unsecured line of credit
Question
Chase Bank Card.. Just a Way of Saying No?
I've had Credit for over a Year I don't know how reliable freecreditreport.com is but they told me my credit score is 717 with Little or no Inquerys I have 3 Credit cards A Nordstrom Card with a Credit line of $1,000 a Macys Card with a Credit Line of $3,200 And a Secured Wells Fargo Visa The problem is that i was late on one payment of the Wells Fargo Card and they will not graduate me to an Unsecured Card I tried today to get a Chase Bank Visa and they told me 1 of 3 things can happen 1 Instant Approvel 2 Instant Denial or 3 Credit Review Which means they will notify me within 30 days if i get approved or not Is this just a way of denying someone or has anyone ever been approved this way? or anyone have any ideas of a Better Credit Card to Apply for?
1 month ago - 6 answers
Best Answer
Chosen by Asker
There is no single "score cutoff" used by all lenders, so it's difficult to say what a good FICO score is outside the context of a particular lending decision. One lender may want a score of 720 for instant approval and another may want a higher score, they all vary. Same with instant denial, if the account you are applying for has a range of scores that they automatically deny credit, then the denial is instant. If they inform you they will do a credit review then you do not really know for sure. They take into consideration other aspects of ones credit report besides just the score. So you are not the first to see these 3 choices. This is common if one applies online as a real person needs to review applications. A review will let them determine your credit line and your APR. Hope this helps answer your question
Source(s)
by Sgt Big Red
1 month ago
Asker's Rating: 
Other Answers
sometimes after review they do offer you credit, although the terms might be different sometimes they just want to look at the balances/ numbers/ debt ration more closely and sometimes they look at how long ago a late payment was made and they do ignore some things depending on their standards and policies
by smills0205- 1 month ago
those are really the 3 options that companies have. you are either given the credit instantly, denied instantly, or they will inform you of a decision via mail. why do you need another credit card? a secured card vs an unsecured card looks the same on your credit reports. if you dont need more credit then stay how you are and make sure to make your payments on time. the late payment will fall off your report after some time
by d p- 1 month ago
That is common. I would not worry about it. I would suggest going with Visa, Mastercard, Discover Car or American Express and staying away from store credit cards. I would suggest joining a local credit union and getting one of these credit cards through them. With a credit union, the members are the stock holders. Credit unions exist for the wellbeing of its members. It is a great place for checking, car loans, home loans, credit cards etc.
by iluvbirds25- 1 month ago
Yes, you are right. The credit will take those three action. It has nothing to do with your situation as you haven't even applied for their card. The thing is that you already have a credit card and you have late payments so that may be looked as bad. However your credit score is okay. If you have a steady income try to apply for Chase credit card. Creditcards.com and myfico.com are very reliable resources about credit and credit cards.
by Pablo- 1 month ago
Be sure that you cancelled the FreeCreditReport.com's monitoring service that is $9.99 month when you sign up at their site! Nothing is free there! If they do not instantly approve you, my experience has been you will get a letter of denial. LOL
by My Take on It- 1 month ago