When to Apply With Chase ?

Anonymous · ‎07-11-2017

Hello everyone I just started my credit adventures at the beginning of March with capital one. I was approved for the platnium and have been spending near the max of my 300 limit then paying it all off but two dollars the day before my due date then paying the 2.00 on my due date for lowest utlization. I recently just product changed to the Quicksilver through that handy link someone had. Anyways here I am about 5 months later sitting at a 682 CS wanting to get on board with Chase, do I wait or go for it ?

Anonymous · ‎07-12-2017

@Anonymous wrote:
Hello everyone I just started my credit adventures at the beginning of March with capital one. I was approved for the platnium and have been spending near the max of my 300 limit then paying it all off but two dollars the day before my due date then paying the 2.00 on my due date for lowest utlization. I recently just product changed to the Quicksilver through that handy link someone had. Anyways here I am about 5 months later sitting at a 682 CS wanting to get on board with Chase, do I wait or go for it ?

Welcome to MyFICO

Really not enough information to give an adequate response. Where are you getting that credit score from? Chase really likes to see more history and higher limits before they will approve but there have been people approved with little to no history so your best bet is to check Chases's preapproval link before applying. If you see a preapproval then your chances are normally pretty good. If not I'd wait until you build more credit history and possibly another card or two. Good luck when you do apply.

Anonymous · ‎07-12-2017

As Irish said, not enough information.

If you're over 21 you can check for preapprovals.
But I think (not 100% sure, but I would say 90%), that Chase also requires you to have a FICO score to process your application. Since you got your first card in March that would mean you would have a FICO score in September.

Also, I'm assuming the 682 CS you mentioned was pulled either from Capital One's Creditwise or CreditKarma right?

While both are good tools to give you free updates on what's happening with your credit and credit reports you shouldn't rely on those scores as being your actual credit score because 90% or more of lenders don't use those they use FICO scores.

Anonymous · ‎07-12-2017

Yes the 682 is with CK and Capital One's Creditwise however I was also on experian and it also had me at a 682. I am 19 years old turning 20 in august, you don't get pre-approvals if you are under 21 ?

Anonymous · ‎07-12-2017

Deli - If your first credit card was in March FICO won't be available until September. Yes Experian has Vantage scores too, which are "FAKO" not FICO. Chase for applications uses FICO scores.

And no you will not find a preapproval from Chase until you're 21. But for your profile there's literally no benefit to a preapproval from Chase anyways. I would recommend waiting until September then applying.

If you're a student you may get in with Discover for their student card without a FICO score.

Anonymous · ‎07-12-2017

@Anonymous wrote:
Deli - If your first credit card was in March FICO won't be available until September. Yes Experian has Vantage scores too, which are "FAKO" not FICO. Chase for applications uses FICO scores.

And no you will not find a preapproval from Chase until you're 21. But for your profile there's literally no benefit to a preapproval from Chase anyways. I would recommend waiting until September then applying.

If you're a student you may get in with Discover for their student card without a FICO score.

Alright prefect thank you for the information, I should be reciving a CL increase from Capital one and hopefully that will help my odds come september.

Anonymous · ‎07-12-2017

No problem, these forums are very helpful!

Also, not to burst your bubble, but a CLI isn't very helpful. It's a nice thing to get but it doesn't increase your FICO score.

FICO is based on Utilization.

For best scores keep your utilization (usually referred to on here at UT) under 10% and above 1%.

So if your credit limit is $500 then try to keep your balance that reports between $5-45. That would maximize your FICO score.

Good Luck!

Anonymous · ‎07-12-2017

I think a CLI would be helpful to the OP before applying for a Chase product. I'm not thinking from the perspective of utilization or his credit score, but simply because his limit is currently $300. If he got that bumped to say $1000 and that new limit reported, I would think Chase would see a $1000 limit more favorably than a $300 limit for the OP when it's his only revolver. Having a higher limit on the CO card would only help his chances of a more favorable result when apping for a Chase product IMO.

Anonymous · ‎07-12-2017

@Anonymous wrote:
No problem, these forums are very helpful!

Also, not to burst your bubble, but a CLI isn't very helpful. It's a nice thing to get but it doesn't increase your FICO score.

FICO is based on Utilization.

For best scores keep your utilization (usually referred to on here at UT) under 10% and above 1%.

So if your credit limit is $500 then try to keep your balance that reports between $5-45. That would maximize your FICO score.

Good Luck!

Yes always, I actually watch a bunch of youtubers like asksebby, creditshifu, and beatthebush. Beat the bush was stating that he currently pays everything off but two dollars the day before the due then then pays the 2.00 on the due date to keep utilization low is this a good thing to do or am I just wasting time ? https://www.youtube.com/watch?v=GtGS7psvKlY

Anonymous · ‎07-12-2017

That sounds a little over micro-managed to me. I'm sure it works just fine, but it's not necessary.

If you have a $500 limit card, it doesn't matter if you let $2 report or $44 report (or anything in between) as you're going to land in the ideal utilization range for FICO scoring purposes. Going with $2 over $44 will make absolutely no difference on your FICO score, so micro-managing the whole $2 thing is simply extra worry and work for no additional benefit.