CHASE approval issues

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takeshi
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Re: CHASE approval issues

Postby takeshi » Mon Jun 15, 2015 9:22 am

morgacj2004 wrote:I applied for the Freedom card and was denied. I called the recon line and was told it was because I have a BK on my record. When I asked how long before that would not be an issue the Rep could not give me a straight answer. CK stated the avg approval score for Chase Freedom was around 670. Any thoughts?

I wasn't able to get an approval from Chase until my BK fell off my reports. How would the rep know when your BK would fall off? You'd have to ask the CRA.


morgacj2004
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Re: CHASE approval issues

Postby morgacj2004 » Mon Jun 15, 2015 1:56 pm

My BK was a Chapter 7. I did not burn CHASE never had a card with them. Actually have a current auto loan thru CHASE bank for 30k with no late pays. I have not had any late pays since Nov 2012. I called the recon line, the lady was very pleasant but stated that my BK was too recent and that CHASE needed to see a longer payment hx esp on my newer accts. Should I call back and speak to someone else or give it another year.?

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Mon Jun 15, 2015 4:27 pm

morgacj2004 wrote:My BK was a Chapter 7. I did not burn CHASE never had a card with them. Actually have a current auto loan thru CHASE bank for 30k with no late pays. I have not had any late pays since Nov 2012. I called the recon line, the lady was very pleasant but stated that my BK was too recent and that CHASE needed to see a longer payment hx esp on my newer accts. Should I call back and speak to someone else or give it another year.?

I'm not sure what to make of this. An auto can be repossessed, but there is still some risk for Chase. It does seem odd that they would approve you for a $30k card loan but not even $500 for Freedom.
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morgacj2004
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Re: CHASE approval issues

Postby morgacj2004 » Mon Jun 15, 2015 7:43 pm

Yes it does seem kind of odd ! but as I have seen on this forum Chase can be kind of fickle. I applied for Discover IT and was approved so I will use that card instead. Just a side note my wife who is the primary on the CHASE auto loan was not approved for the Freedom card. She applied for a CAP One Quicksilver and was approved with a 3 k limit.

flan
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Re: CHASE approval issues

Postby flan » Mon Jun 15, 2015 10:29 pm

CarefulBuilder14 wrote:
morgacj2004 wrote:My BK was a Chapter 7. I did not burn CHASE never had a card with them. Actually have a current auto loan thru CHASE bank for 30k with no late pays. I have not had any late pays since Nov 2012. I called the recon line, the lady was very pleasant but stated that my BK was too recent and that CHASE needed to see a longer payment hx esp on my newer accts. Should I call back and speak to someone else or give it another year.?

I'm not sure what to make of this. An auto can be repossessed, but there is still some risk for Chase. It does seem odd that they would approve you for a $30k card loan but not even $500 for Freedom.


Entirely different lines of business, with entirely different underwriting standards. We don't know the terms on the car loan, it could be at a pretty high rate.

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Tue Jun 16, 2015 12:49 am

flan wrote:Entirely different lines of business, with entirely different underwriting standards. We don't know the terms on the car loan, it could be at a pretty high rate.

True. Along with a potentially high APR, the principal of the loan is protected from damage (and possibly depreciation?) by auto insurance. Also, the consequences for driving without insurance (and the inconvenience of not having transportation) are worse than those for not paying a CC bill. That makes a person much more likely to pay a car note and insurance premiums than an unsecured CC bill.
Warranties and sketchy merchants: Schwab Platinum
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morgacj2004
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Re: CHASE approval issues

Postby morgacj2004 » Tue Jun 16, 2015 3:13 pm

7.9% APR-72 months. I will be refinancing soon with another lender at a much better rate. I did call CHASE back and had a long conversation with the rep -reconsideration line. She stated that CHASE does not have an official policy regarding BK but she hinted that in order for me to get approved they would need to see a longer period of time on my re-established - new accts. She also hinted that they are looking for BK older than 3 yr prior to approval.

whit
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Re: CHASE approval issues

Postby whit » Tue Jun 16, 2015 8:05 pm

I feel like a lot of issuers doesn't have any particular guidelines they'll admit to to keep themselves from being accused of violating certain federal acts.

That being said that's usually at the top top level; most of the time it's just numbers punched in and a result spits out. And trying to explain exactly why someone is approved or declined is like trying to do a backwards flip with a plate of pancakes in your mouth that you don't want to drop while doing so

--

Not necessarily dealing with bk or issues with credit but even someone whose never had a cc before was told by a credit analyst to wait a few months than apply

That guy decided he didn't want to wait that long and decided to go for it even though he barely got the slate approved then (and was but that was when he was told not to go for CSP)

He applied, different rep looked at it and it was approved.

It wasn't the next day but it certainly wasn't the six months minimum he was told.

Best of luck, the most you can do is try. As long as you're not applying by the dozen an inquire here and there isn't going to be the end of the world.

As long as you have a use for the card and have the ability to repay

Vermonster
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Re: CHASE approval issues

Postby Vermonster » Tue Jun 16, 2015 8:15 pm

There are some creditors that do have hard rules though. So you have to be careful. I'd say when dealing with a BK you should listen as much as possible It won't be a guarantee, but 6 months is not all that long in the grand scheme of things.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Re: CHASE approval issues

Postby morgacj2004 » Wed Jun 17, 2015 10:35 pm

I agree with the previous poster that said certain lenders are much more difficult to deal with re the BK issue. I have so far been approved for three cards with Capital One and two cards with Barclays. I also was approved by Discover. I had No luck with Citibank and Bof A. Total Cl of 38 k. I will wait another 6-12 months and reapply with Citibank. I think Bof A is a lost cause until the BK falls off .



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