Instantly approved for disney visa!

[FEEBUM]

The amount of inquiries must not matter either because I was a cosigner for my fiancé's auto shopping experience. (which is a WHOLE 'NUTHER BEAST!) A dealership sent out our credit info to 12 (TWELVE!!!) different financing companies. We turned them into the attorney general here in Illinois since they told us they'd pull our credit report & then SHARE that copy with the banks. We'd been trying to fix our credit for quite awhile & know how damaging multiple inquiries can be. I have a total of 32 inquiries since January from various dealerships BTW.

 

[lexib]

I have a high credit score and reasonably high household income and was denied. In my opinion CHASE is a scum company and I wouldn't do any business with JP Morgan Chase a company that took a bunch of wallstreet bailout, but now don't want to extend credit to people who have good credit. Anything I see with CHASE on it I stay away from!!!

 

[FEEBUM]

All I can say is GGGRRRRRRR!
I called them & let them have it too. And sent them this:
"Imagine my surprise when I was instantly approved online for the CHASE Disney Visa! (w/$150 gift card upon first use) HOWEVER, my excitement was short-lived because instead of receiving my new card, I received a denial letter in the mail today. I have a Disney trip at the end of the month. I'm a divorced mom of two who has spent the last 5 years paying off 36K in old marital debt. My credit score is slowly climbing, I've paid all my bills on time and I've done all this WITHOUT filing bankruptcy. I feel I shouldn't be shunned by CHASE for improving my credit. I own my own home and have plenty of income. I've applied countless times over the years, of course being denied all times except for the most recent...or so I THOUGHT. I feel I deserve a reconsideration even if the initial credit limit is small. Please allow me PROVE my credit worthiness to CHASE."
NO AMOUNT OF PIXIE DUST CAN STUFF MY MOUTH ENOUGH TO HIDE WHAT I WANT TO CALL THEM!

 

[MTmomma]

It's extremely difficult to get her a credit history because she can't get a foot in the door.

Have you checked into a secured card? Some financial institutions offer these, if you purchase a CD as collateral for it. MANY of these require 1,000 as collateral, and you have that much as a credit line. There are credit card companies out there that offer secured cards with a credit limit as low as 300. It is one way to quickly get her name into the credit reporting agencies. Also, put one of the utilities solely into her name, as that is an "account as paid in full on time." Also, you can look into a Signature loan through your financial institution. MANY banks are no longer doing this because of a lack of collateral, HOWEVER, if you co-sign for it (assuming you have stellar credit) and its a reasonably low amount, many loan officers will work with you. The trick is finding one who is willing to take a gamble on you. My loan officer gambled on me because of the value of the vehichle I was purchasing far exceeded the amount of the loan, even figured with interest. She loaned on it, even though my bankruptcy was less than a full year from discharge date.
I will be going the secured card route when I finally get my savings built back up.... (ps, dont ever get hurt as a drunk 19 year old, it really messes with your life, even at 30)

 

[FEEBUM]

I have (2) HSBC credit cards for a credit limit total of $2200, checking, savings, mortgage & auto loan. They don't like the "old" 36K in debt which has all been paid off as of over a year ago. I guess I'll just keep waiting... WHAT A LETDOWN THO!! I really just wanted it so I can get vacation financing for next time.

 

[disny_luvr]

Oh no, now I'm a little worried. I just applied today over the phone and was told that I was approved. DH and I don't have any cc debt but we do have a mortgage and car payment. I know we also have high credit scores because we just purchased our home in March and our credit scores were in the high 700's. I only opened the card because of the gift card offer I received in the mail. We were also planning on charging some of our bills on it each month to start earning reward dollars for any upcoming trips.

 

[FINFAN]

Wow...I'm impressed. Virtually no one has a credit score of 850! What did they say was the reason for denial? They have to provide one and surely they don't actually print 'credit is too good'?

we have a score of 840 as of last week, so there are folks out there

 

[AK_Christina]

Congrats on the approval. Ive been waiting to pay down one card some more before applying for the Disney Visa. Hope I have as good of luck as you!!

 

[cinderellamom123]

Actually that one makes a little more sense. They want to see how you handle credit and if you don't have any cc it's hard to establish your payment history. Just paying off the mortgage I guess isn't enough. Maybe you could get a local store card (Sears? Penneys?) just to get a real credit history?

We have no cc debt, but plenty of card with no balances. We just pay them off every month. That is what I meant

 

[cinderellamom123]

Have you opened new accounts lately? Do you know how many inquiries you have?

Don't think Chase likes to many inquiries.

I had two inquireis in the last year both from the same mortage refinanace.
That is why they denied me! Too many inquiries!. RIdiculous.

 

[DisneyCherrix]

My score is 710 and I have 2 other chase cards. One has a zero balance and the other has a balance. We are going to Disney in 3 weeks and they have denied me a card. I'm thinking of cancelling the 0 balance card and seeing if that will help.

 

[Albort]

My score is 710 and I have 2 other chase cards. One has a zero balance and the other has a balance. We are going to Disney in 3 weeks and they have denied me a card. I'm thinking of cancelling the 0 balance card and seeing if that will help.

you could be subject to the 5/24 rule where Chase will decline your app for having more than 5 credit card apps in a 2 year period...

 

[SharonZ]

That stinks! Unfortunately, they probably had someone review your application and saw the "old" $36K in bad debt. If any of that debt was delinquent, even though it was paid off, it stays on your credit report for somewhere around 7 years. Even though your credit card debt is low, your usage is almost 75%, and you said you were a co-signer on a car.

 

[SharonZ]

you could be subject to the 5/24 rule where Chase will decline your app for having more than 5 credit card apps in a 2 year period...

I would call Chase and ask them if you could move your credit limit from your unused card to the Disney Card, with the stipulation that you would cancel the unused card in exchange for the new Disney Card.

 

[Ranger111]

Let me say this in rebuilding and/or being denied credit. If you want to skip the background, scroll down to the bold type....

My son left the house at age 18. He got into a commission job that paid extremely well.

By age 19, which was 10 years ago, he was making about $80K a year, which included bonuses, etc. Being an ignorant 19-year-old, he spent it all on cars, girls, trips, etc. He wrote a lot of checks, sometimes he had no cash to cover the check (not intentional, he just never kept track of income/expenditures). Bought a small house, etc.

Fast Forward some 10 years -- he quit the job because of the high pressure -- he really did earn the money -- and no, he did not "cheat or scam anyone." He just hustled and got people what they wanted for the price they wanted to pay.

Anyway, he ended up with horrible credit and now he is going to college and trying to get a car loan.

BOLD

His bank, US Bank offered him a secured card. He keeps XXX amount of cash in an account with them and he has a Visa card in his name. Since May, he managed to raise his credit from poor to fair/good, depending on the credit reporting firm.

If in upcoming January, the bankers told him, if all is well, they would convert the secured to a "normal" credit card. Hopefully by then, he will be solidly in good credit.

So, no need to go the "fly-by-night" route to get a secured card. Odds are, your regular bank may be very willing to offer you one. And, even with son's horrible past, it has only taken a few months to rise from the ashes.

Of course, he has paid off all old debt, etc.