Chase Freedom Denied for"Too many recent Inquiries"..Need Help

[enharu]

ok just so I'm clear. I'm asking only because I'm trying to think of how you can explain to recon to put yourself in the best light possible.

So you had Freedom in 07.

They SP'ed you, saw something they didn't like, and they closed the account. You paid late and account went into deliquency.

Did I get the overall picture correct?

Have you paid it off now? Did you pay in full, or was it a negotiated sum where you paid less than what you originally owed?

Do you roughly know why they closed it? Did you max out other cards, or go deliquent on other cards/accounts?

[FinStar]

---

@BKFireFly wrote:

---

@FinStar wrote:

---

@BKFireFly wrote:

To clarify, I did not pay prior to closure. I was pissed at chasse for closing my account and made really stupid decisions. I think at the time my usage was like 60-80 %. As i previosuly stated did a few favors for family and was waiting for the cash to make the lump sum payments within the next month or so. They never paid so I did the BLP.

Card was opened in 07, closed in 08

---

@FinStar wrote:

---

@BKFireFly wrote:

Hey everybody.

Back in 07 I got a chase freedom with 4 K and I was so excited, so I used and paid and at my 6 mth review it was revoked. I was never late, always paid more than the minimum but util was high, I had done a few favors and was waiting to get the money to make lump payments. Anyway so A/c closed I made a few late payments and finally joined their balance liquidation program. Paid it off 1+ yrs early (March '13).  I have a lot of cards all with low limits put paid on time most with a zero balance. My Dell A/C has the highest util. *sorry to be long winded*

I have been on the search for a prime card with a decent util, authorized user on mom visa w/ 4K but doesn't report. So I apped for a freedom and I got wait msg. I waited letter said nothing about my past negative history, just too many recent inquiries. I have tried BOA, Citi & Barclay. I cannot get a prime card. I need to get back out of subprime help. Can't find a company to take a chance on me.

Should I recon and what are my chances of approval? Or othe

---

OP, something doesn't add up.  What type of "usage" did you put on the card that resulted in the account being closed?  Also, you mentioned that you made no late payments on the card but your above sentence contradicts what was posted earlier... additionally, if the recent "early" pay off on this card occurred just last month on their BLP, then they will likely be able to see this during a manual review.

---

 Absurdly minor proanity edit --CareBear Rev

---

Ok, thanks for clarifying.  This is really going to depend on a variety of factors if you decide to have the decision reconsidered: (a) inquiries/recent new credit (b) previous history with Chase (c) overall credit profile, etc.  On the upside, you have rectified the situation and settled the debt earlier than scheduled via their BLP.

The only potential issue could be how they view your previous history with them, as Chase remembers and the "forgiving" factor can take some time on their end.  Could they give you a second chance?  Possibly.  Can the reconsideration also result in a denial?  Possible as well.  The only way to know for sure is how you present/plead your case to them if you try the reconsideration approach and want to re-establish a relationship and whether they are willing/able to open an account for you.

---

I was planning to call tomorrow, but I am unsure what would be my best approac, to sell my case.

Full time grad student, majority of my credit report is student loans.

Total revolving credit $ 10 K, using like 4k. (I know i need to get my util down  to less than that). I use my cards for books, tution payments etc.

I am thoroughly at a loss here.

---

The best approach is to have some good preparation beforehand.  For instance, have a recent copy of the credit report they used, examine it so that you can speak to specific points that they may address, such as your utilization, inquiries and any potential negative information. 

They will ask about your income.  Just be honest with explaining why the utilization may be high and your strategy for such usage.  As far as inquiries, as 09Lexie mentioned earlier, if a bulk of those were for auto financing, chances are they will see them as such (if grouped together around the same time). 

They may ask why you want the card, what your plans are for it and why you see it as a fit to gain such relationship.  They may or may not bring up the previous account history, so be prepared to provide an honest explanation.  They will not want to hear that you refused payment for Chase closing your account or misused the account that ultimately led to its demise.  You are aware of this today and hopefully the lesson was learned.  Instead, focus on providing an explanation something along the lines of "in the past I was not fully aware/educated on credit to understand the negative impacts that it could cause when not used properly.  I have learned over time how to handle credit responsibly and I was able to turn things around thanks to the BLP...etc."

Hopefully, you connect with a sympathetic ear who will be willing to provide a second chance with regaining your relationship with Chase.  If they approve you for a small CL, you have at least your foot in the door with them.   Best of luck.

[BKFireFly]

---

@enharu wrote:

ok just so I'm clear. I'm asking only because I'm trying to think of how you can explain to recon to put yourself in the best light possible.

So you had Freedom in 07.

They SP'ed you, saw something they didn't like, and they closed the account. You paid late and account went into deliquency.

Did I get the overall picture correct?

Have you paid it off now? Did you pay in full, or was it a negotiated sum where you paid less than what you originally owed?

Do you roughly know why they closed it? Did you max out other cards, or go deliquent on other cards/accounts?

---

Hi

you have the basic storyline correct. Yes, it is PIF not settlement, used BLP & paid off account early. No max out on any other cards at the time, my reasoning is that my utilization fo their card was too high but not maxed.  I was in the processing of cleaning up past deliquencies & charge-offs at the time, which were still on my report (could be a reason).

App essentially denied for too many inq. I was car/auto loan shopping from the beginning of the year until I bought my car in FEB.

Only lates on my report are hold

Chase '08

Macy's '12 (disputing)

Hofstra University (disputing)

Hope this helps clarify things for you.

[FinStar]

---

@BKFireFly wrote:

Thanks so much everyone for your input. I will keep you posted. *Crossing Fingers & Heart* Going to take the plunge tomorrow. Gonna push for 3-5K if even get a yes. I'm somewhat ambitious.

---

You're welcome and keep us posted.  One thing to keep in mind, drive the conversation so it is with a positive outcome and sincere.  Don't ask how much you want, just letting them know you want to establish a relationship and sell them on some good points to how you'll utilize the product would be good.  As I mentioned earlier, if they start you off with a small CL, you have the option to CLI in the future with positive history.

[BKFireFly]

---

@FinStar wrote:

---

@BKFireFly wrote:

---

@FinStar wrote:

---

@BKFireFly wrote:

To clarify, I did not pay prior to closure. I was pissed at chasse for closing my account and made really stupid decisions. I think at the time my usage was like 60-80 %. As i previosuly stated did a few favors for family and was waiting for the cash to make the lump sum payments within the next month or so. They never paid so I did the BLP.

Card was opened in 07, closed in 08

---

@FinStar wrote:

---

@BKFireFly wrote:

Hey everybody.

Back in 07 I got a chase freedom with 4 K and I was so excited, so I used and paid and at my 6 mth review it was revoked. I was never late, always paid more than the minimum but util was high, I had done a few favors and was waiting to get the money to make lump payments. Anyway so A/c closed I made a few late payments and finally joined their balance liquidation program. Paid it off 1+ yrs early (March '13).  I have a lot of cards all with low limits put paid on time most with a zero balance. My Dell A/C has the highest util. *sorry to be long winded*

I have been on the search for a prime card with a decent util, authorized user on mom visa w/ 4K but doesn't report. So I apped for a freedom and I got wait msg. I waited letter said nothing about my past negative history, just too many recent inquiries. I have tried BOA, Citi & Barclay. I cannot get a prime card. I need to get back out of subprime help. Can't find a company to take a chance on me.

Should I recon and what are my chances of approval? Or othe

---

OP, something doesn't add up.  What type of "usage" did you put on the card that resulted in the account being closed?  Also, you mentioned that you made no late payments on the card but your above sentence contradicts what was posted earlier... additionally, if the recent "early" pay off on this card occurred just last month on their BLP, then they will likely be able to see this during a manual review.

---

 Absurdly minor proanity edit --CareBear Rev

---

Ok, thanks for clarifying.  This is really going to depend on a variety of factors if you decide to have the decision reconsidered: (a) inquiries/recent new credit (b) previous history with Chase (c) overall credit profile, etc.  On the upside, you have rectified the situation and settled the debt earlier than scheduled via their BLP.

The only potential issue could be how they view your previous history with them, as Chase remembers and the "forgiving" factor can take some time on their end.  Could they give you a second chance?  Possibly.  Can the reconsideration also result in a denial?  Possible as well.  The only way to know for sure is how you present/plead your case to them if you try the reconsideration approach and want to re-establish a relationship and whether they are willing/able to open an account for you.

---

I was planning to call tomorrow, but I am unsure what would be my best approac, to sell my case.

Full time grad student, majority of my credit report is student loans.

Total revolving credit $ 10 K, using like 4k. (I know i need to get my util down  to less than that). I use my cards for books, tution payments etc.

I am thoroughly at a loss here.

---

The best approach is to have some good preparation beforehand.  For instance, have a recent copy of the credit report they used, examine it so that you can speak to specific points that they may address, such as your utilization, inquiries and any potential negative information. 

They will ask about your income.  Just be honest with explaining why the utilization may be high and your strategy for such usage.  As far as inquiries, as 09Lexie mentioned earlier, if a bulk of those were for auto financing, chances are they will see them as such (if grouped together around the same time). 

They may ask why you want the card, what your plans are for it and why you see it as a fit to gain such relationship.  They may or may not bring up the previous account history, so be prepared to provide an honest explanation.  They will not want to hear that you refused payment for Chase closing your account or misused the account that ultimately led to its demise.  You are aware of this today and hopefully the lesson was learned.  Instead, focus on providing an explanation something along the lines of "in the past I was not fully aware/educated on credit to understand the negative impacts that it could cause when not used properly.  I have learned over time how to handle credit responsibly and I was able to turn things around thanks to the BLP...etc."

Hopefully, you connect with a sympathetic ear who will be willing to provide a second chance with regaining your relationship with Chase.  If they approve you for a small CL, you have at least your foot in the door with them.   Best of luck.

---

Thanks so much. I pulled the report they used. I have looked it over, and I am ready. All recent inq are from car & one CC app. As far as my usage on thier past card, I will do as you said,  I was unaware that usage could negatively affct your relationship with the issuing bank and credit report.  I also plan to let them know that while it may seem I did not pay I paid late each month so it seems as though it was on-going non-payment-not to mention their were major layoffs within my family and I had to pick up the slack (tru story).

I currently bank with chase & hold student loans with them, so there are my first choice in establishing a major credit card relationship. Not to mention I love their blue print payment option.

Does this sound about right? Full on honesty tho.

[BKFireFly]

---

@FinStar wrote:

---

@BKFireFly wrote:

Thanks so much everyone for your input. I will keep you posted. *Crossing Fingers & Heart* Going to take the plunge tomorrow. Gonna push for 3-5K if even get a yes. I'm somewhat ambitious.

---

You're welcome and keep us posted.  One thing to keep in mind, drive the conversation so it is with a positive outcome and sincere.  Don't ask how much you want, just letting them know you want to establish a relationship and sell them on some good points to how you'll utilize the product would be good.  As I mentioned earlier, if they start you off with a small CL, you have the option to CLI in the future with positive history.

---

Ok, I wont push the CL. I am just hoping for an approval. I miss the heck out of my freedom card. And i so want to tell some of the sub banks to piss off.

[BKFireFly]

Here are my stats let me know what you guys think:

Annual 50K

Car Note: $ 400

Experian score 654 dropped from 664 other day

Revolving debt: $ 4.5 K/10.5 K

Student loans in deferrment until 2016

No recent lates , judgements, or  collections

[enharu]

Ah I see.

May I ask why are you disputing the Macy's and Hofstra inquiries? They might be asking why and what are you disputing. You will need valid reasons to explain them.

How many inquiries do you have in total for the past 12 months? How many in past 24? Are you disputing any inquiries, and why?

Your utilization is at 45% now, right?

Chances are they will ask you about all those, plus your Freedom account back from 2007.

[09Lexie]

Wow! I missed the util. That alone may be a factor on your profile. Also, high util is keeping your score down.

Did I understand that your lates with Chase were rolling lates?

...'while it may seem I did not pay I paid late each month so it seems as though it was on-going non-payment-not to mention their were major layoffs within my family and I had to pick up the slack'

[FinStar]

---

@BKFireFly wrote:

---

@FinStar wrote:

---

@BKFireFly wrote:

---

@FinStar wrote:

---

@BKFireFly wrote:

To clarify, I did not pay prior to closure. I was pissed at chasse for closing my account and made really stupid decisions. I think at the time my usage was like 60-80 %. As i previosuly stated did a few favors for family and was waiting for the cash to make the lump sum payments within the next month or so. They never paid so I did the BLP.

Card was opened in 07, closed in 08

---

@FinStar wrote:

---

@BKFireFly wrote:

Hey everybody.

Back in 07 I got a chase freedom with 4 K and I was so excited, so I used and paid and at my 6 mth review it was revoked. I was never late, always paid more than the minimum but util was high, I had done a few favors and was waiting to get the money to make lump payments. Anyway so A/c closed I made a few late payments and finally joined their balance liquidation program. Paid it off 1+ yrs early (March '13).  I have a lot of cards all with low limits put paid on time most with a zero balance. My Dell A/C has the highest util. *sorry to be long winded*

I have been on the search for a prime card with a decent util, authorized user on mom visa w/ 4K but doesn't report. So I apped for a freedom and I got wait msg. I waited letter said nothing about my past negative history, just too many recent inquiries. I have tried BOA, Citi & Barclay. I cannot get a prime card. I need to get back out of subprime help. Can't find a company to take a chance on me.

Should I recon and what are my chances of approval? Or othe

---

OP, something doesn't add up.  What type of "usage" did you put on the card that resulted in the account being closed?  Also, you mentioned that you made no late payments on the card but your above sentence contradicts what was posted earlier... additionally, if the recent "early" pay off on this card occurred just last month on their BLP, then they will likely be able to see this during a manual review.

---

 Absurdly minor proanity edit --CareBear Rev

---

Ok, thanks for clarifying.  This is really going to depend on a variety of factors if you decide to have the decision reconsidered: (a) inquiries/recent new credit (b) previous history with Chase (c) overall credit profile, etc.  On the upside, you have rectified the situation and settled the debt earlier than scheduled via their BLP.

The only potential issue could be how they view your previous history with them, as Chase remembers and the "forgiving" factor can take some time on their end.  Could they give you a second chance?  Possibly.  Can the reconsideration also result in a denial?  Possible as well.  The only way to know for sure is how you present/plead your case to them if you try the reconsideration approach and want to re-establish a relationship and whether they are willing/able to open an account for you.

---

I was planning to call tomorrow, but I am unsure what would be my best approac, to sell my case.

Full time grad student, majority of my credit report is student loans.

Total revolving credit $ 10 K, using like 4k. (I know i need to get my util down  to less than that). I use my cards for books, tution payments etc.

I am thoroughly at a loss here.

---

The best approach is to have some good preparation beforehand.  For instance, have a recent copy of the credit report they used, examine it so that you can speak to specific points that they may address, such as your utilization, inquiries and any potential negative information. 

They will ask about your income.  Just be honest with explaining why the utilization may be high and your strategy for such usage.  As far as inquiries, as 09Lexie mentioned earlier, if a bulk of those were for auto financing, chances are they will see them as such (if grouped together around the same time). 

They may ask why you want the card, what your plans are for it and why you see it as a fit to gain such relationship.  They may or may not bring up the previous account history, so be prepared to provide an honest explanation.  They will not want to hear that you refused payment for Chase closing your account or misused the account that ultimately led to its demise.  You are aware of this today and hopefully the lesson was learned.  Instead, focus on providing an explanation something along the lines of "in the past I was not fully aware/educated on credit to understand the negative impacts that it could cause when not used properly.  I have learned over time how to handle credit responsibly and I was able to turn things around thanks to the BLP...etc."

Hopefully, you connect with a sympathetic ear who will be willing to provide a second chance with regaining your relationship with Chase.  If they approve you for a small CL, you have at least your foot in the door with them.   Best of luck.

---

Thanks so much. I pulled the report they used. I have looked it over, and I am ready. All recent inq are from car & one CC app. As far as my usage on thier past card, I will do as you said,  I was unaware that usage could negatively affct your relationship with the issuing bank and credit report.  I also plan to let them know that while it may seem I did not pay I paid late each month so it seems as though it was on-going non-payment-not to mention their were major layoffs within my family and I had to pick up the slack (tru story).

I currently bank with chase & hold student loans with them, so there are my first choice in establishing a major credit card relationship. Not to mention I love their blue print payment option.

Does this sound about right? Full on honesty tho.

---

Yes, it can definitely help as Chase is very big on relationships, especially if they are your primary financial institution.  Since you already have student loans and bank with them it provides some added weight when addressing why the relationship is important and mutual.