I applied to the Chase Freedom Flex as soon as I thought I was under 5/24. I unlocked my EX and hoped for the best, but joke was on me because they wanted to see my EQ report. I have to call Chase CSR to finish the app but was denied for the following reasons;
1) You have too many active accounts or too many accounts: My EQ shows that I have a total of 22 accounts (13 Open, 9 Closed with 14: Revolving Accounts)
2) History of poor credit performance: Yes I do have a CO and two 30-late payments from Feb 2020 and 2019 aross 22 accounts.
3) Charge-Off history on one or more credit cards: Yes My USAA CO is approaching 5year since DOFD next month.
4) Average age of accounts is too short: AAoA 3 year, 7 months // AoOA 13 years, 10 months // AoYA 6 months// AoOAUA 17 years 9 months
At the time of the APP my scores were
EQ FICO5: 710
EQ FICO8 = 739; Bankcard = 742
EQ FICO9 = 756; Bankcard = 750
EQ FICO10=718; 10T=714; Backcard=718
But my Chase Proprietary Score was: 694. The key factors that adversely affected my credits
- Recent delinquency, public record or BK
- Length of time sine last CO on credit card(s)
- Average age of all accounts
- Number of request for new credit in the past 6 months
While these are all valid points, I figures I'll give the Recon line a try, however long story short, I was a very upset at the end of the 
as the reason I was told I denied for the recon makes no sense IMO, but more on that in a bit.
The CSR didn't want a explanation of the any of the reasons I was denied which was unexpected, as I thought I would have to explain at least some of the remarks. The CSR asked for my
-Gross Income: About $103.9K
-Taxable Income: $69K
-Untaxed Income: $34.8K
-Mortgage Payment: $1,542.
Now I have no other loans that my mortgage (no Personal loans, no Student Loans, no Car loans and LOCs) and Credit Card debt reporting is $2, 270 or 2% Credit UTI. My personnel DTI based of the balance information on my credit report is 17.82%. Factory in Child Support than that jumps to 29.9%. I'm nowhere close to DTI from 43% to 50% where lender will an understandable reason to denied an app. Even taxable income alone is over 2.5x of my housing needs. I don't get it!
I don't know where you got 43-50% dti from as a metric. Typically lenders will start getting iffy around 30% for unsecured, which is where you're at. Lenders are willing to allow higher dti on secured loans like an auto or home which would be around the 40% mark. Depending on their lending criteria, it may be a valid denial based on the information you provided. Many people forget they need to also account for living expenses that aren't factored into dti such as utilities, food, insurance, etc.
@youngandcreditwrthy wrote:@citymunky hey buddy, your post is a little unclear..
so they told you over the phone you are denied specifically due to DTI? If so, did they mention where they thought it was? The was the recon specialist exact words, and I could tell she was doing a manual underwrite while I was on hold. And no she was straight to the point with my DTI, and I had to clarify that my DTI was the reason.
remember they only ahve information if you volunteer it (or from data that we have no cognition of because we have no right to privacy any more heh and they are a jillion databases taht we dont know about beside the TU EXP EQ.
Sure, but as I stated in my OP, I don't have loans and kind and my UTI stays under 5%, as I pay all my cards in full.
do you know what your DTI is?
Yes, my DTI based of the info I would give CSR and the my balances on my credit report under 20%.
do you bank with Chase? (trust me the credit card app department can see your banking history and balance if you do!)
No, but its not for lack of trying. I tried to open a accounted before and was denied. My CheckSystems and EWS are clear of negative info, but I have had to unfreeze my EX that is my worst CR).
this sounds sketch af.
P.S. I couldn't get approved for a citi doble cash because of inquiries and a 30 day late from 2018 maybe 2019 on student loans (and this was within the past few months) - also inquiries they cited, mostly inquiries LOL
If they denied for bad history, ok I was get it, but not DTI.
so uhm.yes lol
P.S. I can almost always tell by the way they asnwer the phone if they are going to be helpful or not, and generally speaking the sassy reps almost always are rude, deceitful, and unhelpful.
The first person I asked was nice, the second person not so much.
call back and talk to someone else who has a voice that sounds calming.
I'm sure my interactions are record in their system, I'm not sure when would be a good time to call again.
Answered in green
@Brian_Earl_Spilner wrote:I don't know where you got 43-50% dti from as a metric. Typically lenders will start getting iffy around 30% for unsecured, which is where you're at. Lenders are willing to allow higher dti on secured loans like an auto or home which would be around the 40% mark. Depending on their lending criteria, it may be a valid denial based on the information you provided. Many people forget they need to also account for living expenses that aren't factored into dti such as utilities, food, insurance, etc.
I got 43-50% from a quick Google search, and I'm only at 29% if she would have factoried in my child support, but there is no where this amount is reported and in fact my child support account is closed on my EQ. Without child support my DTI is 17%, I earn more than I normally spend to include living expenses.
@youngandcreditwrthy wrote:
to @Brian_Earl_Spilner 's point, everyday items like food aren't included but my gollee, I spend just as much on rent if not more on food each month.
good luck either way. there's gotta be a way to recon where you can explain toa new rep that you weren't sure of how to explain your financials and that youd like a second opportunity to re explain and assess.
also if they act like they dont wanna hear, then hang up, fine another rep.. or you could become persistent and say
"sir or maam, you have an obligation under the Credit Card Act of 2010 and Dodd Frank passed during our most recent financial crisis to assess my financial circumstances and ability to pay."I would need to read up on this.
slap em in the face with knowledge. the CSRs are so dumb, usually outsourced, and I udnerstand its hard.. but you cant treat folks like garbage. I wont take it. I report people to corporate and get them fired if they act like total jerk offs.\
P.S. one last note: it looks like you may have available credit equal to your income, and more than any other lender, I found that Chase starts acting funny when your available credit gets close to/equals your current income.
Taxable income by it's self, maybe. But total gross income with includes my taxble and non-taxble income no way.
when I was making 150k and applied for a Slate card, I rmember they wnted me to shut down about 30k in available credit to get approved for the slate card ( I didnt need it that bad so backed out) but point is.. Chase is more sensitive and tey could also be looking at your Credit to Icnome in a sense it 100k income with 100k in available credit wich may mean to them heightened risk.
@CorpCrMgr1 wrote:Sorry about your denial. Were any of your baddies Chase accounts?
Its not my 1st denial, and it would be my last all I can do it take the 'L', and more on with a bank like AMEX or US Bank. But to answer your question I never have a Chase account of any type in my life, beside their "Credit Journey" and being a AU on my mom's 20 year Chase account (which doesn't report to EQ,... go figure)
