topic Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP in Credit Card Approvals

New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:15:47 GMT

Hello all,

I've recently started to look more seriously at credit scores and monitoring, and have already seen the benefits.

Currently I'm only tracking with CreditKarma, where I've got a CK Score of:

-715 with TransUnion

-711 from Equifax

I also have three credit cards right now, with total credit limit of $32,000:

-Chase Southwest Premier, limit of 12000, approved about 4 months ago

-Case Southwest Plus, limit of 15000, approved 3 months ago

-Bank of America Case Rewards, limit of 5000, about 3 years of history

Utilization is about 15 - 20%

I am looking at one of three cards right now: Chase Sapphire Preferred, Amex HHonors, or Amex SPG. All of these have annual fee which I am fine with as the benefits are worth it. But since I already have two Chase cards, will that hurt my chances of getting the CSP? I've read recently Chase is cracking down on approvals.

An Amex SPG or HHonors would be nice, but not sure how strict or not Amex is with approvals.

Based on your experiences, is my current credit score good enough to apply for any of these? I'm not sure if having the Chase cards only open for a few months each is good enough for other lenders to trust me yet, but they gave me pretty generous limits.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:20:20 GMT

Welcome to MyFico. The chase cards you have are co-branded cards so you should be fine. Do you know what your FICOs are? Chase relies heavily on their internal scores. So check the pre-equal site first to see if anything is showing for you. If you don't see anything on the site, don't be deterred. Cold app. for it.

Get the Chase card first and then decide on the Amex.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:30:15 GMT

Thank you!

No, I don't know what my FICO scores are, I just joined this website about an hour ago and just started browsing their credit monitoring products. Will these FICO scores be very different from the CK scores of the same bureaus? I'm obviously a newbie.

I did a quick pre-qual check on Chase and it says no offers found. But thank you, I feel like that card is worth the risk of applying for. Especially as I have lots of expenses coming soon and pay off in full every month.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:35:22 GMT

@Anonymous wrote:
Thank you!

No, I don't know what my FICO scores are, I just joined this website about an hour ago and just started browsing their credit monitoring products. Will these FICO scores be very different from the CK scores of the same bureaus? I'm obviously a newbie.

I did a quick pre-qual check on Chase and it says no offers found. But thank you, I feel like that card is worth the risk of applying for. Especially as I have lots of expenses coming soon and pay off in full every month.

Yes, FICOs will be different from what your credit karma is giving you. Remember, credit karma is a marketing site and you will soon come to realize some of the scores you will get from lenders will match what your real FICOs are.

Also, you look solid for the CSP so go for it.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:43:06 GMT

That's true, I guess i gave CK the benefit of the doubt.

Alright, I'll apply this afternoon and see how it goes. Will post an update later, positive or negative.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 18:50:19 GMT

@Anonymous wrote:
That's true, I guess i gave CK the benefit of the doubt.

Alright, I'll apply this afternoon and see how it goes. Will post an update later, positive or negative.

Please do.. Will keep fingers crossed for you. If it goes into pending, don't take it as a denial as it may be verification. So definately report back.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 22:04:26 GMT

Good news!

I was approved for the Chase Sapphire Preferred, with a credit limit of 5000. (edit: I was expecting a higher limit but that's only becasue I got spolied with the 12k and 15k Southwest Chase cards; 5k is still perfectly reasonable)

Following the application online, they just wanted a phone call to verify information, which went quite smoothly.

Thanks again Yes-its-me for the helpful replies, I probably would have waited another few weeks otherwise.

I think once I get a few cycles of payments in, I'll try for the SPG Amex. But for now I am more than satisfied :-)

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Sun, 21 Jun 2015 22:37:09 GMT

@Anonymous wrote:
Good news!

I was approved for the Chase Sapphire Preferred, with a credit limit of 5000. (edit: I was expecting a higher limit but that's only becasue I got spolied with the 12k and 15k Southwest Chase cards; 5k is still perfectly reasonable)

Following the application online, they just wanted a phone call to verify information, which went quite smoothly.

Thanks again Yes-its-me for the helpful replies, I probably would have waited another few weeks otherwise.

I think once I get a few cycles of payments in, I'll try for the SPG Amex. But for now I am more than satisfied :-)

Very nice... Congrats!! Yes, I like this plan of waiting a few months before trying for the Amex SPG. That gives Chase enoiugh time to also report the CSP.

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

NichelleN — Sun, 21 Jun 2015 22:40:27 GMT

Congrats!

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Saleen099 — Sun, 21 Jun 2015 23:49:22 GMT

@Anonymous wrote:
Good news!

I was approved for the Chase Sapphire Preferred, with a credit limit of 5000. (edit: I was expecting a higher limit but that's only becasue I got spolied with the 12k and 15k Southwest Chase cards; 5k is still perfectly reasonable)

Following the application online, they just wanted a phone call to verify information, which went quite smoothly.

Thanks again Yes-its-me for the helpful replies, I probably would have waited another few weeks otherwise.

I think once I get a few cycles of payments in, I'll try for the SPG Amex. But for now I am more than satisfied :-)

NICE CONGRATS!!!!!

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Mon, 22 Jun 2015 01:01:49 GMT

Thanks everyone!

A follow up question, more like thinkning out loud:

This CSP is a card I plan to keep for at least 5 years, barring any major T&C changes in that time. I see that Chase Freedom is a good pairing with this card due to the rotating bonuses. Do you think it's worth applying for the Freedom as well, since that would also be a long term keeper being $0 annual fee. I understand a hard pull must have been done for the Chase Sapphire, would another one be done for a Freedom application if I decide to apply today, or could it come under a single hard pull?

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

myjourney — Mon, 22 Jun 2015 01:04:08 GMT

Yes Freedom will require a new HP and yes they're a good 1-2 punch for rewards

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Mon, 22 Jun 2015 02:26:26 GMT

congratulations on the approvals!

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Thu, 25 Jun 2015 06:50:30 GMT

You may or may not end up with a second HP if you app for a second Chase card right after or soon after apping for the CSP. No one can guarantee you one way or the other. Some people have appd back to back Chase cards, like the Freedom and CSP and have received both with 1 HP, while others received a second HP for the second card. If you really want the Freedom, than I'd say go for it. There's a chance you might get the "7 - 10 day message blah, blah, blah". If you do, call Chase up and see if it's just a verification thing. If you want it, app for it, and like now. Better chance of getting both cards under 1 HP, but be prepared for two so you're not pissed if you do get a second HP. Good luck !!!

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Fri, 26 Jun 2015 19:22:33 GMT

Congrats! You are in the same position that I was in when I joined back in November of last year. My credit scores with CK were very similar to yours. The community here is excellent. I have learned alot from everyone on here and added a few cards along the way. Seems to happen often on here haha. I have the AMEX SPG card. The advice that you were given to wait is solid advice. I would also wait until they offer the 50,000 bonus points offer before applying but I would also consider going with the Platinum instead of the Gold but that's just my opinion. I use my Chase Sapphire more than any other card! Plus with it being a metallic card, it has a great look to it as well! Good Luck!

Re: New to credit monitoring - Deciding between Amex SPG/HHonors and Chase SP

Anonymous — Tue, 30 Jun 2015 05:40:06 GMT

Thanks everyone!

I've received the Chase Sapphire, and TravellingMan101513, I must agree, that is one good looking (and feeling) card. I'm a sucker for fine details in things I use everyday, and am thoroughly impressed by the simple decision to leave the front face blank except for the chip, name, and design pattern on the metal. Very sophisticated. All the important stuff is on the back. This is the best looking card I have, by far. For those of you who've had it for a while, does it get scratched up quickly? Or does it stay that good looking for sometime?

Following the CSP approval, I became a bit confident and decided to apply for the Chase Freedom last week, on the final day of the promotion for 20000 points for $500 spend. I got approved with a $500 limit! This was also smooth and quick, with only verification questions on the phone. Chase seems by far the most competitive in credit card products. I currently bank with Bank of America, whom I have a no fee credit card with. I'll hold on to it as it is my oldest, but I am tempted to move my banking business over to Chase as they have way more banking centers in my area.

I will continue to rebuild my score for a few months and then apply for the Amex SPG. By then they'd also have updated the product (they're removing the FX fees in August and adding some benefits)

TL;DR: Chase Sapphire is amazing and will probably become my daily card. Also got approved for Chase Freedom a few days later. Both look like a solid combo.