Chase Slate?

[Anonymous]

I applied for the Chase Slate about a week ago and just received the denial letter with several reasons as to why they could not approve me.

I just looked at the preapproval site for Chase and am now preapproved for the Slate. Should I just recon to avoid another HP? Or go through the website?

[FinStar]

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@Anonymous wrote:

I applied for the Chase Slate about a week ago and just received the denial letter with several reasons as to why they could not approve me.

I just looked at the preapproval site for Chase and am now preapproved for the Slate. Should I just recon to avoid another HP? Or go through the website?

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Try the reconsideration route to see if they are willing to overturn since you already incurred the HP.  What reasons did they provide on the letter?

[Anonymous]

Reasons were High debt relative to income (lots of student loans), Recent requests for new credit (5 on EXP, 0 on TU, 1 on EQ), Total available credit on credit cards is too low and Balances on credit cars are high compared to credit lines (utilization is dropping to below 40% and will be below 30% once the Discover card makes it onto the CRAs' radar).

If it makes a difference, I'm more interested in getting a CLI for the Freedom than getting the Slate as I don't need the 0% BT.

[FinStar]

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@Anonymous wrote:

Reasons were High debt relative to income (lots of student loans), Recent requests for new credit (5 on EXP, 0 on TU, 1 on EQ), Total available credit on credit cards is too low and Balances on credit cars are high compared to credit lines (utilization is dropping to below 40% and will be below 30% once the Discover card makes it onto the CRAs' radar).

If it makes a difference, I'm more interested in getting a CLI for the Freedom than getting the Slate as I don't need the 0% BT.

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If you have the application reconsidered and the outcome is successful, then you can simply reallocate the CL from Slate to Freedom and there is your CLI (then you can close Slate - the only impact is your AAoA besides the HP).  Unfortunately, they will not consider the HP for your Slate as a review for the Freedom CLI, they'll pull another HP for that.

[Anonymous]

Recon 

[ojefferyo]

Personally I would not get the slate just to transfer over the CL to my other card then close it out. Think about how they would look at that situation.

[Anonymous]

Called the backdoor number and found out that my student loans were the issue. Analyst was able to work around them and the Slate approval now needs a second look before happening because of what she had to do to my profile.

But since I had applied for a Freedom CLI at the same time, she was able to approve that request.

Thanks for the advice everyone!

[ojefferyo]

Hopefully they gave you a nice bump in the CLI

[Anonymous]

I had only originally asked to be bumped to $1000 which is what she approved. At the moment, with my current income, I'm perfectly happy with that.