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Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012

Chase Approved, how long to wait to app with another bank?

[ Edited ]

I was approved for Chase Freedom two weeks ago. I currently have a BOA cash rewards ($3500), the newly opened Chase Freedom ($3000) and a Capital One Secured card ($3000) which is my currently oldest card (I've had it for more than 2 years). I want to close my CapOne card ASAP so I can get my deposit back. I was thinking since I already established some relationship with CapOne, I could probably take advantage of this and try to get one of their prime cards, since I already have two good cards.

 

I've been rebuilding for the past two years and it's time for me to just forget about credit for a while, I think I've done all I can and time will take care of the rest. I would like to have 3 cards max (plus one store card that I already have), so closing CapOne would leave me with only 2. 

 

Will I have any problems with Chase if I apply for another card with CapOne right now? I've heard they're picky about inquiries and such. Luckily I don't have too many recent inquiries, I think I have 3 or 4. The Chase inquiry being the most recent and the other ones are already about 1 year old. Unfortunately CapOne does not graduate.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Chase Approved, how long to wait to app with another bank?


if6was9 wrote:

I was approved for Chase Freedom two weeks ago. I currently have a BOA cash rewards ($3500), the newly opened Chase Freedom ($3000) and a Capital One Secured card ($3000) which is my currently oldest card (I've had it for more than 2 years). I want to close my CapOne card ASAP so I can get my deposit back. I was thinking since I already established some relationship with CapOne, I could probably take advantage of this and try to get one of their prime cards, since I already have two good cards.

 

I've been rebuilding for the past two years and it's time for me to just forget about credit for a while, I think I've done all I can and time will take care of the rest. I would like to have 3 cards max (plus one store card that I already have), so closing CapOne would leave me with only 2. 

 

Will I have any problems with Chase if I apply for another card with CapOne right now? I've heard they're picky about inquiries and such. Luckily I don't have too many recent inquiries, I think I have 3 or 4. The Chase inquiry being the most recent and the other ones are already about 1 year old. Unfortunately CapOne does not graduate.


I think you have the right idea.

 

I'd hit the Garden for a year and try their Green Cash Rewards for Excellent credit next year.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012

Re: Chase Approved, how long to wait to app with another bank?

Thanks for your response. CapOne has been good for rebuilding, but I can't say they have won me as a customer. If I have to wait for a year I will go with a different bank altogether. I already have two cards from two big banks, I like the idea of getting a credit card from a smaller bank like a credit union, so I'll probably go that route. 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Chase Approved, how long to wait to app with another bank?

[ Edited ]

if6was9 wrote:

Thanks for your response. CapOne has been good for rebuilding, but I can't say they have won me as a customer. If I have to wait for a year I will go with a different bank altogether. I already have two cards from two big banks, I like the idea of getting a credit card from a smaller bank like a credit union, so I'll probably go that route. 


Rather than go with Cap1,

Why not look at American Express. Cards like Blue, Delta Gold, or Starwood Preferred Guest?  American Express is a great company to build a relationship with due to their credit limit increase policies, and backdating for future account...  and they don't pull all three reports for an approval  or CLI   :smileytongue:

 

I also highly recommend Discover.  I can't say enough good things about their Customer Service and automatic CLI policies. 

They are overly friendly when you call, and your customer service reps will be based out of either Dallas, Deleware, or Arizona :smileyhappy:


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Chase Approved, how long to wait to app with another bank?


webhopper wrote:

if6was9 wrote:

Thanks for your response. CapOne has been good for rebuilding, but I can't say they have won me as a customer. If I have to wait for a year I will go with a different bank altogether. I already have two cards from two big banks, I like the idea of getting a credit card from a smaller bank like a credit union, so I'll probably go that route. 


Rather than go with Cap1,

Why not look at American Express. Cards like Blue, Delta Gold, or Starwood Preferred Guest?  American Express is a great company to build a relationship with due to their credit limit increase policies, and backdating for future account...  and they don't pull all three reports for an approval  or CLI   :smileytongue:

 

I also highly recommend Discover.  I can't say enough good things about their Customer Service and automatic CLI policies. 

They are overly friendly when you call, and your customer service reps will be based out of either Dallas, Deleware, or Arizona :smileyhappy:


the keyword the OP stated was "rebuilding" usually Amex isn't the best rebuilder, but I guess it couldn't hurt unless OP's area primarily pulls EX, for me they pull almost all EQ so EX inquiries are the least of my worries =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Chase Approved, how long to wait to app with another bank?


distantarray wrote:

webhopper wrote:

if6was9 wrote:

Thanks for your response. CapOne has been good for rebuilding, but I can't say they have won me as a customer. If I have to wait for a year I will go with a different bank altogether. I already have two cards from two big banks, I like the idea of getting a credit card from a smaller bank like a credit union, so I'll probably go that route. 


Rather than go with Cap1,

Why not look at American Express. Cards like Blue, Delta Gold, or Starwood Preferred Guest?  American Express is a great company to build a relationship with due to their credit limit increase policies, and backdating for future account...  and they don't pull all three reports for an approval  or CLI   :smileytongue:

 

I also highly recommend Discover.  I can't say enough good things about their Customer Service and automatic CLI policies. 

They are overly friendly when you call, and your customer service reps will be based out of either Dallas, Deleware, or Arizona :smileyhappy:


the keyword the OP stated was "rebuilding" usually Amex isn't the best rebuilder, but I guess it couldn't hurt unless OP's area primarily pulls EX, for me they pull almost all EQ so EX inquiries are the least of my worries =)


I respectfully disagree... If the OP was approved for a Chase card, he likely has a shot at being approved for an Amex revolver or charge card.  Amex can be a little forgiving of past mistakes (i experienced this myself)   I have found Chase to be harder to get approvals with than Amex (maybe that's just my personal experience and others will chime in with their feedback)

Also, Amex will pull EX, so he doesn't have to worry about the inquiries from those other apps affecting his chances of approval


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Established Member
if6was9
Posts: 34
Registered: ‎02-18-2012

Re: Chase Approved, how long to wait to app with another bank?

[ Edited ]

Well, I'm glad to say I believe I'm out of the rebuilding stage. My Equifax scores went from 550's more than two years ago up to 703 a couple of weeks ago (pulled from myfico equifax right before I applied for Chase). I've been very patient and responsible and it has paid off. 

 

Amex and Discover sound like great cards. I've always been a little intimidated by Amex. I am self employed and don't make big bucks and I guess I have always associated and Amex card with having higher income. Would someone with low income benefit from an Amex Card? I don't want to be paying high annual membership fees and such. I like the idea of having a card with a smaller bank, like a credit union or local bank, just to have more personalized service, etc. I already have a BOA and a Chase card and I'm not interested in having lots of credit cards. 3 I think is more than enough for me so I want to be very selective about my next card. 

 

I do use my credit cards a lot as I try to get advantage of the rewards. I charged more than 20k on my BOA card last year. Don't know whether that is considered much or not but it does get some usage. 

Senior Contributor
Open123
Posts: 4,037
Registered: ‎02-23-2011

Re: Chase Approved, how long to wait to app with another bank?

The Unicorn would have been perfect!  I'm going to miss that card.

 

If you were approved by Chase, I'd take a shot at an Amex Charge.  If declined, a HP on Ex is no big deal.  In my view, better to app and be declined, rather than not app and wonder if you would have been approved.

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Chase Approved, how long to wait to app with another bank?


if6was9 wrote:

Well, I'm glad to say I believe I'm out of the rebuilding stage. My Equifax scores went from 550's more than two years ago up to 703 a couple of weeks ago (pulled from myfico equifax right before I applied for Chase). I've been very patient and responsible and it has paid off. 

 

Amex and Discover sound like great cards. I've always been a little intimidated by Amex. I am self employed and don't make big bucks and I guess I have always associated and Amex card with having higher income. Would someone with low income benefit from an Amex Card? I don't want to be paying high annual membership fees and such. I like the idea of having a card with a smaller bank, like a credit union or local bank, just to have more personalized service, etc. I already have a BOA and a Chase card and I'm not interested in having lots of credit cards. 3 I think is more than enough for me so I want to be very selective about my next card. 

 

I do use my credit cards a lot as I try to get advantage of the rewards. I charged more than 20k on my BOA card last year. Don't know whether that is considered much or not but it does get some usage. 


It bewilders me for people to think all Amex cards have high annual fees. Regardless Amex is a great company, and especially great for the future of your credit history. Since if you get one now, and open 5 more 10 years from now you'll have a combined 60 years of credit card history. This is why Amex is great for credit.

 

Regardless many of their cards (revolvers) do not have an annual fee, and most of the cards if you use them like the BCP card the annual fee is easily justified with $50 a week in grocery spending would already put you past the breaking point. 6% vs 3%. You'll start saving more than 3% at $50 a week.  Although if you do not spend much at a local grocery store and shop mainly at super centers like walmart/target/costco/sams then this wouldn't be worth it if you don't spend atleast $50. The best card for normal spend is Amex Starwood, even with the recent devaluation which was more of a side step imo it's an amazing card.

 

If you do international travels then go for  a Chase card, Sapphire, Freedom, Ink are the best. If you spend over $50,000 on a credit card United Club card is definately a no brainer imo.

 

It honestly depends, but with scores above 700 I would say for an Amex Starwood. I figured since you stated rebuilding your around 640-650 range which would be very iffy at best with Amex, 700's your fine


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Chase Approved, how long to wait to app with another bank?

[ Edited ]

Here are a list of Amex cards that have either no AF or no Annual Fee for the first year:

 

Regular Credit Cards

Costco True Earnings

American Express Blue

Starwood Preferred Guest *

Hilton HHonors

Blue Cash Everyday

American Express Blue Sky

Gold Delta Skymiles*

 

 

Charge Cards

American Express Premier Rewards Gold*

American Express Gold*

American Express Green*

 

(* = No Annual Fee for first year)

 

You can apply for a charge card and reap the benefits and then close it early next year before the annual fee is due.  That way you lock in a Member since date without any Fees, plus you get rewards. There is an offer out there for 25k MR points and no Annual Fee for the first year for the Premier Rewards Gold

 

Also, since you are self employed I'm assuming you own your own business??,  They do have a lot of great no annual fee revolving credit cards for Business...  Simply Cash, and Lowes by Amex, and Blue for Business come to mind.

 

 

As far as a small bank or credit union... do you have a military affiliation?

 

If you are a veteran or the family member of a veteran, I recommend USAA.   If you are an active duty service member, or retired, or are the family member of an active duty or retired service member, you can join Navy Federal CU for amazing service and products.

 

Discover ALWAYS has no Annual Fee, start earning 1% cash back immediately and up to 5% cash back on rotating catagories, and special 2% promotions that randomly pop up.  Also, earn 5%-20% when you shop using shopdiscover...  they can even be used to book travel (flight +hotel or rental car), cruises, etc. all while earning cash back on your travel

 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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