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jp morgan palladium question

Regular Contributor

jp morgan palladium question

Hello all ,
I want to know what it takes to get this card , does avg credit and good private bank account help or there is no exceptions .

Started :
05/05/2013 EX :525,TU:542,EQ:535
09/30/2014 EX :655,TU:669,EQ:664
In Garden Since 03/16/2013
Will not Apply till 03/31/2015
Message 1 of 33
32 REPLIES
Frequent Contributor

Re: jp morgan palladium question

Your best bet would be to talk to your Chase private banker (I'm assuming you already have this because it's the obvious requirement). They would know the requirements the best but I'm going to go out on a limb and assume you need excellent credit because I've seen the CLs they give out with the card.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Message 2 of 33
Frequent Contributor

Re: jp morgan palladium question

You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 3 of 33
Valued Contributor

Re: jp morgan palladium question

You essentially need 2 things:

 

1. Become a CPC

2. Apply for the card just like any other, only your CPC banker needs to endorse the application as well.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 4 of 33
Frequent Contributor

Re: jp morgan palladium question

B_seeker beat me to it!
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 5 of 33
Regular Contributor

Re: jp morgan palladium question

Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.

Started :
05/05/2013 EX :525,TU:542,EQ:535
09/30/2014 EX :655,TU:669,EQ:664
In Garden Since 03/16/2013
Will not Apply till 03/31/2015
Message 6 of 33
Valued Contributor

Re: jp morgan palladium question


from500to700 wrote:
Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.

You still need good credit as they will pull your reports just like with any other application. Having a score of 500 won't cut it (for example), even if you do have enough assets to qualify for CPC.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 7 of 33
Established Contributor

Re: jp morgan palladium question


Laugh wrote:
You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.

Not true at all, not even close.  And there were hundreds of exceptions before Chase closed the loophole.  $250k is the minimum deposit for CPB, and your banker can submit the app for you.  Also, I have a .pdf of the paper app I can send if you want it, you can TRY submitting it on your own but I don't think Chase accepts them anymore.

About $215,000 total credit among 11 cards
Message 8 of 33
Valued Contributor

Re: jp morgan palladium question


n777ua wrote:

Laugh wrote:
You need a minimum of 25 million in a chase private bank.

I'm assuming no exceptions.

It's best to ask Chase.

Not true at all, not even close.  And there were hundreds of exceptions before Chase closed the loophole.  $250k is the minimum deposit for CPB, and your banker can submit the app for you.  Also, I have a .pdf of the paper app I can send if you want it, you can TRY submitting it on your own but I don't think Chase accepts them anymore.


They won't. That backdoor closed a long time ago.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 9 of 33
Super Contributor

Re: jp morgan palladium question


CreditScholar wrote:

from500to700 wrote:
Than you very much , my concern was if you have the private account but NOT the excellent credit will that make it happen. Ill know the answer in the AM then. I dont think you need 25 mil account I know my friend has 1mil in relation but he has excellent credit and he has it.

You still need good credit as they will pull your reports just like with any other application. Having a score of 500 won't cut it (for example), even if you do have enough assets to qualify for CPC.


+1 to what CS said.

 

To OP: You do NOT need 25million. All you need is at least 250k + CPC relationship.

 

The JPMorgan select requires you to be a customer of JPMorgan, and the amount of money required to be a client of JPMorgan is a lot higher, but that is an entirely different card. Other people probably got confused between these 2 cards.

 

Basically, 250k + CPC is just the basic requirements to qualify. They will not accept the app or even pull an inquiry if you do not meet those requirements.

After you meet those requirements, they will pull your credit and evaluate your application.

With a 500+ scores your approval odds are slim to none.

In some scenarios, Chase is willing to hand out Freedom, and rarely CSP, to people with little to no credit as long as they have a sizable amount of deposits with Chase. I am not sure if this can be done for the Palladium, and even if this is possible, you will need to deposit A LOT of money, way above the 250k threshold, to even make your application slightly more attractive. But with a 500 scores chances are pretty bleak IMO. Chase is willing to work with thin files, but very rarely bad files.

 

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 10 of 33