Should I recon?

[Anonymous]

Hi everyone,

So I did something really unnecessary. I applied for another credit card, the Chase Slate card. I already have Discover IT ($3,600), BOA CashRewards ($1,500), Amex Blue Cash ($15,000) American Kennel Club VISA ($2,500) and Victorias Secret ($700)... I wanted it for the balance transfer because I want to just pay one large bill instead of a bunch of small ones. Dealing with so many banks is hard. Anyway, I got denied because my debt was too high in relation to my income. I had a $500 balance on Discover, $200 on BOA, $300 on AKC, and $3,000 on AMEX. I also have a car loan and I am a student with loans in deferment. 

I don't make a ton of money, but I have never made a late payment on anything, ever. My debt has been manageable besides having so many bank apps so I wanted to transfer all the balances and then sock drawer all but the Chase card, Amex, and AKC (I am a dog trainer so the triple points on that is nice). So I called the backdoor number and the guy told me to lower the balances on the cards, so that's what I did. Like I said, applying for that card was totally unnecessary in hindsight.

Paid off almost $1000 across my three smaller balances. I did not touch the Amex yet. Again, I have never made a late payment on any of my lines of credit. Should I call backdoor and ask for them to reconsider? Or should I just take the HP and move on? I don't need the card now because my balances are mostly gone, but I don't want to have a HP with nothing to show for it if I can help it.

What do you think? Obviously, after this, no more credit cards for me for a looooong time!

edit: I wanted to add that my last credit inquiry was more than six months ago, right around July/August

[myjourney]

Yes always recon even a 2nd time if you have to.

That being said have your new balances been reflected on CR's?

This could be an issue if they can't see it if they pull a new CR

You have 30 days from denial to recon

But can't hurt to try now maybe you'll get the UW that will take your word as they were paid 

Good luck 

[CreditCuriosity]

Recon although wait until your new balances reflect on your CR's as MJ stated.. They might want to do another HP though to see this when you are sure they have reported updated with the CRA's.    That would be up to you if you are willing to take another HP or you can ask just for a regular reconsideration based on the info they have as state you paid down x,y,z.  

edit: re-read MJ's post and really comes down to you have 30 days to recon you can go route 1) hope they take your word for it and recon without an additional HP and hope they take your word for it or 2) recon after you are sure the balances are reflected on your CR and ask give them an option to re-pull your credit if needed to prove this if it will help to overturn the denial.  

[Anonymous]

I have one statement already reflecting the new balance, another closes on the 8th. Since I have 30 days maybe I'll wait until that statement closes, but now I'm thinking since one already has they may take my word on it based on that...

[jbsea]

As a general rule, I would always recon a denial.  You already took the hit and at that point you have nothing to loose. 

[RonM21]

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@myjourney wrote:

Yes always recon even a 2nd time if you have to.

That being said have your new balances been reflected on CR's?

This could be an issue if they can't see it if they pull a new CR

You have 30 days from denial to recon

But can't hurt to try now maybe you'll get the UW that will take your word as they were paid 

Good luck 

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I agree. I think this is the route to go.

[SouthJamaica]

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@Anonymous wrote:

Hi everyone,

So I did something really unnecessary. I applied for another credit card, the Chase Slate card. I already have Discover IT ($3,600), BOA CashRewards ($1,500), Amex Blue Cash ($15,000) American Kennel Club VISA ($2,500) and Victorias Secret ($700)... I wanted it for the balance transfer because I want to just pay one large bill instead of a bunch of small ones. Dealing with so many banks is hard. Anyway, I got denied because my debt was too high in relation to my income. I had a $500 balance on Discover, $200 on BOA, $300 on AKC, and $3,000 on AMEX. I also have a car loan and I am a student with loans in deferment. 

I don't make a ton of money, but I have never made a late payment on anything, ever. My debt has been manageable besides having so many bank apps so I wanted to transfer all the balances and then sock drawer all but the Chase card, Amex, and AKC (I am a dog trainer so the triple points on that is nice). So I called the backdoor number and the guy told me to lower the balances on the cards, so that's what I did. Like I said, applying for that card was totally unnecessary in hindsight.

Paid off almost $1000 across my three smaller balances. I did not touch the Amex yet. Again, I have never made a late payment on any of my lines of credit. Should I call backdoor and ask for them to reconsider? Or should I just take the HP and move on? I don't need the card now because my balances are mostly gone, but I don't want to have a HP with nothing to show for it if I can help it.

What do you think? Obviously, after this, no more credit cards for me for a looooong time!

edit: I wanted to add that my last credit inquiry was more than six months ago, right around July/August

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Just be sure, if you do decide to recon, that it's not another HP.

[Anonymous]

Well I called to recon and was denied again, even though I paid off those cars AND as of yesterday I was given an 8% raise at work so let them know that. It seems pretty unfair, I have a 740 FICO score, never missed a payment on any line of credit, and have proven that I am capable of paying off debt quickly. I asked if they are including my student loans in their calculations, because as a student who has not graduated, those are in deferment. They mentioned my auto loan, which is under 8k and has a low interest rate at 4.4%. And I am pretty sure they did another HP, but I was annoyed so I forgot to ask. Argh!

[Anonymous]

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@Anonymous wrote:
Well I called to recon and was denied again, even though I paid off those cars AND as of yesterday I was given an 8% raise at work so let them know that. It seems pretty unfair, I have a 740 FICO score, never missed a payment on any line of credit, and have proven that I am capable of paying off debt quickly. I asked if they are including my student loans in their calculations, because as a student who has not graduated, those are in deferment. They mentioned my auto loan, which is under 8k and has a low interest rate at 4.4%. And I am pretty sure they did another HP, but I was annoyed so I forgot to ask. Argh!

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Sorry about the recon denial.