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10-30-2008 03:30 PM
I like the sounds of the 15 mos at 0% ...has anyone taken this offer? If so what type of Credit Limits did you get? Was it instant approval or was it by review?
Just curious ..thanks!
10-30-2008 04:29 PM
10-30-2008 05:15 PM
has anyone taken this offer? If so what type of Credit Limits did you get? Was it instant approval or was it by review?
Just curious ..thanks!
Click HERE for my experience with a Chase 0% offer.
Please note I already have a Chase card and the offer that was made specifically mentioned that I was receiving the offer as the result of my good performance with my existing MasterCard.
If you don't already have a Chase card, your offer might not be based upon the same criteria. Chase fully understood my credit worthiness before making the offer.
There might be some additional "wiggle room" to reneging upon the offered terms, if Chase is just giving you a promo offer based upon your credit bureau file header.
I had already kissed the offer goodbye.
I was only trying to keep the tradeline off my reports.
The members of this forum were very helpful in encouraging this wheel to keep on "squeaking". Chase actually reconsidered and eventually fell over backwards trying to make me feel loved.
Chase did send me a convenience check
It was included with the welcome package so I could transfer a balance to my checking account.
Make sure when you apply (by phone with offer code) that you verify a capped fee of $99 or so. Specifically verify that you will receive a check that can be deposited in your checking account and still be treated as a BT at 0%.
To check the status of the application:
The number I called the day after I applied was 800-945-2006.
You Press (#), Press (2), give your social security number and an artificial human (voice chip) gives the status of your application.
My immediate (next day) awareness of approval although with wrong terms gave me the lead time to lobby a whole bunch of people at Chase to reconsider and send me the original promised deal.
If I had waited until I received the card it might have been too late to get Chase to "reconsider".
I can't tell you how the BT transaction went.
I haven't pulled the trigger yet. I have 90 days to deposit the check.
I say go for it. If you have problems post back to this thread and the "FICO Gang" in this forum will probably be able to help you.
You asked about credit limits.
I already had a Chase card with a $20,000 credit limit. The new card was $13,300. Upon activation I moved half of my existing limit to the new card for a new CL of $23,300.
If you have no existing Chase card you might get 70-90% of the limit of one of your other cards. Don't bother with a CLI request upon activation because it will possible be a waste of a hard inquiry. Fifteen months from now, when the card is paid off, you can apply for another and combine limits like I did. Don't just focus on the "free money". You have a great opportunity to build higher credit limits in this tight credit market.
I am only going to make the check out for $11,000 (less than 50% util). My FICO score will drop less than 10-15 points.
If you have any more questions, feel free to post them.
10-30-2008 06:29 PM
While 0% for 15 months is in theory very nice who is crazy enough to actually revolve a balance these days?
I guess I am crazy. I have built up my scores by a game plan of increasing my credit limits through using 0 or low % offers, I never took an offer that cost more than the funds earned me in a deposit account. I know that CLDs are a risk, but I find it interesting that Chase is making me an offer that some might think I should refuse.
I worked very hard to break 800. Now I get the chance to see if a High FICO score really does mean anything. I got an offer that every Tom, **bleep**, and Harry is no longer getting. Caberkeep probably has a good score or he wouldn't get the offer either.
BTW I didn't know we aren't allowed to use the other name for Richard on these boards. It got censored by the software.
I always have the funds to Pay in Full every single tradeline balance on my credit reports. Haulingthescoreup reminded me that CLDs don't hurt anything if you carry no balances.
Your words of caution are definitely worth consideration. Currently I have no intention of using more that 50% of my new Chase card's credit limit even though I am leaving another interest free $10,000+ on the table.
I played the FICO game to cross the 800 finish line. Now that I crossed it I focus more on finding out how much credit a person can actually use and still stay above a 780 Fico score. I have had new closing balances as high as $18,000 without my Fico score dropping more than 20 some points. Having the ability to have high scores even if one or more tradelines have 50% utilization, is my focus these days.
Your warning is well advised however. That is why I am always ready to pay in full any account that triggers adverse action. If a bank wants to CLD me, I will simply call the bank and give it an opportunity to return my higher limit. If it doesn't want to do that, I will simply pay the card off and use it to buy one roll of toilet paper every three months. Sooner or later the bank will want to motivate me to use the card for more conventional purposes.
10-31-2008 01:28 AM
Creditable.... thanks for your input ...well taken...
Yes my scores are pretty decent I guess ... could always be better but i went on an app spree this past 6 months since I had my AMEX CLD attack ...so I recently got my Discover 25k, USAA 25k and a Citi 10k ....otherwise my score would probably be better ....especially if AMEX did not Cld me to a 100 dollars of my balance and made me look like 95% UTI on their card ...they got what they wanted and I promptly paid it off ...
My scores as of today were TU 747 EXP 749 FAX 762
HHI around 140-150k
This is a great board and I have learned a lot from it....
10-31-2008 08:00 PM - edited 11-27-2008 10:56 AM
It's not a rewards card. Limits are all over the board could be anything. While 0% for 15 months is in theory very nice who is crazy enough to actually revolve a balance these days? Especially with anyone other than a credit union. Just sayin'.
I am!!! I got this offer for the Chase Visa in October 2007 and opened the card. I got a limit of 6500 and promptly transferred a balance of just under 5K. Since then the balance went up to about 5700 and I requested and was granted a CLI up to 13K. The balance has never gone lower than 4700 and since June it's actually been above the 5200. It's down to 5110 now and will be paid off on 2/6/09.
I know others have had problems, but I have consistently transferred balances to take advantage of low/no interest without any CLD's. This has helped me to make great strives towards toward getting my debt down in the last 14 months, and will continue to help me.
Oh, and I've done this with Chase, BoA, Citi, and Discover
11-27-2008 01:21 AM
I forgot to post an update .... my app spree is done for this year
I signed up for the chase card... i thought i had signed up for the Platinum card with the 15 mos of 0%BT but when i called to activate the card i was told I did get 15 mos at 0% but that it was their Perfect Card with rewards ....
Credit limit at time of issue was I think 9.5k or 10k .... but when I called to activate the rep asked if I wanted to transfer any cards over .. I told her that I only have a few other cards with balances but that I didnt want to move any substantial monies on this card as the limit was only 9.5k and that a 4k BT would use up a lot of this card ...she offered to check possibility for CLI .... and she asked what I wanted ... I told her lets start with 15-20k .... 30 secs later ..she said 15k was no problem ... if I wanted more she would have to send it up to someone else for review ... I told her 15k was fine....
So far customer service has been very helpful on the phone ...CLI's seem pretty easy based pretty much on credit scoring and HHI .....I probably could have gotten a higher CL but it sounded like my Mortgage (4k) was kind of scaring them lol .... understandable ...
Anyways Happy Holidays to everyone ...and thanks for all of your help if it wasnt for this forum I wouldnt have gotten as much as i have in credit thats for sure
11-27-2008 06:37 AM
Last year I got a similar offer from National City. They sent me a check so it was a 0% no fee cash advance. used it to pay off my last 2 high interest CC accounts that were not in DMP. I paid it off in 7 months.
These days who knows what CCCs will do but if you have a good use for the money and are 100% certian to be able to PIF within the timeframe, I would do it.
11-27-2008 10:17 PM
I signed up for the chase card...
I told her that I only have a few other cards with balances but that I didn't want to move any substantial monies on this card as the limit was only 9.5k and that a 4k BT would use up a lot of this card ...she offered to check possibility for CLI .... and she asked what I wanted ... I told her lets start with 15-20k .... 30 secs later ..she said 15k was no problem ... if I wanted more she would have to send it up to someone else for review ... I told her 15k was fine....
What kind of happy dance do you prefer to do?
I like doing the "Snoopy Dance" myself.
Actually I would not BT to my mortgage or any other tradeline. I would deposit the welcome check made out for $8,000 to my checking account. Then I would make an immediate payment of $1,000 so that the closing balance on the first Chase statement will only be $7,000 (less than 50%) utilization.
Please note that I would do the check deposit after the first Chase statement drops to give me the turn around time for the $8,000 to credit to my checking and have enough time to make a $1,000 payment to post before the next Chase statement closes.
Your credit reports will show a $15,000 limit and $8,000 high balance. Having a high balance of more than 50% sets the stage for your CLI request a year from now.
The fact that you don't actually let more than 50% report keeps the Fico score hit lower than it would be above 50%.
If you want to avoid too big of a Fico hit the first month, pay more than the $1,000 back initially. I personally would wait to see the Fico impact after the $1,000 initial payment. I would plan my subsequent repayments accordingly.
Building higher credit limits can be done quite easy using 0% loans.
Borrowing more than you need to pump up the credit limits, is a waste of money unless the loan has 0% interest.
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