I got an Auto Loan last month, and then go on an app spree... 
. As a result, I have so many HPs on CR (17 on EQ, 4 on TU, 6 on EX). I have a few denials and would like to call in for a recon since I want to take advantage of 0% APR promo to help reducing interest.
My FICO is 674 (DiscoverIT - statement date 05/11/14). I am hoping to get my FICO EQ from DCU soon.
I am thinking to call around first week of June since my report will be updated by then. Right now, debt to credit ratio is 47%.
1) Amex Blue Cash - applied on 04/29/2014. They pulled EX and stated on the letter that my FICO was 681.
- The number of accounts with high balances in relation to their credit limits or original loan amounts.
- Too few credit card accounts on which, in our estimation, you have paid a majority of the balanc in recent months.
2) Barclaycard Arrival - applied on 04/26/2014. They pulled TU and stated on the letter that my score was 678.
- High utilization on another CC
- Rapid increase in credit card balances on your credit report.
- Over the credit limit on one or more credit cards. (will no longer the case once the report get updated around 06/05/14)
3) Chase Freedom Visa Platinum - applied on 05/04/14. They pulled EQ and stated on the letter that my score was 567. (???)
- One or more revolving accounts have a high balance compared to the credit line
- Recent requests for new credit
- One or more credit cards are overlimit. (will no longer the case once the report get updated around 06/05/14)
- Total available credit on credit cards is too low.
Right now, I have a Chase Slate with CL of $3,000 and a balance of $2,945. I put in a BT with BofA for the amount of $2,900 that is pending. So once Chase updates my account, I will pay the difference and my balance should be $0 then. I have a long history with Chase, at one point, I have 4 CC with them, but 3 are now closed.
I want to have one of these cards to take advatage of 0% APR and since I already took the HP, I want to recon. Any thoughts please? Thank you.
Chase and Barclay are usually good on recon, but the high util will not work in your favor. AMEX is next to impossible to recon and they will like the util even less. You have taken the HP so you might as well make the call, can only help.
Just my 2 cents, good luck on whatever you do.
Recons would have to be done within 30 days from original app. Based on your reasons for a denial, you'll need to have fresh reports pulled which would add to your inqs. I can't see a way around the lenders not pulling new reports due to the age of the apps and the util issues.
Thank you so much for the input!
One more question: is it possible to call Chase and PC my Slate (14.24% right now) to Freedom (0% promo) instead of recon to open a new TL? I would like to get the Freedom promo, but not sure if that's even possible???
@Membersince2013 wrote:I disagree with LongRoad. Amex is actually easier with recons than anyone else. If it was Citi, i'd tell you that its next to impposible. I'd say call Amex. They'll probably give you $1000 to start and you won't have to explain too much.
While your recon with Amex may have been successful: historically Amex is the least likely to recon. CRs must have had errors for the most part. Nothing in OPs post indicated errors but indicated too much debt, excessive inqs and rapidly reducing bal.
@Membersince2013 wrote:Hey 09Lexie,
Just to get a little side tracked...How did you just quote my post?
Hit the blue quote button after you hit reply.
