you may have an old account that Chase has bought up during the bailout. It could be generating history that's no longer reporting to a CRA, but is hindering you on Chases internal scale.
@CreditEd wrote:you may have an old account that Chase has bought up during the bailout. It could be generating history that's no longer reporting to a CRA, but is hindering you on Chases internal scale.
He's never had financial problems, always paid things on time, and his income is about 50k a year.
@Mike360 wrote:Well it's not his income cause they gave me $3000 and I make half that. They probably thought his credit file was thin which from the sounds of it looks like it. 2 cards is not a lot to go bye.
yea but considering I had about that limit with 3 cards combined for 1 year, or his 1 card for 3 years lol should still add about the same imo LMAO
yeah that stinks =P but it would make sense that they don't consider store cards because they are more-or-less subprime
@trumpet-205 wrote:First, you are too in love of FICO score. FICO is not everything. In fact you can have 750 FICO score but a thin credit file. FICO score can be easily skewed/biased. Chase usually use either their internal credit score or VantageScore.
If it does turn out that Chase uses VantageScore, keep in mind that VantageScore place more emphasis on recent credit activity.
I don't care that much about the Fico score, but regardless he's had 4 credit cards in the past, only 1 he left open. 3 years of AAOA, and NEVER late or missed payments, and perfectly clean report. I'm sorry but considering most people's first credit cards have a higher limit than $500 this is really unjustified. It should atleast be $2,000 and that'd still be the lowest limit in his wallet.
I have about a 1 year AAOA and I got approved for over 30k in total credit limits between 4 cards. Only difference is I had 2 personal cards secured $1,000 and $1,500 and a $400 kays jeweler card.... the credit limit was essentially same, got approved for $5,500 BCP $17,000 Navy $5,000 Sapphire $3,000 Freedom all within a few days.
@Anonymous wrote:Has he reconned the CL yet? I didn't see you mentioning he has. I would have him call and recon - use the 5% rewards categories this time around for the advantage. Examples: Interested in the Best Buy category for buying a TV for Christmas but $500 is not enough for me to get it... I was thinking of visiting family over the holidays on a trip and this limit won't even cover my ticket alone.
I have found their computers to not permit high limits, but their backdoor underwriters are much more lenient and willing to look at the "whole picture". I found out by calling them that their computers don't like student loans ((really?))... There are millions of financially sound people with student loans... but that is the first thing the underwriter brough up.
well it's a huge chunk out of your DTI to have a expensive student loan, and statistically it could be sound proven. Like how new drivers usually get into an accident within the first 6 months of driving..... I'm even guilty of that even though it was about 180 day mark -_-;
but funny thing is he works part time at bestbuy to help out since he used to work there years ago, keeps him busy and he loves the discounts. he only works like a day a week haha but if he uses the card he gets 5% on top of his employee discount this quarter =)