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Valued Contributor
Posts: 2,013
Registered: ‎08-02-2016

Re: When to Apply With Chase ?

BBS - I definitely wasn't saying a CLI isn't a favorable thing I was trying to explain that a majority of apps are just either approved or denied by the system which factors in FICO scoring, and for FICO scoring a $300 or 1k limit makes no difference.

Of course if it goes to Manual Review sure it looks like the OP is more responsible with 1k. But I highly doubt OP's app would go to MR just because there's not much to review in the first place. If OP waits until September to app (when they have a FICO score) it's likely an instant approval for a Freedom or Freedom unlimited.

I agree the whole $2 thing is too micromanaged. Between 1 and 9% utilization your score is calculated the same, because it's just one category not different ones for each percent of utilization.

Good Luck OP
Frequent Contributor
Posts: 256
Registered: ‎05-10-2017

Re: When to Apply With Chase ?

Beat the bush is taking into factor all of the other scoring models along with Fico 08.

This is the best strategy to maximize ALL of your scores on ALL of the scoring models.
Depending on which model a particular lending institution uses.
Some lenders are starting to use other Fico models other than Fico 8.
This is why $2.00 maximizes all of the mentioned scores.
Lowes
IHG
BCE
EFCU

Established Contributor
Posts: 751
Registered: ‎11-07-2016
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Re: When to Apply With Chase ?

I never let my statements cut with more than 1% util. How much am I gaining by this micro management? A very small increase I'm sure. But it does keep me doing something to keep the app itch down hehehe


TU FICO 8: 743 (9/17) — Ex FICO 8: 727 (10/17)
Valued Contributor
Posts: 2,013
Registered: ‎08-02-2016
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Re: When to Apply With Chase ?

Bluefooted- I've had a $20 balance with BofA that was shown as 0% UT and lowered my FICO score. So I'm now sure that's entirely accurate.

Out of 7 TL's reporting all had a $0 balance except the $20 with BOA. $20/6k isn't 1% and so on myFICO the next month it showed 0% UT and my score lowered by 12 points.

I would definitely recommend using at least 1% Utilization which in the OP's current situation is $3 it may be more sooner with a CLI.

Just basing this on my experience.
Valued Contributor
Posts: 2,157
Registered: ‎05-05-2010
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Re: When to Apply With Chase ?


Deli 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 ? 


Check out the pre qual site on Credit Karma and see what shows up. Also, there have been people under 21 getting prequaled.

 

 

New Member
Posts: 11
Registered: ‎07-11-2017
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Re: When to Apply With Chase ?

Sorry for the late response , should I be applying at the beginning or end of September ?

Valued Contributor
Posts: 2,157
Registered: ‎05-05-2010

Re: When to Apply With Chase ?


Deli wrote:

Sorry for the late response , should I be applying at the beginning or end of September ?


Apply when your reports update.

 

Also, when the reports are updated, check out the Chase and/or Credit Karma pre-qual site to see if you get any offers.

 

 

Frequent Contributor
Posts: 265
Registered: ‎06-28-2016
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Re: When to Apply With Chase ?

@OP ;

Here's how I established one of my daughters credit who's about your age (19yrs old) ;

App'd her with Discover it for Student (Unsecured) after turning 18 with Zero (0) credit and just enrolled in College last year. She got approved with $800 SL ($2.9K now). Disco just asked proof of College enrollment and Class registration via e-mail uploads.
After 6 months of reported history on EX with 724 FICO8, I app'd her with Amex BCE approved with $1K SL ($2.5K now).
After exactly a year of reported EX history of 728 FICO8 (2 weeks ago), I app'd her with Chase FU and instantly approved with $2.3K SL. Just got her Card today in the mail that shows Chase' own Risk scoring model of 735 out of high 900.
All these app while she only makes about $11K annually working part time as a student.
Hope this info helps you and Good Luck!
In the garden 'til 02/2018
Rebuilding since BK7 dc in 01/2011 with FICO8 in the 500s
10/01/17 Fico8 EX 706 EQ 723 TU 700
INQs EX 5 EQ 5 TU 3

Penfed TR Amex $10K | C1 QS $12K | Discover it $7.5K | Discover More (AU) $11.7K | Marvel MC $8K | Barclay Financing Visa $7.2K | BoA CR $2.5K | Blispay $3K | Citi BB Visa (AU) $8K | WalMart $6K
New Contributor
Posts: 56
Registered: ‎07-02-2017
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Re: When to Apply With Chase ?



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%.


Sorry I'm late to this thread but I'm proof people read old Q & A's on here sometimes years later.  I'm interrupting just to point out a slight inconsistency in your response (will ALL due respect!!!) - a CLI can be quite helpful to someone trying to build credit because, as you rightfully point out, FICO considers utilization quite highly.  The CLI will help achieve a lower utilization percentage to someone who is actively and dilligently pursuing higher scores and better TL's. :-)

New Member
Posts: 11
Registered: ‎07-11-2017
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Re: When to Apply With Chase ?

Hey everyone, just wanted to give a quick thought I have been having. When I go to apply here soon should I potentially try and go for the CSP app as well ? Or should I just hold off on that one? Updated on my Vantage 3.0 sitting at 707

Thank you all !

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