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Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

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Anonymous
Not applicable

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

 

 

Def get rid of the SUBPRIME cards.

 

Amex and Chase are great to be in with.

 

You really dont want those crappy credit card companies on your credit reports anyway ! 

They have already served their purpose.

 

Kick Them To The Curb Buddy.........Smiley Very Happy

 

 

Message 11 of 31
Brickbybrick
Regular Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

Sorry Padme I don't understand, if I close Credit One I'll go DOWN 40Pts? And thanks guys, I'll cut out Credit One once I understand what it'll do to me and Merrick another 6 months once I get approved for Disco Smiley Happy
5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 12 of 31
austinguy907
Valued Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

What he was saying is if you don't have autopay setup on Credit 1 and you miss one of thsoe monthly fee payments is that your score could drop 40 points by missing the payment.

 

Why not cut the fees and close both of them now and then concentrate on the prime cards?  Why would you pay a monthly fee for something  you don't use?

Message 13 of 31
Anonymous
Not applicable

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

Congrats!  Chase Freedom gave me my first huge limit and lowest Apr.  I only had a qs1 and a couple comenity store cards when I applied.  Chase started me at $10k.  I broke my jaw when my chin hit the floor so hard! lol

 

Credit One is horrible.  Nothing should happen if you cancel, other than they might bug you to death the first month or two.  Because it stays on your credit report for 10 years after you close it, it won't affect your average age of accounts.  With the small limit, it isn't padding your utilization enough to affect that aspect of your score.  Merrick bank is better than credit one, but not by much.  Chase started you with a limit you will never get to with Merrick.  My husband had both.  He had no objection to cancelling credit one but fought me on Merrick lol They were charging him a fee of $3 per month after the 1st year.  They denied his request to get rid of the fee.  They denied his request to pay the fee on an annual basis.  They denied his request to pay the fee in a lump sum.  They denied any request to increase his cli.  It was at $1800 for 2 1/2  years.  If they charge you any fees after the 1st year, cancel it.  Don't ever pay for a cli either.

 

Keep up the good work!  

Message 14 of 31
Total80sKid
Senior Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

Merrick recently gave me my highest non-store card SL at $600.

Chase Freedom stated with $500 2yrs ago and is still stuck at $500.

Credit1 is bad, but they currently have me at my 2nd highest non-store card of $700.

Hopefully Chase or one of my 3yr old Cap1 cards will show some love for me being loyal and never missing a payment or being late and then I can get rid of cards like the Credit1.

As always, YMMV.
Message 15 of 31
Anonymous
Not applicable

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

Congratulations! I completely agree with the above posts. Quality over quantity.
Close the sub-prime cards and let your good ones age. It won't hurt your CS..but could save you a lot of trouble!
Message 16 of 31
ls2016
Frequent Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

Congrats OP on your approval.

I closed my Credit One CC after 9 months of having it. It did not affect my score at all. My util. was already low <1%. It showed closed on my credit reports within days of the closure. $0 balance of course.

I was actually embarassed to swipe it after finding this forum, so I just closed it.

I also closed all store cards that were not above $3500 limit (after only 4 months of having them).

I thought "the more, the better." After extensive research, I found the opposite to be true for several reasons.

I agree with others Quality over Quantity!!! Best Wishes with your rebuild!

Current FICO 8s: Ex 768, Tu 741, Eq 741
Current FICO 9s: Ex 775, Tu ?? Eq 781
Total TLs: $120,000
8 (30-60 day) mortgage lates and 2 (30 day) auto lates remain from Jan., Feb. 2016
Current Mortgage Ex. Fico 2 787
Message 17 of 31
Anonymous
Not applicable

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS


@Brickbybrick wrote:
So drop Credit One AND Merrick? They're my oldest cards and merrick will be my second highest credit limit.

My story is similar to yours Brickbybrick...I started with a Cap 1 and a Credit One 2 .5 yrs ago, both at 500 SL. Today Cap 1 is at 4500 ans Credit One is at 1000. I see no reason to cancel the Credit One....If any rebuiders have high annual fees, you can call and aske them to waive them..Credit One had a annual fee...no more, I called, asked them to remove it and they did...or I would be cancelling their card. Do what ya will, but there are ways do get your credit healthy without cancelling cards, unless they are COSTING YOU MONEY. 

Message 18 of 31
padme
Established Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

OP when I had credit one, I called to cancel and they said they would wave the annual fee. I would check it all the time then I noticed a $7 a month fee popping up, if I hadn't noticed it, they would hit you with a 30 day late and it would be there for 7 years. So you rebuilders can either keep them or cancel them, if you have at leaSt one prime card, that's what I would do, cancel them.
Message 19 of 31
Brickbybrick
Regular Contributor

Re: Chase Unlimited Freedom Approval - MUST READ FOR REBUILDERS

I am canceling my Credit One card but I have a question. I have a balance on my Merrick, Capital One, and Amex. Can I still balance transfer to my new chase since it has 0% making it easier for me to knock down? Thanks!

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 20 of 31
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