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@addicted_to_credit wrote:
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!
Thanks.
Did you apply in branch or online? My TU report does have an AU with Chase so I hope I can bring that up if I have to recon. I believe 5/24 is only open accounts, not inquiries.
@Anonymous wrote:
5/24 is opened cc’s, not inquiries. The OPs issue is the opposite, not enough trade lines open with much credit of their own. I think it’s unlikely they’re approved but anything is possible. I probably would’ve gotten the CSP or CFU first, but what’s done is done.
I remember reading that if Chase is willing to approve you for a CSP, a CSR should be good too. Anyways, I'm still getting the 30 day message. Do you think it'd be worth going to a branch to talk to a banker or should I just wait? I'm not very patient
If you had to provide all the stated information to the personal banker you clearly did not have an in-branch approval. Sounds like you made a cold application, but just from a branch location.
I'm puzzled that you have little or no personal credit history but you applied for Chase's consumer flagship card, which by design has the strictest underwriting standards. Chase might take a flier and approve you, but honestly the odds are not in your favor.
@Anonymous wrote:If you had to provide all the stated information to the personal banker you clearly did not have an in-branch approval. Sounds like you made a cold application, but just from a branch location.
I'm puzzled that you have little or no personal credit history but you applied for Chase's consumer flagship card, which by design has the strictest underwriting standards. Chase might take a flier and approve you, but honestly the odds are not in your favor.
I don't remember exactly but some of the information I "provided" was just for confirmation, i.e. "Is your address still..." I definitely remember that my SSN was not asked for until the application was submitted and that the banker used my debit card account # to pull up my info prior to starting the application. Like I said in the OP, I only applied for the CSR because I was prequalified for the CSP and there were multiple DPs saying you have a decent chance at a CSR if Chase is willing to give you a CSP.
@Anonymous wrote:
@Anonymous wrote:If you had to provide all the stated information to the personal banker you clearly did not have an in-branch approval. Sounds like you made a cold application, but just from a branch location.
I'm puzzled that you have little or no personal credit history but you applied for Chase's consumer flagship card, which by design has the strictest underwriting standards. Chase might take a flier and approve you, but honestly the odds are not in your favor.
I don't remember exactly but some of the information I "provided" was just for confirmation, i.e. "Is your address still..." I definitely remember that my SSN was not asked for until the application was submitted and that the banker used my debit card account # to pull up my info prior to starting the application. Like I said in the OP, I only applied for the CSR because I was prequalified for the CSP and there were multiple DPs saying you have a decent chance at a CSR if Chase is willing to give you a CSP.
With an in-branch application the personal banker usually only asks for confirmation of two pieces of information; contact info and income.
What you're ignoring about those data points regarding CSP/CSR is that in most cases the applicants had at least a reasonable credit history. That can't be said about yours.
@FinStar wrote:
OP, nothing will change if you visit the branch. They are not the ones processing the application. You'll have to exercise some patience while the review process takes place.
The application was submitted Saturday and today is only Tuesday.
+1
I know it's hard to be patient, but you just have to let the approval/not approval process work. You don't want to come off as "desperate" and if you continue calling or going to the branch, it will appear that way.
@Anonymous wrote: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
In all honesty, you shouldn't have applied for the CSR. Your file is too thin. Your chances are very slim, at best, that you'll be approved. However, it could still happen.
You have a credit card with a $200 limit, and are now asking for a flagship card that requires a minimum $10k limit. A 725 FICO is a decent score, but no other loans, history, or higher limit cards makes you a longshot.
The CSP has a minimum 5k limit, so you would have had a better chance being approved. Then you could product change to the CSR after 13 months. However, i think you should have applied for the Freedom or Freedom unlimited to get your feet wet with Chase and get a non top tier card with a higher limit. Then in 6-12 months apply for the CSP or CSR.
At this point all you can do is wait. Good luck and i hope the HP wasn't for nothing. But if you're not approved, work on getting at least one non top tier card that has a higher limit.
@Anonymous wrote:
I remember reading that if Chase is willing to approve you for a CSP, a CSR should be good too. Anyways, I'm still getting the 30 day message. Do you think it'd be worth going to a branch to talk to a banker or should I just wait? I'm not very patient
You may have read that, however those applicant's files likely had other cards with similar limits to the minimum $10k limit of the CSR. They also likely didn't have the thin file you have.
You simply need to learn patience and sit back and wait.