declined for a chase credit card, do I have a chance for reconsideration

[Anonymous]

I recently applied for a Chase sapphire preferred credit card. I have excellent credit and never had any problems before. That being said, I also have student loans on my credit report. One student loan was reported as delinquent and Chase declined me for the card. I didn't know about the delinquency and I called to ask about it.  I am currently in a repayment program with that student loan company (I have been making monthly payments in this program, which is why I didn't know I was delinquent on my payments). I was told that if I pay off my loan early rather than finish the repayment program, they wouldn't erase my delinquencies, so I'm stuck in this program accruing undeserved delinquency status on my credit until the program is finished.  When I called Chase I didn't know any of this, so it came as a surprise. Now that I have this explanation, do you think that me explaining the situation to Chase would get them to approve me?  I have no other problems on my credit and have a 10 year plus history of on time payments with a high credit score. 

[Anonymous]

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@Anonymous wrote:

I recently applied for a Chase sapphire preferred credit card. I have excellent credit and never had any problems before. That being said, I also have student loans on my credit report. One student loan was reported as delinquent and Chase declined me for the card. I didn't know about the delinquency and I called to ask about it.  I am currently in a repayment program with that student loan company (I have been making monthly payments in this program, which is why I didn't know I was delinquent on my payments). I was told that if I pay off my loan early rather than finish the repayment program, they wouldn't erase my delinquencies, so I'm stuck in this program accruing undeserved delinquency status on my credit until the program is finished.  When I called Chase I didn't know any of this, so it came as a surprise. Now that I have this explanation, do you think that me explaining the situation to Chase would get them to approve me?  I have no other problems on my credit and have a 10 year plus history of on time payments with a high credit score. 

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Welcome to MyFico

In order to have some idea whether you have any chance on recon we would need to know a lot more about your credit file such as:

Current Fico credit scores

What existing credit cards you have and their limits

Overall utilization

Income

How old is your credit file and your existing average age of accounts.

Provide that info and we can give you some idea.

[Anonymous]

My credit score is 750, i have two credit cards although one is a department store credit with a low limit (not sure exactly how much, rarely use it and pay it off each month). the other I have had for 10+ years with a 20,000 dollar limit.  I currently have a 12,000 balance on that card. average age of credit is 7 years. Income is 100K.

[Anonymous]

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@Anonymous wrote:

My credit score is 750, i have two credit cards although one is a department store credit with a low limit (not sure exactly how much, rarely use it and pay it off each month). the other I have had for 10+ years with a 20,000 dollar limit.  I currently have a 12,000 balance on that card. average age of credit is 7 years. Income is 100K.

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Your biggest obstacle besides your student loan issues is your overall utilization.  60% is above what other potential creditors would like to see.  It can't hurt to call again but you have an uphill battle

[CreditCuriosity]

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@Anonymous wrote:

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@Anonymous wrote:

My credit score is 750, i have two credit cards although one is a department store credit with a low limit (not sure exactly how much, rarely use it and pay it off each month). the other I have had for 10+ years with a 20,000 dollar limit.  I currently have a 12,000 balance on that card. average age of credit is 7 years. Income is 100K.

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Your biggest obstacle besides your student loan issues is your overall utilization.  60% is above what other potential creditors would like to see.  It can't hurt to call again but you have an uphill battle

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Utilization and your SL are obviously your issues.  I would tend to say you Utilization is impacting you more than your SL problems, but they are both issues.  How long ago was the student loan lates?  I have late student loan payments from 4+ years ago and had no issue getting the CSP. I didn't have that high utilization though.

[Anonymous]

Unfortunately this delinquency is new and there's no way around it until Feb 2016 when it is cleared from my history. They didn't mention my utilization in the denial, but it may have been a factor. Do you think I would qualify for another type of card or should I just wait until all this is cleared up. I wanted to make a big purchases soon and this seemed like a good time to get a rewards card. 

[CreditCuriosity]

Honestly if you student loan was recently late being within the last year or two your chances are slim to none of most likely getting a Chase card...  Have you checked Cap1 Pre-Qual website as they are giving out huge limits!  Your scores are good, but recentl lates are not good at all especially with Chase/Citi/BofA and the likes.  Also if you can can you get your utilization down < 30%?  

[Anonymous]

I will have my credit debt mostly paid off in a few months, probably around the time those delinquencies will be erased. I guess I'll have to wait for chase then. Do you think it's worth trying for capital 1 venture rewards card? I don't have any preapproved offers listed.

[Anonymous]

I'll say it's mostly cuz of ur single credit card.. Yes it's 20k limit but u owe 12k on. So now when u apply credit company see u as trying to get more card to charge. That's why lots of ppl have problem when they try to get card to transfer balance to. Cuz they already have high debt on existing card. That's why how I do it is I always get few cards a year. Like me I have 12 cards owe 68000 on 2 cards recently I got a gap card and starting limit was 35000. My credit profile is 15 years. Started when I was 18 and now 33. Even ur score pretty high do u have mortgage or auto loan??

[Anonymous]

I don't have any other debt. Just credit card and student loans.