Declined for Slate. Options?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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im_mr_awesome
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Declined for Slate. Options?

Postby im_mr_awesome » Fri Jun 14, 2013 3:24 pm

I'm trying to consolidate my debt and pay it off quickly. For that reason, I app'd for the Chase Slate, hoping to get at least a $2k limit, which could allow me to sock drawer a few low limit high APR cards. I was given the 30 day review message, which was expected. I called recon and was denied, with the reason being they wanted to see my balances lower on my current cards. What.

It's a balance transfer card aimed at helping people manage their debt and pay things over time, right? I just find it odd they denied me because I have high balances on low limit cards.

Would it make sense to pay off my current Chase Amazon card and then try to recon again? Would I be better off just taking the long and slow road, paying off debt as best I can, and improving my AAoA?
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680


MemberSince99
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Postby MemberSince99 » Fri Jun 14, 2013 5:03 pm

With your scores, and they look pretty current (within the last month) you really have no chance for approval combined with high (in their eyes) utilization. HOWEVER the good news is if you pay down your card as you suggested (get your utilization under 10% before applying) that will raise your score and lower your balances at the same time, and you probably are a go I would guess.

And you've been here for a while, you know to not pay down the balances then IMMEDIATELY apply thinking they see that on your other cards right?

hematino
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Postby hematino » Fri Jun 14, 2013 11:30 pm

I'm sure you already know this, but just in case..... your Chase Amazon Visa wasn't one of the low limit high balance cards you were planning to transfer to the Slate, right? Cause you can't transfer balances from two cards from the same bank. So hopefully that wasn't the original plan. :)

Anyways as much as it sucks to take the longer road, I'm in agreement with MemberSince99. It really will put you in a much better place from a credit standpoint.
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im_mr_awesome
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Postby im_mr_awesome » Sat Jun 15, 2013 12:10 am

Yeah I suppose I was just hoping someone had a magic formula for Chase. I've been here long enough to know how to ( approved for cards. I was just going to pay off the Amazon visa; it's one card I will continue using due to the 2% at gas stations. I'll just be paying in full from now on and only using it for gas. I drive a 35+ mpg car, so I doubt I'll have super high fuel costs where I can't PIF.

I'll just pay down my stuff to under 30% and then re-app and balance transfer everything I can. To the long road, then...

Oh, it seems Chase pulled Ex or Eq because my TU report has 12 inquiries and chase said I have 9. I didn't expect that.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Sat Jun 15, 2013 6:07 am

When I recently app'd for CSP they (Chase) pulled both TU and EX for me. I'm thinking they pulled EX most likely in your case.

Bksuper
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Postby Bksuper » Sat Jun 15, 2013 4:52 pm

If you can, try for under 10% utilization when you apply; over 30% is especially bad, but they really like to see under 10%. Make sure everything has reported the new payments before you apply; they usually only report balances to the bureaus at the end of each statement cycle and then it takes another week or so to be on all your reports.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

takeshi
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Postby takeshi » Sat Jun 15, 2013 6:04 pm

im_mr_awesome wrote:It's a balance transfer card aimed at helping people manage their debt and pay things over time, right? I just find it odd they denied me because I have high balances on low limit cards.

Nothing odd about it. Utilization plays a big part in your score. They want you to transfer balances but they don't want your utilization so high that you're a risk.

mdl28
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Postby mdl28 » Sat Jun 15, 2013 9:01 pm

Pay down some debt, let the scores come up and apply for the freedom card once you get back on your feet. The freedom card is a great way to get in good with chase.
MDL

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WildBill
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Postby WildBill » Mon Jul 22, 2013 9:32 pm

The only Visa or MC I have as an alternate to my Amex cards is Crapital One. So I called them tonight for a CLI. Guess what? Denied. After trying to speak common sense to the illerate non English speaking script reading dummy on the other end of the line I gave in and hung up. Needless to say I was beyond angry. Since I am carrying a balance this month on my Blue Sky I searched for a balance transfer card with a 0% promo. Found Chase Slate and pulled the trigger.....

I got the "We will notify you in 30 days message" Oh crap!

Called the recon line immediately tonight rep said I was declined. Reasons...

- Too many recent inquiries
- Accounts that are too new

She was very friendly and I asked her if I could explain things. Inquiries were from 3 different mortgage lenders who approved us but we decided to wait until next year for a higher amount than what we were approved for this year. New accounts were from getting prime cards to replace the crappy low CL cards I had. Next had to verify address, job, annual income etc.

She put me on hold, 4 minutes later, congratulations Mr xxxx I was able to approve your application!

Moral of my boring story? If you get that 30 day or 7-14 day message, don't give up and don't wait for the mail. Call thier recon line.

WildBill
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Postby WildBill » Mon Jul 22, 2013 9:35 pm

I am laughing at myself right now for tryin to call the guy illiterate but I didn't even spell it right.



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