Chase United reconsideration

[Binyan]

Hi, 

My wife currently has a 655 experian FICO score (for some reason the letter from chase says it's only 612) and she applied for the chase united card and got rejected. I called the recon line and went through all of her details. There were 2 credit card accounts that we settled 4 years ago and then 3 late payments on a capital one card a year ago. The agent I spoke to said that he would've been able to approve it but the late capital one payments are really all that's holding it back and he declined me. 

I called again today and I explained to them how much my financial situation improved and pushed harder (also told her that she got approved for a new $5,000 capital one card since this application and an Amex for $1,000). This time she came back saying that they can't give me an answer now and ill get a letter in 2 weeks. 

Does anyone have an idea if this is a good sign or not?

[Anonymous]

It's hard to tell, really.

I think generally Chase will allow one recon attempt, so I"m surprised you got as far as you did with the 2nd one. It's probably going to get further manual review, but the only thing that concerns me is the letter in 2 weeks.

[Loquat]

Hi OP and welcome to the Forums.

A few things... First and foremost, never tell another lender, especially Chase, that you've opened more new accounts since app'ing theirs when you on a recon call. I know you're new here but please do take some time and do some reading...saying something of such isn't really a good idea. I'm actually surprised after mentioning such that the conversation went any further.

Second, I don't think a 655 score is high enough for negotiating. I would work on getting her score up and clear up whatever it is that's dragging it down and then let those new accounts you mention age a bit.

Third, again, I would like to encourage you to use the search tool and read up about all things Chase. Chase is a lender that is not "new account friendly" sorta speak. They tend to take a somewhat firm stance on not approving applications when a customer has opened more than 5 cards in a 2 year span. So if you really want one of their products, and if it isn't already too late, you may want to consider slowing down the applications.

Lastly, and this is just out of curiosity, how did you get Chase to speak to you when it was your wife who app'd?

Nonetheless, stick around and read up on just about all things credit. The search bar will be your friend. Also, feel free to post if you have questions that you can't find an answer to or the answers aren't clear enough for your understanding. Better to always look before you leap in the world of credit.

Best of luck to you and again, welcome to Fico Forums!

[CreditInspired]

Hi OP

Loquat's advice is 100% on point and I truly hope you take it seriously as you traverse the field of credit. There is so much to learn, especially being a newbie, and even us old timers learn something new every day. 

On another note. Those 3 late payments inside of a year are a huge problem. I'm quite surprised Cap1 approved the $5K card. Definitely count DW's blessings. 

[Binyan]

Hi, 

to be clear I'm fully aware of the seriousness of this topic. I may have a new account here but I've been studying this topic for quite a while now. 

I'm well aware of the 5/24 rule with chase as well. and my wife isn't that new as far as credit history goes. It's just that the history is negative. She's had accounts from 2016 which were charged off and settled. 

as far as the late payments they are no longer within a year. The last one was in December of 2018. 

[TekkenQQ7]

Welcome to myFico, and it's yourFico too. Good luck with your DW recon.