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Fell off the wagon (CSP)

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Moderator

Re: Fell off the wagon (CSP)


@Masterlink wrote:

@FinStar wrote:

@Masterlink wrote:

Hrm, well got an update. Automated line moved to the 7-10 days... I bet it's a denial with a "Previous unsatisfactory relationship" reasoning. That's what they told me last time when they closed my 0 balance CFU.


More than likely since it's doubtful 'verification' may be required at this point given you previously had accounts with Chase.

 

Update your thread with the outcome either way.  This can help others with a similar situation. 


Got an update and a data point... Apparently they must have changed internal policy. My deniel reasons are as follows:

 

Insufficient credit information

Oldest  revolving account has not been opened long enough

 

My Oldest card has been open for 3 years, 4 months... hrm. Called in and spoke with a very bored sounding woman with a monotone voice (Mod cut - not here, please - per forum guidelines). She told me the same thing the letter did, and said the oldest one showing that 'qualified' was my Synchrony card. Since it requires at least 5k, she couldn't give me the 5k required to open the card.

 

My guess: Now they only consider cards over the starting CL of the one you're applying for, so they completely ignored all my other cards and based my credit profile on my paypal card alone. Which is a $10k card opened exactly one year ago. I had mentioned my other cards and she said the synchrony card was the only one showing on the application until she looked at my report and mentioned since none of my others were 5k, they didn't qualify to apply for the CSP.

 

Edit: Score on denial letter was Equifax on 02-19-2020: 728


Sorry to hear about the outcome.  Unfortunately, their UW algorithms are based on adaptive AI which could mean that even less than a year ago you would have 'passed' given similar conditions, but not when you applied.  You will get your CSP "pretty" eventually!   Great DPs nonetheless.

Message 21 of 22
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Frequent Contributor

Re: Fell off the wagon (CSP)


@Masterlink wrote:

@FinStar wrote:

@Masterlink wrote:

Hrm, well got an update. Automated line moved to the 7-10 days... I bet it's a denial with a "Previous unsatisfactory relationship" reasoning. That's what they told me last time when they closed my 0 balance CFU.


More than likely since it's doubtful 'verification' may be required at this point given you previously had accounts with Chase.

 

Update your thread with the outcome either way.  This can help others with a similar situation. 


Got an update and a data point... Apparently they must have changed internal policy. My deniel reasons are as follows:

 

Insufficient credit information

Oldest  revolving account has not been opened long enough

 

My Oldest card has been open for 3 years, 4 months... hrm. Called in and spoke with a very bored sounding woman with a monotone voice (Mod cut - not here, please - per forum guidelines). She told me the same thing the letter did, and said the oldest one showing that 'qualified' was my Synchrony card. Since it requires at least 5k, she couldn't give me the 5k required to open the card.

 

My guess: Now they only consider cards over the starting CL of the one you're applying for, so they completely ignored all my other cards and based my credit profile on my paypal card alone. Which is a $10k card opened exactly one year ago. I had mentioned my other cards and she said the synchrony card was the only one showing on the application until she looked at my report and mentioned since none of my others were 5k, they didn't qualify to apply for the CSP.

 

Edit: Score on denial letter was Equifax on 02-19-2020: 728


Well, that is interesting seeing how from another thread, Chase doesn't favor Synchrony Bank Co-Brand cards that much because they aren't core.


My guess is if you applied for something else, like freedom, my guess you probably get a different answer if they were looking at credit lines.

MSGCU Rewards | $5k | 10/2/2020 | 9.25% APRDiscover Student Cash It | $4,550 | 1/4/2019 | 12.99% APRAmex 1.5% CB | $3.9k | 7/3/2019 | 20.99% APRBest Buy Store Card | $3kChase Student Card | $1.2k | 4/10/2020 | 14.99% APRDiscover Cash It | $1,500 | 10/2/2020 | 20.99% APRCiti DC | $3.5k | 10/14/2020 | 16.99% APRDCU Platinum | $8k | 10/21/2020 | 8.5% APR

Loans
Ford Credit Car Loan 3-year 7/31/2018 ($199.26/month)
$8,000 DCU Personal Loan 5-year 5.99% 10/2/2020 ($155.38/month)

Closed
Michigan Schools & Gov't CU Titanium 1/4/2019 - 10/2/2020

Future Potenital Cards
AOD 3%
Gas Card 4% or 5%
Dining & Enterainment 3%
Amazon 5%
USBank Cash 5%
BOA Cash Rewards (if it ever goes back to Mastercard)
Message 22 of 22
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