Originally Posted by
elizadoo
What I'm trying to point out is that we did / have everything just as it should be --great credit, checking account with Chase, more than adequate income, no abuse of credit lines, own home, ontime pay, no debts (no car or mortgage payments) and hit the minimum spend. Yet we did not get instant approval, and few people who have received the "pending review" letter go on to receive the cards with having to make a phone call to the reconsideration #.
Sheesh. Instant approval is nice but it is not a given.
I know we dont get instant approval any more once we have maxed out our credit line total with Chase based on its computer model. Do I get hurt with my little ego that we always got instant approval with them but not any more? Heck No! As long as the recon guy / gal is more than happy to shuffle lines / close the card(s) we dont want any more to give us our new cards - it is perfectly fine. I pretty much know what the ball park number of our max line is. I also know when and if we close cards we dont want, we would get instant approvals again. However I much prefer THEY close the cards in exchange the new cards via the recon dept instead of US close the cards we no longer want. Do you see the difference here?
Regarding your no mortgage no car loan thing, we are in the SAME situation. In this stupidly designed system, having such debts actually HELPs one's FICO and one's chance to get new credits, as long as the total credits are still well within the acceptable ratio to your income and you never late pay.
Reason(s)?
They see you are being financially responsible in making required payments to an existing debt. (forget about people like you and us that dont have such debt any more because we already paid and in the clear.)
So there is a payment history they can rely on for future payments.
They see that you are a good borrower that they can give you more credit, IN HOPE that you would eventually use the REVOLVING line so to generate the much more lucrative Interest charge then the transaction fee the bank can get from each charge.
Do you see that you are NOT the best customer the bank could possibly have. In fact, in the industry, you and we have the nickname as being "deadmeat" because we are not profitable to the bank.
Get over the hurt feeling on the "Pending Review".
I have got over my hurt feeling long long time ago to see my neighbor who has lower income, mortgage, car loan, sometimes does not pay her cards in full because she is short of cash, but she has a FICO HIGHER than mine who owns the home free and clear, same with the car, pay cards in full every month, a very large asset base, so on so forth... This is how the financial model is designed. If you want to take advantage of it, get rid of your emotion and play the game within the rules.
Unless Chase give you a reason to deny you, there is nothing to fret / be angry / annoyed about.
