No instant approval with a 792 Fico score for the Amazon Rewards Visa Signature card? What gives?

[Crowhelm]

So I called that number. The first time I put in my SS it says no record. I do it again and it says that there is no information available at this time.

So I did some more searching and found this 

www.amazon.com/gp/help/customer/display.html?nodeId=GBBKN2GM3JELUQ6U

Guess two weeks is not up yet. Weird that it takes this long.

[Anonymous]

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@Remedios wrote:

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@growthadvocate wrote:

@Remedios I'm not sure what you mean by "demographic info," but that isn't what I mentioned.  I simply suggested updating "current address" with each bureau...which can be done.

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From OPs post "Well, the new address is on all our accounts, plus a recent lease of a new truck makes it very clear that we moved as well as the dealership that ran the credit check is in that same city we moved to"  

Since it's already reporting, updating it is not needed. If it's not reporting, it will soon, but it magnifies the need to establish identity. 

Additionally, addresses are updated with lenders who in return report them via normal process. 

If you send a proof of new address to CRA without a single lender reporting it and they change it, they just broke their own rules, unless one doesn't have any open accounts in which case CRA allow submitting documentation. 

It doesn't mean it cannot happen, but it shouldn't be happening. This isn't in place to inconvenience us, CRAs leave it up to lender (refer back to KYC policies) to establish facts, they are repository only (or should be). 

This is a short version for the public https://www.experian.com/blogs/ask-experian/updating-the-mailing-address-on-your-credit-report/

but there is a more extensive white paper plus CRA reporting manual describing proper course of action when there is address change, name change etc. 

That's what I meant. 

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When pulling info straight from TU, especially yout credit report, TU will ask you to verify uyour address. You can update it at that point and it will be reflected in your future credit reports.

Not sure on the specifics of EQ and EX, but TU does allow updates to the address.

[designated_knitter]

If you have a new mortgage and new truck lease, debt-to-income may also be coming into play.

When you moved, that was a big ding for LexisNexis as well.  

FWIW, Nobody is entitled to credit regardless of how worthy you think you are based on a credit score.  That being said, I think you will get approved but it is going to require I'd verification.  That's a good thing for you.  

Would you rather have instant approval or have Chase just hand out a credit card who has your information and doesn't fit the information or pattern from the last 10 years?  Then you would be ticked at chase for allowing you identity to be stolen.

[OmarGB9]

Credit scores aren't everything. Often times, DTI, income, and recently opened accounts (like in your case) play a much bigger factor. Creditors look at the whole credit file, not just the score.

[Anonymous]

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@Crowhelm wrote:

So I applied for this card last weekend. They pulled Experian, 792 fico score, and no instant approval?? The first question, does that eliminate my $150 gift card? I hope not. Furthermore, since when does a 792 score not warrant instant approval? The only "negative" on my credit file is the length of accounts. We moved recently and sold and bought a new house. Obviously, that started a new mortgage. Duh, that should never be held against me in the first place. We got 2.5% on our 30-year mortgage. Does that sound like somebody who is a credit risk to you? However the 792 takes that into account anyway, in fact, I should be 830 if not 850 with 10 years of perfect payment, credit utilization if it wasn't for the length of accounts, or maybe because most are with a credit union is the problem? And yeah, I only have one credit card with my credit union that gives me 1.5% cashback on everything. So until I saw this one I didn't see the need for another card. But 5% off Amazon purchases, which I do a lot is very nice. 

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Its way to soon to speculate why you did not get an instant decision from Chase but a few possibilities stand out:

1.  Its the weekend and bankers don't work weekends.  Most likely your application was flagged for a manual review and that only takes place during regular business hours.

2.  Why would your application be flagged?  Do you really only have one credit card?  If so, your revolving credit history is very thin and the bank needs to manually review the application for this reason.

3.  You also stated that you recently moved.  Did you change your address on your official ID (driver's license or ID card) issued by your state's DMV?  The address on your credit report does not count for much with lenders, so self-reporting an address change to the credit bureaus has little to no impact.  What really matters is whether the lender can verify your stated address against third-party consumer reporting databases.  Your address on your credit reports will be compared to consumer databases like CoreLogic and LexisNexis and if it does not match those, or similar, databases your application would be separated for further examination.  

It is important to update your current address with the DMV since they require both proof of identity and proof of residence like a utility bill, mortgage statement, etc.  The DMV also provides (most of them sell the information) to the consumer reporting agencies, so until the new address is given to them and it is propogated through the third-party databases you're likely to encounter problems.  That's the primary reason why lenders ask if you've moved the the preceding 6 months; your address might not have been updated in the verification databases they use.

4.  Your credit score does not automatically give you the key to any lender.  A credit score is simply a prediction of the chances of an individual incurring a major derogatory ( 90-day late payment, charge-off, collection, etc.) within the next 24 months.  Just as important is your existing revolving payment history and the entirety of your credit file.

[Harvey26]

@Crowhelm 888-270-2127 is the best number to call and check on the status it could just be verifcation of your new address or something simple but as other people have stated just because you have a 792 does not always mean you will get an instant approval. 

[FalconSteve]

Do you have more than 5/24 cards? It is issued by Chase.

Otherwise, it is likely manual verification because of the address change.

[Crowhelm]

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@FalconSteve wrote:

Do you have more than 5/24 cards? It is issued by Chase.

Otherwise, it is likely manual verification because of the address change.

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No, I have one cashback visa card with my credit unionn 10k limit because we asked them to cap it at that. I might get that cap removed because it seems higher available credit is good for my credit score. I always thought it was just utilization not how much potential credit. 

[Crowhelm]

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@Harvey26 wrote:

@Crowhelm 888-270-2127 is the best number to call and check on the status it could just be verifcation of your new address or something simple but as other people have stated just because you have a 792 does not always mean you will get an instant approval. 

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Well I am more upset with the lack of communication. I am buying stuff from Amazon almost every other day. If Chase and Amazon would work together the address would be already settled. But most important how about an email that they are working on it, just normal corteous customer service? 

[stw715]

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@Crowhelm wrote:

Understood, I have two inquiries on my report, now three I guess. First two, new mortgage, second truck lease. Done, nothing else. As I said there is nothing that really should spook anybody but I will call that number and report back.  Was I irresponsible many years ago, oh yeah, but that should be not a factor since it is long gone of any report and 10 years of toeing the line should be more than enough even for Chase. Wonder if I am too little of a possible profit for them? On my current CU credit Card, I paid not one cent in interest but already made $1600+ in cashback. But let me call that number and find out.

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By any chance you had negative experience(s) with Chase or any Lenders that they acquireed during that time? Chase is known to have long long memories.