Chase - Some questions

[Ghoshida]

Hi MyFico Members,

I've got some Chase CC related questions.

Background: I have two Chase cards: Freedom (CL 500) and Slate (CL 1000). I got those cards in Feb and Apr this year (last cards that I apped for).

I also have a total checking account with Chase.

I've been in the garden for 3 months. I might get a HP for DCU checking but have no intentions of apping for another 3 months or so. 

Current credit status: TU 685 (Jul 11 / Discover). Overall CL: 21,400. Overall utilization: 34%. Total cards: 9. Other loans: Nil. Top CLs: Discover 5,700, Cap One 4,000, Citi 3,200, SMMC 3,000. AAoA: 1.2 years. Oldest card: 2 years

I understand my debt is high; my plan is to get it below ~ 1.5k by September when I get some extra cash. Both Chase cards will show zero balance then. Till then, I'll have to carry some balance. All my balances are on 0% APR.

I have managed CLI from Discover (auto), Citi (SP), and Cap One (EO). All  from 2,000, and all around May-June.

I have failed multiple times with AMEX CLI (high util, low AAoA) and US Bank CLI (similar reasons). 

My questions on Chase: 

(1) Freedom: Is there any point in asking for a CL given that it is a HP or should I wait for an auto down the line? Once I pay down the balance, I'd be fine with the limit (I'd have to pay multiple times a month).

(2) Slate options: I don't need this card further. Should I merge it with Freedom or should I PC it to something else, say a Sapphire (no-AF) or an Amazon? Is it feasible? Merging is feasible according to CSR once I pay down full balance and SD the card for a month.

(3) CSP: I'd like to app for a CSP once I get out of the garden (ideally, next year, but might happen sooner). I understand I need excellent credit and also some 5k+ cards. The only 5k+ card I have is Discover. Do I need one from Chase as well before apping? Should I take that step only after I've successfully got a CLI from AMEX (given they both use EX, good indication of where my credit stands)? What should be my target score before apping? 

Thanks in advance.

[Jaylima91]

I can answer the CSP question. I don't know what chase looks for but.... Look at my sig. I now have the CSP and before that my highest CL was discover with $2,250. I don't have any banking relation with Chase at all. I've never had a chase product period. My credit history is less than a year. I decided to app this month and was approved with a $5k limit. Once again, I don't know what they look for in an applicant. Some say they require you have credit for at least a year before applying for one of their cards (I haven't had a CC for a year) and people say that chase wants to see a $5k limit card on your credit profile before being approved for the CSP (I never had a $5k CL CC and my highest CL when I apped was $2.25k. Just my 2cents.

[Ghoshida]

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@Jaylima91 wrote:
I can answer the CSP question. I don't know what chase looks for but.... Look at my sig. I now have the CSP and before that my highest CL was discover with $2,250. I don't have any banking relation with Chase at all. I've never had a chase product period. My credit history is less than a year. I decided to app this month and was approved with a $5k limit. Once again, I don't know what they look for in an applicant. Some say they require you have credit for at least a year before applying for one of their cards (I haven't had a CC for a year) and people say that chase wants to see a $5k limit card on your credit profile before being approved for the CSP (I never had a $5k CL CC and my highest CL when I apped was $2.25k. Just my 2cents.

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Thanks for the story Jay!

Could you share what your score was when you got the CSP? 

Maybe you've managed your credit pretty well in a short period of time

[LawStudentCivilis]

Definitely transfer the CL from the Slate to the Freedom (Chase is relatively painless about this process), close the Slate.  Garden a little longer, then apply for CSP.

[Jaylima91]

You're welcome! My FICOS were very low 700s. I do on the other hand have no late payments, no derogatory marks, no collections BUT I also don't have anything other than CCs. No mortgage, car loans, student loans, etc. I don't know what kind of risk chase would consider me but obviously not that high of a risk if I got approved for the CSP

[Ghoshida]

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@LawStudentCivilis wrote:

Definitely transfer the CL from the Slate to the Freedom (Chase is relatively painless about this process), close the Slate.  Garden a little longer, then apply for CSP.

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Thanks ! No merit in PCing to any other cards then Yeah I'd garden till the end of the year at least.

[Ghoshida]

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@Jaylima91 wrote:
You're welcome! My FICOS were very low 700s. I do on the other hand have no late payments, no derogatory marks, no collections BUT I also don't have anything other than CCs. No mortgage, car loans, student loans, etc. I don't know what kind of risk chase would consider me but obviously not that high of a risk if I got approved for the CSP

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Thanks.

I have no baddies on my report either. My two pain points are low age (you have the same) and high utilization. 

Chase has issues with utilization: I got the two cards only this year while I have the checking a/c with them since Aug 2012 and have at least applied 3 times with no success.

[Jaylima91]

My utilization is just under 30%. So honestly they could have easily denied me. I share my stories to help encourage those that are always in doubt. I am not saying go on apping spree but don't feel discouraged.

[breezy559]

I can answer the CSP question. A lot of people say you need a $5000+ credit card before they will approve you, but I didn;t have any credit card with a 5000 limit and they still approved me. I also beleve that with chase, they relax their standards/requirements if you already have a relationship with them, I definitely don't think I would have been approved for the CSP if I hadn't have had a freedom with them and a college checking account. Best of luck!

[Ghoshida]

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@Jaylima91 wrote:
My utilization is just under 30%. So honestly they could have easily denied me. I share my stories to help encourage those that are always in doubt. I am not saying go on apping spree but don't feel discouraged.

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Thanks for sharing. You have a great success story with CSP here.

Let my scores get to the north of 700 then