Chase Secured Follow-up

Discussion in 'Credit Talk' started by Cadillac408, Jan 22, 2001.

  1. Cadillac408

    Cadillac408 Well-Known Member

    O.k. so I get the standard denial letter in the mail regarding the Chase secured card that I tried to obtain:

    "Dear MP$40...Thank you for your application for a Chase Secured MC....We have given your request careful consideration but unfortunately we are unable to apporove your request for the reason(s) listed below:


    Our decision was based blah blah blah.....from Experian blah blah blah"

    Must of been that judgment! Oh well...if only they would of checked someone other than Experian ;-(

    And the send my ORIGINAL CHECK back!

    Oh well...just thought I would let you all know.
  2. Carrot

    Carrot Guest

    Thanks for the heads up! I guess I'll just keep my $300 and search elsewhere...
  3. Rita

    Rita Guest

    Hey MP$40, what state do you live in?
  4. S.D.

    S.D. Guest

    Didn't realize that companies turned people down for secured cards! Maybe I'm just trippin. Anyway, I have a charge -off that I have not been successful in having deleted, and I almost thought about applying for this card... I think the next card I'll apply for will be the FCNB secured. Heard good things so far, but a Chase secured would look a lot better =0(

    Do you think having two secured cards is okay? Or should I wait until my current cards ( two unsecured Providian cards, and waiting on Cap1 secured)hit 6 months, and then apply for something better than an FCNB secured?
  5. Momof3

    Momof3 Well-Known Member

    Well you have 2 unsecured cards and one secured correct?? I would wait and let these accounts age some myself, I think having three cards is a great start but I would personally wait, keep these acounts in good standing for sometime.

  6. Cadillac408

    Cadillac408 Well-Known Member

    Santa Clara, CA
  7. Cadillac408

    Cadillac408 Well-Known Member

    I agree
  8. Rita

    Rita Guest

    You should try the Associates VI/MC, I think they only check Equifax.
  9. Cadillac408

    Cadillac408 Well-Known Member

  10. Saar

    Saar Banned

    MP$40, you have to consider it from creditor's point of view. A potential customer who they think is unlikely to pay his bills, is not profitable even if his debt is secured. Retaining a customer costs much more than lending him the money till he pays it back.

    An applicant who does not pay a debt even after the "judgment phase" is, by definition, a very high credit risk.

    But there may be a way around this. Please elaborate on the judgment: Date, sum, can you pay all/part of it considering the money you'll save if your credit rating improves, and any other info you think is relevant.



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