Crashem wrote:Congrats. Btw my mistake on Amex. What did rejection letter from chase show? The reason you got low credit limit initially was because you had no similarly high credit lines. Amex platinum doesn't count. No limit on Amex doesn't mean no limit. Only that Amex doesn't tell them how much they are willing to lend. So lenders' formulas basically ignore it. Your experience just demonstrates the power of a good credit union, using reconsideration, and using Amex charge card to help you.
Btw do you understand what I am saying about multiple fico scores that can be different and sometimes by a lot?
No worries, it happens
The rejection letter stated literally 2 things :
- Lack of credit history (and that was clearly the decisive factor!) (at that time 3 years and 8 months - fairly new to the USA)
- The high limit on my AMEX account was $6,690. Now this is because my highest AMEX bill ever was that amount. And it shows 6,690%. But it is not like I can carry a balance or anything LOL... And I guess they did not get this part... once I told the SU that, she understood but she said that now she can not reconsider it since it is too late (past 30 days). And I did not want to reapply since I did not want to look so desperate for credit... (because I am really not... honestly I would be happy with just the AMEX Platinum if I would not want to build credit
I am sure that you are absolutely right, since on my report besides this, all they had is a $500 secured loan from Credit Union, they were worried. I am aware that just because I have a nolimit AMEX that does not mean I do not have a limit, I know that
But they could have seen that I spent 5-6-7 grand a month every now and then and always paid it off... Anyway, when I contacted the senior underwriter at chase, she said, if I keep this up and apply for the Mileage plus explorer by chase a year later, she said it is 100% that I will get approved. But I realized it has vital importance for building credit (and for getting accepted for future credit cards) to have a fix credit limit from someone. That's why I am very happy that - after a little persuading - raised my $500 limit to $5,000
I am sure that will do some magic to my credit score and more likelihood of acceptance from other lending institutions.
Thank you very much for asking as well, yes, I am aware that the 3 credit bureaus can have 3 totally different credit scores. Actually in my case when I pulled it, they almost showed exactly the same numbers
(2-3 points difference each).
Appreciate your post Crashem!
Now, I will just use this card wisely and a year later I am sure I will be totally fine getting the Chase card. At first I got really mad at them, but now I solely fly on United and it would really do good to me so I guess I need it