I just received a Chase Freedom card with a $900 CL and a whopping 23.24% apr that kicks in after a 3 month intro period. I'm not sure whether to activate the card. I'm working to rebuild my credit. My EQ score is at 740, but my TU, which Chase pulled is in the mid-600s b/c of two collections,including one collection that I disputed and that I just found out is coming off. My Ex score varies radically from 670-730 depending on where I get it from. It has one baddie on it--the collection mentioned above which Ex unfortunately has verified. Aside from the baddies, my primary problem is lack of credit history/thin file.
My question is what to do with the Chase card b/c of the high apr. I just got my first prime card, a BOA World Points with a $3K limit, 14.99 apr, and 6 mo. intro period with 0%apr, and I have a Cap 1 with an $1000 limit. The high apr on the Chase card makes me nervous, but will having another prime card help my credit score? Also, does anyone know Chase's policy for increasing limits and lowering aprs.
1) you only get the 3% on the first $600 each month , I do think it's per catogory, like you could get $18 back chraging $600 in gas and another $18 for charging $600 in fast food, but after that the rest of the month you don't the 2% bonus, so if your a high roller, this is not the card for you.
2) you only get the 2% on fast food, not on a real dinning experince.
People say "Only apply for credit you NEED"
I say "apply for credit you have PRATICAL use of"
I don't have AMEX card because I don't want a card that suffers from PMS
I now have another question. I just had 2 collections deleted from my TU report, which Chase pulled. My only baddie left on TU are some late payments to a utility company, which I have submitted a DOFD dispute for. My major issue now is a thin file with cards that need to age.
Is it worth asking Chase to increase my puny $900 cl? Is there a way to do it without generating another inquiry. I was thinking about adapting a reconsideration letter and sending my updated TU report to them.
Thanks again. I never could have gotten my baddies off without the help of folks here.