topic Re: Chase CC Question in Credit Card Applications

Chase CC Question

BeeH11 — Sat, 01 Nov 2014 14:01:21 GMT

Hi!

Currently, I have 77% utilization (across all CCs). In a couple of weeks, I will be getting some inheritance $. By the end of November, I will have about 1-2% total utilization. I am assuming that by the end of December, this will have updated on all 3 reports.

I have 2 Chase cards right now: United Explore & Southwest. $5k limit on both. In January, it will be 2 years with the Explorer card. I just got the Southwest in August. I only applied for the Southwest card b/c I had to fly somewhere on short notice and wanted the promo (which I didn't get b/c I wasn't instantly approved). I didn't realize that the Southwest was a signature card, if I did, I would have just applied for the CSP which is what I really want. I really don't want the Southwest card. I usually fly United (but withe the CSP, I have flexibility).

Here are my questions:

-When should I apply for a CSP?

-I plan on closing the Southwest account. Do you think that I should wait to close it until I apply for the CSP? If I do get the CSP, do you think I will be able to close the Southwest card and and transfer the credit limit to the CSP?

CR summary:

-Right now, I only know my TU score (703) b/c I get free credit score monitoring with my Capital One card. I used their credit score simulator and it estimates that once I play down the debt to the 1-2% utilization, the score shoudl raise to 745

-No lates payments or baddies ever

-Oldest card is 11 years old. Don't really know the AAoA.

-Right now I have 4 inquiries. 2 are from the 2 Chase cards. 1 is from buying a car. Not sure what the other one is from, maybe the car too? So by end of January, 2-3 of the inquiries will fall off

Your thoughts, opinions and comments are appreciated!

Re: Chase CC Question

Anonymous — Sat, 01 Nov 2014 14:53:20 GMT

Don't know about moving the balance.

Have you tried the chase prequalify link to see what pops up?

Just FYI cap one is not a fico. But for me my real fico is higher!

Re: Chase CC Question

BeeH11 — Sat, 01 Nov 2014 14:58:26 GMT

Thanks for your response.

I didn't realize that the Capt. One was not real fico, thanks for telling me.

I have not tried the pre-qualification yet. I figured probably not worth it right now while my util. is so high. Maybe I'll try it anyway.

Re: Chase CC Question

Anonymous — Sat, 01 Nov 2014 15:02:47 GMT

Doesn't hurt to check it. The offers will change as your credit report changes.. so you can see how the terms change too

Re: Chase CC Question

joltdude — Sat, 01 Nov 2014 15:04:35 GMT

The fee on the CSP just went up, if your scores and report look good you might want to find a remaining 99$ offer on the CSP and apply (check your chase act for offers) ... If you apply for the CSP you'll probably not be eligible to transfer the SW for at least 9 months.. Think it requires having the card for a year but not 100%sure with chase, so someone correct me or confirm this.

Re: Chase CC Question

Skye12329 — Sat, 01 Nov 2014 15:08:39 GMT

I just checked the chase website and it looks like the csp fee went back down to 95

Re: Chase CC Question

joltdude — Sat, 01 Nov 2014 15:21:17 GMT

You don't need 1 to 2% util, but 77% util is not so good.. Your approaching the 80%( it's somewhere in the 80s) threshold for being maxxed out. 8 to 10% is an ideal util, but even in the low teens your still alright

Re: Chase CC Question

BeeH11 — Sat, 01 Nov 2014 15:28:34 GMT

Thanks for all your replies. I did just do the pre-qualification on Chase's website but it came up with nothing. It said either b/c I recently took advantage of another offer or b/c I have the offers turned off. I think I must have the offers turned off. Several years ago I may have shut off the credit card offers but I can't remember for sure. Does anyone know how to turn them back on?

Re: Chase CC Question

Anonymous — Sat, 01 Nov 2014 16:05:57 GMT

Optoutprescreen.com

Re: Chase CC Question

AvadaKedavra — Sat, 01 Nov 2014 18:52:58 GMT

CSP fee is still advertised as $95 AF. I applied on 10/22, got approved and confirmed that it was $95.

Your UTL is way too high to app for anything. 1-10% would be ideal. Definitely don't apply for the CSP with above 10%. Chase will lay down the big ol' denial stick.

You should be able to move your Southwest CL over without an issue.

Re: Chase CC Question

Anonymous — Sat, 01 Nov 2014 18:58:51 GMT

@BeeH11 wrote:
Hi!
Currently, I have 77% utilization (across all CCs). In a couple of weeks, I will be getting some inheritance $. By the end of November, I will have about 1-2% total utilization. I am assuming that by the end of December, this will have updated on all 3 reports.

I have 2 Chase cards right now: United Explore & Southwest. $5k limit on both. In January, it will be 2 years with the Explorer card. I just got the Southwest in August. I only applied for the Southwest card b/c I had to fly somewhere on short notice and wanted the promo (which I didn't get b/c I wasn't instantly approved). I didn't realize that the Southwest was a signature card, if I did, I would have just applied for the CSP which is what I really want. I really don't want the Southwest card. I usually fly United (but withe the CSP, I have flexibility).

Here are my questions:
-When should I apply for a CSP?
-I plan on closing the Southwest account. Do you think that I should wait to close it until I apply for the CSP? If I do get the CSP, do you think I will be able to close the Southwest card and and transfer the credit limit to the CSP?

CR summary:
-Right now, I only know my TU score (703) b/c I get free credit score monitoring with my Capital One card. I used their credit score simulator and it estimates that once I play down the debt to the 1-2% utilization, the score shoudl raise to 745
-No lates payments or baddies ever
-Oldest card is 11 years old. Don't really know the AAoA.
-Right now I have 4 inquiries. 2 are from the 2 Chase cards. 1 is from buying a car. Not sure what the other one is from, maybe the car too? So by end of January, 2-3 of the inquiries will fall off

Your thoughts, opinions and comments are appreciated!

I'd go ahead and open the CSP once you get the UTL down a bit. Don't kill the SWA till the next AF is due.

Re: Chase CC Question

dabo1502 — Sun, 02 Nov 2014 04:12:01 GMT

@Anonymous wrote:
@BeeH11 wrote:
Hi!
Currently, I have 77% utilization (across all CCs). In a couple of weeks, I will be getting some inheritance $. By the end of November, I will have about 1-2% total utilization. I am assuming that by the end of December, this will have updated on all 3 reports.

I have 2 Chase cards right now: United Explore & Southwest. $5k limit on both. In January, it will be 2 years with the Explorer card. I just got the Southwest in August. I only applied for the Southwest card b/c I had to fly somewhere on short notice and wanted the promo (which I didn't get b/c I wasn't instantly approved). I didn't realize that the Southwest was a signature card, if I did, I would have just applied for the CSP which is what I really want. I really don't want the Southwest card. I usually fly United (but withe the CSP, I have flexibility).

Here are my questions:
-When should I apply for a CSP?
-I plan on closing the Southwest account. Do you think that I should wait to close it until I apply for the CSP? If I do get the CSP, do you think I will be able to close the Southwest card and and transfer the credit limit to the CSP?

CR summary:
-Right now, I only know my TU score (703) b/c I get free credit score monitoring with my Capital One card. I used their credit score simulator and it estimates that once I play down the debt to the 1-2% utilization, the score shoudl raise to 745
-No lates payments or baddies ever
-Oldest card is 11 years old. Don't really know the AAoA.
-Right now I have 4 inquiries. 2 are from the 2 Chase cards. 1 is from buying a car. Not sure what the other one is from, maybe the car too? So by end of January, 2-3 of the inquiries will fall off

Your thoughts, opinions and comments are appreciated!
I'd go ahead and open the CSP once you get the UTL down a bit. Don't kill the SWA till the next AF is due.

Greetings All,

I thought CW states that once should wait at least 6 months between apps for Chase. OP received a card in August. Please let me know if this is generally the consensus. I would like to app for the Freedom and perhaps the CSP as well. I received the Chase Slate on May 8, 2014; my 6 months will hit November 8, 2014.

Please advise - thanks!

Re: Chase CC Question

Anonymous — Sun, 02 Nov 2014 04:14:24 GMT

@dabo1502 wrote:
@Anonymous wrote:
@BeeH11 wrote:
Hi!
Currently, I have 77% utilization (across all CCs). In a couple of weeks, I will be getting some inheritance $. By the end of November, I will have about 1-2% total utilization. I am assuming that by the end of December, this will have updated on all 3 reports.

I have 2 Chase cards right now: United Explore & Southwest. $5k limit on both. In January, it will be 2 years with the Explorer card. I just got the Southwest in August. I only applied for the Southwest card b/c I had to fly somewhere on short notice and wanted the promo (which I didn't get b/c I wasn't instantly approved). I didn't realize that the Southwest was a signature card, if I did, I would have just applied for the CSP which is what I really want. I really don't want the Southwest card. I usually fly United (but withe the CSP, I have flexibility).

Here are my questions:
-When should I apply for a CSP?
-I plan on closing the Southwest account. Do you think that I should wait to close it until I apply for the CSP? If I do get the CSP, do you think I will be able to close the Southwest card and and transfer the credit limit to the CSP?

CR summary:
-Right now, I only know my TU score (703) b/c I get free credit score monitoring with my Capital One card. I used their credit score simulator and it estimates that once I play down the debt to the 1-2% utilization, the score shoudl raise to 745
-No lates payments or baddies ever
-Oldest card is 11 years old. Don't really know the AAoA.
-Right now I have 4 inquiries. 2 are from the 2 Chase cards. 1 is from buying a car. Not sure what the other one is from, maybe the car too? So by end of January, 2-3 of the inquiries will fall off

Your thoughts, opinions and comments are appreciated!
I'd go ahead and open the CSP once you get the UTL down a bit. Don't kill the SWA till the next AF is due.
Greetings All,

I thought CW states that once should wait at least 6 months between apps for Chase. OP received a card in August. Please let me know if this is generally the consensus. I would like to app for the Freedom and perhaps the CSP as well. I received the Chase Slate on May 8, 2014; my 6 months will hit November 8, 2014.

Please advise - thanks!

I don't see why you shouldn't app for both. You can app for two in a 30 day period.

Re: Chase CC Question

ddemari — Tue, 04 Nov 2014 05:31:05 GMT

From my previous experience, chase likes low ulitization like everyone else one here has mentioned.

Get your uti down low, below 30%, less than 10% is ideal but maybe not realistic for you.

I was approved for Freedom is August and Sapphire in November, low uti and nice limits given!

Re: Chase CC Question

takeshi74 — Tue, 04 Nov 2014 13:42:50 GMT

@BeeH11 wrote:
-When should I apply for a CSP?

When your lowered utilization reports. You may want to use a CMS to verify that the balances have updated on your reports.

@Skye12329 wrote:
I just checked the chase website and it looks like the csp fee went back down to 95

The fee hasn't being going up and down. The AF presented varies. For you 95 is showing.

@dabo1502 wrote:
I thought CW states that once should wait at least 6 months between apps for Chase.

It's not about time. It's about one's credit. There is a limit but there is no timeframe as you've stated. I apped for 2 Chase cards within a day of each other and was approved for both.

@ddemari wrote:
From my previous experience, chase likes low ulitization like everyone else one here has mentioned.

Every creditor likes low utilization. It's the second biggest factor (Amounts Owed):

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Re: Chase CC Question

AvadaKedavra — Tue, 04 Nov 2014 17:22:36 GMT

Like many creditors, they have "guidelines" but YMMV based off reasons for denial. Here's my experience with Chase:

- Approved for a Freedom ($500 CL) in July 2014 after 7-10 day message - didn't have to recon.

- Approved for a Slate ($5000 CL) in September 2014 via pre-qualify link (Immediately transferred $4500 over to my Freedom)

- Denied for a CSP in September 2014 right after my Slate app due to too many new accounts and INQs

- Approved for a CSP in October 2014 ($5000 CL) about 30 days after a denial and I actually had 2 more INQs and 1 newly reported account than I did 30 days prior. It was also another 7-10 day message with approval without having to recon.

Re: Chase CC Question

skigirl916 — Tue, 04 Nov 2014 18:56:02 GMT

@AvadaKedavra wrote:
Like many creditors, they have "guidelines" but YMMV based off reasons for denial. Here's my experience with Chase:

- Approved for a Freedom ($500 CL) in July 2014 after 7-10 day message - didn't have to recon.

- Approved for a Slate ($5000 CL) in September 2014 via pre-qualify link (Immediately transferred $4500 over to my Freedom)

- Denied for a CSP in September 2014 right after my Slate app due to too many new accounts and INQs

- Approved for a CSP in October 2014 ($5000 CL) about 30 days after a denial and I actually had 2 more INQs and 1 newly reported account than I did 30 days prior. It was also another 7-10 day message with approval without having to recon.

I was approved for two Chase cards in early September (SWA RR and Freedom), and then another two Chase cards (Slate and CSP) in late October. All instant approvals.

I tried to recon the CL on the Slate for a higher BT limit, but they said no - that given their guidelines, they'd extended me the total amount of credit they were comfy with ($19,500) given my new accounts and that 8 of my accounts were reporting balances (small balances, but still - and that's why I wanted the higher BT limit on the Slate, to get them all covered under one card and still have a low UTL even on that card).

Re: Chase CC Question

Creditaddict — Tue, 04 Nov 2014 19:30:37 GMT

@AvadaKedavra wrote:
Like many creditors, they have "guidelines" but YMMV based off reasons for denial. Here's my experience with Chase:

- Approved for a Freedom ($500 CL) in July 2014 after 7-10 day message - didn't have to recon.

- Approved for a Slate ($5000 CL) in September 2014 via pre-qualify link (Immediately transferred $4500 over to my Freedom)

- Denied for a CSP in September 2014 right after my Slate app due to too many new accounts and INQs

- Approved for a CSP in October 2014 ($5000 CL) about 30 days after a denial and I actually had 2 more INQs and 1 newly reported account than I did 30 days prior. It was also another 7-10 day message with approval without having to recon.

My experience is similar... When I wait 30 days to the day of my last INQ from Chase I get approved but when I tried for a 2nd card in the same month as another approval I was declined!

For sure no reason to wait 6 months though!

OP Get Util down and apply for CSP and then move all of your Southwest Limit to CSP and close your southwest at that point if you don't want it... worse case if you are denied CSP you can recon using your southwest card!

Re: Chase CC Question

joltdude — Wed, 05 Nov 2014 14:45:11 GMT

Everyones saying move the SW.. but the OP hasnt had it for a YEAR if i understand correctly... Im not so sure that Chase will allow that until it hits a year old... That said.. There should be no appin untill that UTIL is sliced down quite a bit!...

Re: Chase CC Question

AvadaKedavra — Thu, 06 Nov 2014 18:58:50 GMT

@joltdude wrote:
Everyones saying move the SW.. but the OP hasnt had it for a YEAR if i understand correctly... Im not so sure that Chase will allow that until it hits a year old... That said.. There should be no appin untill that UTIL is sliced down quite a bit!...

Chase will allow. My post implies it based off my history with them.