topic Re: Which Chase to app for: FU or CSP? in Credit Card Applications

Odds on Chase approval?

Anonymous — Tue, 27 Oct 2020 21:42:54 GMT

Hello there!

First off, I want to say that for the past couple of months I have been an avid reader of these forums. I started my credit journey last June and I am truly amazed at all the information, tips, suggestions, and help all of this community provides to newbies out there!

So here is my situation: I am at 680 FICO score (experian number). I applied and got approved for the Amex BCE SL $1,000.00 last month (approval letter said my FICO was 698 at that time). The only credit history i have is a car loan from 2010 that was closed on 2016 with almost all payments showing late, and another car loan I got this past June 2020 that I have paid without miss until today. Obviously, the BCE has not reported to Experian but there is that HP on the report. I went to the credit match tool and it shows pre qual for the Chase Saphire preferred. I know they pull from EX, and am deciding wether or not to apply for the freedom flex or saphire preferred.The Amex has not reported yet so besides the HP on the report that is a non factor. Should I apply for any of the Chase cards and if so, which one?

Thanks so much for your input!

Re: Odds on Chase approval?

Jnbmom — Tue, 27 Oct 2020 22:18:19 GMT

@Anonymous

Have you tried to prequalify on the chase site? That would be my first step.Also chase will sometimes do 2 hard pulls as well .

Also please remember those "credit matches" are really just marketing and you can't rely on them .

Re: Odds on Chase approval?

FinStar — Tue, 27 Oct 2020 22:18:08 GMT

Hi @Anonymous, welcome to the forums.

Personally, I would hold off in applying with Chase. Also, the Credit Match tool is not a reliable tool for any solid approvals. The site is monetized to peddle such offers. The main thing is that if you've had late auto loan payments in the past, your recent auto loan hasn't aged sufficiently and your new AmEx CC hasn't reported. You'd be basically wasting a HP, but most likely 2 since Chase is usually known to pull two in a variety of cases.

Re: Odds on Chase approval?

Anonymous — Tue, 27 Oct 2020 22:22:46 GMT

I did and nothing came up, but from everything I have read nothing will show up for me as pre qual because of my Puerto Rico Address.

Re: Odds on Chase approval?

Anonymous — Tue, 27 Oct 2020 22:25:04 GMT

I figured the Credit Match thing was just marketing, but I was really surprised when I was approved for the Amex BCE since every single pre qual tool I used except for the AMEX one either came no offers or Secured CC. Amex gave me a pre qual for the Delta Gold and for the BCE so I went for thr BCE and got approved.

Re: Odds on Chase approval?

addicted_to_credit — Tue, 27 Oct 2020 23:41:09 GMT

@Anonymous , Amex is a little more flexible than chase. If I understand correctly you made almost all of your payments late..did they report as 30 days late or or later or did you make the payments within the grace period? Based on a co workers similar profile it would appear you're just suffering from no or limited credit cards reporting...

I do know pre Covid it was pretty common that chase wanted to see a year minimum before issuing a card. I dont know if installment loans count but it is credit history, with that said if you want a chase card give it a go. Chase will probably pull 2 credit bureaus. For me and quite a few it was EX & EQ pulled with some instances of EX & TU.

Which Chase to app for: FU or CSP?

Anonymous — Wed, 11 Nov 2020 00:16:11 GMT

Hello all!

Here's the situation: I have gone from no Credit Cards before October 2nd to 2 credit cards: Got approved for an AMEX BCE $1k SL and yesterday a Discover it Cash Back $7k SL (neither appear yet on any report, except having been auhorized as a user in my wife's TJ MAXX CC which took my Credit utilization from 0% to 51%).

My specific situation is this: a lot of card issuers do not let me apply because I am from Puerto Rico, and by far the most widely accepted type of card here is Visa. So I'm thinking of doing a third app for either a Chase Freedom Unlimited or the Chase Saphire Preffered (if accepted, would be my last app for a very long while). These are my stats:

Experian FICO 8: 707

TU FICO 8: 665

EQ: FICO 8: 743

Payment history: exceptional

Average Age of Account: Good-66 Months

Amount of New Credit: Good- 5 months

HP's on EX- One from Discover yesterday, One from AMEX on Oct 2nd, one from SYNC on January 2019

Car Loan from past June: No missed payments

I already have the 0%APR for 14 and 15 months respectively from AMEX and Discover so I would not mind that the saphire does not have a 0% APR offer, plus my income is $61K and I can hit the $4k spending requirement in 3 months for the bonus SUB of 60k points pretty easily.

What do you guys think?

Thanks in advance!

Re: Which Chase to app for: FU or CSP?

FICOlearner123 — Wed, 11 Nov 2020 01:10:45 GMT

Check if there are any pre qualification check for chase cards

Re: Which Chase to app for: FU or CSP?

Meanmchine — Wed, 11 Nov 2020 02:04:32 GMT

Do you want a cash back card or a travel card?

The answer dictates which card you should app for

Re: Odds on Chase approval?

MrPepperoni — Wed, 11 Nov 2020 06:13:06 GMT

I recently applied for CSP and got instantly denied but then approved via recon.
I am not sure if it is realistic with 698 score and yes Chase will pull EX and EQ.
My score was 768 as per the approved application from EX, but still they rejected me because I had the oldest account (1 year 10 months) not old enough and short history overall (11 months avarage at the moment of application).
I also had CFU for 1 year 1 month and Checking Acc with Chase for 2 years, and still they didnt want to approve me.
Here is a full story: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Sapphire-Preferred-DECLINED-gt-ReCon-Approved-New/m-p/6176980#M711080
Flex Card is probably realistic. I got CFU with 8 months history and score around 720

Re: Odds on Chase approval?

Anonymous — Wed, 11 Nov 2020 17:16:22 GMT

Hi All,

Quick update: decided to pull the trigger on the CFU. Instant denial. Will get a letter 7-10 days from now. I'm not bummed about it, since I went 2 for 3 the past 6 weeks(AMEX BCE $1k and Discover it $7k). Don't know if I should recon?

Thanks for all your input and will head to the garden for at least 6 months. Happy hunting!

P.S. Hard Pulls to Both EX and TU . I live in Puerto Rico.

Re: Odds on Chase approval?

coldfusion — Wed, 11 Nov 2020 17:22:34 GMT

A lot depends on why you have a FICO 8 score of 698. If you have a BK still reporting odds of approval for any Chase card would be close to nonexistent.

With basically no recent credit history reporting odds of a CSP approval would be quite long, not as long for one of the Freedom cards but IMO still a long shot as Chase typically likes to see some recent history with another issuer first. Being an AU isn't terribly meaningful because by definition you aren't the party responsible for payment on the card.

If you want a Visa you may have better odds with someone known to issue Visas to PR residents like Banco Popular de PR or a CU like PenFed which is straightforward to qualify for membership.

Re: Odds on Chase approval?

Anonymous — Wed, 11 Nov 2020 17:41:27 GMT

I've never had a BK. All I had on my CR's before this past june were student loans (all closed appearing with exceptional payment history) and

another car loan closed in 2016 that shows 26 late payments.

My true FICO 8's are EX 707 and TU 665. The inquiries I have for EX are the AMEX on October and the Discover from last Monday. On my TU, there are 5 HP's from shopping for the car loans this past June. The only CC on either report is the one I appear as an AU for TJ Maxx added last week (it has a $859 balance from a $1700 limit) so it shows a 51% UTI. The Amex hasn't reported yet.

I'm glad I apped for Discover before Chase though, because from what I keep reading Chase was alongshot anyways, and maybe Discover would have denied me if they saw I applied for both Amex and Chase before them (and all in the span of 6 weeks)? I'm supposed to get my Discover card in the mail this Friday

Got the Chase Denial Letter. Should I try recon?

Anonymous — Sat, 21 Nov 2020 20:17:51 GMT

Hi there!

So 10 days ago I apped for the Chase Unlimited card and got instant denial. I just got the letter and it says:

"Our decision was based on the following reasons: Too many recent requests for credit or reviews of your credit"

It says they used Transunion, but I also got a HP on Experian. The letter says the scoring system used was Card Acquisition Risk Score V2, Score of 664.

I had 5 HP's on TU from Back in June (4 from autoloan shopping and 1 from an amazon store app from back in Jan 2019). Accounts wise, I have 9 total accounts (1 open: the autoloan I got in June with no missed payments and 8 closed). 1 of the closed is a previous car loan that shows 25 late payments but was paid off back in April 2016.

My EX Fico 8 Score is 707 right now. I apped and got approved for a Discover IT $7k SL and an Amex BCE $1k SL on October 2nd and November 10th respectively, so those are the 2 HP's on my experian. The only CC I have in file is a TJ Maxx AU card. My actual FICO 8 Scores as per MY FICO are: 743 EQ, 665 TU, 707 EX.

My question is this: should I call and recon? Could I at this point? I don't need extra credit, but my particular situation is that I live in Puerto Rico and Amex and Discover (Discover even less) are not as widely accepted as VISA cards.

Thanks in advance for your input!

Re: Got the Chase Denial Letter. Should I try recon?

blindambition — Sat, 21 Nov 2020 20:38:17 GMT

There's no harm in trying. Some inquiries can be explained. You're under 5/24 accounts. Good luck!!

Re: Got the Chase Denial Letter. Should I try recon?

M_Smart007 — Sat, 21 Nov 2020 22:47:35 GMT

I agree, no harm in trying...

Good luck!