it.

My loan suggestion is only if you are already paying 24% Chase type interest on all of your cards

Sorry, those FICO scores have dropped a little. I think my EX is 702 and the other two are like 698 and one is 685ish. Maybe 695. I had to cancel my FICO score subscription a couple of weeks ago due to $$. I hadn't realized they wouldn't let me see my old scores anymore after the cancel. I do still get free reports with my cc's, though.

One of the denial letters said I have past or previous delinquency. None of the other letters have said that. When I spoke to the recon rep, she said that Chase has that I had one payment that came in a day late, and although it wasn't reported to the bureau, they still take that into account. But then I applied for an AMEX Everyday and it said that also, so I checked my reports again. I was denied a recon for that. My oldest account is a paid off student loan I opened in 1999, and now that I look through the payments on it, it did have 3 late payments in 2010 before I paid it off. When that falls off, I will be in trouble because it is my oldest account, everything else has only been open for 2-4 years. That's the only thing with lates on it in my history. No collections.

Also, I didn't know exactly what Blueprint was, but I've configured that, so it should help me with the interest a little. I also did a $2K BT to PenFed. I need to get that balance down now, though. That and AMEX.

My highest APR is with AMEX, at 21.24. All of my APRs are:

21.24%

16.24%

19.24%

11.99%

0.00%

Including the Citi Diamond Preferred coming in the mail, but not including retail cards or the Discover that's on it's way.

The letters usually say amount of available credit, number of new accounts opened, and length of time accounts established. I tried to get a 2nd PenFed Visa while I'm racking up the inquiries and was denied for that also. I sent them a recon email and offered to shift credit if necessary. I am holding off on the personal loan for a little bit, but I have some school expenses (tuition and bookstore books) on my PenFed card that will be less costly to pay from my IRA. I don't know if I am able to do that since I have already paid them with my credit card, but I am going to find out. If they are still eligible, I will just have to pay income tax on them without the penalty.

Thanks!