CHASE approval issues

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morgacj2004
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CHASE approval issues

Postby morgacj2004 » Fri Jun 12, 2015 2:56 pm

I have been reviewing this and other forums regarding CHASE approval req. My FICO score is 690. Identity Guard (Costco) lists me at 705. I have a BK that is now 30 months old. No late pays for past 30 months. Several new accts with High credit of 20k. 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?


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lobbythis
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Re: CHASE approval issues

Postby lobbythis » Fri Jun 12, 2015 3:24 pm

I can tell you, just from my experience, Chase is very finicky in regards to the Freedom. Myself and one other member here both had problems getting approvals/CLIs with this card in particular, even when we had multiple other high CL cards including ones from Chase already.

They denied me a CLI after 6 months saying I needed more time. About 30-40 days later, I applied for the United Club Plus card and was approved for $17K. Also, when I told them to cancel it because the low limit on the Freedom was useless to me, they made no attempt to retain my business. Maybe it was just a dumb rep.

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Fri Jun 12, 2015 3:38 pm

The presence of a bankruptcy on your report, even with 2.5 years of clean history since then, is in itself enough to startle a lot of prime lenders - not just Chase. I'm not sure when it will cease to be a big problem.

Beyond this, there are a number of reports that Chase is increasingly declining people for Freedom and CSP who have a good payment history but a lot of new accounts.

Co-branded cards (such as airline and hotel perks) may be easier to get. I got a hotel card from them yesterday with a bunch of new accounts.

*I would be less focused on your score than the contents of your report. Chase does approve low-limit Freedom cards ($500) to people with little or no history, so a flat-out decline means they don't like what they see in your report/customer history. It's not like CSP where they can see a good history but turn someone down just because that person has only low CLs.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card, Delta Gold, Aviator Red, BofA Travel

morgacj2004
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Re: CHASE approval issues

Postby morgacj2004 » Fri Jun 12, 2015 5:10 pm

Honestly the only reason I wanted the card was I was told it would then be easier to get the Chase Sapphire Preferred card in the future. (That is the card I am really after).

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Fri Jun 12, 2015 5:40 pm

morgacj2004 wrote:Honestly the only reason I wanted the card was I was told it would then be easier to get the Chase Sapphire Preferred card in the future. (That is the card I am really after).

I'd adjust your expectations. Capital One may give you a $20k CL, but they have a reputation for being willing to take on customers not too long after a bankruptcy. For most issuers, like Chase, it suggests you are a high risk.

Was your bankruptcy Ch 7 or Ch 13?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card, Delta Gold, Aviator Red, BofA Travel

JonE
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Re: CHASE approval issues

Postby JonE » Fri Jun 12, 2015 6:52 pm

If you have a bankruptcy Chase is pretty much no go (especially if they were burned in the BK). I got lucky with them when I reopened my account. No bankruptcies, some older collections (medical mostly) and a few other hits from some previous credit card "adventures" with Capital One and Wells Fargo. They approved me at about 625 TU score, although my EX score was a lot lower and they double pulled. They gave me my highest CL to date. You can get in good with them, but the BK is going to make it very tricky. I'd start with a little more BK friendly company like Barclays or Capital One and go from there.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
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obxfisherman
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Re: CHASE approval issues

Postby obxfisherman » Fri Jun 12, 2015 8:01 pm

Your issue is your BK Is only 30 months old meaning it still is showing up on your reports. I know from a family member that is take somewhere between 7 to 10 years, I think closer to the 10 years, for a BK to fall off your credit report. At that point you can apply for a card as normal and they shouldn't have an issue. This particular family member of mine wants the Disney Card, however due to the BK they can't get it. They are on year 7 or 8 I think, so their time will come soon. So at least regarding Chase this is the reason why...sucks, but sadly that is how it is.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Sat Jun 13, 2015 12:24 am

I went through the Credit Pulls database, and there are actually a few cases where people were approved for Freedom despite a BK-7. The majority of applicants with a recent BK reporting are declined - at least among people who report their results. The 5th or 6th year is when the odds seem to improve, based on the small sample I reviewed.

The CSR you speak with seems to matter a lot. Some people have been declined even after recon for a BK about to fall off in a few months* while others are approved after recon with a more recent BK. One person managed to get a $5k CSP with a BK 3 years old - again, unusual.

One person got a Freedom 2 years after BK-7, but that looks like a very unusual case, and the CL was only $500.

OP, did you burn Chase in your BK?

So Freedom and CSP are definitely long shots, but not impossible. I don't think the OP should try again anytime soon, though.

*And seriously, if someone has a BK set to fall off in 2 months, why not just wait 2 months to apply?
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card, Delta Gold, Aviator Red, BofA Travel

flan
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Re: CHASE approval issues

Postby flan » Sat Jun 13, 2015 7:17 am

CarefulBuilder14 wrote:I went through the Credit Pulls database, and there are actually a few cases where people were approved for Freedom despite a BK-7. The majority of applicants with a recent BK reporting are declined - at least among people who report their results. The 5th or 6th year is when the odds seem to improve, based on the small sample I reviewed.

The CSR you speak with seems to matter a lot. Some people have been declined even after recon for a BK about to fall off in a few months* while others are approved after recon with a more recent BK. One person managed to get a $5k CSP with a BK 3 years old - again, unusual.

One person got a Freedom 2 years after BK-7, but that looks like a very unusual case, and the CL was only $500.

OP, did you burn Chase in your BK?

So Freedom and CSP are definitely long shots, but not impossible. I don't think the OP should try again anytime soon, though.

*And seriously, if someone has a BK set to fall off in 2 months, why not just wait 2 months to apply?


Chase use more than you credit score to issue accounts. Whether you burned them, income, DTI, who else gives you credit, what you current payment stream looks like, and who knows what else go into their decisions.

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CarefulBuilder14
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Re: CHASE approval issues

Postby CarefulBuilder14 » Sat Jun 13, 2015 11:00 am

flan wrote:Chase use more than you credit score to issue accounts. Whether you burned them, income, DTI, who else gives you credit, what you current payment stream looks like, and who knows what else go into their decisions.

Chase absolutely considers those things. Chase will often even decline someone for defaulting on an account with a then-competing bank that Chase subsequently acquired. As in:

2000: Borrower burns Bank X.
2005: Chase buys Bank X.
2015: Chase declines Borrower for burning Bank X.

I was just saying that there are some outliers who have been surprisingly successful when it comes to rebuilding quickly.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card, Delta Gold, Aviator Red, BofA Travel



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