Chase BT? (Updated) Contacted Penfed:/

[Anonymous]

It's been about 2years since I applied for anything. I have 137k credit with 43% used. My AAoA is 4years ish. Oldest account is 11.1years. Experian Fico 8 is 688. No negatives. Score is low due to AAoA and Utilization. I am being hit with huge interest 24.99% from Capital One for 23k. I want to apply for Chase Slate and transfer the amount. I don't have any cards from Chase.

- Will I even get that amount from Chase to even do a transfer?
- If I apply for Chase Slate, will this ruin my chances of getting higher starting limits when I go for the Chase Saphire Reserve?
- Should I try to consolidate with Penfed first before applying to Chase? Regardless, I will pay this amount off in a year and just didn't want to be getting hit with $500 interest/ Month.
- Should I do a Hard Pull and try to raise the limit on my Penfed Visa Sig., SL (12,000) Applied in December 2016?. Maybe that will offset my Fico score and apply for Chase with a stronger Utilization?
FYI no one else will increase my limit

Please let me know if you need more information. Thanks

[Anonymous]

How much are looking for looking for?  Based on your profile, you will likely get a lower amount than what you are seeking even if you are approved based on your profile.

You application for the Chase Slate will not be factored in to other future  Chase applications unless default, max out the card etc. To answer the rest of questions, state how much you are looking to transfer for a better response.

[Anonymous]

I would like to transfer 23.5k.
To add to the op questions, should I apply to several cards and transfer. I seen freedom gives higher limits than slate. Example, apply Freedom, apply another bank that gives high limits? Which is? lol. If at all possible, I want to save my AAoA and try get something from Penfed. If this route doesn't work, and I intend to get chase quadfecta one day. I might as well apply early so AAoA grows with cards. I need 2 cards that will add to that limit so I can do the transfer. Just need ideas of where to chance these hardpulls if penfed doesn't come through for me. I will try to get a consolidation loan from them.

[SouthJamaica]

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@Anonymouswrote:
It's been about 2years since I applied for anything. I have 137k credit with 43% used. My AAoA is 4years ish. Oldest account is 11.1years. Experian Fico 8 is 688. No negatives. Score is low due to AAoA and Utilization. I am being hit with huge interest 24.99% from Capital One for 23k. I want to apply for Chase Slate and transfer the amount. I don't have any cards from Chase.

- Will I even get that amount from Chase to even do a transfer?
- If I apply for Chase Slate, will this ruin my chances of getting higher starting limits when I go for the Chase Saphire Reserve?
- Should I try to consolidate with Penfed first before applying to Chase? Regardless, I will pay this amount off in a year and just didn't want to be getting hit with $500 interest/ Month.
- Should I do a Hard Pull and try to raise the limit on my Penfed Visa Sig., SL (12,000) Applied in December 2016?. Maybe that will offset my Fico score and apply for Chase with a stronger Utilization?
FYI no one else will increase my limit

Please let me know if you need more information. Thanks

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1. Your average age of accounts is good enough to get you over 800, so if you have no negatives, it's utilization alone that's depressing your score.

2. The Chase Slate is notorious for giving you too low a starting limit, so that its balance transfer capability is meaningless. And the card is no good for anything after the first 60 days. So IMHO don't waste 1 or 2 hard pulls on such a card (yes Chase often does a double pull).

3. No it wouldn't ruin your chances of getting a Sapphire card.

4. PenFed is a pretty good lender, but it has tough underwriting standards. They might well turn you down. But then again, they might grant it.  Their Promise card is the best option for balance transfers.

[Anonymous]

Thanks for the response and long time no see I have great motivation after reading what you wrote I will keep you posted. 

[Anonymous]

I just applied for 25k Penfed Consolidation loan. Should I call in or just wait? It went into review.

[Anonymous]

I contacted Penfed and they denied me for debt to income ratio or she said debt to credit ratio. My income is 146k. I wonder if they even used my new score to evaluate me. I tried to use the same pull to get the promise and was denied as well. Fico 9 Equifax was 618 on Penfed site and now I looked at myfico and as of today it's 655. What a let down. I will wait for the letter and see what score they used.

Now I have to rely on the other methods. Apply for 2 cards and hopefully get approved. Tranfer balance. Anyone got any recommendations?

Fico 8

Experian 688

Equifax 675

Transunion 682

[Anonymous]

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@Anonymouswrote:

I contacted Penfed and they denied me for debt to income ratio or she said debt to credit ratio. My income is 146k. I wonder if they even used my new score to evaluate me. I tried to use the same pull to get the promise and was denied as well. Fico 9 Equifax was 618 on Penfed site and now I looked at myfico and as of today it's 655. What a let down. I will wait for the letter and see what score they used.

Now I have to rely on the other methods. Apply for 2 cards and hopefully get approved. Tranfer balance. Anyone got any recommendations?

Fico 8

Experian 688

Equifax 675

Transunion 682

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Ok, let’s see........How many inquiries do you have on each bureau? What’s your highest limit card?

[DeeBee78]

I think we still need more information about your individual card utilization before we can figure out what might be the best option for you. If you have any cards reporting maxed out (over 89% utilized), it's going to be difficult to be approved for anything. Who do you bank with? Sometimes a banking relationship can result in a decent approval, since they have a clearer picture of your income. 

The vanilla BankAmericard  Mastercard and Discover IT cards are good balance transfer cards. The BoA card has the same features as the Slate, where no BT fee is charged in the first 60 days. The Discover IT has a fee, but can give you a little longer to pay off the balance. 

A debt consolidation loan might help you pay off that Capital One balance quicker. You can do a soft inquiry with Discover and Marcus to see if you qualify for one of their loans. 

[AverageJoesCredit]

PF wont approve someone with 146 k income and they wont approve someone like me with a good score and credit but low income, yea team Penfed not...