Applied for a CSR with a thin credit profile - Update: Approved

[Anonymous]

Update: Approved!

I was prequalified for a CSP on the Chase mobile app. I went to a branch, spoke to a banker about preapprovals, and applied for a CSR. After the banker submitted my application, I was not immediately approved. Chase's automated status line gave me the 30 day message for about a week (6 days) before becoming the 7-10 day message on the 6th day. On the 6th day, I also received an email from Chase saying I should call them to discuss my application. I called the number in the email, verified that it was indeed me who submitted the application, and was immediately approved for a $10k limit over the phone. CSR showed up in my mobile app shortly after the call.

Chase pulled Experian & TU and here is my info:

Experian

• 725 FICO score
• Two open accounts
  • 25k limit, 25 years (AU)
  • $200 limit, 4 months 
• AAoA: 13 years
• Utilization: 4%
• Inquiries: 8

TransUnion

• 780 Vantage3 score
• Four open accounts
  • 25k limit, 25 years (AU)
  • 3k limit, 13 years (AU)
  • 6k limit, 13 years (AU)
  • $200 limit, 4 months
• Utilization: 13%
• Inquiries: 2

[FinStar]

Hi @Anonymous and welcome to the forums.

Is the $200 tradeline the only one in your name?  Aside from any AU accounts, do you have any student loans or installment loans (paid or active) as well?

You can definitely keep checking the automated line to keep tabs on the progress, but there is no need contact the reconsideration line going forward.  They'll continue to relay the same information.

[Jnbmom]

Your scores seeem good, but not sure what the TU FICO can't base much on CK. Not sure about your thin file , but atleast it wasn't an instant denial. But only one tradeline reporting is yours correct?

I would just wait for the email or letter, hopefully you get the card. I would however stop calling them over and over

[Anonymous]

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@FinStar wrote:

Hi @Anonymous and welcome to the forums.

Is the $200 tradeline the only one in your name?  Aside from any AU accounts, do you have any student loans or installment loans (paid or active) as well?

You can definitely keep checking the automated line to keep tabs on the progress, but there is no need contact the reconsideration line going forward.  They'll continue to relay the same information.

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@Jnbmom wrote:

Your scores seeem good, but not sure what the TU FICO can't base much on CK. Not sure about your thin file , but atleast it wasn't an instant denial. But only one tradeline reporting is yours correct?

I would just wait for the email or letter, hopefully you get the card. I would however stop calling them over and over

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Yes, the $200 credit card is the only one that is in my name. No student loans or loans or any other kind. The only reason I applied was because I saw the CSP with a fixed APR and many DPs said that:

1. If Chase is willing to give you a CSP, you should be able to get a CSR as well.

2. Prequalified + fixed APR = high chance of success

3. Having a Chase checking account may bypass Chase's requirement of 1 year of individual credit history

[Anonymous]

Chase checking was a good step. I got in with Chase with 6 months of history and the fact that i was already a customer certainly helped as even a banker at my local brand told me to not really bother without a year of history(which was surprising since they push hard on cards). However given the fact that you only have one individual account which isn't even 6 months old and with a toy limit nonetheless i'd say you aren't looking too hot, especially if they pull experian which they quite often do.

If it was any other of their cards i'd say the odds were in your favor despite your "thin" file. But the CSR has a minimum limit of 10k and historically a bit conservative underwritting from what i know. Usually 30 days is verification related but i don't know what more they'd want to verify at this point. I really hope i'm wrong and the "impossible" happens but you'll have to wait and see, there is no point to keep calling them before you hear from them imo.

[Anonymous]

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@Anonymous wrote:

Chase checking was a good step. I got in with Chase with 6 months of history and the fact that i was already a customer certainly helped as even a banker at my local brand told me to not really bother without a year of history(which was surprising since they push hard on cards). However given the fact that you only have one individual account which isn't even 6 months old and with a toy limit nonetheless i'd say you aren't looking too hot, especially if they pull experian which they quite often do.

If it was any other of their cards i'd say the odds were in your favor despite your "thin" file. But the CSR has a minimum limit of 10k and historically a bit conservative underwritting from what i know. Usually 30 days is verification related but i don't know what more they'd want to verify at this point. I really hope i'm wrong and the "impossible" happens but you'll have to wait and see, there is no point to keep calling them before you hear from them imo.

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The fact that I wasn't instantly denied must be a start though right? (or are instant denials not a thing with Chase?)

My Experian and TU show different addresses. Experian only reports my address whereas TU reports my address + my family member's address (person I'm an AU on). Could this be why?

I also remember one recon rep telling me that they had an usually high amount of applications recently so the delay might be due to that?

[FinStar]

Applications go through a variety of validation stages depending on the submitted information.  So, for instance, if there was a mismatch on some initial or key elements (address, name, dob, etc.), that might hold it up in a queue until it's reviewed/validated and on to the next stage of the processing cycle.  So, while the 30-day message is pretty standard where most pending applications usually start, it's the next stages in the cycle that can sort of determine the outcome.

Stranger things have happened with thin (non-AU) profiles or profiles where the majority of the data is driven by AU information.  So, the best thing to do is just routinely check the automated system to see how this plays out.

[Anonymous]

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@FinStar wrote:

Applications go through a variety of validation stages depending on the submitted information.  So, for instance, if there was a mismatch on some initial or key elements (address, name, dob, etc.), that might hold it up in a queue until it's reviewed/validated and on to the next stage of the processing cycle.  So, while the 30-day message is pretty standard where most pending applications usually start, it's the next stages in the cycle that can sort of determine the outcome.

Stranger things have happened with thin (non-AU) profiles or profiles where the majority of the data is driven by AU information.  So, the best thing to do is just routinely check the automated system to see how this plays out.

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The main thing I am worried about right now is my number of inquiries. Any idea how I should explain 7 inquiries to recon, especially with the fact that 5 were denied? Two inquiries are non credit card related.

[FinStar]

At this point, there isn't much of a need to be concerned about that since that bridge hasn't been reached yet.  Just be patient until the process plays itself out.

[addicted_to_credit]

I got the 30 day message when I apped too and was approved within a week, that being said I have a 19+ year credit file but had nothing in the last six-seven years in my name... I’ve read a few threads here that chase does factor in AU accounts(especially accounts with them) whereas some banks do not. You did say you had 8 inq’s on your Experian CR and didn’t specify how many are credit cards, there’s plenty of threads here about chase’s 5/24 rule meaning if you’ve apped for 5 or more credit cards in 24 months it’s a denial. Everything looks good except for the age of your own account and it’d help to know the TU Fico score - VantageScore is fun to look at but means pretty much nothing to the majority of lenders. I hope to see an approval thread from you, it’s a great card IMO. If you don’t get it slowdown/stop apping and if you’re not 5/24 or higher by the time you reach a years worth of history on your own account then give it a go again. I wish I could be more help / had better insights with chase. I’m sure stranger things have happened and in any case good luck!