Is it too soon to re-apply for Chase Ink Plus after denial?

[Fleuriste]

Cross-posted.  (I posted this in the Credit Applications folder and got no response.)

I used to have perfect credit.  (Over 800.)  Then I got married and my spouse just isn't as responsible about paying bills.  We've kept things as separate as possible, but before I learned how bad he was, I co-signed on three loans with him.  Two were for his properties, and one was for our house.  I made sure the payments were made on our home mortgage, he was supposed to pay the other two.  One got foreclosed on  Long story but he was unable to work for 6 months and didn't share that he wasn't able to make up payments.  That has fallen off my credit.  The other one has two 120 lates that will fall off  in January.  So I've learned that I can't co-sign loans with him anymore.  

Last year, a friend suggested that I should start getting credit cards and earning miles.  So I applied for and was approved for a CSP with a 9K CL.  I was so excited, that I applied for the Chase Ink Plus a month later in November of 2015.  Denied.  They cited the foreclosure (which wasn't off my credit at that point), some collections which I've had removed, and too many credit applications.  At that time, I had the CSP pull and a Directv pull for cable service a month earlier.  That is all in 24 months.  

I opened a Chase Business Checking account for my rental property in December 2015.  Every month, the rent is deposited via ACH and the mortgage is paid through that account.  I've consistently used the CSP and paid the card off  most months but never carried more than 10% on it.    I worked on cleaning up my credit and it was quickly moving up and then boom!  In January, husband got a 30-59 late on his property that I cosigned on.  Now I have alerts for that account sent to my email so I can make sure it gets paid before it is late.  

All of this is background for whether I should even consider trying for the Ink Plus again so soon.  My FICO 8 scores are EQ 715, TU 743, EX 762.  So what do you all think?

[370Z]

In your situation I would pass. Chase is a picky lender, and a recent late would likely result in a denial.

[Fleuriste]

Yeah, that is what I decided.  I spoke with my banker and she said I had a better chance with Chase Ink Cash and then upgrading to an Ink Plus.  However, since I want the sign up bonus, I'm going to wait.  Basically, I'm not applying for any more credit cards until I secure my refi.  Then I'll reevaluate.  Maybe I'll be in a better position the next time they have a temporary increase in their sign up bonus.

Chase is killing me with 5/24, because I also want the Citi Costco Card, but am saving myself for the Chase cards.

[Anonymous]

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@Fleuriste wrote:

Yeah, that is what I decided.  I spoke with my banker and she said I had a better chance with Chase Ink Cash and then upgrading to an Ink Plus.  However, since I want the sign up bonus, I'm going to wait.  Basically, I'm not applying for any more credit cards until I secure my refi.  Then I'll reevaluate.  Maybe I'll be in a better position the next time they have a temporary increase in their sign up bonus.

Chase is killing me with 5/24, because I also want the Citi Costco Card, but am saving myself for the Chase cards.

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Good decision and the wait period will pay off when you decide to go for it.

[CreditUnionFan]

Regarding the recent late payment, if there is any possible reason that it shouldn't be marked as late, I'd look into it. If, perhaps, the statement wasn't mailed on time, maybe the late payment can be removed.
Chase likes to see at least two years of on-time payments. Otherwise, it's just a wasted HP or two. (Ink cards tend to result in two bureaus being pulled)

[Fleuriste]

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@CreditUnionFan wrote:
Regarding the recent late payment, if there is any possible reason that it shouldn't be marked as late, I'd look into it. If, perhaps, the statement wasn't mailed on time, maybe the late payment can be removed.
Chase likes to see at least two years of on-time payments. Otherwise, it's just a wasted HP or two. (Ink cards tend to result in two bureaus being pulled)

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Funny you should mention this.  My husband called about the late yesterday and they agreed that it wasn't his fault.  They are removing it from both of our credit reports.  They said it should take a couple of weeks.  I can't wait to see what my scores are after that comes off. 

Now I have an issue because one of my old accounts came off, so I have a "poor" number of credit accounts on my record.  It hasn't made my scores go down, but I worry about it.   I know that I will need to bump up my credit accounts, but I have to wait....  

[Anonymous]

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@Fleuriste wrote:

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@CreditUnionFan wrote:
Regarding the recent late payment, if there is any possible reason that it shouldn't be marked as late, I'd look into it. If, perhaps, the statement wasn't mailed on time, maybe the late payment can be removed.
Chase likes to see at least two years of on-time payments. Otherwise, it's just a wasted HP or two. (Ink cards tend to result in two bureaus being pulled)

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Funny you should mention this.  My husband called about the late yesterday and they agreed that it wasn't his fault.  They are removing it from both of our credit reports.  They said it should take a couple of weeks.  I can't wait to see what my scores are after that comes off. 

Now I have an issue because one of my old accounts came off, so I have a "poor" number of credit accounts on my record.  It hasn't made my scores go down, but I worry about it.   I know that I will need to bump up my credit accounts, but I have to wait....  

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Nice on getting them to remove that late. That's huge and you should see a bump for that.

About the " too few accounts' thing on your credit report. I know this is going to be hard,  but I'd ignore it. I  didn't apply for credit for many years so  when I finally looked at my report all of my old home car and student loans had fallen off as had some of my oldest cards.  Heck even now I only have 7 or 8 accounts on my report. I believe I stopped getting that too few accounts warning once my scores hit the 760s( may have been 780s, but my point is I hadn't added anymore accounts to get it to go away. 

[Fleuriste]

That is good to hear.  I won't stress about my number credit lines then.