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Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

MrPepperoni
Regular Contributor

Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Hi Community,

Wanted to share my experience with getting CSP today.
Applied for CSP in-branch today and got instant rejection due to underwriting reasons.

DPs at the moment of application (pulled EX & EQ):
EX FICO 8 - 746
EQ VantageScore 3.0 - 750
3 Credit Card Accounts - 1% balance each month over all 3 cards for the entire history from day 1 (no baddies at all)
1 Installment Loan - 88% remaining
AAoA - 11 months
Available Credit - $19,800
Hard Inq: 8 on EQ (7 of which are car loan shopping on the same day, should be calculated as 1) & 14 on EX (3 of which Apartment Complex Tenant Screeninng, 8 of which are car loan shopping on the same day, should be calculated as 1). So effectivelly EQ 2, EX 4
Income: $75,000

I called recon, had to speak for 25 mins about what purchases I have in mind, how I am planning on repaying them, why 5 months ago I stopped depositing money into my Chase Checking, questions about Chase and my relationship and their future, why I want CSP specifically, how much I spend monthly on my other credit cards, etc. It was wild, but APPROVED after all for a minimum $5,000 SL.

* What recon rep didn't like was too many INQ (which I easily explained), but then she tried sticking to "your oldest account is not old enough", so it was really hard to overcome, but I explained that I try as hard as I can being a new immigrant and moving here just 2 years and 2 months ago, but having 1yr 10 months an oldest account. So it worked! Just be yourself and explain why you dont have a longer history - for me it was easy, I didn't live here to have same chance to start early like people who are born here.
Be prepared to pitch it like you are a sales person tho!

Moved to the US in August 2018.
Applied for Citi Costco in November 2018 - Denied due to lack of history (no history).
Started building credit in January 2019. Please hover over each card:

Goal Cards:




Message 1 of 9
8 REPLIES 8
blindambition
Community Leader
Senior Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congrats on the approval and successful recon. Sounds like it was quite the grilling!!

Smiley Happy

Message 2 of 9
SatanFlower69
Frequent Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congrats on a happy ending and thank you for sharing your story! Smiley Very Happy 

AAOA: 3 yrs 8 mo | UTIL: 8% | FICO 8: TBD 05/2021
Discover it Secured (5% Categories) $1500
Citibank Wayfair MasterCard $4500
Capital One Quicksilver Visa $1200
Message 3 of 9
M_Smart007
Epic Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congratulations on your CSP Recon Approval..




Message 4 of 9
M_Smart007
Epic Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History


@blindambition wrote:

Congrats on the approval and successful recon. Sounds like it was quite the grilling!!

Smiley Happy


@blindambition   " Sounds like it was quite the grilling!!"

 

With Chase it usually is Smiley LOL




Message 5 of 9
AllZero
Super Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congratulations on your approval!
Message 6 of 9
cashorcharge
Valued Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congratulations on your final approval!!

Message 7 of 9
gdale6
Moderator

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Wow, why you stopped putting money in their bank a little over the top IMHO but glad you got approved its a good card to have!!

Message 8 of 9
CreditAggie
Valued Contributor

Re: Chase Sapphire Preferred [DECLINED -> ReCon Approved] New Immigrant / Short History

Congratulations on your CSP approval!

Current Cards (in order of approval):


Current FICO 8:

Credit Age:

Inquiries (24 month):

Goal Cards:



Currently: 0/6, 0/12, 3/24
Message 9 of 9
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