topic Re: Chase gave me two options in Credit Cards

Chase gave me two options

newUser0 — Tue, 26 May 2015 21:02:27 GMT

Hey all,

I applied for Chase IHG card last week and they declined it.

I called the recon line and a nice analyst said the reason for decline was :

-> Too many balances/ High Credit usage.

I said I usually pay my card in full and don't carry a balance. Then he had a deeper look and gave me these two options:

1) Approve for IHG by moving $2K from my other cards.

2) Wait for some months (3-4) and apply again, and get a higher credit limits? (like additional $10K CL)

I am confused which one to select. What do you all suggest?

Re: Chase gave me two options

ksantangelo23 — Tue, 26 May 2015 21:05:47 GMT

How low would that leave your other Chase account? If you moved 2k.

My opinion is that I would never waste a HP.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 21:11:18 GMT

+1 👆 and don't HPs with no new accounts look bad as opposed to an HP with corresponding new account. HP's are like gold, however if it takes an HP to CLI with Chase which you'd have to do on that $2k then the difference is the same. $2k now, HP now, HP later = ~$10k. or HP now. no acc. HP later = ~ $10k. You'll take two HPs either way to get to that 10 k range, however you'll lose $2k on one card with option 1.

Choose wisely: the blue pill ✋🏾 or the red pill ✋🏿?

Re: Chase gave me two options

ksantangelo23 — Tue, 26 May 2015 21:14:45 GMT

I'd go for it and get the card now

Re: Chase gave me two options

B335is — Tue, 26 May 2015 21:16:01 GMT

What Chase cards and limits do you have now? I'd be more inclined to take the first option because you'll at least get the bonus. Lately they've been turning a lot of people down for new accts.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 21:26:15 GMT

I'm also in the camp - don't waste a HP.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 21:28:59 GMT

If it were me, I would take it now and get the bonus since you already took the HP. Later down the road you can request CLI. Either way, looks like you will take 2 HP's if you want to get to ~$10,000

Re: Chase gave me two options

dragontears — Tue, 26 May 2015 21:31:30 GMT

@Anonymous wrote:
+1 👆 and don't HPs with no new accounts look bad as opposed to an HP with corresponding new account. HP's are like gold, however if it takes an HP to CLI with Chase which you'd have to do on that $2k then the difference is the same. $2k now, HP now, HP later = ~$10k. or HP now. no acc. HP later = ~ $10k. You'll take two HPs either way to get to that 10 k range, however you'll lose $2k on one card with option 1.

Choose wisely: the blue pill✋🏾 or the red pill✋🏿?

with as stingy as chase is with CLI (from what I read hear) what is the realistic chance of chase bumping a CL from 2k to ~10k in 1 HP?

Edited for typos

Re: Chase gave me two options

ksantangelo23 — Tue, 26 May 2015 21:31:03 GMT

@dragontears wrote:
@Anonymous wrote:
+1 👆 and don't HPs with no new accounts look bad as opposed to an HP with corresponding new account. HP's are like gold, however if it takes an HP to CLI with Chase which you'd have to do on that $2k then the difference is the same. $2k now, HP now, HP later = ~$10k. or HP now. no acc. HP later = ~ $10k. You'll take two HPs either way to get to that 10 k range, however you'll lose $2k on one card with option 1.

Choose wisely: the blue pill ✋🏾 or the red pill ✋🏿?
with as stingy as chase is with CLI (from what I read hear) what is the realilistic chance of chase bumping a CL from 2k to ~10k in 1 HP?

Considering how easily fixable his negative factor reasoning was, Id imagine it wouldnt be impossible for an 8k CLI.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 21:33:05 GMT

Get card now.

Re: Chase gave me two options

dragontears — Tue, 26 May 2015 21:36:58 GMT

@ksantangelo23 wrote:
@dragontears wrote:
@Anonymous wrote:
+1 👆 and don't HPs with no new accounts look bad as opposed to an HP with corresponding new account. HP's are like gold, however if it takes an HP to CLI with Chase which you'd have to do on that $2k then the difference is the same. $2k now, HP now, HP later = ~$10k. or HP now. no acc. HP later = ~ $10k. You'll take two HPs either way to get to that 10 k range, however you'll lose $2k on one card with option 1.

Choose wisely: the blue pill ✋🏾 or the red pill ✋🏿?
with as stingy as chase is with CLI (from what I read hear) what is the realilistic chance of chase bumping a CL from 2k to ~10k in 1 HP?
Considering how easily fixable his negative factor reasoning was, Id imagine it wouldnt be impossible for an 8k CLI.

Hope you are right but from what is posted on this forum chase loves to give $500 CLI for a HP.....

Re: Chase gave me two options

newUser0 — Tue, 26 May 2015 21:51:54 GMT

@ksantangelo23 wrote:
How low would that leave your other Chase account? If you moved 2k.

My opinion is that I would never waste a HP.

I have united at 9K

CSP, Ritz and Freedom at 5K

CSR suggeted to move from United.

Re: Chase gave me two options

newUser0 — Tue, 26 May 2015 21:53:13 GMT

You

@B335is wrote:
What Chase cards and limits do you have now? I'd be more inclined to take the first option because you'll at least get the bonus. Lately they've been turning a lot of people down for new accts.

You are right. They declined me for agressive credit seeking and too many new accounts.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 22:16:03 GMT

I am going to be the odd one out here-

Give it a few months for your account to age/balance decrease and then apply again. Remember, these offers with Chase come around often and sometimes better deals unless you need the card now then I understand. You will probably get more than a 10k credit line if you wait... But it is entirely up to you. Do what your gut tells you-

Re: Chase gave me two options

ksantangelo23 — Tue, 26 May 2015 22:13:58 GMT

I would disagree with not accepting the 2k offer.

Either way, two HP's will be a result, and since OP doesn't carry a balance, you could walk out of this with just one HP and a possible auto CLI (though that's unlikely).

Maybe you could transfer even more credit from an older account you wouldnt use as much for more breathing room.

It would be a major bummer if something casued an outright denial in the future, leading to two empty HP's, such as an unexpected event or Chase deciding to be more picky.

Re: Chase gave me two options

Anonymous — Tue, 26 May 2015 22:40:47 GMT

@Ksantangelo23,

Fair enough. But everyone is saying take it now and then move limit or take an HP for a CLI. OP can take the offer now at 2k, request a CLI from chase and then get a 1k increase (for example) and then what. That still brings the hardpulls to 2.

OR-

OP waits and take this HP as a loss and wait. Give it a shot again and gets approved for a massive limit higher than current cards. Which one is better? I mean it is for OP to decide. We are just putting out heads together here-

Re: Chase gave me two options

ddemari — Wed, 27 May 2015 00:48:06 GMT

Id get the card now and then apply for another one in 4 months and get a larger limit to readjust.

Re: Chase gave me two options

Anonymous — Wed, 27 May 2015 01:21:46 GMT

@ddemari wrote:
Id get the card now and then apply for another one in 4 months and get a larger limit to readjust.

This.

Re: Chase gave me two options

Anonymous — Wed, 27 May 2015 02:01:20 GMT

@Anonymous wrote:
@ddemari wrote:
Id get the card now and then apply for another one in 4 months and get a larger limit to readjust.
This.

my only issue with this is option 1 puts OP at 5 cards with Chase. Max exposure, no? Also Murphy dictates that a million variables may change undesireably between now and reapplying and there is no guarantee of said $10k line nor approval.

Re: Chase gave me two options

amakol — Wed, 27 May 2015 02:21:17 GMT

If it were me I'd swallow the HP and wait. Other lenders like Amex I'd say $2000 is not an issue but Chase isn't the bank to have a toy limit with unless you want to go through opening other accounts to move that credit line up and never having an APR reduction. Worth the 4 months IMO and inquiries all fall off eventually.

Source - still trying to get my Freedom into a Visa Sig after 3 years or lowering the APR from 22.99.