topic App Advice in Credit Card Applications

App Advice

C-Hawk — Wed, 04 Aug 2021 15:51:38 GMT

I've been reading the forums for several years, this is my first post. Thanks to everyone for the amazing wealth of knowledge!

After several years of bad credit I've finally managed to make my way to "Fair", borderline "Good" credit.

I'd like to apply for the Disney Premier card and an airline card, possibly Discover It Miles. My worry is the 5/24 Rule, I have 4 accounts under 2 years old. I figure I shouldn't have a problem getting approved for the 2nd Discover Card as I have been with them for over 8 years and have a few 30 days late, all over 2 years old. I plan to wait to app for both cards until after the 2 collections are removed from my reports and *fingers crossed* I see 30-50 point increase with the removals and lowered utilization. That should put my scores decently over 700's across the board.

So, my questions are:

Should I app for the Disney card 1st? (making the Chase Disney card the 5th in 24) And is it likely that, if approved, Chase will close the account if I app for the Discover (or another miles card) after theoretical approval?

I don't absolutely need the miles card, but we do plan to travel early next spring and some of the bonus's look nice. I definately want the Chase Disney as we are going to Disneyland this October and late spring next year.

Any thoughts/experiences are appreciated.

My Current DP's

Current FICO's: EX 667, TU 673

EQ FAKO: 734

I'm currently waiting for 2 paid collections to be removed; 1 Midland (settled for 45%), 1 Portfolio (settled for 50%), both are meant to be removed by Aug 15th.

Discover $1500 (never had a CLI, 8 years old, three 30 days late over 2 years ago)(10% util, should update tomorrow to 0% util)

Capital One Platinum $500 (10 month old account)(15% Util, will update in 2 weeks to 0%) No Lates

Capital One QS $1000 (4 month old account)(25% Util, will update in 2 weeks to 1%) No Lates

Camping World $400 (8 Month old account) (0% Util) No Lates

Children's Place $500 (6 month old account) (0% Util) No Lates

5 Old Charge-off with no balance due (Last update on each was 4 years ago)

1 Paid Personal Loan, No lates (9 years old)

No Mortgage

1 Paid Car Installment Loan (8 years Old)

AAoA 5.6 Years according to Experian

TIA

Re: App Advice

GatorGuy — Wed, 04 Aug 2021 17:41:37 GMT

Why do you want the Disney card? I goto Disney World 15 to 20 days a year and the rewards are worthless.

You are better off getting a good travel/dining card.

Re: App Advice

Anonymous — Wed, 04 Aug 2021 18:39:20 GMT

Its not just your score with Chase. They look at late payments, charge offs, collection accounts. You can have a 750 FICO and still be turned down due to a single baddie. You are looking at the 5/24 rule but not much else. There are other banks you can apply to and be approved. It would be a 50 50 crap shoot to apply to Chase.

Thanks

Mark

Re: App Advice

Yasselife — Thu, 05 Aug 2021 13:05:36 GMT

@Anonymous I was approved by Chase 4yrs ago with 2 collections, but I have had my direct deposit with them for over 10yrs. I also burned Chase 10yrs ago, and even though they remember I was given another chance when asked for limit increase.
Here We find a mix opinions but this is my personal experience.

Re: App Advice

FishingGuy — Tue, 10 Aug 2021 01:19:04 GMT

Yasselife..... 2 quick questions.

What was the line Chase started you with after burning them 10 years earlier? and where is it now after CLI (s)?

Re: App Advice

Anonymous — Tue, 10 Aug 2021 01:55:19 GMT

i wanted the disney card too, but after seeing all of the cash back rewards that other cards have, it's making me side eye them, LOL. yes, it's nice to use their redemption card, but you'd have to spend soooo much to even have $200 on there. but maybe i'm only thinking like that because i don't want to pay an annual fee anymore and the one with the AF is the one that makes it kind of worth it, which i know i wouldn't be approved for haha. either way, i have to wait 2 years now because i went app happy at the beginning of the year

but i would start with the chase card first. i don't think theyll close your account if you apply for more cards after. i got the southwest chase card and after that, i got like 10 more :-D HA

Re: App Advice

coldfusion — Tue, 10 Aug 2021 02:11:48 GMT

@Anonymous wrote:

but i would start with the chase card first. i don't think theyll close your account if you apply for more cards after. i got the southwest chase card and after that, i got like 10 more :-D HA

They in fact have been known to sometimes do that but more generally there has been an app spree in the mix. While there are no guarantees the odds of Chase circling back and closing a card a few weeks old because of a single additional application are pretty durned long.

Re: App Advice

Brian_Earl_Spilner — Tue, 10 Aug 2021 02:31:06 GMT

I wanted the Disney card at first. Ended up just getting the Chase Disney debit instead.

https://disneydebit.com/

Re: App Advice

Yasselife — Tue, 10 Aug 2021 21:51:23 GMT

@FishingGuy I was approved for Freedom with $1k. I asked for an increase a little over a year and approved for 3,500(1col left)... now 4yrs 5k. (No collections)