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pickleman773

Chase Reconsideration - Explorer Card

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Hello everybody and thank you for having me on this board. I've signed up awhile ago and have mostly been utilizing the board to help clean up my credit, as well as, build up my credit so I cannot thank everyone so much. Because of this board, I have learned the importance of maintaining good credit and low balances, as well as, the importance of a credit score.

 

To give you some insight, I filed for Chapter 7 bankruptcy in 2008 because of a loss of job and well I'll say it bad spending habits. Following bankruptcy, I immediately realized no one would approve because of my post bankruptcy scores (low 500's) and credit profile. Just like most people, I started out with a secured credit card and high interest rate loans from high risk lenders that are pretty much only available to you.

 

I'm happy to say since my November 2008 Chap 7 Discharge, I have cleaned up my credit profile and now have the following scores (real below not fako's):

 

Trans Union: 688

Experian: 690

Equifax: 695

 

I now have the following credit cards, all of which, have zero balances: Barclay's - $2,000 limit, Chicago Municipal Credit Union Visa - $10,000 limit, Capital One QuickSilver x 3 Mastercards in the amounts of $5,000, $4,000, and $2,500 (all of which with $0 balances), Walmart, JC Penny, and Merrick Bank - $2,400 limit (I know many people hate Merrick but I love them. Never had a bad experience with them).

 

Anyway, I decided to take a chance and apply for the Chase United Explorer Card because of an offer I received in the mail offering 50,000 bonus miles after you spend $2,000 in the first three months. Since I have a United Miles account I ran with it and applied. Unfortunately, I received this message "your application needs further review" so I withheld my excitement because I thought I might actually have a chance since Chase did not automatically deny me.

 

I utilized the Credit Boards website, obtained the Chase Reconsideration phone line, and called within 24 hours. The woman wax extremely polite and professional and informed me I was only denied because of my discharged Chapter 7 bankruptcy. I politely asked her if a reconsideration could be done on my application because I felt that my credit was good enough and I have worked hard since the bankruptcy to show I am a responsible individual worthy of credit card approval.

 

The Representative asked me multiple questions such as:

 

1. Explain to me why you filed bankruptcy in the first place? I informed her I was laid off in 2008 after 6 yrs of employment with same employer and did find full time employment until 3 months later making $30,000 less and now making same salary as I was in 2008. She informed me that was understandable and appropriate.

 

2. Why do you want this credit card? I informed her I have a United Milage Card and would like to take advantage of this offer, as well as, use this card for all my purchases because of the card millage benefits.

 

3. Do you only pay the minimum amount per month on your credit cards? I informed her most of my credit card balances are $0 balances and of the ones I have a balance on I make double payments every month (bi-weekly) that is more than the minimum payment due.

 

After I answered the 3 questions, she placed me on hold for about 5 minutes and came back on after stating she reviewed my credit, passed the credit criteria, and she would recommend an approval for me in the amount of $2,000. However, she did mention she has to send my file back for "verification" so approval is not guaranteed yet and I could call back in a week for a final answer. I offered to provide whatever verification they need via email or fax but was informed this is something they have to do on their end and if they needed anything Chase would reach out to me.

 

Today, I received an alert from freescore.com (I use their services monthly because they are the best) noting Chase pulled my Experian credit report today, 1/29/14. Freescore.com previously alerted me on 1/28/14 Chase pulled my Trans Union report.

 

My questions are:

 

Has anyone else been told they are being recommended for approval but need to go through verification first?

 

Anyone denied after being told they are being recommended for approval?

 

Any comments appreciated.

 

Thank you,

Tom

 

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never heard of Chase doing verification that takes a week. they have always made a decision right on the phone with me. but maybe your case is different for some reason. maybe the person you got on the phone was in training or something and all her decisions have to be reviewed by a trainer.

 

either way, it sounds like you're good to go.

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Good answers to those questions, you've obviously done your homework.

 

I've had a couple of reconsideration calls with Chase, in the end they've always been approved. United Explorer was 1 of them, also $2k limit. Congrats!

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Wow yeah, never heard.

 

I got the same card, same message. I applied and immediately got the message to call them and they gave me the number to call. On the phone I was approved for $5k.

 

Maybe it was the recent BK.

 

Did you screw Chase in the BK?

 

The question they had for me was the chase amazon settlement for $800 from 4 years ago.

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I bet you could call the automated status line after an hour or so and see an approval, they just say a week to keep their options open.

 

"Verification" is some mysterious process Chase does when redecisioning a card. Sometimes it's instant while on the phone and in the few minutes they put you on hold its already done. Other times the "verification line" is "down" and you get told to wait and see. Still others times apparently some overrides require a more senior analyst to process the "verification" so you have to wait for your redecision to be approved and processed by this second tier.

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I bet you could call the automated status line after an hour or so and see an approval, they just say a week to keep their options open.

 

"Verification" is some mysterious process Chase does when redecisioning a card. Sometimes it's instant while on the phone and in the few minutes they put you on hold its already done. Other times the "verification line" is "down" and you get told to wait and see. Still others times apparently some overrides require a more senior analyst to process the "verification" so you have to wait for your redecision to be approved and processed by this second tier.

 

First of all, thank you everyone for your responses, I greatly appreciate it. Actually made me felt better after reading them.

 

In regards to any prior bad debt accounts with Chase the answer is no. I never had any account with Chase other than an automobile loan and checking account and both were kept in good standing before and after the bankruptcy. Actually, I sold the car so the auto loan was paid in full. Checking account I still have.

 

In regards to "bostonte's" comment, they are right on the money in their response. I went to a Chase Branch yesterday and asked a Personal Banker to call for status of the "verification" process. The initial phone call she made was to their general reconsideration line and she was advised that the notes in my credit card request did show my prior discussion requesting reconsideration, as well as, the recommendation to approve for $2,000. However, the Chase Personal Banker was informed my reconsideration request was being reviewed by a loan officer and was still in process; but she was provided the loan officers direct phone number. The Personal Banker went ahead and called the loan officer for me immediately and was informed they had just approved my Chase Explorer Card with a credit limit of $2,000!!!!!

 

So, if you are ever told your reconsideration has to go through a "verification" process, that's what will happen! In my case, I suspect they did this because my Chapter 7 Bankruptcy was discharged only 5 years ago (November 2008).

 

So in two weeks I will receive my Chase Explorer card and if I spend $2,000 in 3 months (which I will and will subsequently pay off right away) I get 50,000 free United Airline miles!!!

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38 minutes ago, credit-credit said:

Nice and congrats!

 

How long do you have to be past BK (yours was 5 years) to have a chance with Chase?  

 

 

You should start a new thread asking for experiences, rather than bumping 4&5 year old threads.

 

 

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6 hours ago, Pam said:

You should start a new thread asking for experiences, rather than bumping 4&5 year old threads.

 

 

Sometimes it's hard to resist a pickleman.

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