@Anonymous wrote:
So I've been working my my CS for a few months now (since Feb. 2018). I've been trying to apply for the Chase Freedom cc to start building a rapport with them and, eventually, getting the Chase Sapphire Preferred cc. I applied back in Feburary for the Chase Freedom but was denied. My CS was about a 556. As of today is my CS is as follows: Trans 663/Equifax 666/ Experian 661. I have 26% overall utilization, according to the TransUnion CS. Well, I applied for the Chase Freedom again on May 2 and was denied. I called the reconsideration line (twice) and they told me I was denied based on my 3 collections and my hard inquires (16). I was a little disheartened about it but I hoping once I pay off my collections I will be approved. I've already paid off one (leaving only 2 left). I'm nervous that my hard inquires (from a car dealership) will continue to stop me from getting approved. Any advice or thoughts on this? Thanks!!
Cards:
Cap One: 1500/ Cap. One Plat. 300/ Cabelas 800/ Best Buy 2700 (authorized user acct.)
Chase is rather conservative, and although we've all seen approvals for people with similar scores to what you currently have, there are so many other factors involved that it's not a 1 + 1 = 2 scenario. As has already been pointed out, your collections are the single biggest current problem area to be addressed. Get those remaining collections resolved ASAP. Next, you do have a high number of inquiries. How many of those are within the past 6 months? The past 12 months? What is your AAoA, AoOA? Chase shows a great deal of emphasis on a person having 12 months of revolving account history before approving for one of their products. My personal advice would be to spend at least the next 6 months resolving your collection accounts and aging your current credit while allowing your HPs to stop glowing so brightly. Preferably that would be done over the next 12 months, but certainly no sooner than 6 months. If you have taken care of your business during that time not only will your scores be better, your negatives will have been mitigated likely sufficiently to result in an approval for Chase Freedom. This is my 2 cents. Best of luck and please keep us posted!
