GE Capital/ Chase Freedom and my fico roller coaster..lol

[dubcee33]

I thought I'd share my happy and sad credit experience from this past weekend.

First off, let me tell you my credit is a wreck, although I have been diligently working to improve it. I have about 12 collection accounts, 9 of which are from 2006ish and roll off by the end of year. I also have a PR from an eviction from 07 and rolls off next year. I have a good credit mix and excellent payment history on my (subprime) credit cards...excellent pay history on my student loans.

So since I didnt have any inquiries on my file and improved my TU credit score to 655, I decided to apply for a GE credit card for Rooms to Go. I was approved for $3000 in time for the no interest til 2016 promotion...YIPPEEE!! (Basically it's the first time I've been approved for anything on my own)..This is the good news.

Now for the bad news....Since I was feeling giddie about being approved...I got the dumb idea that maybe I could get rid of my subprime card for say...a Chase Freedom. I did not get an instant approval...they said they need to further review...which probably means I'm rejected...

But here's the doozie...the single inquiry from chase dropped my EQ by 52 points!!! WTH?? Back to tending the garden I go.

[myjourney]

Congrats and recon chase

[armbenderc]

Recon the freedom. They have one of the best success rate.

[dubcee33]

Sorry, Im kind of new here...what's recon?

[armbenderc]

Call to get your chase freedom reconsideration by an analysis. Look at the sticky back door number and call them tomorrow morning.

[myjourney]

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@dubcee33 wrote:

Sorry, Im kind of new here...what's recon?

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Short version 

Call ask them to pull up your app.................. Chase: 888-245-0625 (Credit Analyst - Recons)

Explain any questions they may have 

Tell them you really want the card because?   Answer

Hope for best

Good luck

[dubcee33]

Thanks guys..I'll try it tomorrow and post the results.

[indiolatino61]

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@dubcee33 wrote:

I thought I'd share my happy and sad credit experience from this past weekend.

First off, let me tell you my credit is a wreck, although I have been diligently working to improve it. I have about 12 collection accounts, 9 of which are from 2006ish and roll off by the end of year. I also have a PR from an eviction from 07 and rolls off next year. I have a good credit mix and excellent payment history on my (subprime) credit cards...excellent pay history on my student loans.

So since I didnt have any inquiries on my file and improved my TU credit score to 655, I decided to apply for a GE credit card for Rooms to Go. I was approved for $3000 in time for the no interest til 2016 promotion...YIPPEEE!! (Basically it's the first time I've been approved for anything on my own)..This is the good news.

Now for the bad news....Since I was feeling giddie about being approved...I got the dumb idea that maybe I could get rid of my subprime card for say...a Chase Freedom. I did not get an instant approval...they said they need to further review...which probably means I'm rejected...

But here's the doozie...the single inquiry from chase dropped my EQ by 52 points!!! WTH?? Back to tending the garden I go.

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Congrats on your approval...but 52 points is quite a drop for one inquiry...! A little time in the garden will fix that up, though.

[youngandcreditwrthy]

Damn! I hate inquiries!
Good luck on your recon.
Don't forget to kiss azz :-P

[dubcee33]

So I recon this morning but still denied...The guy sounded like he was willing to approve but just couldnt due to the sheer number of unpaid collections even though most are about 7 years old...it sounded to me that even with the collections, if they were paid...he would have approved...[I had a paid judgement and he said its paid so he's not worried about the PR..