Received rejection letter from Chase for Freedom Card

[Mustangfrank]

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@migliogiorni wrote:

Since those cards will get backdated I think it's worth a try.  My Zinc reported a couple of weeks after I recieved it.  G.L. I think you'll get in with Chase once those cards report.

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I am going to ask if they are going to do another Hard Pull.

If they say yes then I will wait four months and give it a another shot by then my Amex revolver card should have a higher CLi.

[youngandcreditwrthy]

I have to disagree with the other posters given your reasom for original denial.
1. New cards that are really backdated with high limits are IDEAL in this sit.
2. You won't get the same credit analyst twice.
3. In this case I can only see you losing points for the inquiries assuming your backdating of Amexs are reflected on your CR.

With backdating your aaoa could actually increase thereby trumping the few inquiries you incurred, esp. If your CRs reflect 1983 as the open date.

Furthermore, check your fico if you can before you decide to show them your most recent report.

As far as util is concerned, you already are in the ideal range of 10% or less... Assuming you keep usage on your new accounts 10% or less, the effect should be neutral. Keep in mind though, the more credit avail to you, the better your score generally tends to be assuming util is in line.

Oh one other thing... The only way a new amount of credit becomes an issue in this case is if your income can't handle the lines..
So your income will be a significant factor too... But opening an extra $11,000 in lines never kept me from getting cli or new accounts!

I know I'm young (23), but I've studied credit so much...
Feel like
My advice is good:-)
Hope this helps!!!! Best of luck again.

[navigatethis12]

I believe the score will go up when the cards report with a 1983 date since it is extra time. There will be no new account drop because it will not see them as new. Keep in mind though that Chase does not always go by score, as they look more at how you have handled the cards. They also quite frequently use the Vantage Score over a FICO Score.

 You will probably not get the same analyst twice but the second one can still see why you were denied and will see that it was because of lack of revolving lines. Backdating is only good for computers. Humans can see that no history is visible for the accounts and will either wonder and ask why it is missing, or will be familiar with it and see the accounts as new.

Even if your income is alright, banks still do not always like lending to people opening up a lot of accounts. It is a possibility that you are doing it because you desperately need credit. Sometimes it is mentioned that I have ten new accounts under a year old but they see that I have no balances and on time payments and overlook it. I am also young (22), but speak from experience with this, except for the backdating.

[Mustangfrank]

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@youngandcreditwrthy wrote:
I have to disagree with the other posters given your reasom for original denial.
1. New cards that are really backdated with high limits are IDEAL in this sit.
2. You won't get the same credit analyst twice.
3. In this case I can only see you losing points for the inquiries assuming your backdating of Amexs are reflected on your CR.

With backdating your aaoa could actually increase thereby trumping the few inquiries you incurred, esp. If your CRs reflect 1983 as the open date.

Furthermore, check your fico if you can before you decide to show them your most recent report.

As far as util is concerned, you already are in the ideal range of 10% or less... Assuming you keep usage on your new accounts 10% or less, the effect should be neutral. Keep in mind though, the more credit avail to you, the better your score generally tends to be assuming util is in line.

Oh one other thing... The only way a new amount of credit becomes an issue in this case is if your income can't handle the lines..
So your income will be a significant factor too... But opening an extra $11,000 in lines never kept me from getting cli or new accounts!

I know I'm young (23), but I've studied credit so much...
Feel like
My advice is good:-)
Hope this helps!!!! Best of luck again.

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Thanks youngandcreditworthy I think you have made some very good points. (just because you are young does not mean you are not knowledgable :-))

I will give it a shot with Chase in two weeks when the Amex cards report.

What is the worst that can happen...... they say NO...........I will still have my Amex cards,

my Capital one secured card and there is always Debit cards and Cash and Checks.

The problem with only having Amex Cards is that there are places that do not accept them because

they charge the Vendors more than Visa and Master Charge.

[youngandcreditwrthy]

But three new Amexs? C'mon... Chase is more apt to think"oh we better jump on the bandwagon and make some money on this guy if Amex is doing it" LOL!

And as you and I said navigatethis... Keep usage low on new accounts = one more reason for approval.

Furthermore, backdating doesnt seem like AU reporting...backdating stems from the debtor actually having had an account for a while with the creditor..

And ten new random accounts are much more cause of concern than three new Amexs....
Of course Cap1 doesn't care that I have a $6,500 Amex lmao.

[navigatethis12]

In my opinion, the accounts will still look suspicious to a human looking over the report. For a computer that looks at score and length of history, it would not be an issue. A human will without a doubt see the missing payment history and wonder why it is not there.

It all depends on the analyst in the end. At Chase one analyst said they only give business cards if the business is two years old (I just started in June). I rang the next day and got approved after about a five minute conversation on what I planned to do with the business. At FIA I had an analyst say no credit limit increase and when I tried again the lady looked at it for literally about thirty seconds before approved the 4000 increase. There are other stories but I think you get the idea.

In my experiene banks do not seem to be concerned about what other lenders have given you. The credit limits I get are all over the place. American Express almost gave me a heart attack approving me for 10000, a few weeks later Discover gave 1000.

[youngandcreditwrthy]

Lol exactly... Always another opp., but with recons it's up to you... I've been banking with Chase since '07 too.

But what mustangfrank is saying is the he already had an acct from 1983... While use was limited, he did have it.

Idk... But whatever the outcome is you let us know!!!! :-)

Took me two recons to get my $5k Freedom
But I did it. I got denied for my Trav Amex having high util., but my overal util was stilll <15% which I explained so that got me approved. :-) of course, I only have 6 years max of revolving history and only deferred stud loans! Lol

Best wishes!

[MountainHiker]

They did a second hard pull on me as well during recon. But it was on a different credit bureau which only had two inquiries in last two years so for me it wasn't a problem.

[youngandcreditwrthy]

Yeah, mine was two hp, but with two diff cred bureaus! (exp&eq)