Chase question

[Anonymous]

I recently applied for a chase card.  They denied saying too many inquiries (I just bought a house).   I called the number on the letter for recon.  She came back after my explanation saying I hadn't rebuilt my credit enough from my "distant past" (about 3 years.. lost a job.  Everything is now paid off.)  I didn't even think to rebut with the fact that I have a chase car loan that I opened in May, 2009 for $25k and is now around $21.5k.   Should I call back or just let it go? 

I currently have a :

"pay through the nose" continental cc that is pif every month but reports $18 every month due to finance charges.  It is currently $450 but goes to $525 in April. opened 10/08

Chase car loan.   7.5% interest opened 5/2009

WF mortgage.  not yet reporting  first payment due 4/1.

I should probably wait a year and let everything age but I hate the thought of paying $300+ in finance charges, cli increase fees and annual fees.

[cdtotten]

What are your EQ and TU ficos? What happened 3 years ago... Charge off/120 day late, what?

It appears you have very little revolving credit currently, a lot of inquiries (how many?), and baddies in your history... that is not a good candidate for a prime card.

[Anonymous]

3 years ago I lost my job and my son was really sick.  I have a few charge offs.  All paid or settled and paid and a couple collections.. also all paid.  My scores are 677, 661 and 658.  (pulled by my mortgage lender last month)  I have 5 pulls on each bureau.  One from Subaru in 5/09, One from Chase in 5/09 and 3 from my mortgage company.  I have had my current credit card since 10/08 PIF every month.  I was just hoping since I had my car with them that it might work out.  I pay that every month 2 weeks early.  Im actually paying my April payment (due 4/13) next week. 

Actually I guess now that I think of it.. it has been about 4 years now.  I lost my job in 11/05 and fell behind in 3/06 when my son was hospitalized.  Moved back to my parents and got a job waitressing in 6/06.

[cdtotten]

I'm very glad to hear you have overcome the problems that caused so much trouble in the past. Unfortunately, with a history with that amount of delinquency, you are going to have a very hard time obtaining credit from a prime lender. You might want to try something like HSBC (rewards mastercard maybe), or a secured credit card. You almost might have better luck with a credit union. Chase will not approve you with that kind of history, car loan or not.

[Itsmeagain]

WOW! You've had a lot on your plate.  CONGRATULATIONS on the house.  You must be really proud.

Have you considered a credit union (CU)?  Maybe there is a local one you could try.  They are usually more inclined to deal with situations like yours than the big banks.  There are also the larger CU's like PenFed, Alliant and Addison Avenue but with the collections still reporting you might be better advised to take a copy of your credit report, walk into your local CU and ASK what they think they could do for you and/or what you might do to entice them to extend their credit products to you.

[Anonymous]

Thanks.  I'll look into the credit union possibly.  I guess I'll wait a little longer. Myfico says in 12 months I should be at least 711.

I only have one collection still reporting on all of my reports and it falls off in 4/11.   The rest were removed.  There are a few paid off chargeoffs reporting. 

I cancelled score watch after I signed my mortgage.  I'll have to pull my reports in 6 months and in a year and see where I stand.

I love my little house. It's in a safe area and more than enough space for my son, our dog and me.  I just signed up for accelerated payments so it will be all mine in the year 2035.  LOL

My son is doing much better these days.  Monthly check ups but no hospitalizations in over 2 years.    (Only one more hospital bill to pay off and thankfully *fingers crossed* I shouldn't get any more since he is finally on state disability.) 

Message Edited by moonlitnight on 03-11-2010 11:08 AM

[smallfry]

I would try Capital One and HSBC though they would likely be low limit cards. Good to start though. Congrats on the house. Good luck.

[Anonymous]

Have you considered Wells Fargo, they have a rewards card that pays cash against your mortgage?  Ot the secured card is only $18 year annual fee.

Continental card is too expensive.   Look at Public Savings Bank, if nothing else works.  better deal than Continential. 

[Anonymous]

I would recommend writing them an appeal letter.

[Anonymous]

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@Anonymous wrote:

Have you considered Wells Fargo, they have a rewards card that pays cash against your mortgage?  Ot the secured card is only $18 year annual fee.

Continental card is too expensive.   Look at Public Savings Bank, if nothing else works.  better deal than Continential. 

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Regarding Wells Fargo:  will the OP having a brand spanking new mortgage through them help or harm their cause in getting an actual credit card?

That's probably a good idea about recommending Public Savings Bank and their secured card with no credit check.  Their rep has done a great job answering questions and being nice even when asked the same thing over and over again, over at CK.  It will be interesing to hear more people's views as more people apply and write online about their experiences.

Congratulations to the OP on their new home.   Chase is really strict on the 'auto-denial for 3+ inquiries' crap.