Denied chase with excellent credit!

[Anonymous]

Hi everyone, new here and will brief! I own three houses, paid for! I have credit to debit 1 percent and only debt is a $1000 us bank card from five years ago. I have excellent never late on anything, not one derogatory on any report. Paid in full closed acts from 18 years ago, yet I applied for chase unlimited and was denied for the reason according to lending, that Because I only have a $1000 credit card they have no idea how I would respond to a $15000 card. My Experian Fico is 780, equifax is 800, Transunion is 792, Fico Bankcard lending score is 830 with risk of 2 percent. I am at a loss as to understanding this!

[Anonymous]

Wanted to add my oldest accounts says 18 years old. Very frustrated!

[Gmood1]

I'm trying to understand. You have one US bank credit card that's active or closed at this time?

Chase likes to see current revolving credit history. At least two accounts of your own.
You're not the first denied for that reason, that has come here for answers.

[Anonymous]

I have opened one us bank cc with $1000 limit, no inquiries in 5 years, and my oldest closed acct is 18 yrs old which all were paid in full and never late. I have excellent credit.

[Anonymous]

Sounds like you have a very thin file with respect to revolving credit trade lines. Chase is not typically friendly to that sort of profile. Did you attempt recon?

[Gmood1]

Do you use the US bank card frequently?
Excellent credit goes much deeper than scores. You need credit accounts reporting actively. Closed accounts don't help much when applying for revolving trade-lines.

[Jnbmom]

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@Anonymous wrote:

I have opened one us bank cc with $1000 limit, no inquiries in 5 years, and my oldest closed acct is 18 yrs old which all were paid in full and never late. I have excellent credit.

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One credit card with a 1K limit is why Chase denied you. They do not like thin files at all.

[Anonymous]

OP—Was there a particular reason you wanted the Chase card? With a thin file you’d probably do okay with Discover or perhaps even AMEX. One you have a couple of reporting revolving accounts showing responsible usage for a year Chase is much more like to be receptive.

[Anonymous]

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@Anonymous wrote:

Hi everyone, new here and will brief! I own three houses, paid for! I have credit to debit 1 percent and only debt is a $1000 us bank card from five years ago. I have excellent never late on anything, not one derogatory on any report. Paid in full closed acts from 18 years ago, yet I applied for chase unlimited and was denied for the reason according to lending, that Because I only have a $1000 credit card they have no idea how I would respond to a $15000 card. My Experian Fico is 780, equifax is 800, Transunion is 792, Fico Bankcard lending score is 830 with risk of 2 percent. I am at a loss as to understanding this!

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Its a conundrum; but to get credit you have to show that you use credit.  While you have excellent credit scores, your actual credit profile is very "thin" with only one open credit card with a $1,000 credit limit.  Most lenders will look at the entirety of your credit profile and not just your scores.  As you have now learned, not all credit scores are equal. Your "excellent' scores are not the same as someone who has achieved the same or even lower credit scores while demonstrating they can manage multiple credit accounts.

[Anonymous]

I think it has been a common misconception to some of us who are or has been new to credit at some point. We assume Excellent credit scores would always equate to an approval. I do understand your frustration OP since I have had my shares of questioning a denial as I was solely just basing it from my credit scores. But upon reading through this forum and receiving a lot of good advise from the people here, I have learned that no credit profile is the same. As what everyone has already mentioned, regardless of your excellent credit score, you currently have insufficient history of being able to manage multiple credit accounts. If you really want the card, then try calling up to have it reconsidered, and if the results are not what you expect, then there are many more companies out there that are more welcoming to those of us with thin files.