Recon Chase?

[Anonymous]

I know, Chase isn't recon friendly. But I was looking over the denial letter I got from them, and one from Bank of America. Both pulled EX scores. Chase had me at a 564 on 12/01/13, and BofA has me at 633 on 12/02/13. Is it really possible that my scores went up that much overnight? Given this discrepency, should I recon?

[FinStar]

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@Anonymous wrote:

I know, Chase isn't recon friendly. But I was looking over the denial letter I got from them, and one from Bank of America. Both pulled EX scores. Chase had me at a 564 on 12/01/13, and BofA has me at 633 on 12/02/13. Is it really possible that my scores went up that much overnight? Given this discrepency, should I recon?

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Each lender will have different internal scores.  If you notice on the letter you received, each one will have their own range.  Chase and BOA do not cross-share internal scores as each has their own range criteria.  I wouldn't bank much success at such a low score for Chase, but if you feel that your profile warrants reconsideration, then give it a try.

[09Lexie]

That may not have been a FICO.  If the reasons to recon can be overcome in a phone call, might as well try.

Chase is good on recons. 

[Anonymous]

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@Anonymous wrote:

I know, Chase isn't recon friendly. But I was looking over the denial letter I got from them, and one from Bank of America. Both pulled EX scores. Chase had me at a 564 on 12/01/13, and BofA has me at 633 on 12/02/13. Is it really possible that my scores went up that much overnight? Given this discrepency, should I recon?

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I don't necessarily agree with that.  Lots of people (myself included) have success with recons with Chase.  Probably depends on a number of factors, including your profile, but also to whom you speak with when you call.

Also, their internal score for me is always significantly lower than Myfico, but they've also been willing to work with me at building a relationship.  I'd say if you have good explanations for the items the listed in the denial letter, definitely give them a call.  It doesn't hurt and you might get more specifics on when to reapply, even if they don't approve you this time.

[Anonymous]

Their reasons were 1) delinquency (one late total, and it's not valid, so this could be easily talked around), 2) too many recent accounts, 3) Recent inqs.

2&3 are real, and I just started getting CCs, so I'm thinking wait the 6 months and try them again. I'm fairly happy with what I have, even though I'd like to focus more on the "big-girl" cards in the future

[Anonymous]

Others can chime in, but from my experience, INQs and new accounts don't seem to be too big of deal as long as it doesn't look like you "NEED" the credit and other factors on your report look good.  I had to discuss this both with Chase and with Discover.

Of course, you should do what you're comfortable with and the downside of a recon approval is that if you are borderline with Chase, your limit might be low and the APR bad.  That's not the case with everyone though.

[FinStar]

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@Anonymous wrote:

Others can chime in, but from my experience, INQs and new accounts don't seem to be too big of deal as long as it doesn't look like you "NEED" the credit and other factors on your report look good.  I had to discuss this both with Chase and with Discover.

Of course, you should do what you're comfortable with and the downside of a recon approval is that if you are borderline with Chase, your limit might be low and the APR bad.  That's not the case with everyone though.

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Most borderline or low CL approvals can result in a high APR.  Reconsideration efforts will also result in another HP.  Plus, Chase is well-known regarding their CLIs policy with these types of low CLs.  Additionally, this is the riskiest product available that Chase would be willing to offer based on exception approval processing.  I would highly doubt the OP would qualify for an optimal or higher CL and a decent APR based on such profile.  The Card Services enahanced score that the OP provided is a good indicator.

[Involver]

To speak to the above comment regarding an additional hp - in my case i did not receive a second hard pull. I called recon twice (2 days after apping and then 2 weeks later). It is my impression that you have 30 days to recon without an additonal inquiry, although you will get one for a CLI. I was definitely a borderline approval, but you have nothing to lose IMO. I also think the first denial by phone was a good learning experience, it helped me to better prepare for the follow up call.

[09Lexie]

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@FinStar wrote:

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@Anonymous wrote:

Others can chime in, but from my experience, INQs and new accounts don't seem to be too big of deal as long as it doesn't look like you "NEED" the credit and other factors on your report look good.  I had to discuss this both with Chase and with Discover.

Of course, you should do what you're comfortable with and the downside of a recon approval is that if you are borderline with Chase, your limit might be low and the APR bad.  That's not the case with everyone though.

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Most borderline or low CL approvals can result in a high APR.  Reconsideration efforts will also result in another HP.  Plus, Chase is well-known regarding their CLIs policy with these types of low CLs.  Additionally, this is the riskiest product available that Chase would be willing to offer based on exception approval processing.  I would highly doubt the OP would qualify for an optimal or higher CL and a decent APR based on such profile.  The Card Services enahanced score that the OP provided is a good indicator.

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@Involver wrote:
To speak to the above comment regarding an additional hp - in my case i did not receive a second hard pull. I called recon twice (2 days after apping and then 2 weeks later). It is my impression that you have 30 days to recon without an additonal inquiry, although you will get one for a CLI. I was definitely a borderline approval, but you have nothing to lose IMO. I also think the first denial by phone was a good learning experience, it helped me to better prepare for the follow up call.

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 What FinStar is referring to in some instances, a CSR will pull another CB to overcome a denial ESP .  If the EX cr is borderline, they might pull EQ or TU to strengthen your case.  

[Involver]

Ahh, okay.  I was initially double HP'd (EX and TU) but was not by the CSR during recon.  EX is definitely my least flattering of the 3 bureaus and my denial was based on info on TU so the situation you describe was probably how my app was initially handled.  Always good to learn.