Chase Reconsideration

[Nitantnel]

getting them to approve it

[AJK]

High utilization is a serious red flag when applying for new cards, that's why it always makes sense to put big purchases on business cards, so their balance isn't reported.

...unless its the first cycle with a NPSL card, in which case you'd probably want to put as many charges on there as possible (big and small). (Granted, you wouldn't do that and do an app-o-rama in the same month.)

Your best bet is to pay the balance on the Amex and once Amex reports it again you have Chase pull another report.

+1 -- that's what I meant by Chase not "budging" [without a paydown + new pull].

[Nitantnel]

OK, but the fact that he once had high utilization won't be a strong factor?

[AJK]

OK, but the fact that he once had high utilization won't be a strong factor?

"Once?" The util % resets every month. A paydown + a new pull should do the trick (unless, of course, there is something negative factor as well).

[AsherO]

"Once?" The util % resets every month. A paydown + a new pull should do the trick (unless, of course, there is something negative factor as well).

+1

They can't see historical utilization on a CC, which means they can't actually tell from the report if it's a new balance or if it's an old one that's been carried for a while with only the minimums paid.

[Nitantnel]

"Once?" The util % resets every month. A paydown + a new pull should do the trick (unless, of course, there is something negative factor as well).

Are you saying that they don't see that x amount of moths there was 200% utilization once I clean it off? Also, doesn't if affect the Credit score?

[bubbles]

+1

They can't see historical utilization on a CC, which means they can't actually tell from the report if it's a new balance or if it's an old one that's been carried for a while with only the minimums paid.

Would it make a difference if the high utilization is on a card from the same bank that you're applying to?

[Nitantnel]

Would it make a difference if the high utilization is on a card from the same bank that you're applying to?

No, this high utl card was from amex.

[AJK]

Would it make a difference if the high utilization is on a card from the same bank that you're applying to?

No, AFIAK.

[bubbles]

No, this high utl card was from amex.

I wasn't referring to your case in specific.

[AsherO]

Are you saying that they don't see that x amount of moths there was 200% utilization once I clean it off? Also, doesn't if affect the Credit score?

That's what I'm saying, AFAIK, that's how it is. Score would adjust for each report based on current info on the report.

Would it make a difference if the high utilization is on a card from the same bank that you're applying to?

Logic dictates that that would be depend on each bank's (internal) policies, which I don't know anything about. The only thing is, that if it's the same bank then they also see your history (but that's not necessarily a good thing).

[bubbles]

No, AFIAK.

Even if it gets paid off every month and they can see that you're not carrying a balance?

[Nitantnel]

"Once?" The util % resets every month. A paydown + a new pull should do the trick (unless, of course, there is something negative factor as well).

Should i wait a month to apply, or 6 moths?

[AJK]

The only thing is, that if it's the same bank then they also see your history (but that's not necessarily a good thing).

They could, (and probably should), but for some reason, when Chase (for example) pulls a credit report, I do not think they look at your historical util %. Just a gut feeling from being on the phone with them many times.

Should i wait a month to apply, or 6 moths?

Long enough so that the new (and presumably lower) util % gets reported to the CBs. That would depend, obviously, on your unique statement date, etc.

[AJK]

Even if it gets paid off every month and they can see that you're not carrying a balance?

Theoretically, you could point them to look at the historical util % as an argument - and it's a compelling one to make, IMHO.

But generally speaking, as I mentioned above, my gut is that they do not by default look at historical util %.

[bubbles]

Should i wait a month to apply, or 6 moths?

I had a card almost maxed out that I paid off and I just waited for the lower amount to show up on creditkarma and I had no problems getting instantly approved

[AsherO]

They could, (and probably should), but for some reason, when Chase (for example) pulls a credit report, I do not think they look at your historical util %. Just a gut feeling from being on the phone with them many times.

You're right, the point I was making is that with the same bank they can also see you history if they elect to do so.

[Saver2000]

+1

They can't see historical utilization on a CC, which means they can't actually tell from the report if it's a new balance or if it's an old one that's been carried for a while with only the minimums paid.

Incorrect. The credit report shows the statement balance history and it also shows the payment history.
They can easily tell if the balance was carried or if it was paid in full -- it will show on the cr that last month your balance was $1000 and your payment was only $40.

[AsherO]

Incorrect. The credit report shows the statement balance history and it also shows the payment history.

Are you saying that the banks see more than I see when I request my report from the bureau? IIRC on the bureaus report it didn't have any of that.

[Saver2000]

Are you saying that the banks see more than I see when I request my report from the bureau? IIRC on the bureaus report it didn't have any of that.

My experian report shows all that info. My TU doesn't