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Regular Contributor
jakemod1
Posts: 179
Registered: ‎01-26-2013
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Chase Pre-Approval...Need Advice!

CK alerted me that my FAKO score went up from 731 to 762, which puts me in their "excellent" category. This was due to me paying off all but one of my credit cards, although there are still a couple showing util, one for BoA @ 27% and Cap1 @ 11%. They don't update til next week. A Discover account I just opened in January is still not reporting and that is where the balance will report after everything updates. Last time I checked my score was over a month ago, and only through TU FICO: 702.

 

Curious, I decided to go to Chase's website and  try their "See if you're prequalified..." link to see if I would be offered anything with my new credit profile. I've tried a couple times before and they never had any offers for me. To my surprise, they pre-approved me for a Chase Slate and Chase Freedom with the 0% promo for 15 months. I can tell they soft pulled my CR since it took a while to load after I input my info. It also had the "Opt-Out/Stop receiving prescreen..." message on the bottom.

 

What do you think? Should I go for it?? I am really trying hard not to app since I am waiting for BoA and Cap1 to report a zero balance. My concern is that if I wait, the Discover will report as well, and currently, it will have a 45% util. It does have my highest limit with $6,000, so I'm thinking it could also work in my favor and Chase will give me a high limit. Another issue I have is that I was planning on apping for the Amex BCE first, before the Freedom. I might ruin my chance with Amex if i jump the gun on this, i'm afraid. My ultimate goal is to get both the Amex BCE and Chase Freedom.

 

I am just confused and lost! I don't know how to best approach this. Please help a fellow myFico'er :smileysad:

 

Many thanks in advance.

Discover IT: $14,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $7,800 | BoA BankAmericard Cash Rewards: $5,400 | Citi Double Cash: $3,600 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
TU FICO: 746 EQ FICO: 767 EX FICO: 745

Super Contributor
enharu
Posts: 6,994
Registered: ‎02-27-2013
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Re: Chase Pre-Approval...Need Advice!

[ Edited ]

i recommend waiting!

the freedom is an easier card to get than bce (i'm guessing).

 

another reason being it's easy to build a good relationship with chase.

open a checking with them, deposit a few thousand at least into a CDO or something for a few months, and they'll be more open towards giving u a card even if there's something against u in your CR, as long as its not too major.

AMEX on the other hand is a little tougher to build a relationship with before u get approved for their cards. U can open a checking with them, but it isn't as good as with Chase (in my opinion) because Chase has a lot more branches, ATMs etc.

 

Edit: just tried that too. Preapproved for Freedom and Slate! NO CSP though :smileysad:

 

Does AMEX have something like this too? Just so I can see which ballpark I am in.

 

and just to be clear, do you mean your discover card has 45% utilization right now? or do you mean you have 45% utilization overall right now, and it will go down once discover reports?

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
jakemod1
Posts: 179
Registered: ‎01-26-2013
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Re: Chase Pre-Approval...Need Advice!


enharu wrote:

i recommend waiting!

the freedom is an easier card to get than bce (i'm guessing).

 

i just tried to check if im prequalified but the link seems to be not working due to maintenance? :smileysad:

 

another reason being it's easy to build a good relationship with chase.

open a checking with them, deposit a few thousand at least into a CDO or something for a few months, and they'll be more open towards giving u a card even if there's something against u in your CR, as long as its not too major.

AMEX on the other hand is a little tougher to build a relationship with before u get approved for their cards. U can open a checking with them, but it isn't as good as with Chase (in my opinion) because Chase has a lot more branches, ATMs etc.


I did have a previous relationship with Chase through Circuit City, when they were still opened. Chase closed that account due to the store closing, but the account was paid/never late. I was, however, only an AU. It still shows on my CR and due to fall off Nov 2014.

 

I'm not sure how well creditcards dot com's accuracy is, but when I tried their Card Match feature, they had exclusive offers for me with Amex (Gold, BCE, BCP, and Starwood I believe), again through SPs.

 

Maybe I should wait then...I was a click away from submitting the app. I, however, "accidentally" clicked the x button instead :smileyfrustrated:

Discover IT: $14,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $7,800 | BoA BankAmericard Cash Rewards: $5,400 | Citi Double Cash: $3,600 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
TU FICO: 746 EQ FICO: 767 EX FICO: 745

Regular Contributor
jakemod1
Posts: 179
Registered: ‎01-26-2013
0

Re: Chase Pre-Approval...Need Advice!


enharu wrote:

i recommend waiting!

the freedom is an easier card to get than bce (i'm guessing).

 

another reason being it's easy to build a good relationship with chase.

open a checking with them, deposit a few thousand at least into a CDO or something for a few months, and they'll be more open towards giving u a card even if there's something against u in your CR, as long as its not too major.

AMEX on the other hand is a little tougher to build a relationship with before u get approved for their cards. U can open a checking with them, but it isn't as good as with Chase (in my opinion) because Chase has a lot more branches, ATMs etc.

 

Edit: just tried that too. Preapproved for Freedom and Slate! NO CSP though :smileysad:

 

Does AMEX have something like this too? Just so I can see which ballpark I am in.

 

and just to be clear, do you mean your discover card has 45% utilization right now? or do you mean you have 45% utilization overall right now, and it will go down once discover reports?

 


My Discover has 45% util now, everything else is 0 balance. About 15% overall util. As mentioned, BoA and Cap1 have not reported 0 balance and Discover account have not reported to CRAs yet. Without those reporting, BoA is at 27% util and Cap1 at 11% util. About 9% overall util as of current reports.

Discover IT: $14,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $7,800 | BoA BankAmericard Cash Rewards: $5,400 | Citi Double Cash: $3,600 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
TU FICO: 746 EQ FICO: 767 EX FICO: 745

Valued Contributor
Burned2manybridgesB4
Posts: 2,158
Registered: ‎03-15-2012
0

Re: Chase Pre-Approval...Need Advice!

A lot of dings headed your way, if you app. Inquiry, new accts, and the scoring drop potential. Dry dock amex until the dust settles, and util is lower than 10%

Regular Contributor
jakemod1
Posts: 179
Registered: ‎01-26-2013
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Re: Chase Pre-Approval...Need Advice!


Burned2manybridgesB4 wrote:
A lot of dings headed your way, if you app. Inquiry, new accts, and the scoring drop potential. Dry dock amex until the dust settles, and util is lower than 10%

I'm not sure if it matters, but I have no inquiries on EQ or EX, only 2 on TU. Per myFICO, AAoA is 4 years. Only recent app within the last 12 months was last month with Discover.

Discover IT: $14,500 | Chase Freedom: $5,000 | Chase Sapphire Preferred: $7,000 | AMEX BCE: $7,800 | BoA BankAmericard Cash Rewards: $5,400 | Citi Double Cash: $3,600 | Cap1 VentureOne: $5,000 | GECRB Chevron: $3,500 | Macy's Store: $4,200; Macy's AMEX: $6,000 | Best Buy: $500 | Kohl's: $2,000
TU FICO: 746 EQ FICO: 767 EX FICO: 745

Super Contributor
enharu
Posts: 6,994
Registered: ‎02-27-2013
0

Re: Chase Pre-Approval...Need Advice!


jakemod1 wrote:

My Discover has 45% util now, everything else is 0 balance. About 15% overall util. As mentioned, BoA and Cap1 have not reported 0 balance and Discover account have not reported to CRAs yet. Without those reporting, BoA is at 27% util and Cap1 at 11% util. About 9% overall util as of current reports.


so your discover card is a brand new card that you just got?

if so, i would apply before they report. however, amex will find out eventually and that might affect ur chances of CLI. Some people warned about FR, but it seems only for really extreme (or unlucky) circumstances.

don't know if this is accurate, and it's based upon what i've been reading, but util >30% seems to be big no no for amex revolvers unless you have history with them. always better to be on the safe side i suppose.

 

if you really want an amex badly, i would say go for it now, or pay your discover down till its below 30% and wait.

 

creditcards.com, like all prequalifications/pre-approvals, are not accurate entirely.

my girlfriend had the same thing and applied. got denied and she called recon. recon said they'll reconsider and its currently processing/pending again.

she has 731 fico experian, 65k annual income, 0 rent payment, 1 auto loan (8.4k owed), 0 late payments, no ck/bk/ca, AAoA 2yrs, oldest acct almost 5 years, newest acct opened 12/12.

Amex recon initially said because of her new credit line with chase recently (which also lowered the AAoA), and the number of inquiries she had (5 due to auto loan rate shopping), those were the reasons she was denied initially.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Chase Pre-Approval...Need Advice!

Creditcards.com doesn't offer pre-selected offers the way that lenders do with pre-screened tools. In fact, you don't even need to enter accurate information to get back results on creditcards.com. They just want to get everyone to apply through their site because they get revenue for doing so. Do not rely on their offers, IMHO.

You're in a dangerous spot, OP. Your utilization right now is probably not much better than when your Discover reports just due to the multiple cards reporting a balance factor. However, then you have to ask yourself if there is anything else on your report potentially holding you back. I think this is going to be a personal decision, but honestly I would apply before taking a new account hit - especially if that new account will be reporting 45% util. That just seems like a red flag to me.

Which leads me to just cautioning you on 0% interest. It's great now, but please make sure you have the cash to pay it off. New accounts can often lead to new debt that isn't often warranted.

Wishing you good luck with whatever you decide.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Chase Pre-Approval...Need Advice!

Forgot to mention your other option - wait 6 months. Do you really need new credit, or just want it? As long as you make on-time payments and keep the util within control there is no reason your score and overall profile won't be even better at that point in time.

In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Super Contributor
enharu
Posts: 6,994
Registered: ‎02-27-2013
0

Re: Chase Pre-Approval...Need Advice!


SnackTrader wrote:
You're in a dangerous spot, OP. Your utilization right now is probably not much better than when your Discover reports just due to the multiple cards reporting a balance factor. However, then you have to ask yourself if there is anything else on your report potentially holding you back. I think this is going to be a personal decision, but honestly I would apply before taking a new account hit - especially if that new account will be reporting 45% util. That just seems like a red flag to me.

Which leads me to just cautioning you on 0% interest. It's great now, but please make sure you have the cash to pay it off. New accounts can often lead to new debt that isn't often warranted.

Wishing you good luck with whatever you decide.

I'm curious about 2 things and hope you can enlighten me.

 

If more than 1 account reports a balance, is that a bad thing?

For example my Chase reported a balance of $20 (2000 CL), and Wells Fargo will be reporting a balance of 90 (CL 10000). Should I completely pay off WF then?

 

About the 0% interest. How does that work exactly.

Let's say I swipe $1000 right away once I get the card.

I pay it off in next 11 months to clear the original amount I owed (assuming 0 APR 12 months). 

On the 12th month, If it just happens that when the statement cuts, it is showing a balance of 500, does this mean I pay 1 month worth of interest for just $500? Or 12 months worth for $1500 or $1000?

 

Thanks!

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

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