topic Re: Advice on Chase Approval in Credit Cards

Advice on Chase Approval

jitubats — Fri, 17 Apr 2015 14:22:57 GMT

Hi,

This is my first post here. My wife had applied for a Chase Sapphire Card last week and got denied due to lack of sufficient credit history.

Here are her details

1. She has been here for about 8 year, no Credit cards or lines.

2. Makes good Salary between 80-100K

3. Is an Authorized user on my CC's ( Amex and Barclays )

4. Credit Scores are 765 / 750 / 770

She called the Recon line and the lady said try to look on Myfico to see what can you do to build up your credit.

So today we spent some time looking at prequalification offers and found that she is prequalified for

1. Chase Freedom

2. Citi Simplicity

3. Surprisingly none on Amex

4. Discover IT card

Questions :

1. Should we try for the Chase Freedom card, even though the person on the phone said that we do not enough credit hostory. Is that going to be a second hard pull

2. Should we try Citi Simplicity and see where that applicaiton goes ?

3. Any other Recommendations ?

Thanks,

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 14:35:44 GMT

@jitubats wrote:
Hi,

This is my first post here. My wife had applied for a Chase Sapphire Card last week and got denied due to lack of sufficient credit history.
Here are her details

1. She has been here for about 8 year, no Credit cards or lines.
2. Makes good Salary between 80-100K
3. Is an Authorized user on my CC's ( Amex and Barclays )
4. Credit Scores are 765 / 750 / 770

She called the Recon line and the lady said try to look on Myfico to see what can you do to build up your credit.

So today we spent some time looking at prequalification offers and found that she is prequalified for

1. Chase Freedom
2. Citi Simplicity
3. Surprisingly none on Amex
4. Discover IT card

Questions :
1. Should we try for the Chase Freedom card, even though the person on the phone said that we do not enough credit hostory. Is that going to be a second hard pull
2. Should we try Citi Simplicity and see where that applicaiton goes ?
3. Any other Recommendations ?

Thanks,
J

Welcome to the forums.

First, ignore the Discover preapproval, it's worthless. There is a big difference between getting approved for the CSP which requires a minimum CL of $5K vs the Freedom. It's hard to say whether they will use the same HP for the Freedom but you should assume that it will be another HP. I would have her apply for both the Freedom and the Simplicity or Double Cash cards from Citi.

Let us know what happens and good luck.

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 14:42:36 GMT

Wow she has really good scores. It goes to show that scores a not everything. Does she ever receive prequals in the mail? I'd say she has a good chance with Fredom, simplicity and Discover it. Let us know the outcome.

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 14:48:12 GMT

I would also consider applying for the Freedom, but perhaps call the executive office or a credit analyst at a backdoor number to see if you can try to app on the same HP. They probably won't allow it, but it's worth a try.

Chase likes when you have a standing history with them, and a Freedom would be a good way to get your foot in the door with them and build up your rapport.

Re: Advice on Chase Approval

jitubats — Fri, 17 Apr 2015 15:06:12 GMT

We will go ahead and apply for Freedom and Citi Simplicity and report back.

Any other suggestions would be welcome.

Thanks,

Re: Advice on Chase Approval

ksantangelo23 — Fri, 17 Apr 2015 15:16:40 GMT

My experience with Chase is that they strongly discount AU accounts, so while her FICO score may be high, her internal Chase score is lower.

Re: Advice on Chase Approval

jamesdwi — Fri, 17 Apr 2015 15:20:52 GMT

@ksantangelo23 wrote:
My experience with Chase is that they strongly discount AU accounts, so while her FICO score may be high, her internal Chase score is lower.

Never had a problem with Chase and AU users, they may not count the fact that the TL is for a AU, but they don't have a problem with their cards getting used more.

Re: Advice on Chase Approval

ksantangelo23 — Fri, 17 Apr 2015 15:22:15 GMT

@jamesdwi wrote:
@ksantangelo23 wrote:
My experience with Chase is that they strongly discount AU accounts, so while her FICO score may be high, her internal Chase score is lower.

Never had a problem with Chase and AU users, they may not count the fact that the TL is for a AU, but they don't have a problem with their cards getting used more.

I'm referring to FICO score vs internal Chase scores

Re: Advice on Chase Approval

jitubats — Fri, 17 Apr 2015 16:27:06 GMT

Got instant approval on Citi Double Cash..5K Limit. Should I also go ahead and have her apply for the Freedom card ?

Re: Advice on Chase Approval

ecxpa — Fri, 17 Apr 2015 16:38:42 GMT

@jitubats wrote:
Got instant approval on Citi Double Cash..5K Limit. Should I also go ahead and have her apply for the Freedom card ?

Definitely......like right now. Chase offers are pretty solid

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 16:45:53 GMT

@jitubats wrote:
Got instant approval on Citi Double Cash..5K Limit. Should I also go ahead and have her apply for the Freedom card ?

Congrats and yes apply

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 18:09:36 GMT

Wait, what was the Chase Freedom APR on the prequal page? Pricing and terms link. If it's a fixed number (ie 22.99 or 13.99), then decide if you're happy with that APR. Chase is notoriously difficult to work with in terms of lowering APR. If you PIF, it doesn't make much of a difference, but it's still worth noting. If the APR is a range, I don't believe that's a solid prequal and I'd hold off on applying.

However, with scores like hers, I do see her getting approved. Either way, good luck and report back.

Re: Advice on Chase Approval

bengalikejenga — Fri, 17 Apr 2015 19:21:34 GMT

isnt Chase a stickler for having atleast one year of personal Credit card history? i think an American Express might be a better Bet for her, or Even a Bank of America Card.

Re: Advice on Chase Approval

jamesdwi — Fri, 17 Apr 2015 19:24:53 GMT

@bengalikejenga wrote:
isnt Chase a stickler for having atleast one year of personal Credit card history? i think an American Express might be a better Bet for her, or Even a Bank of America Card.

there is probably a difference when you have a file with multiple existing tradelines that are years old and no derogs, even if it doesn't include credit cards. My son got into Chase with 6-7 moths of credit card history and a 5 year old card he was AU on. and no derogs or lates on his report.

Re: Advice on Chase Approval

lexrjSD — Fri, 17 Apr 2015 19:40:03 GMT

I second the AMEX, but mainly so she can build her CL quicker with the 3xCLIs, at least that's how I did it when I started 3yrs ago.....only AMEX revolver btw.

Re: Advice on Chase Approval

Anonymous — Fri, 17 Apr 2015 20:04:09 GMT

Yeah her FICOS are more than AMEX worthy

Re: Advice on Chase Approval

jitubats — Fri, 17 Apr 2015 20:08:40 GMT

This is a firm offer from Chase. I don't need / care about APR, always pay off our cards. I already have Amex Biz and Amex Personal for the past 18 years or so. Do not want to open a new Amex CC for her. Will going to talk to her to see if she wants to apply for Chase Freedom.

This is all to build her credit history..

Re: Advice on Chase Approval

lexrjSD — Fri, 17 Apr 2015 20:25:08 GMT

@jitubats wrote:
This is a firm offer from Chase. I don't need / care about APR, always pay off our cards. I already have Amex Biz and Amex Personal for the past 18 years or so. Do not want to open a new Amex CC for her. Will going to talk to her to see if she wants to apply for Chase Freedom.
This is all to build her credit history..

I agree about your APR point, however, I'm not sure which Amex you have and your guys spending habits but the AMEX BCP could be a great complement to her Citi Double. She could use Gas/Groceries at 3% / 6% cashback and 2% on everything else with the Citi Double. As oposed to the Freedom that only has rotating catogories (I personally think it's useless).

But the main point are the soft pulls credit increases every 6months that she can get from an AMEX revolver, I went from 1k to 25k in a little over 2yrs. That defintely boosted my credit while also building history.