topic Re: Applying for new Chase cards... in Credit Cards

Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 17:52:52 GMT

After reading the forum, I’d think I’d like to double up on the CSR and CF. I currently have one active card, a Quicksiver with a $12.5k limit and utilization in the 25% range after paying off a chunk of debt this month. The paying off of my debt should cause my score to jump into the 730’s on the three bureaus.

My income is in the 90k’s with a low payment auto loan in its third year and an unsecured personal bank loan of about $3k from May. There are no late payments in my history and no other apps in the last two years. There is no history with Chase.

The plan is to check my FICO scores after my statement date (11/13) to make sure the pay down had the intended effect, then apply for the CSR.

Here are my questions, and they all assume my credit

1. Is there a good shot for me with the Reserve? If I’m not eligible for it, would a second hard pull be required to apply for the CSP?

2. My scores should jump about 40 points when my 11/13 Quicksilver statement is reported. Should I apply immediately after?

3. Should I apply for the CF immediately after approval of either the CSR or the CSP? Should I apply the same day?

I enjoy reading the forum and appreciate any input.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 18:25:23 GMT

Need more data:

Age of oldest account on your credit report (open or closed doesn't matter) -- no AUs
Number of inquiries on all 3, especially inquiries under a year
Number of high limit cards you have (and which banks)
Age of youngest account(s) -- plus number of new credit card accounts in the past 24 months -- Chase 5/24 rule hurts a lot of people

I'd say you're probably OK but you may also want to apply for Freedom or Freedom Unlimited now, get the card, sign up with Chase online and then go in-branch to see about Reserve preapprovals (in-branch are really strong).

Many people have double dipped with Chase and even gotten 2 cards with one HP. YMMV.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 18:33:34 GMT

1. Oldest account is 16 years old.

2. Only one inquiry in the last year, and that was for the $3k bank loan in May. From what I can see, it looks like it’s only reporting to Equifax. No CC apps or any other kind of inquiry in the last two years.

3. My only current CC is the Capital One Quicksilver with the $12.5k limit. I’ve had other cards in the past but none active and never a higher limit than that.

4. Youngest account is the personal loan from May, and before that it would be th Quicksilver which is 26 months old. Just before that was my auto loan.

Your input is sincerely appreciated.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 19:00:19 GMT

I tried searching here but didn't find it but there is a thread where someone with only one Capital One card ended up getting Chase as their second card and they were given a very hefty limit.

This is a tough call for me. First thing to note is you can sign up for Chase Credit Journey for free and they give you a useless Vantage Score monthly, but they also may give you prequalified offers. Might not show up instantly but people have gotten Chase offers through there. So sign up today anyway.

Getting the Freedom or Freedom Unlimited will give you 2/24 for your recent credit cards. It'll get you a Chase login quickly and you MAY get offers very quickly there for CSP. CSR is not offered online with prequalification, but once you have a relationship with Chase, even a credit card, I believe you can go to a branch and sit down with a personal banker and see if they have a prequalified offer for CSR.

Doesn't hurt to app for both Freedom and CSR at the same time and it may let you get both with ONE inquiry, but maybe not -- Chase sometimes pulls two bureaus for a first card.

Chase recon line is pretty good, though. Lots of good reports on Chase recon for CSR.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 19:24:18 GMT

Good info.

Unfortunately we don’t have Chase branches here in MS, but there are many over the river in Louisiana. I may call ahead and see if they recommend a drive over.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 19:29:35 GMT

Ahhh...bogus!

In my opinion (which is slanted to cover my credit wants), I would make a drive to a branch if I had a relationship with Chase and could check for offers. Those in-branch offers are the most solid ones Chase has!

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 20:41:06 GMT

Note this brand new post: http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Selected-Offer-after-Ritz-Carlton/m-p/5091283/highlight/false#M1491069

They got in with Chase, created a login, and immediately had offers on the login website.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 20:46:48 GMT

Interesting. So maybe the best route is to apply for the Freedom first.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 20:53:29 GMT

Honestly, if it was me, I'd just do both Freedom and Reserve same day and hope for a single inquiry, and if they deny Reserve, I'd be on recon.

Data points from another forum show some people called recon three times before they got their Reserve. You have good credit, no derogatories and have a single credit card with a high limit. Chase probably would love you.

The "Chase Trifecta" is having Freedom, Freedom Unlimited AND one of the Sapphire cards. But you can only app for 2 cards with Chase in a certain period (30 days? 60 days? I always forget). So I personally would go for one of the Freedom cards AND the Reserve card and if denied, immediately recon. If denied, recon again.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 22:16:53 GMT

That’s all great info. I’d love to do the Chase Trifecta. I did read in another thread that the limit is 2 within 30 days. Top priority is the Reserve. Fingers crossed.

Re: Applying for new Chase cards...

Anonymous — Fri, 10 Nov 2017 22:36:43 GMT

Go to the backdoor numbers thread sticky (think it's in Credit Card Applications forum here) and get Chase's recon and verification numbers. If you aren't instantly approved, call the numbers.

I usually suggest NOT applying near a weekend -- do it during business hours of a weekday so you can call in. Today is a holiday (I think) so they're probably closed and I know branches are closed tomorrow for a holiday.

Re: Applying for new Chase cards...

bourgogne — Fri, 10 Nov 2017 22:44:46 GMT

sorry if I missed it but what does the pre-qual show if anything? I always have applied with 0-1% and it has served me well and i always double app and its always been a single hp. a branch is handy as you can recon on the spot with help of a banker, + gives a bit more credibility imo, they have checked your id, etc. chase is great, good luck with this

Re: Applying for new Chase cards...

Anonymous — Sat, 11 Nov 2017 01:46:47 GMT

I haven’t attempted to prequalify yet. Going in to a branch would be difficult. The closest one is over an hour away, but I’d do it if it’s going to make a big difference.

Re: Applying for new Chase cards...

bourgogne — Sat, 11 Nov 2017 01:51:52 GMT

@Anonymous wrote:
I haven’t attempted to prequalify yet. Going in to a branch would be difficult. The closest one is over an hour away, but I’d do it if it’s going to make a big difference.

don't know about big, I prob have 8 branches within 10min from any direction so its a snap...https://www.chase.com/prequalified - - go here and see what you come up with. you have a decent line with the cap1 and you seem solid but if it were me i would drop the util to near nothing. you want to get a good sl and >% and a low util does not hurt

Re: Applying for new Chase cards...

mongstradamus — Sat, 11 Nov 2017 03:17:29 GMT

If you are going to double up with chase and are under 5/24 , best plan of action is CSR+CSP since you can get both at once and you would not be allowed to get them normally due to one sapphire rule. You will have to google the way to do it. Once you do that when CSP AF is about to hit next year you can downgrade that to the freedom.

Re: Applying for new Chase cards...

bourgogne — Sat, 11 Nov 2017 03:27:28 GMT

@mongstradamus wrote:
If you are going to double up with chase and are under 5/24 , best plan of action is CSR+CSP since you can get both at once and you would not be allowed to get them normally due to one sapphire rule. You will have to google the way to do it. Once you do that when CSP AF is about to hit next year you can downgrade that to the freedom.

@Anonymous't do 2 @ once anymore and his profile would not support it

Re: Applying for new Chase cards...

Anonymous — Sat, 11 Nov 2017 03:54:55 GMT

It is a big accomplishment (imo) to go two years without any hard inquiries. I would just cold app for two Chase cards at once since you're profile is very clean, and nothing seems to be holding you back. In meanwhile head over to the garden topic and ask a mod for a Diamond

Re: Applying for new Chase cards...

Anonymous — Sat, 11 Nov 2017 14:52:44 GMT

Bourgogne, do you mean I can’t apply for two Chase Saphire cards or two Chase cards period? Thank you!

Re: Applying for new Chase cards...

Anonymous — Sat, 11 Nov 2017 16:00:17 GMT

@mongstradamus wrote:
If you are going to double up with chase and are under 5/24 , best plan of action is CSR+CSP since you can get both at once and you would not be allowed to get them normally due to one sapphire rule. You will have to google the way to do it. Once you do that when CSP AF is about to hit next year you can downgrade that to the freedom.

Even if possible, you still need some caveats, mainly can the OP meet the spend on both cards in the same period?

Re: Applying for new Chase cards...

HeavenOhio — Sat, 11 Nov 2017 16:27:07 GMT

@Anonymous wrote:
Bourgogne, do you mean I can’t apply for two Chase Saphire cards or two Chase cards period? Thank you!

Chase only allows customers to have one Sapphire card. That rule change came this past summer. The post above indicates that there's a way to circumvent that, but I'd play by the rules. I believe they allow you to apply for two products at the same time, though, e.g. a Sapphire and a Freedom.

As far as I know, there aren't any pre-quals for the CSR. You simply need to roll the dice.

I think you have plenty of history to satisfy Chase. I'd get utilization down, which is something that you've acknowledged. After that, I think the only real issue is the $10,000 minimum starting limit on the CSR. Chase may or may not be willing to give you that. But I think you'd be absolutely fine with the CSP, which has a $5,000 minimum starting limit.