Cap1 Approvals, Barclays Recon

Anonymous · ‎11-12-2017

Was approved for a Cap1 Savor for $5k this morning!

Decided to hit the CLI button for giggles on my 2 year old QS1 and lo and behold, instantly went from $1k to $4500!

I wanted to try for the Uber Barclaycard for the 3% travel rewards. Was given the 7-10 day message and called to recon. They brought up both my 5 year old $700 charge off from college and asked why I only had one credit card. I've paid most things with cash/debit up until now but started running everything through my QS1 for the cash back and in hopes of building more history for when I eventually want to buy a home in the next 5 years.

My FICO scores are in the high 6's across the board. I keep around 10% util and no late payments on my history. There is the c/o from 5 years ago.

My question is: is it possible/worth it to call for a recon, say, in a few weeks when my new Cap 1 Savor and the higher limit QS1 reporting? I'm not THAT upset about the HP given how my limits just increased with Cap one, but I'd also hate to see it go to waste.

Thanks!

CreditCuriosity · ‎11-12-2017

Congrats on your Savor approval and CLI on the QS1... Guess I am a bit confused why you applied for the Savor card and the UBER card? I assume you must eat out a decent amount? It would make more sense if you would of applied for the uber first before going for the Savor card if that is the case as uber is 4% back on food/ 3% of Airfare, etc... Where-as the Savor is basically 3% back on food and like 100 of other cards 2% back on groery store. Just seems like a bit of a overlap on the main category. Barclay's most likely wants to see a bit more credit history prior to approving you for one of their cards.. Usually they like to see over a years history which I believe you have from the Cap1. It certainly wouldn't hurt to call once or twice more for a recon if you want the card although you took the triple HP from cap1 for the Savor card already. Both the Uber and Savor card neigther of them have FTF's either so a bit identical there. Long story short if you want the card recon once or twice more and see if you can get a better analyst to overturn it. Best of luck.

Edit: BTW welcome to the forums. Hopefully the information you find here is useful!

Anonymous · ‎11-12-2017

Thanks for the reply!

My bad, the OP wasn't quite chronological. I did app for the Uber card first before trying Cap1, I figured Cap1 would be a better lock given my history with them.

Yes, I do eat probably more than a decent amount at restaruants lol. My primary motivation though was for the 3% back on airfare and hotels, as I don't have a card that gets me any bonus in the travel categories, of which I also do a fair bit of spending.

I think I'll probably sit on these two Cap1's for a while, and maybe eventually try for the Amex gold delta for the 50k bonus miles. I app'd for an Amex a while back and was denied (they ref'd my score) but it was only a SP. I burned Chase with the c/o 5 yrs ago so assume I won't be eligible for any of their awesome bonuses (I realize now this was a huge mistake, I was young and in college).

Anonymous · ‎11-12-2017

What a productive morning. Congrats.

CreditCuriosity · ‎11-12-2017

Most of of us made mistakes in college that carried over into our adult life as well so you are probably quicker than most of us due to having the internet and things like this forum to help you on your rebuild! I think it took me until 37 years old to finally wake up and realize that credit isn't free and had to be repaid and can help you alot if you have good credit vs. bad as you can make it work to your beneit.. So ya mistakes in the past haunt ones self for usually 7 years. I still have one year until my reports are completely clean and outta purgatory credit hell.. Granted I have all the big lenders now and good CL's etc., it has been a long long battle with an end in sight. Sounds like you only have two years left. Yes you are fine to let those cards age for 6 months or whatever and then go for a few more cards at that time. Best of luck with your journey!

Edit: with regards to Chase they certainly can have a long memory and 5-7 years it is possible to get back in with them, but it will be an instant decline and a reconsideration phone call to UW would have to take place and explain why what happened happened and how it will never happen again in the future.. Also if you burnt them only 5 years ago and haven't paid them then I would wait until the SOL of passed before poking the bear.. If you did pay them back then you certainly could try in say 6 months-12 months from now as you show some more positive history. Just be ready for a long talk with underwritting

Anonymous · ‎11-12-2017

Thank you @ 4theLoveofPoints!! I know, right? I am feeling pretty accomplished with both the new account and going from $1k to almost $10k in revolving limits.

I wish I could go back and kick my 21 year old self's behind for that @CreditCuriousity. Even if I had just made the $25 min pmt and gotten myself into some debt with Chase, at least now I have a decent job and could pay it off! Sigh....hindsight. I will definitely take your advice and wait to prod the Chase bear. Congrats on reaching the terminus of your rebuilding journey, I hope to be in your shoes with accounts w/ all the major lenders soon!