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Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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Chase Pre-Approved Offers

Could you please tell me how easy or hard it is to get a credit card from Chase?  I have received pre-approved offers for many months now and they state they can refuse me for any reason and for having too many credit cards.  I have an American Express Gold Card (AU), Amex Blue, Amex Blue Cash, Bank of America Amex Card, CitiDiamond Preferred, CitiSimplicity, CitiDividend, HSBC Cash/Fly Card, and a WAMU Card.  My credit scores are TU:  703, Equifax 717 and Experian 722.  I have 7 inquiries on my TU card dating back to June 2, 2005, with the latest being Jan., 2007. 
 
I would like to take advantage of the Chase Card's 0% balance transfer until August, 2008, but I don't want to have another hard pull if Chase is going to deny me right off the bat for having too many credit cards or just for any reason at all.  Also, how is Chase's online approval rate?  Is it best to send in the application, call it in or apply online?
 
Thank you in advance.
 
SandyK
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Chase Pre-Approved Offers

Your FICOs are right there near the peak for mortgage loan rates. What are your current CC limits, balances and APRs? Those are what's gonna determine whether you get a 0% APR card.
New Contributor
Posts: 51
Registered: ‎04-18-2007
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Re: Chase Pre-Approved Offers

I have 16 cards, and got 6 of those in the last 8 months, and the last one of those that I got was a Chase. They didn't give me much of a limit, because I already had 2 other Chase cards, one with an enormous limit resulting from pushing limits from other Chase cards. But I called them up and shoved a lot of available credit over to the new card. So before getting the most recent Chase card, I got 5 cards to your 9 total cards, had a ton of credit limit from Chase, had one of my cards at more than 75% utilization (0% BT), had 2 more cards at over 30% utilization (0% BT in perpetuity). Chase still gave me a new card. After getting that card, I got what I think is the same offer you got, the Chase Freedom MasterCard, but I didn't apply for it because I must be at the top of the total credit limit they'll give me. My total utilization was somewhere around 20% before getting and loading up the most recent card. So go for it. And if they don't give you the limit you want, I think the thing to do is find another Chase card and get it too. They don't seem to give you everything they're willing to give you at the first shot; they want you to be able to give you new offers, I guess. As my second Chase card, I'd probably get the Marriott card, 15,000 points and a free night certificate, fee waived for the first year (last time I checked, anyway). Then if they give you a big limit on that card, call up and shove most of it onto the first card you got, the one for BT's.
Moderator Emeritus
Posts: 273
Registered: ‎04-13-2007
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Re: Chase Pre-Approved Offers

It would seem like you wouldn't have an issue with those scores. Maybe going in to a branch might be better. Also, if for some strange reason you are turned down ask for a reconsideration. Nice scores!
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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Re: Chase Pre-Approved Offers

Seems to be no real  problem with the number of cards one has with Chase does  it? (smile).  You appear to be managing your cards well and with low utilization. Having one card at 75% isn't bad IMHO.  Afterall, what good is a balance transfer if you can't use the available credit limit to your advantage?  Cuts down on applying for more credit.   I appreciate your input here and will go ahead and apply for the Chase Freedom Card and move over a BT that will expire come August 1, 2007.  I just need one card to accomplish this and Chase seems to be the one!
 
Your time and explanation is greatly appreciated.
 
SandyK
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
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Re: Chase Pre-Approved Offers

Thanks for your comment about my scores.  I am really working on them as there is room for improvement!  I am aiming for 750 so I can take any negative hits without too much pain!!  I am trying to keep inquiries down and working on my CC balances.   
 
There aren't any Chase Offices around my home anymore so I have to rely on online application or by mail. 
 
SandyK
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
0

Re: Chase Pre-Approved Offers

Amex Gold - No preset CC
Amex Blue Cash - Bal. $3K, CL - $10,600.00, APR - 2.99% for life of the balance
Amex Blue - Bal. $6K , CL - $15K - APR - 4.99% for life of the balance
BOA - Bal. $5K, CL - $11,100 - APR 0% through Sept., 2007 statement
CitiDiamond - Bal. $6K, CL $8,000 - APR 0% for Life with 2 purchases a month
CitiSimp - Bal. $2,800, CL $6,300.00 - APR 6.9% - good until 8/1/07
HSBC - Bal. 0, CL $15K - 15.99% APR - got email saying marketing may go 7.99% fixed (?)
WAMU - Bal. $2,500, CL $8K - 0% APR until Jan., 2008
 
I know, lot of accounts with balances and $25, 300 worth of cc debt, but given that I had $35K to begin with over a year ago and scores in the low 600's, I think I am pecking away at the balances and trying not to create new debt.
 
Any advice as to how I could manage my cards without applying for Chase would be greatly appreciated as well.  I plan to apply the 1st of June after some of my statement closings. 
 
SandyK
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
0

Re: Chase Pre-Approved Offers

Ooops forgot 1....CitiDividend - Right now has 0% balance with $4K CL and APR of 6.9%.
 
SandyK
Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Re: Chase Pre-Approved Offers

Your overall util is 34%, but CitiDiamond is at 75%. If you did a $2100 BT from CitiDiamond to Amex Blue Cash, both would still be under 50% util. If you did that, and once the CRAs update your balances, then I would think Chase might look more favorably upon your request for a 0% APR card.
 
If the Chase offer isn't accepted, then I'd say BT the CitiSimp balance at 6.9% to BOA at 0%. Then give CitiSimp a call, with a $0 balance on the card, and ask for an APR reduction.
 
Frequent Contributor
Posts: 374
Registered: ‎04-03-2007
0

Re: Chase Pre-Approved Offers

 
Noah,
 
My Amex Blue Cash's balance transfer rate  is now @13.99%.  The 2.99% was the introductory rate for six months when I first received the card in 2006.  I should have emphasized that the 2.99% rate is closed. 
 
If I transferred the CitiSimp balance to BOA, then come Oct. 1, 2007  I would be trying to transfer the BOA somewhere too.  Transferring the CitiSimp balance of $2800.00 would leave me a balance of $7800.00 on BOA, more than 50% util. 
 
Your input is greatly appreciated. 
 
SandyK
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