State of Denial

[Anonymous]

Befuddled reading this forum. Recently applied for Chase Freedom. Got 7-10 day message and declined. Report says my history is thin and I have high utilization (20%). Well, the thin history has average age of account at 7 years. The 20% util is only a grand and I can pay that off anytime. Scores range from 694 to 715 and I make 6-figures.

Yeah, i had some spotty history when I was younger, but nothing bad for past 7 years. I would like to get a strong everyday card instead of the high rate subprime cards I've had (with pristine payments) for a decade.

I'm flummoxed seeing approvals and CLIs with scores/stats equal or lower than mine. What am I missing? I would apply for a different card but am terrified of another hard pull & decline.

[Anonymous]

Utility looks ok, and doesn't look like short history. Have you tried recon with Chase? They are one of the better creditors for recon. If anything you might get some better insight into your denial from them.
Once you talk to them you may know what direction to go moving forward. Personally, I'd look at CUs. They can be a great help getting away from your subprime s and allowing you to close what you don't need or want.

[Anonymous]

By thin history, do they mean thin file?  Not enough creditors on your report?  20% and 7 years is good, but they want to see several open credit accounts, not just one or two.  How many accounts do you have?

[JoeLuvsHisCredit]

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@Anonymous wrote:
Utility looks ok, and doesn't look like short history. Have you tried recon with Chase? They are one of the better creditors for recon. If anything you might get some better insight into your denial from them.
Once you talk to them you may know what direction to go moving forward. Personally, I'd look at CUs. They can be a great help getting away from your subprime s and allowing you to close what you don't need or want.

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+1

[JR_TX]

I can't really see a denial from Chase based on the profile you just mentioned unless Chase was one of your "spotty" histories that you just mentioned? Chase is known to have a memory longer than that of an elephant you know.
By the way I like your handle WTFico!! Wanna trade handles? Lol

[Anonymous]

So, yeah a thin file. Just a couple student loans and two garbage cards but good payments. I have avoided Wells Fargo for that memory thing, but have no negative history with Chase. That denial is the only INQ on my file.

My experian file shows negatives listed as high usage, which I really thought I was fine on but ok, i'll just pay it all off. Also it shows "short history" as a negative as well, though again I felt like the age on my accounts was good.

I hate having to start banking elsewhere, especially since the CUs I can join here are pretty awful. Paraphrasing Groucho, I don't want to join any club that will accept me...

[Anonymous]

I've never tried recon and to be honest I never knew that was a possibility. I didn't know GW letters were either. I just know waiting and frustration. I've learned a lot in my first few hours reading through this forum. I wish I'd found it years ago.

Incidentally, I did divorce, move, change jobs all over a month or two, but it's been 2 years since that happened as well.

[CreditInspired]

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@JR_TX wrote:
I can't really see a denial from Chase based on the profile you just mentioned unless Chase was one of your "spotty" histories that you just mentioned? Chase is known to have a memory longer than that of an elephant you know.
By the way I like your handle WTFico!! Wanna trade handles? Lol

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+1

[CreditInspired]

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@Anonymous wrote:
So, yeah a thin file. Just a couple student loans and two garbage cards but good payments. I have avoided Wells Fargo for that memory thing, but have no negative history with Chase. That denial is the only INQ on my file.

My experian file shows negatives listed as high usage, which I really thought I was fine on but ok, i'll just pay it all off. Also it shows "short history" as a negative as well, though again I felt like the age on my accounts was good.

I hate having to start banking elsewhere, especially since the CUs I can join here are pretty awful. Paraphrasing Groucho, I don't want to join any club that will accept me...

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If this is only 1 of 2 of your cards, just pay it down to <9% and the other card to 0, so that only one card is reporting a low balance. Then if Chase recon doesn't work, which I think it will, wait 1-2 months for lower UT to report. Then go to the prequal sites first to see if there are any offers for you and try applying again

[AverageJoesCredit]

Well first off, welcome to the forum

It sounds like your file actually is thin with only 2 credit cards and student loans. With 6 figure income, the credit world is tours for the taking but you need to build up your profile so that creditors like Chase can see you sre able to handle big limits and such. If you can pay off your debt at anytime you should do so. No real reason to keep high utilization if you dont need to.

Ive noticed youve mentioned nothing bad for past 7 years. Thats great but about before those 7 years. Have you filed bk before as a bk7 can hang around 10 years or a bk13 7 years.

With only 1 inquiry on your file i would not worry about another hp right now as that is super low and youll be fine. I think your current scores and income can get you some decent cards now that can help you better with Chase, just dont go app happy as Chase has its 5/24 rule. Truth be known you can probably get better apr elswhere but i understand the lure of Chase. Good luck and please remember we cant really compare others getting certain cards or limits or aprs when in reality many different factors determine those big differences