question about chase credit cards I applied for.

Anonymous · ‎06-08-2018

I'm new to this site and am learning still. I have a few questions just two below. I'll explain my credit and just curious for some insight from experts on credit. I'm just a little confused why I didn't get approved for one of them at least and if it would even be worth my time to recon for them both or just the freedom. thanks in advance for and tips/advise

I applied for two chase cards the Chase Sapphire Preferred and the Chase Freedom. I applied to them because on credit karma, suggested too apply to chase sapphire and I knew a good pairing card to use for racking up points would be the freedom card for their 5% bonus categories/ transfer over too sapphire later on. I applied because my credit score was 740 when applying for both of these (same day I applied) (current score is 738 with Equifax due to the hard pull), my payment history is 100%, I have zero Derogatory marks, and my credit age 4 years and 4 months( only credit card I've owned if you consider it one is from carecredit they gave me a credit line of $3,400. I paid that all off when I used it for my eye surgery. but it is still active and open plus I have student loans I'm paying on if that helps my credit, only have 1 hard inquiry from an auto place for the car I have now.

below is what the letter said

The letter stated, I was not approved due to obligations too high relative to income. I'm a little confused on that.

so my question is should I even Recon for both or just for the freedom since thats a 0 annual fee and a better shot of getting the freedom more than likely. last question is if you think it isn't good to Recon for either. whats a good first credit card to apply for so I can start building my credit up more so I can get to the freedom and sapphire. Thanks again for all tips and advise sorry it's a long one but I'm still learning stuff and want to gain more knowledge

Thanks!!

Anonymous · ‎06-09-2018

Hi. I'm not an expert, I'm pretty new here also. But, I'll try to help a bit.

Credit Karma is a good place to learn about your credit. They make their money from credit card companies, so their card suggestions are not always your best bet. CK provides Vantage 3 scores, but credit card companies use FICO scores.

Re Chase... The wise members of myFICO say you need a year of credit card history to get in w/Chase. The SapphirePreffered is more difficult to get, it requires a starting credit line of $5,000. Since you already have the HardPull for Chase, I'd try recon for Freedom. Call mon-Fri. But from what I've read, chances are you'll probably have to go for a non Chase card.

NonChase... Checking CC sompany prequalifications is a good place to start. My first card was a CapitalOne card, they are usually a good place to start. The scores you mentioned are probably Vantage3, and they are very close to what I had when I applied for American Express BCE... but, you have to have a FICO score. You probably already have one since you have an auto loan and the care credit card. You can get a free Experian FICO from Discover. Discover also provides free TransUnion FICO if you have their card. And, Discover might be a good place to get a card. They have a card that is very similar to Freedom. Amex is good for thin/new files, but it sounds like Discover is also.

The reason for denial... Chase may have been referring to your auto loan, or not... myFICO members say that the reasons are often not accurate to your situation. "They just have to provides reasons."

I know I haven't answered all your questions. It's almost 3am, I'm awake with my sick dog. Hopefully others will post soon. Good luck and please post questions... and post when you get that first credit card!

Anonymous · ‎06-09-2018

SJRN thanks for the reply this some what helps but I'm confused on the myFICO score vs the CK uses because it says they used equifax to check my credit.which what dropped alittle bit do too the pull. 738 now. I want to recon but not sure what I could say and hear they may pull another hard Inquiry maybe which I wouldnt want. I hear it pretty much all depends on who you talk too some are annoyed and are of no help and hate their jobs probably and others are friendly and nice. and approve you.

Anonymous · ‎06-09-2018

So much to learn. myFICO is a great place for pretty much every question you'll have.

Chase recon... It's true you may hit a CSR in a bad mood, but most often they are nice & helpful. I understand your fear about calling. Just start with something like "hello, I applied for Freedom & CSP and was denied. I'd like to see if I can provide more information to be reconsidered for the Freedom." Then, maybe explain about your closed card. And something like "I have my checking w/you, want to build my business with Chase." Just go off of what they say. Even if they say no, be nice say you appreciate their help." Sometimes they can't change the Chase decision... it's a lesson we all learn while building credit. I'm willing to bet, you will get in with Chase, whether it's now or in a few months.

FICO vs Vantage... you have scores from both of them for each of the three credit bureaus. They are usually semi similar, but can also vary buy even 30ish points. I can't get a link to post on myFICO right now... so, Google "FICO vs VantageScore" it should bring up an article on USA Today that will explain the differences.

Also, Discover has the free Experian FICO score that I mentioned earlier. You can sign up for free, get updated Experian every 30 days. It's simple to sign up, just your email, a password, and the last 4 digits of your social security number. Google "free Discover FICO score." If you get a Discover card, that will give you your TU FICO score.

Anonymous · ‎06-09-2018

okay thanks yeah I may try to recon at least for the freedom becasue CSP I hear the min limit is 5k so means sense that I may not get approved for that freedom though I think you can get a CL (credit limit less than 5k) becasue the recon if I consider not to go that route or if they still say no. what was a good credit card to sign up for ?? I think you mentioned two of them two start out with.

Thanks again for your reply really do appericate the support!!

Anonymous · ‎06-09-2018

Sounds like a good plan.

Sign up for the free Discover EX FICO score. That will tell us better which card to start with. Mant ppl say Discover is a great starter card. I think when you apply they will offer a secured card if they aren't ready to offer an unsecured card. You can have the free EX score, and still not have a Discover card. My first card was CapOne, it's a good place to start, but they do HPs from all three credit bureaus. It is worth it if it's were you have to start. My second card was Amex BCE. I applied & was approved the day my FICO score was available. Discover was my third card, no HP, just a SP.

So, your first step... sign up for the free Discover Experian FICO score.

@Anonymous wrote:
okay thanks yeah I may try to recon at least for the freedom becasue CSP I hear the min limit is 5k so means sense that I may not get approved for that freedom though I think you can get a CL (credit limit less than 5k) becasue the recon if I consider not to go that route or if they still say no. what was a good credit card to sign up for ?? I think you mentioned two of them two start out with.

Thanks again for your reply really do appericate the support!!

Pikaboo-icu · ‎06-09-2018

@Anonymous wrote:
Hi. I'm not an expert, I'm pretty new here also. But, I'll try to help a bit.

Credit Karma is a good place to learn about your credit. They make their money from credit card companies, so their card suggestions are not always your best bet. CK provides Vantage 3 scores, but credit card companies use FICO scores.

Re Chase... The wise members of myFICO say you need a year of credit card history to get in w/Chase. The SapphirePreffered is more difficult to get, it requires a starting credit line of $5,000. Since you already have the HardPull for Chase, I'd try recon for Freedom. Call mon-Fri. But from what I've read, chances are you'll probably have to go for a non Chase card.

NonChase... Checking CC sompany prequalifications is a good place to start. My first card was a CapitalOne card, they are usually a good place to start. The scores you mentioned are probably Vantage3, and they are very close to what I had when I applied for American Express BCE... but, you have to have a FICO score. You probably already have one since you have an auto loan and the care credit card. You can get a free Experian FICO from Discover. Discover also provides free TransUnion FICO if you have their card. And, Discover might be a good place to get a card. They have a card that is very similar to Freedom. Amex is good for thin/new files, but it sounds like Discover is also.

The reason for denial... Chase may have been referring to your auto loan, or not... myFICO members say that the reasons are often not accurate to your situation. "They just have to provides reasons."

I know I haven't answered all your questions. It's almost 3am, I'm awake with my sick dog. Hopefully others will post soon. Good luck and please post questions... and post when you get that first credit card!

@Anonymous

So nice of you to answer the op's questions..

I hope your dog is doing better.. I've been there...

OP- Good Luck!! If anyone can help you, it's the great folks here at My Fico.. Welcome to site..

Anonymous · ‎06-09-2018

okay signed up and MYFICO SCORE is higher than what creditkarma tells me myfico is 769.

Your FICO® Score 8 based onExperian data 769

total accounts 6 one of them is closed. 2 are college loans, one auto loan, one is the cardcredit thing(paid off fully) and one is my old bank not sure why it says there two accounts 1 open/ 1 closed the one open could be because I still have a checkings/savings accoutn with them? not sure . my length of credit is 6 years, I have 1 inquires in last 12 months, 0% Revolving utilization, 0 missed payments. it probably was a little higher prior to applying to chase I'm sure. so what is step two? what do you think based off these scores ?? plus since I have a carecredit account still open and they gave me a credit limit of $3,400 and paid that off no interest of course 100% never missed a payment wouldn't that help me get a credit card since that is someone lese ofering me credit.

Pikaboo-icu · ‎06-09-2018

You're actually a good candidate for Discover or perhaps even AMEX.

I think your file is a little thin for Chase but if you app for one of the above & give it a little time, your good credit habits should get you in with Chase in the future..

You can also always recon the Freedom- you already have the HP so no harm there..

Be aware of the 5/24 rule when you do app again..

Good Luck!!

Anonymous · ‎06-09-2018

WoW!!! That is awesome! You are in excellent shape to get cards.

My EX score was 727 when I applied for Amex BCE. imo, You will be approved easily. But, I'm not an expert, so don't hold it against me. . I do think you could get Amex & Discover immediately. If you check their prequalification pages, they should have options. Even if they don't I'd apply because often we don't get prequals, do get approved.

And, with your score, number of inquiries... I think you will be in with Chase soon. Maybe even with the Freedom on recon. But, they may also want you to have another card for 6mo to a year before going with them.

I wish others would post suggestions for your card options. I only have the one CapOne QS, two Amex cards, and three Chase cards. So my experience is limited to them. Citi and Bank of America are mentioned a lot, but I haven't tried them.

You have good options my friend. Like I said, as soon as I knew my EX score, I applied & was approved. Just make sure no haven't frozen your credit files. You probably haven't since you didn't know you FICO. Don't go crazy and get a bunch of new cards. Get one or two, build a solid credit card history, your cards & aprs will just get better & better. Remember Chase has the 5/24 rule. You can only have 5 new credit card accounts in 24 months to get their prime cards. Co-branded cards like Amazon Visa aren't held to the 5/24 rule.

Good luck, report results!