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So, my girlfriend has expressed interest in the Chase UR program. The problem is that she has a very thin file. She got her first credit card in October (unsecured Discover Chrome, not the student one) with a 1,000 limit. I've also recently added her as AU on my Quicksilver and Discover IT (opened in March/June respectively).
She isn't going to go for all 3 back-to-back in a spree, but we were wondering if it's likely for her to get approved for say, a FU with her thin file (and working toward the others in a 1-2 yr time span? No derogatory info, just limited history. The credit union we work for pulled a 703 score for her last week, and they pull the Fico Auto 8 score, not sure how helpful that is, but that is the only definitive score we've gotten for her. So we know there is at least one generated.
So I suppose the title is slightly misleading, as we are primarily wondering if it might be at least somewhat likely to get her approved for the FU now, to start working on the trio overtime.
Any help/info is welcome. I appreciate it (in advance)
Anything is possible but Chase generally likes at least a year of history. If approved it would likely be a small limit.
I got my first Chase cards(Slate & freedom) with 4 months of history. I checked the pre qualify page. 7 months later I was given an auto CLI and I was offered the CSP from my account online as a pre approved offer.
From what I know now, I will do the following:
- work with your other cards to have low balance and SP CLIs (even AUs)
- wait until pre-approved online/branch for CSP
- apply for CSP (min $5,000)
- use the card a lot and PIF for at least 6 months
- after 6 months, in branch apply for one or both Freedoms (depends on income and 5/24 rule)
Good luck.
EDIT: 1 card and 2 AU that's 3/24, if goal is 3 Chase cards, you need to create a plan. Sometimes 5/24 is not an issue for in-branch pre-approval
@newhis wrote:From what I know now, I will do the following:
- work with your other cards to have low balance and SP CLIs (even AUs)
- wait until pre-approved online/branch for CSP
- apply for CSP (min $5,000)
- use the card a lot and PIF for at least 6 months
- after 6 months, in branch apply for one or both Freedoms (depends on income and 5/24 rule)
Good luck.
EDIT: 1 card and 2 AU that's 3/24, if goal is 3 Chase cards, you need to create a plan. Sometimes 5/24 is not an issue for in-branch pre-approval
I would add that several months before applying for a 3rd additional card (after the first 2 Chase cards) you will want to remove her as an AU on those two AU cards and make sure to have the bureaus remove them from her reports as well just to avoid any 5/24 issues.
I was approved for a Chase Freedom in January last year, with no score and the only thing on my credit report a 14 year old paid off auto loan from Chase. And in December I was offered a FU. So I was 2/3 the way there in ten months.
@EAJuggalo wrote:I was approved for a Chase Freedom in January last year, with no score and the only thing on my credit report a 14 year old paid off auto loan from Chase. And in December I was offered a FU. So I was 2/3 the way there in ten months.
Yes, you can get them in a short time. DW got her Freedom with $500 after 4 months from first card, then 4 months later her CSP, then freedom auto-CLI to $1,000. I bet if she waited and started with CSP her Freedom could be at 5K also.
My plan was more 'long term'. You start with CSP to have a Chase card with $5,000 limit, by then your profile and other cards will have better limits, then you get either Freedom and evaluate if the SL is what you want (for your plan) then apply for the other or wait some more.
Some people stay with Chase SL for a long time, auto-CLIs are rare and others need HP.
@Anonymous wrote:So, my girlfriend has expressed interest in the Chase UR program. The problem is that she has a very thin file. She got her first credit card in October (unsecured Discover Chrome, not the student one) with a 1,000 limit. I've also recently added her as AU on my Quicksilver and Discover IT (opened in March/June respectively).
She isn't going to go for all 3 back-to-back in a spree, but we were wondering if it's likely for her to get approved for say, a FU with her thin file (and working toward the others in a 1-2 yr time span? No derogatory info, just limited history. The credit union we work for pulled a 703 score for her last week, and they pull the Fico Auto 8 score, not sure how helpful that is, but that is the only definitive score we've gotten for her. So we know there is at least one generated.
So I suppose the title is slightly misleading, as we are primarily wondering if it might be at least somewhat likely to get her approved for the FU now, to start working on the trio overtime.
Any help/info is welcome. I appreciate it (in advance)
Chase does not like thin files. From what I know. Period.
I've seen that "Chase doesn't like thin files", but that hasn't appeared to be the case IMO.
I got my first secured card in Feb '16. In August and September of '16, I tried for a number of cards (BOA, Discover, unsecured CapOne), and was denied for all of them (ended up with secured Discover and BOA from those apps). In September, Chase gave me my first unsecured card (Freedom).
Now, in March '17, my original CapOne is still secured. My 8 month old Discover is still secured. Meanwhile, Chase raised my Freedom CL to $5000 without me even asking (right after the 6th statement cut).
From my experience, Chase seems pretty aggressive in trying to get my business. Much more so than the supposedly "beginner friendly" CapOne. Chase has been pretty fantastic to work with all-around, IME.
If you want a coupld of Chase cards, build a little history, and just check the prequal sites after a few months. You might be surprised.