topic Re: Pre-q'd for both Slate & Freedom. Can I app for both at once? in Credit Card Applications

Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 17:14:20 GMT

I am pre-qualified for both Chase Slate and Freedom. My goal is to get as high of a CL on the Slate to transfer as much of an almost $10k balance as possible.

My plan is to apply for both Slate and Freedom, then call for a CLI on the Slate and, if necessary, transfer CL from Freedom to Slate.

Does that make sense, or is it better to apply for just Slate and call for a CLI before applying for Freedom?

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 17:19:07 GMT

@Anonymous wrote:
I am pre-qualified for both Chase Slate and Freedom. My goal is to get as high of a CL on the Slate to transfer as much of an almost $10k balance as possible.

My plan is to apply for both Slate and Freedom, then call for a CLI on the Slate and, if necessary, transfer CL from Freedom to Slate.

Does that make sense, or is it better to apply for just Slate and call for a CLI before applying for Freedom?

They will want to HP for the CLI, and chances are, it won't happen unless the line has had time to age or you have prior experience with high limits. This is assuming they lowball you on your approval.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

CreditMagic7 — Thu, 15 Jan 2015 17:26:15 GMT

Heh, looks exactly what i was faced with just last night

Mine was CSP/Slate and now presents a challenge for me. Either go ahead on and also app the Slate too (CSP Done) in order to (hopefully) get the 2 for 1 HP or in my case go ahead on and app for Barclays Sallie Mae 5% card that i been holding out for.

Either way with Chase theres a 30 day window to squeeze in the other prequal card (Slate) or wait until Barclays next statement closes after the weekend.

In this credit world, decisions, decisions ......................

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 17:40:32 GMT

I have a $12,400 limit on my card, but utilization is high @ 60-70%, which is why I want the BT. That's the catch-22.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 17:41:45 GMT

@Anonymous wrote:
@I have a $12,400 limit on my card, but utilization is high @ 60-70%, which is why I want the BT. That's the catch-22.

What do your FICO's look like?

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 17:54:57 GMT

I pulled 694 in December (TU) with 75% utilization. I don't know the others. FAKOs are Karma-681, Sesame-702, Quizzle-724. After everything reports this month, utilization will be down to ~62% due to paying down debt and a $1500 CLI on a GE store card. I'm hoping that will push me over 700.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 18:05:56 GMT

@Anonymous wrote:
I pulled 694 in December (TU) with 75% utilization. I don't know the others. FAKOs are Karma-681, Sesame-702, Quizzle-724. After everything reports this month, utilization will be down to ~62% due to paying down debt and a $1500 CLI on a GE store card. I'm hoping that will push me over 700.

Unless your income is high, I predict CL's below $5,000 for both the Slate and the Freedom, IF approved. Your utilization is very high unfortunately and Chase will not like this.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 18:08:13 GMT

Would I have a better chance at a high limit if I wait a few months until utilization is under 50%?

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

baller4life — Thu, 15 Jan 2015 18:27:18 GMT

I apped both Slate and Freedom from prequal site. One hp. I transferred Slate limit to Freedom and closed Slate.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 19:25:23 GMT

Another idea would be to wait until just before the 60 day no-fee period ends to request the CLI. This would at least establish a little history (probably not enough). I am probably overthinking this, but I don't want to burn a HP or 2 without maximizing my chances of getting a substantial enough CL to make it worth it.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

CreditCuriosity — Thu, 15 Jan 2015 19:39:34 GMT

Get your utilization down if you want a decent chance and a decent initial CL and APR with either of these cards... Ideally 30 or even more ideally below 10%... You are killing yourself if you app at even 50% utilization imo. So it is a catch 22 scenario you are in.. Ideally in a perfect world this wouldn't of happened, but it has . That is the problem with BT cards.. Usually when you need them you are in a bad position and thus you get lower limits and less then favorable terms.

Unless as Nixon stated you have a very high income.. Then that begs the question why are you running such high utilization? So see my above advise.. Best of luck either way you choose.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

CreditMagic7 — Thu, 15 Jan 2015 19:39:29 GMT

@CreditCuriousity wrote:
Get your utilization down if you want a decent chance and a decent initial CL and APR with either of these cards... Ideally 30 or even more ideally below 10%... You are killing yourself if you app at even 50% utilization imo. So it is a catch 22 scenario you are in.. Ideally in a perfect world this wouldn't of happened, but it has

Unless as Nixon stated you have a very high income.. Then that begs the question why are you running such high utilization? So see my above advise.. Best of luck either way you choose.

Really couldn't agree any more ^

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 20:45:19 GMT

Thanks. I don't have high income. Getting utilization down to 10% before applying seems pointless. I'd have that paid off in 3 months even without transferring it.

I may look at going with a personal loan through Lending Club or Prosper rather than a BT card (I was approved for $10k @ 7.86% APR for LC, but I didn't pull the trigger). My debt is at 12.99% fixed, so it's not awful. I will also need an auto loan in May 2016, so I want to avoid HPs after April. If I keep paying at this rate and nothing else changes, I should be in good shape by the time I need the car loan.

I just want to get rid of this debt. I guess I will mull it over until April and see where my utilization is at that point.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

CreditCuriosity — Thu, 15 Jan 2015 20:51:30 GMT

@Anonymous wrote:
Thanks. I don't have high income. Getting utilization down to 10% before applying seems pointless. I'd have that paid off in 3 months even without transferring it.

@I may look at going with a personal loan through Lending Club or Prosper rather than a BT card (I was approved for $10k @ 7.86% APR for LC, but I didn't pull the trigger). My debt is at 12.99% fixed, so it's not awful. I will also need an auto loan in May 2016, so I want to avoid HPs after April. If I keep paying at this rate and nothing else changes, I should be in good shape by the time I need the car loan.

I just want to get rid of this debt. I guess I will mull it over until April and see where my utilization is at that point.

That is a good rate for lending club! I would be all over that in your scenario.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Thu, 15 Jan 2015 21:12:25 GMT

I didn't pull the trigger because they asked for tax returns for income verification (I'm self-employed). My 2013 income (which I reported on the app) was substantially higher than my 2012 income, so I have to wait until I file my return this year.

I'm going to sit on this until April, but I think this may be the best strategy:

Apply for Slate (don't apply for Freedom)
Request CLI on Slate, explaining that I want to transfer full balance
Take out LC loan for whatever I can't put on Slate
Hold off on applying for Freedom until I'm under 10% util

I don't care about keeping the Slate long-term, but I do want the Freedom. The Slate is just a means to an end.

Does that make sense?

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Fri, 16 Jan 2015 20:01:40 GMT

Well, my situation looks better than it did yesterday. I had a collection fall off my account much earlier than expected. My CK score jumped 23 points, and I am now pre-qual'd for premium tier cards (including CSP) from all the lenders I checked. It doesn't change my plan, but it is good to know that anyone who pulls my report will now be looking at a clean record.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

CreditCuriosity — Fri, 16 Jan 2015 20:14:07 GMT

Sounds like you are in a decent position to be honest.. The interst you have isn't horrible by any means on your current CC compares to other cards out there.. Sure you will might the right choice and know your finances the best

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Fri, 16 Jan 2015 20:36:13 GMT

@CreditCuriousity wrote:
Sounds like you are in a decent position to be honest.. The interst you have isn't horrible by any means on your current CC compares to other cards out there.. Sure you will might the right choice and know your finances the best

I'm lucky. If that card was at 23% instead of 13%, I would be in a lot more trouble right now.

Thanks for the reassurance. It's tough not to get obsessive and micromanage. I have to remind myself the reality is any amount I can transfer to 0% APR saves me money, and a handful of hard pulls won't hurt my credit that bad, especially if I am decreasing utilization every month.

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Sat, 17 Jan 2015 01:30:03 GMT

Re: Pre-q'd for both Slate & Freedom. Can I app for both at once?

Anonymous — Sat, 17 Jan 2015 01:42:26 GMT

I was approved on wednesday,for the united explorer card 10k limit, also chase slate 5k limit, I was pre qualified for both cards! I went ahead and submitted both applications, united first then slate! Exp fico 735, transunion 724, income 90k, hope this helps, and good luck!!!!