topic Re: Chase trio with a thin file? in Credit Cards

Chase trio with a thin file?

Anonymous — Sat, 18 Mar 2017 22:29:59 GMT

So, my girlfriend has expressed interest in the Chase UR program. The problem is that she has a very thin file. She got her first credit card in October (unsecured Discover Chrome, not the student one) with a 1,000 limit. I've also recently added her as AU on my Quicksilver and Discover IT (opened in March/June respectively).

She isn't going to go for all 3 back-to-back in a spree, but we were wondering if it's likely for her to get approved for say, a FU with her thin file (and working toward the others in a 1-2 yr time span? No derogatory info, just limited history. The credit union we work for pulled a 703 score for her last week, and they pull the Fico Auto 8 score, not sure how helpful that is, but that is the only definitive score we've gotten for her. So we know there is at least one generated.

So I suppose the title is slightly misleading, as we are primarily wondering if it might be at least somewhat likely to get her approved for the FU now, to start working on the trio overtime.

Any help/info is welcome. I appreciate it (in advance)

Re: Chase trio with a thin file?

Anonymous — Sat, 18 Mar 2017 22:27:01 GMT

Anything is possible but Chase generally likes at least a year of history. If approved it would likely be a small limit.

Re: Chase trio with a thin file?

Poppa — Sat, 18 Mar 2017 23:24:23 GMT

I got my first Chase cards(Slate & freedom) with 4 months of history. I checked the pre qualify page. 7 months later I was given an auto CLI and I was offered the CSP from my account online as a pre approved offer.

Re: Chase trio with a thin file?

newhis — Sun, 19 Mar 2017 14:54:59 GMT

From what I know now, I will do the following:

- work with your other cards to have low balance and SP CLIs (even AUs)

- wait until pre-approved online/branch for CSP

- apply for CSP (min $5,000)

- use the card a lot and PIF for at least 6 months

- after 6 months, in branch apply for one or both Freedoms (depends on income and 5/24 rule)

Good luck.

EDIT: 1 card and 2 AU that's 3/24, if goal is 3 Chase cards, you need to create a plan. Sometimes 5/24 is not an issue for in-branch pre-approval

Re: Chase trio with a thin file?

Anonymous — Sun, 19 Mar 2017 17:27:31 GMT

@newhis wrote:
From what I know now, I will do the following:
- work with your other cards to have low balance and SP CLIs (even AUs)
- wait until pre-approved online/branch for CSP
- apply for CSP (min $5,000)
- use the card a lot and PIF for at least 6 months
- after 6 months, in branch apply for one or both Freedoms (depends on income and 5/24 rule)

Good luck.

EDIT: 1 card and 2 AU that's 3/24, if goal is 3 Chase cards, you need to create a plan. Sometimes 5/24 is not an issue for in-branch pre-approval

I would add that several months before applying for a 3rd additional card (after the first 2 Chase cards) you will want to remove her as an AU on those two AU cards and make sure to have the bureaus remove them from her reports as well just to avoid any 5/24 issues.

Re: Chase trio with a thin file?

EAJuggalo — Sun, 19 Mar 2017 21:12:26 GMT

I was approved for a Chase Freedom in January last year, with no score and the only thing on my credit report a 14 year old paid off auto loan from Chase. And in December I was offered a FU. So I was 2/3 the way there in ten months.

Re: Chase trio with a thin file?

newhis — Sun, 19 Mar 2017 21:24:03 GMT

@EAJuggalo wrote:
I was approved for a Chase Freedom in January last year, with no score and the only thing on my credit report a 14 year old paid off auto loan from Chase. And in December I was offered a FU. So I was 2/3 the way there in ten months.

Yes, you can get them in a short time. DW got her Freedom with $500 after 4 months from first card, then 4 months later her CSP, then freedom auto-CLI to $1,000. I bet if she waited and started with CSP her Freedom could be at 5K also.

My plan was more 'long term'. You start with CSP to have a Chase card with $5,000 limit, by then your profile and other cards will have better limits, then you get either Freedom and evaluate if the SL is what you want (for your plan) then apply for the other or wait some more.

Some people stay with Chase SL for a long time, auto-CLIs are rare and others need HP.

Re: Chase trio with a thin file?

BronzeTrader — Sun, 19 Mar 2017 23:40:31 GMT

@Anonymous wrote:
So, my girlfriend has expressed interest in the Chase UR program. The problem is that she has a very thin file. She got her first credit card in October (unsecured Discover Chrome, not the student one) with a 1,000 limit. I've also recently added her as AU on my Quicksilver and Discover IT (opened in March/June respectively).

She isn't going to go for all 3 back-to-back in a spree, but we were wondering if it's likely for her to get approved for say, a FU with her thin file (and working toward the others in a 1-2 yr time span? No derogatory info, just limited history. The credit union we work for pulled a 703 score for her last week, and they pull the Fico Auto 8 score, not sure how helpful that is, but that is the only definitive score we've gotten for her. So we know there is at least one generated.

So I suppose the title is slightly misleading, as we are primarily wondering if it might be at least somewhat likely to get her approved for the FU now, to start working on the trio overtime.

Any help/info is welcome. I appreciate it (in advance)

Chase does not like thin files. From what I know. Period.

Re: Chase trio with a thin file?

Anonymous — Sat, 25 Mar 2017 18:46:34 GMT

Not always true! It also depends on your previous relationship with Chase as a bank, i.e. if you've had a longstanding checking or savings account with them with a positive history. While Chase bankers themselves don't make the decision, rather the CSR, they can definitely explain to them your situation and their thoughts, especially given a previous banking relationship. The day after I turned 18, I had 0 credit history, no AU status, NADA. I walked into my local Chase branch, met with my banker and she recommended I apply for the FU and was approved with a $500 limit. It's true that I will be stuck in low limit hell until next year when I ask for a limit increase. So be weary of that and also all CLI's are hard pulls with Chase! Oh well, what can you do! But I do have the trio in sight, maybe in a year or two with a thin file. UR point transfers to the CSP or CSR for travel are super tempting! It seems difficult otherwise if you don't bank with Chase to get anything without 6 mo - 1 year of individual history, so I would wait as long as you can!

Re: Chase trio with a thin file?

Anonymous — Mon, 27 Mar 2017 09:37:12 GMT

I've seen that "Chase doesn't like thin files", but that hasn't appeared to be the case IMO.

I got my first secured card in Feb '16. In August and September of '16, I tried for a number of cards (BOA, Discover, unsecured CapOne), and was denied for all of them (ended up with secured Discover and BOA from those apps). In September, Chase gave me my first unsecured card (Freedom).

Now, in March '17, my original CapOne is still secured. My 8 month old Discover is still secured. Meanwhile, Chase raised my Freedom CL to $5000 without me even asking (right after the 6th statement cut).

From my experience, Chase seems pretty aggressive in trying to get my business. Much more so than the supposedly "beginner friendly" CapOne. Chase has been pretty fantastic to work with all-around, IME.

If you want a coupld of Chase cards, build a little history, and just check the prequal sites after a few months. You might be surprised.

Re: Chase trio with a thin file?

Anonymous — Mon, 27 Mar 2017 10:25:05 GMT

There's a lot of commentary out there that Chase doesn't like thin files, Chase doesn't do soft pull autoCLI's, etc. And the datapoints for that do exist, however I think it's extremely profile dependent. I'd had a Cap1 secured card for eight months and no other history when I applied for a Chase Freedom, and it was instantly approved for $1500. Of course, the credit addict in me would have liked higher, but hey, at least it wasn't a $500 toy limit. I've gotten two autoCLI's since then, up to $3500 after around five months, and then to $4500 three months after that.

I think the choice here is whether to wait to get to a point where her profile supports a $5000 SL (CSP), or whether to just get a Freedom or FU now/soon and use it a lot until she sees a preapproval for the CSP. I would personally go for the latter and try to establish a relationship with Chase sooner rather than later, that way when she is ready to apply for a CSP she's a lot more likely to get more than the $5000 minimum starting limit.

And, she should be able to get a free FICO score from Discover.

Re: Chase trio with a thin file?

Anonymous — Mon, 27 Mar 2017 14:48:48 GMT

Data point: I got my secured Disco in July 2016. Nothing else on my file except HP's. Got a targeted offer for the Chase FU in February and approved for $500 (after 2 days of patiently* waiting).

My Disco has since unsecured and I seem to already be liked by Chase. I'm hoping I'll be able to report an auto CLI after statement #6 when they get jealous of Disco. I'm planning to garden until then.

To the OP, I don't think I'd go for the trio yet. Go for the freedom (since rumor has it that it's going to be discontinued for new apps) and let that get through 6 statements. Check for offers (in-branch if possible) and go from there.