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- What other factors increase your chances of getting approved for a Schwab card? Should I go ahead and open a ck and brokerage account before making my 2nd request?
Thanks.
Message Edited by CalBear8 on 07-12-2009 05:06 PMMessage Edited by CalBear8 on 07-12-2009 05:07 PMMessage Edited by CalBear8 on 07-12-2009 05:12 PMMessage Edited by CalBear8 on 07-12-2009 05:16 PM
I applied for and received two Schwab cards before I opened the brokerage account. The folks on the credit card side do not seem to care whether or not you have the Schwab One account. I am convinced this card is issued solely on CR status. You will however need the brokerage account to receive the 2% rewards. If I were you I would call them directly and apply over the phone with a supervisor and personally explain all of the details. I think you will receive this card and I would say with your 760 score you should have a nice CL. I really like this card and my cash rewards are really adding up. It is dropped from the brokerage account into a 1.75% savings account which is a great rate. I am not much for trading stocks so I simply have a $100/month draft going in each month which satisfies the continuation of the brokerage account. I will leave stock trading to the more courageous among us.Good Luck.
@Anonymous wrote:
Message Edited by CalBear8 on 07-12-2009 05:06 PMMessage Edited by CalBear8 on 07-12-2009 05:07 PMMessage Edited by CalBear8 on 07-12-2009 05:12 PMMessage Edited by CalBear8 on 07-12-2009 05:16 PMMessage Edited by CalBear8 on 07-13-2009 02:31 AM
What happend to your OP?
To increase your chances of approval:
On your CR:
overall utilization should be 5%-9%, individual utilization 9% or less
you should have balances on less than 40% of tradelines on your CR, but at least 1
no new accounts within the last 6 months
as few inquiries on EX and TU as possible (they pulled both for me)
no baddies
@Anonymous wrote:
Anything else that will help me get approved for a Schwab card?
Not sure if you still have this question, as you have edited out your original post, but if you do:
I called them up rather than letting them contact me. Wait a day or two after you apply, and you will get the chance to speak with a credit analyst about it - so if they have any problems, or tell you "no", you can explain your CR.
@Anonymous wrote:
@Anonymous wrote:
Anything else that will help me get approved for a Schwab card?Not sure if you still have this question, as you have edited out your original post, but if you do:
I called them up rather than letting them contact me. Wait a day or two after you apply, and you will get the chance to speak with a credit analyst about it - so if they have any problems, or tell you "no", you can explain your CR.
^ 100% correct. I called, they asked about my high number of inquiries, asked how much I have in liquid savings, how much I make, and approved me for $10k.