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TheSelected

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Should I open a dispute?
After being a dumb college student, I am in the process of slowly rebuilding my credit. My current CK score is 648. It's been at least a few years since any new derogatory information has been posted to my account.

I currently only have 1 credit card from US Bank with a $1000 limit. So I figured, I would go ahead and apply for the Southwest Rapid Rewards Plus card from Chase. I got the dreaded 'pending review' and knowing immediately what that meant, I decided to give the Chase reconsideration line a call the next day.

When I spoke to the rep, they reference 'High Utilization' on my US Bank card, (which I just paid to a $0 balance), and an old collection account from a power bill, which was paid in full back in May of 2009. (I've got a few other dings which have since been settled.) My concern is that the rep said the Power Bill Collection was still listed as 'Open' but when I pulled my Experian report, it showed the status as 'Paid, Closed.' The representative said the application would remain open for 30 days, and I could request that they re-pull the report during that time and ask for reconsideration.

I guess my ultimate question is, should I open a dispute with Experian, even though my report pulled 1 day later said it was paid and closed? And should I bother asking Chase to re-pull my credit report in 30 days once my $0 balance utilization gets updated?

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As far as I know, when you get refused for a credit line because of a false report, after dispute, the new report should be sent to the credit grantor for reconsideration. You can ask for a confirmation about this when disputing with Experian. That way, you don't get another unnecessary hard pull from Chase.

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