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New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Chase Slate and Chase Freedom

Hi All, 

 

New to the forums as a member but I have been here several times to read posts and to learn from you all. I decided that its one would need a little more in depth answer so I'm now a member, ready to contribute, help, and be helped! 

 

Situation: My wife and I (both 23) are closing on our first home on Wednesday! We are extremely excited as our monthly expenses will be less than if we were renting, and we will have more space, more privacy, more peace of mind, and be building equity. We have a get out of debt plan that hinges on getting approved for the Chase slate 0% and 0 balance transfer offer. The more I read about this card, the more I realize that we likely won't be approved for the limit we need. We can't apply until after closing. And have 3 cards we want to transfer over. We have a newegg preferred account (or I should say I have one.) with a balance of $529.92 A best buy credit card with a balance of $1522.54, and a US bank card with a balance of $2774.63. We would like to transfer all balances over for a total balance of 4827.09. We currently use Chase checking and savings accounts and have had a Chase Freedom account that we use and pay off each month with a $4000 limit. We plan on paying 1000 on the debt with our tax refund, (expected by the end of Feb.) Credit Karma shows my Transrisk score at 669, and my vantage score at 718. My wife also shows 669 on the Transrisk and 743 on the vantage. My wife is a student and I am a loan officer, household income is at 36000.

 

Questions: 

 

1.) Do you think it is likely I will get approved with at least a 1K limit? We could easily transfer 3K from the freedom card (I've heard this is possible, any verification on this?) We pay it several times a month to make sure it doesn't go outside our normal month to month spending. We only need 1K on that card. That would give us 4K on Slate, and after paying 1K from our tax refund, would be just perfect. 

 

2.) How will this affect my scores? Our limit with Newegg is 2k, with best buy is 2k, and with US Bank its 5.5K

 

3.) Does anyone know how quickly the balance transfers happen? Should I make a payment first, or will the balance transfer be my payment? Also after the balance transfer, will I still owe accrued interest the next month?

 

Your help and comments regarding this would be greatly appreciated!


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Valued Contributor
thom02099
Posts: 1,314
Registered: ‎08-30-2011

Re: Chase Slate and Chase Freedom

[ Edited ]

InaudiblePC wrote:

Hi All, 

 

New to the forums as a member but I have been here several times to read posts and to learn from you all. I decided that its one would need a little more in depth answer so I'm now a member, ready to contribute, help, and be helped! 

 

Situation: My wife and I (both 23) are closing on our first home on Wednesday! We are extremely excited as our monthly expenses will be less than if we were renting, and we will have more space, more privacy, more peace of mind, and be building equity. We have a get out of debt plan that hinges on getting approved for the Chase slate 0% and 0 balance transfer offer. The more I read about this card, the more I realize that we likely won't be approved for the limit we need. We can't apply until after closing. And have 3 cards we want to transfer over. We have a newegg preferred account (or I should say I have one.) with a balance of $529.92 A best buy credit card with a balance of $1522.54, and a US bank card with a balance of $2774.63. We would like to transfer all balances over for a total balance of 4827.09. We currently use Chase checking and savings accounts and have had a Chase Freedom account that we use and pay off each month with a $4000 limit. We plan on paying 1000 on the debt with our tax refund, (expected by the end of Feb.) Credit Karma shows my Transrisk score at 669, and my vantage score at 718. My wife also shows 669 on the Transrisk and 743 on the vantage. My wife is a student and I am a loan officer, household income is at 36000.

 

Questions: 

 

1.) Do you think it is likely I will get approved with at least a 1K limit? We could easily transfer 3K from the freedom card (I've heard this is possible, any verification on this?) We pay it several times a month to make sure it doesn't go outside our normal month to month spending. We only need 1K on that card. That would give us 4K on Slate, and after paying 1K from our tax refund, would be just perfect. 

 

2.) How will this affect my scores? Our limit with Newegg is 2k, with best buy is 2k, and with US Bank its 5.5K

 

3.) Does anyone know how quickly the balance transfers happen? Should I make a payment first, or will the balance transfer be my payment? Also after the balance transfer, will I still owe accrued interest the next month?

 

Your help and comments regarding this would be greatly appreciated!


First, congratulations on closing on your house!  That's a big step, for sure.  And also congrats on having a debt management plan.  You've clearly thought things through and done some research. 

 

That's fairly high util on your balances on those three cards.  That's going to have an impact on any approval for a Slate card.

 

As you're probably aware from reading here, those are FAKO scores.  Have you pulled your FICO scores from here?  If not, you might want to consider pulling your scores.  OR if you have the scores that your lender pulled in order to qualify for your mortgage, that would be helpful information.  Presumably, you've got a fairly decent middle score, since that's what most mortgage lenders consider for underwriting, that middle FICO score of the 3. 

 

Honestly, I think it might be a bit difficult to get  a Slate based on your FAKO scores, even though you've got a history with Chase.  However, if you try an automated application and get a decline, you could always call a back door number and talk directly with an analyst.  Or you could apply by phone or at a Chase branch where you can talk to a real person and be able to actually explain some of your situation.  That might increase your chances to get a Slate. 

 

Have you considered some other cards as well?  Perhaps an  offering from CITI such as the Simplicity, Thank You or Diamond Preferred cards?  They all offer some attractive BT benefits.  There are other cards out there as well, beyond the Slate card, that might be good cards for your situation. 

 

Best of Luck to you and your wife in your new home and in your credit endeavour!

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K / Wells Fargo Platinum Visa $7.5K / Home Depot $9.7K / Lowes $10K

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Contributor
ajh5408
Posts: 98
Registered: ‎04-13-2012

Re: Chase Slate and Chase Freedom

I agree with thom on several of his points: Since you have a relationship with Chase, it may benefit you to apply in a branch where you can actually explain your situation and get some backup from a helpful banker. Also, if you are denied or not given the necessary credit line, that could be an important point to bring up during a recon.

 

If your Freedom account is old enough, they will likely be able to transfer some of the credit line (ideally at the time of approval) in order to either boost the limit on the Slate or allow you to be approved for it in the first place.

 

Good luck!

.ılılıll | CK/TU FAKO [770] // CS/EX FAKO [789] // QZ/EX FAKO [724] // EX FICO [763] | llılılı.
Chase Hyatt [$9K] // AMEX SimplyCash [$8K] // Chase Freedom [$7K] // PenFed Platinum Rewards [$6.5K] // AMEX Clear [$6K] //
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New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Re: Chase Slate and Chase Freedom

I'll apply in a branch. I really like that there is no fee, and I really like that I would have everything in one place. If it for some reason doesn't work, then 'll go with another route. After this I dont expect to have an inquiry for the next several years. 


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New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Re: Chase Slate and Chase Freedom

[ Edited ]

So I went to the branch to apply, told them all about our plan, why we want the card, that we would happily take a lower limit on our freedom and so on. The system denied us, and when we called the backdoor number the rep said that because our cards were fairly new there was nothing he could do. Should I try again or move on? the balance transfer fee of 3% on most other cards will be pretty close to the interest that we will save.


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Current Score: 632
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New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Re: Chase Slate and Chase Freedom

Approved! I decided to call back and the guy was very understanding. Talked to him for a while and explained where the debt came from (student expenses for my wife and moving expenses) and he approved us for 3500! 


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Valued Contributor
ryanbush
Posts: 1,293
Registered: ‎08-19-2012

Re: Chase Slate and Chase Freedom


InaudiblePC wrote:

Approved! I decided to call back and the guy was very understanding. Talked to him for a while and explained where the debt came from (student expenses for my wife and moving expenses) and he approved us for 3500! 


Great, Chase has an awesome RECON system, did you have to move any of the credit line from your freedom over?  

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Re: Chase Slate and Chase Freedom

I'm really glad I called again. The first guy kept saying that we were denied and there was nothing he could do. I did not have to move any of my limit over. This is enough to transfer the US Bank balance. The other two are still interest free so I will get those paid off quick and then get this paid off, then put it all in the garden for a while. If it looks like we won't be able to get these other 2 cards paid off before the promotion expires, then we will ask them to transfer some of our limit so we can transfer the balances. We are very happy to be saving on interest, and are excited to reach the paid off stage!


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Contributor
solxp
Posts: 93
Registered: ‎12-16-2012

Re: Chase Slate and Chase Freedom

Newegg preferred account is a hidden tradeline unless you have negative info they do not report. So it neither helps or hinders applying for more credit. I do like it however its nice to have a hidden  tradeline and with the number of zero intrest for 6mo 12mo and 24mo promotional offers they run its a great account to use and not be concerned about PIF every month because high utilization/balance is not reported as long as you keep it current.

New Member
InaudiblePC
Posts: 12
Registered: ‎02-10-2013

Re: Chase Slate and Chase Freedom

Good to know thank you. WE are done (that's what we say at least) with larger purchases and plan to just pay everything off by september, at which point we will begin attacking the car loans. Our main concern is interest, so if we can pay things off before the interest deadline, great, if not we will transfer balances. The no fee only applies to the first 60 days so we need ti decide soon, and see where our plan will take us. Thank you to everyone for all the help.


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