topic Re: I'm in with Chase in Credit Card Approvals

I'm in with Chase

Kathy4NU — Tue, 09 Apr 2013 03:52:27 GMT

Got approved for the Chase Freedom.

Intially, they pulled Trans Union. My worst report and got the 10 day message. Called the backdoor number and they said I was denied. Told the nice guy my TU was messed up and he asked if they could pull another report and than asked which one I prefered. I told him either EX or EQ. Both free of all baddies. He pulled EQ. Put me on hold, came back with questions, put me on hold, came back with questions etc. Finally approved me for $1000 which matched my only other cc. I was hoping to be higher but I am ok with it.

How is Chase with CLI? Will it grow with me or will I be at $1000 forever?

Not excited what the inquiry will do to my score or my AAoA. I took an 11 pt hit for apply for USAA and was denied 2 days prior.

This will be my second VisA reporting. I am hoping this will boost my scores. My other one is 10 months old. I also have a VS card reporting for 2 months. My AAoA is/was 6 years and my oldest account is 20 years (student loans).

Enough inquires for me. Buying my house in June and in the garden for a few years. I don't use credit cards but when trying to get a morgage I found that without a history of cc your credit is nonexistant. CU adviced me to get 4. Three were tough enough.

myfico EQ prior to inq 731

myfigo Tu prior to inq 708

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 03:57:13 GMT

Congrats on your approval but I would not be applying for any cc's if my goal is to buy a hose in June. Hopefully, it will be fine.

Re: I'm in with Chase

omskillet — Tue, 09 Apr 2013 04:07:14 GMT

@Kathy4NU wrote:
Got approved for the Chase Freedom.

Intially, they pulled Trans Union. My worst report and got the 10 day message. Called the backdoor number and they said I was denied. Told the nice guy my TU was messed up and he asked if they could pull another report and than asked which one I prefered. I told him either EX or EQ. Both free of all baddies. He pulled EQ. Put me on hold, came back with questions, put me on hold, came back with questions etc. Finally approved me for $1000 which matched my only other cc. I was hoping to be higher but I am ok with it.

How is Chase with CLI? Will it grow with me or will I be at $1000 forever?

Not excited what the inquiry will do to my score or my AAoA. I took an 11 pt hit for apply for USAA and was denied 2 days prior.

This will be my second VisA reporting. I am hoping this will boost my scores. My other one is 10 months old. I also have a VS card reporting for 2 months. My AAoA is/was 6 years and my oldest account is 20 years (student loans).

Enough inquires for me. Buying my house in June and in the garden for a few years. I don't use credit cards but when trying to get a morgage I found that without a history of cc your credit is nonexistant. CU adviced me to get 4. Three were tough enough.

myfico EQ prior to inq 731
myfigo Tu prior to inq 708

Congrats...Freedom is a great card. If you give it heavy use Chase will treat you well with regards to your credit limit.

Re: I'm in with Chase

myjourney — Tue, 09 Apr 2013 04:08:39 GMT

Congrats

Re: I'm in with Chase

Kathy4NU — Tue, 09 Apr 2013 04:22:52 GMT

@Anonymous wrote:
Congrats on your approval but I would not be applying for any cc's if my goal is to buy a hose in June. Hopefully, it will be fine.

The credit union told me to get 3 more cards. I used the shopping card trick to get the VS so I had no hard pull. I did waste a hard pull on USAA. Now I have the Freedom. I don't think I will look for a 4th card. I don't feel comfortable getting another card and really have no idea what other card to get. I had thought about a store card but I am not a shopper and would not use it.

I am already living in the house I am buying since 2000. It is financed in my parents name although I have made all the payments. The loan will be for $90,000 and the house is appraised at $160,000. Apparently, the loan officer said the UW would want to see how I manage more revolving credit. I have had my CU visa for 10 months and he upped my limit on that so it would look better. My credit file is very thin with only 6 items total of which 3 are paid off and closed. I guess there is a chance that the UW will want to see some more age on the revolving accounts. If so, I can put off buying the house a few months if need be. I just want to get in with the low rates before they go back up. I will be going conventional and putting 5% down.

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 04:25:57 GMT

@Kathy4NU

Seems like you have it all planned. Good luck!

Re: I'm in with Chase

RyVision — Tue, 09 Apr 2013 07:27:26 GMT

@Kathy4NU wrote:
Got approved for the Chase Freedom.

Intially, they pulled Trans Union. My worst report and got the 10 day message. Called the backdoor number and they said I was denied. Told the nice guy my TU was messed up and he asked if they could pull another report and than asked which one I prefered. I told him either EX or EQ. Both free of all baddies. He pulled EQ. Put me on hold, came back with questions, put me on hold, came back with questions etc. Finally approved me for $1000 which matched my only other cc. I was hoping to be higher but I am ok with it.

How is Chase with CLI? Will it grow with me or will I be at $1000 forever?

Not excited what the inquiry will do to my score or my AAoA. I took an 11 pt hit for apply for USAA and was denied 2 days prior.

This will be my second VisA reporting. I am hoping this will boost my scores. My other one is 10 months old. I also have a VS card reporting for 2 months. My AAoA is/was 6 years and my oldest account is 20 years (student loans).

Enough inquires for me. Buying my house in June and in the garden for a few years. I don't use credit cards but when trying to get a morgage I found that without a history of cc your credit is nonexistant. CU adviced me to get 4. Three were tough enough.

myfico EQ prior to inq 731
myfigo Tu prior to inq 708

3 should be enough. Not sure about getting a new card only a few months ahead of a mortgage, but remind the CU that THEY advised you to do so (Make a note of the person's name who told you that advice btw).

Freedom is a good card with good cash back and categories. Us it like a debit card and it will pay you back a bit. Chase however isn't big on CLIs, so without a HP down the road someday, don't expect an Auto CLI.

Congrats on the card though! remember to sign up for the cash back categories!

Re: I'm in with Chase

Kathy4NU — Tue, 09 Apr 2013 16:44:55 GMT

Just received my score watch notifications for the inquiry. It did not change my score. Whew, I was worried about that. My previous inq cost me 11 pts. I am going to stop trying to figure out FICO. Now for the card to report. Hopefully, it will give me a little boost in my score.

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 16:47:26 GMT

Good luck!

Re: I'm in with Chase

Epcot — Tue, 09 Apr 2013 19:45:33 GMT

Congrats on the Freedom approval!

Re: I'm in with Chase

boomhower — Tue, 09 Apr 2013 19:58:47 GMT

Congrats on the approval, Chase will threat you well. The low limit is just due to your thin file. Adding credit cards leading up to a mortgage is not a problem at all. Most advised against because you are going to hurt your score with the HP, lower AAoA, and new account hits. The new credit card doesn't look bad to an UW unless you run the balance up. Good luck on the home purchase. I wouldn't get another card for now. Once you close if you have any needed repairs or upgrades look into a Lowes card. 5% off everyday purchases and great financing offers.

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 20:21:33 GMT

+1000
Apping right before a mortgage is not forbidden but you had better know how to do it right otherwise you could end up with a denial. I apped for a CC and a car lease right before applying and I ran into no issues. I was forbidden from using the new card until after closing.

Re: I'm in with Chase

Ron1 — Tue, 09 Apr 2013 20:27:21 GMT

Congrats!!!!

Ron.

Re: I'm in with Chase

Kathy4NU — Tue, 09 Apr 2013 21:43:38 GMT

Thank you everyone. Silly question, but is the Freedom considered a prime card? It doesn't really matter but it would be nice to know I was able to get one.

I really am not worried about the mortgage and applying for this card. I am not going to apply for anymore even though he told me that they like to see 4 cards reporting. Mainly, because I don't want anymore deniels and hard hits and I have no idea what card I would even apply for.

I have a very very close relationship with the CU. They hold all my accounts, my kids account etc. Right now they have 5 cars of my kids, 3 credit cards, 2 retirement accounts, about 9 direct deposits, and an unsecured loan for an engagement ring. They have always treated my family very well and I in return try hard to treat them well. Through out my rebuilding this particular loan officer walked it with me and adviced me what a bank or CU would be looking at. (And the LO is a big Dave Ramsey fan like me so I feel he really does share my same values). I feel very good about where I am right now with my credit. Things are falling right into place!

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 21:48:38 GMT

Yes, Chase is considered a prime card.

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 21:49:08 GMT

The freedom is definitely a prime card. In fact it's one of the better prime cards (rewards wise). Grats!

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 21:55:33 GMT

I only had two CC reporting when I was preapproved for the mortgage but my student loans and car lease counted as well as the auto loan I paid off in Nov. Usually lenders want to see 3-4 open active trade lines with at least 12 months of history but those lines don't all have to be considered revolving accounts.

The Freedom is considered a prime card, yes.

Re: I'm in with Chase

Kathy4NU — Tue, 09 Apr 2013 22:06:58 GMT

@Anonymous wrote:
I only had two CC reporting when I was preapproved for the mortgage but my student loans and car lease counted as well as the auto loan I paid off in Nov. Usually lenders want to see 3-4 open active trade lines with at least 12 months of history but those lines don't all have to be considered revolving accounts.

The Freedom is considered a prime card, yes.

He said they would look at alternative credit to see 4 trade lines of 12 on time montly payments. I have my Visa with them reporting for 11 months and student loan. Outside of credit reports we will use my car insurance and health insurance that I pay monthly. He was advising me to have 4 revolving showing to see my scores maximized. Sticking to 3 for now. I think I will be ok regardless, my middle score is 731 and we are going conventional. I don't really need credit cards or anything to do things to the house after I get the mortgage as I have lived in it since 2000 and have it furnished and fixed up nice. Probably do a new roof and maybe a new furnace in it later in the summer. Might put that on the Freedom and than PIF so I can get the rewards.

Re: I'm in with Chase

Anonymous — Tue, 09 Apr 2013 22:28:46 GMT

That's great your lender accepts nontraditional credit.

You won't earn much by charging infrequently. I have 3 rewards cards. 2 I use to charge all my utilities bills, gas, groceries, medical co payments, etc. and then I PIF every month. By running $1500-$2000 a month through my Cap1 Cash Rewards card since July, I have earned $145 cash back and I will earn at least another $72 as a 50% cash back bonus this coming July. I just got approved for the Barclays Rewards Card and it gives 2% cash back on groceries, utilities, and gas so once that gets here, I will use that card for those items. Also the Discover It is on the way and they are giving 5% cash back at home improvement stores this quarter so I'm using that one for those items. Chase Freedom is giving 5% cash back this quarter at Lowes.

So as you can see, I rarely use a debit card. If you want to earn a good amount of rewards, putting your everyday expenses on the card is the quickest and easiest way to do it. You get $100 after you spend $500 in 3 months on your Freedom. I got mines the first month so once you spend $500 you get $100. You don't have to wait until the 3 mo period is over.