Reply
Established Contributor
Ghoshida
Posts: 943
Registered: ‎04-15-2014
0

Chase - Some questions

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.


AMEX BCE || Barclaycard Sallie Mae || Capital One QuickSilver || Chase Freedom || Chase Sapphire Preferred || Citi Dividend || Discover It || University FCU || US Bank Cash+ || US Bank REI

First card Aug 2012. Last card Oct 2014.
Gardening since 22-Oct-2014.
Frequent Contributor
Jaylima91
Posts: 487
Registered: ‎07-02-2014
0

Re: Chase - Some questions

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. :smileyhappy:
Established Contributor
Ghoshida
Posts: 943
Registered: ‎04-15-2014
0

Re: Chase - Some questions


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. :smileyhappy:

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 :smileyhappy:


AMEX BCE || Barclaycard Sallie Mae || Capital One QuickSilver || Chase Freedom || Chase Sapphire Preferred || Citi Dividend || Discover It || University FCU || US Bank Cash+ || US Bank REI

First card Aug 2012. Last card Oct 2014.
Gardening since 22-Oct-2014.
Frequent Contributor
LawStudentCivilis
Posts: 311
Registered: ‎06-14-2013
0

Re: Chase - Some questions

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.

Frequent Contributor
Jaylima91
Posts: 487
Registered: ‎07-02-2014
0

Re: Chase - Some questions

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
Established Contributor
Ghoshida
Posts: 943
Registered: ‎04-15-2014
0

Re: Chase - Some questions


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.


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


AMEX BCE || Barclaycard Sallie Mae || Capital One QuickSilver || Chase Freedom || Chase Sapphire Preferred || Citi Dividend || Discover It || University FCU || US Bank Cash+ || US Bank REI

First card Aug 2012. Last card Oct 2014.
Gardening since 22-Oct-2014.
Established Contributor
Ghoshida
Posts: 943
Registered: ‎04-15-2014
0

Re: Chase - Some questions


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

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.


AMEX BCE || Barclaycard Sallie Mae || Capital One QuickSilver || Chase Freedom || Chase Sapphire Preferred || Citi Dividend || Discover It || University FCU || US Bank Cash+ || US Bank REI

First card Aug 2012. Last card Oct 2014.
Gardening since 22-Oct-2014.
Frequent Contributor
Jaylima91
Posts: 487
Registered: ‎07-02-2014
0

Re: Chase - Some questions

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.
Member
breezy559
Posts: 12
Registered: ‎03-09-2014
0

Re: Chase - Some questions

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!

Capital One Platinum Secured: $750 Chase Freedom: $1000 Citi Diamond Preferred: $4300 Best Buy Store Card: $6000 Amazon Store Card: $1200 Amex Blue Cash Everyday: $12,000 Discover IT: $1000 Barclay US Airways Master: $4000 Amex EveryDay: $9000 Chase Sapphire Preferred: $5000
Transunion score: 743 (via Barclays & Discover)
Experian Score: 762 (via amex app)
Established Contributor
Ghoshida
Posts: 943
Registered: ‎04-15-2014
0

Re: Chase - Some questions


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.

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

 

Let my scores get to the north of 700 then :smileyhappy: 


AMEX BCE || Barclaycard Sallie Mae || Capital One QuickSilver || Chase Freedom || Chase Sapphire Preferred || Citi Dividend || Discover It || University FCU || US Bank Cash+ || US Bank REI

First card Aug 2012. Last card Oct 2014.
Gardening since 22-Oct-2014.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}