Newbie here =)
I applied for a Chase Sapphire Card last weekend and decided to call the backdoor number. Initially, he said I was denied because I have so many inquiries (due to a car loan). I asked for a reconsideration. He put me on hold for about 5 mins and came back to tell me that I'm denied because I have only a year's worth of credit history ( I just moved to the US in Jan 2011). Should I call back and hope that the next analyst will be more lenient?
Here are my details just to give you an idea on my standing:
Credit Sesame: 740
Credit Karma: 730
Currently I have these cards:
Capital One Rewards: $750
Discover Cashback: $1000
American Express Blue Sky: $2000
Thanks in advance for your help! =)
Dont bother but it is your time. Sapphire is their higher end card with absolute floor on approvals credit wise hence the set interest rate. If you had apped forfreedom or slaTe or something like that, I would have recommendEd to keep trying to get anything. But with sapphire and your thin file, don't bother.
i have 6 accounts, 2 from august 2011 and 4 from feb-april 2012. I was approved for a Sapphire this month. So length of history is not the only reason. It might be that not enough of your tradelines are are 1 year old.
Also, while you don't specifically need to already have any single tradeline at 5000+, the closer you can get the better. I had one at 3K and one at 2K when i applied, and a total of 8600, a utizilation of 1%. They don't give out CL of less than 5000 for either of the sapphire cards, so if they don't want to give you 5K yet, then you won't get the card. Unless you already have a chase card, theyd let you transfer some of that limit to meet the 5K minimum.
Should also check your true fico. There is no real correlation between fakos and ficos, even if they have a similar score scale. Do you know who chase pulled? if you've gotten the denial letter, did they score you based on FICO or an internal system?