I was turned down for a new credit card. The issuer said I can clean up my credit report and re-apply, but I don't know exactly what the problem is.
I recently applied for a new credit card. It has better rewards than my current card.
I have an excellent credit score. I've had my current credit card for about ten years. I reviewed all three of my credit reports and found nothing out of the ordinary.
I was turned down for the new card. The reason was "delinquent or otherwise derogatory relationship" with the issuer. The rejection letter referenced Experian as the provider of the credit report that was the basis of the decision.
First, I've never had a relationship with the issuer (Chase), unless they own one of the banks I've dealt with before.
Second, I reviewed the Experian report. There is not a single delinquent payment for several years worth of records across multiple lines of credit (student loan, auto loan, credit card, a couple of store credit cards, and a mortage).
Of these credit lines, only my current credit card and mortgage are open. Everything else is noted as "closed/paid/no late payments".
I read this response about delinquency
, but I don't see anything on the report that would imply I violated the terms of service on any of my accounts.
The only "derogatory" characteristic might be that my current credit card has been re-issued twice. The reported reason for both re-issues is "theft", but my card has never been stolen or lost. The first re-issue was because an online store ran my number for a purchase that wasn't mine. The second re-issue was because the card issuer's records were compromised.
The rejection letter says I have no recourse except to address the credit problem or correct the report error, then re-apply. But I don't know what to fix.
It's just a credit card. I won't be heartbroken if I can't get it, but I would save some money with the new rewards. Is it worth pursuing? Would the issuer give me specific reasons if I contacted them?