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Chase card denial

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Re: Chase card denial


@bondsandloan wrote:

@800FICOGoal wrote:

 

WOW!!!. Sorry, but no prime bank will approve unsecured credit with a file containing that many inquiries with less than one year of history. I would start looking at secured cards or wait until they age.

Correct. Your AoOA = 7 months? You have an Amex. Check the Capital One pre-approvals, if you have one, get one. Else apply for secured card (Citi maybe?) If you had less inquiries, I'd say get an SSL too. Let everything age for 7-8 months (no more INQs)- You'll be good to go with a Chase. 


Captial one didn't come up with any pre-approvals but I saw an ad for the petal credit card, which factors in your checking account/credit card account history for people with thin/no credit files. I did the initial sign up and was pre-approved so I went for it, they said they will get back to me within 2 weeks, I'll let you guys know if I get approved! I'll let everything age for at least 8 months as you suggested before I apply for anything else. Thanks so much for your help! Smiley Happy 

Message 21 of 29
Valued Contributor

Re: Chase card denial

You are in tough spot and you are going to have to decide how badly you want Chase.

 

Chase has what they call a 5/24 rule. Five new cards max in 24 months. Over 5 and they will deny your application. They are also super sensitive to how many inquires you have in 24 months. No one has been able to say exactly how many but you have seen first hand that it can be an issue.

 

But asking someone to sit on the sidelines for 24 months while they are new to credit in the US is tough. You are trying to establish credit and not getting any new credit for 24 months is a lot to ask. Someone suggested you try secured cards. 90% of banks pull credit reports even for secured cards too. So getting a secured card will increase your inquiries and extend the time Chase will begin to consider you. 

 

Personally I would let those inquires age a year. Then re-app for Chase. If they deny you, move on for now. With a year of good history with AMEX, you should be able to get a Citi card. You could get a Cap One after 6 months with AMEX but I would get Citi first since Cap One does not care about inquires.

 

You should also subribe to a service to get your FICO scores. The reason is you will start to get CC offers in the mail. If your scores are low do not accept the mail offers. They are just low limit card that will put more inquiries on your report with very little benefit to you. Once your scores reach above 670, your offers should be a lot better and probably worth the hard pull.

Message 22 of 29
Member

Re: Chase card denial


@Morpho wrote:

You are in tough spot and you are going to have to decide how badly you want Chase.

 

Chase has what they call a 5/24 rule. Five new cards max in 24 months. Over 5 and they will deny your application. They are also super sensitive to how many inquires you have in 24 months. No one has been able to say exactly how many but you have seen first hand that it can be an issue.

 

But asking someone to sit on the sidelines for 24 months while they are new to credit in the US is tough. You are trying to establish credit and not getting any new credit for 24 months is a lot to ask. Someone suggested you try secured cards. 90% of banks pull credit reports even for secured cards too. So getting a secured card will increase your inquiries and extend the time Chase will begin to consider you. 

 

Personally I would let those inquires age a year. Then re-app for Chase. If they deny you, move on for now. With a year of good history with AMEX, you should be able to get a Citi card. You could get a Cap One after 6 months with AMEX but I would get Citi first since Cap One does not care about inquires.

 

You should also subribe to a service to get your FICO scores. The reason is you will start to get CC offers in the mail. If your scores are low do not accept the mail offers. They are just low limit card that will put more inquiries on your report with very little benefit to you. Once your scores reach above 670, your offers should be a lot better and probably worth the hard pull.


Thanks for the info! I have an Experian FICO score through amex, it's currently 728, although with the inquiry for the Petal Card I guess it'll go down a bit. I hope I'm approved for the petal card just so i have a back up since Amex isn't accepted everywhere, but whatever the result I'll definitely wait a long time before applying for anything else Smiley Happy 

Message 23 of 29
Community Leader
Senior Contributor

Re: Chase card denial

Don't think folks realize that the ITIN as well as the HPs can be a factor in your Chase approval.... 

If my Google Fu is correct, chase does grant cards with ITIN if you have an established credit history...... (they do like seeing a year or so of experience with other cards as well.... as in not the first on the block with the highest CL)..... and theres the 5/24 rule as well..

 

Know its not the answer you want to hear.. but some banks and CUs will grant a secured card to an ITIN and not a regular card.... 

Might have to go that route to get something V/MC for now...

 

Heres the last post I saw on the subject (on another site).. Know theres others.. but in general they seem to show the same group of cards.. 

https://wallethub.com/best-credit-card-without-ssn/

 

-J

 

Message 24 of 29
Member

Re: Chase card denial


@joltdude wrote:

Don't think folks realize that the ITIN as well as the HPs can be a factor in your Chase approval.... 

If my Google Fu is correct, chase does grant cards with ITIN if you have an established credit history...... (they do like seeing a year or so of experience with other cards as well.... as in not the first on the block with the highest CL)..... and theres the 5/24 rule as well..

 

Know its not the answer you want to hear.. but some banks and CUs will grant a secured card to an ITIN and not a regular card.... 

Might have to go that route to get something V/MC for now...

 

Heres the last post I saw on the subject (on another site).. Know theres others.. but in general they seem to show the same group of cards.. 

https://wallethub.com/best-credit-card-without-ssn/

 

-J

 


Thanks for the reply, I confirmed with Chase before I applied, they do accept ITINs. The Petal Card also said ITINs are accepted Smiley Happy 

Message 25 of 29
Valued Member

Re: Chase card denial

I'm not sure on this. My DW has ITIN. We visited a branch to open a checking account. We enquired about credit card and the manager said, Chase stopped offering credit cards to persons with ITIN... This was 3 months ago
Message 26 of 29
Member

Re: Chase card denial


@arunkumarmm wrote:
I'm not sure on this. My DW has ITIN. We visited a branch to open a checking account. We enquired about credit card and the manager said, Chase stopped offering credit cards to persons with ITIN... This was 3 months ago

I went to a chase card application page and it said 'SSN/ITIN' for the social security field, so they accept it at this time Smiley Happy



Message 27 of 29
Member

Re: Chase card denial

Hey everyone, I got approved for the Petal Card! $750 limit, but my Amex is $2000 so I'll be ok utilization-wise. I'll use these two cards together for a while until I've built up more history and can apply for a better card later on. Thanks so much for your advice! Smiley Happy 

Message 28 of 29
Moderator

Re: Chase card denial

Congrats on the Petal approval @cupofcoffee.

Locking this thread as you have been approved and plenty of good guidance has been provided on the original topic. Please feel free to start a new approval thread in the Approvals forum if you wish.
Message 29 of 29
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