topic Re: CHASE...APP OR INCREASE? in Credit Cards

CHASE...APP OR INCREASE?

Anonymous — Tue, 22 May 2018 18:42:09 GMT

I was just 100% getting ready to app a few mins ago for Chase Sapphire Preferred and then a thought crossed my mind. I'm now indecisive about applying for the CSP or asking for a credit increase on my Unlimited. Its at $1500 and maybe it should be higher first before I app for the CSP. It really is a bummer that Chase increases are hard pulls with no guarantee. Any thoughts, opinions, or advice? My data is as follows:

EQ 725
EX 660
TU 661
100% Payments

Cap 1 Q1 @ $400 1% utilization- will be 6 months old June 16
Chase FU @ $1500 0% utilization - will be 1 year old June 1st
3 inquiries in last 2 years on all 3 CBs
Income @ 94k

Re: CHASE...APP OR INCREASE?

Anonymous — Tue, 22 May 2018 18:50:32 GMT

Depending on what bureau Chase pulled for your FU, Id just go for the csp. It's possible that if you app for it after you ask for/get the cli on the United card that they'll see it all as "credit seeking behavior" and your chances of approval may actually go down. What bureau did chase pull for for FU? Your Equifax score is solid but if they pull the other two then it's probably better to just go for the United CLI and wait for your accounts to mature and your Experian score to go up before apping for the CSP.

Re: CHASE...APP OR INCREASE?

fltireguy — Tue, 22 May 2018 18:54:14 GMT

Go for the CSP first. See what kind of SL you get. If it's high enough, you can always reallocate part of it to the FU. Either way you are going to end up with a HP

Re: CHASE...APP OR INCREASE?

FinStar — Tue, 22 May 2018 19:14:32 GMT

OP, are those the only 2 CCs that you have? Do you have any other tradelines?

Typically, if the profile supports it (DTI, overall history, etc.), then it's usually recommended to apply for a separate Chase product (provided no 5/24 restriction applies for certain CCs) and see what that yields. If the SL is decent enough, some of that can be reallocated to another Chase CC.

Re: CHASE...APP OR INCREASE?

Anonymous — Tue, 22 May 2018 20:23:36 GMT

Chase actually pulled all 3 the first time i believe. Same for my Cap 1..All 3!

And yes those are my only 2 cards. I want to grab 1 or 2 more. A travel and a cash rewards card would be ideal.

I had a car loan back 2 and a half years ago...i wound up paying it off early. ( Although frowned upon...it was a Must bc of the situation i was in at that time) No late payments on that account either...that makes my oldest account 2.5 years old and it shows my average at 1 year and 4 months old (not sure if thats exact..maybe a month off more or less)

Re: CHASE...APP OR INCREASE?

FinStar — Tue, 22 May 2018 20:44:03 GMT

Considering that the SL for CSP is $5K, this is one of those situations that might go 50/50.

Now, it's possible that your existing Chase relationship might provide a boost since an internal score already exists, but on the other hand there's no history of previous experience handling such capacity on a revolving level. So, it's totally up to you whether you want to roll the dice and see what happens.

Re: CHASE...APP OR INCREASE?

NRB525 — Wed, 23 May 2018 03:25:04 GMT

@Anonymous wrote:
I was just 100% getting ready to app a few mins ago for Chase Sapphire Preferred and then a thought crossed my mind. I'm now indecisive about applying for the CSP or asking for a credit increase on my Unlimited. Its at $1500 and maybe it should be higher first before I app for the CSP. It really is a bummer that Chase increases are hard pulls with no guarantee. Any thoughts, opinions, or advice? My data is as follows:

EQ 725
EX 660
TU 661
100% Payments

@Anonymous 1 Q1 @ $400 1% utilization- will be 6 months old June 16
@Anonymous FU @ $1500 0% utilization - will be 1 year old June 1st
3 inquiries in last 2 years on all 3 CBs
@Income @ 94k

With 1% utilization, limited inquiries (the inquiries have aged enough by now they are not affecting score) and two bureaus at 660 and 661, what other factors in your file are keeping your scores down? With your profile it should be 700+ on all three.

Re: CHASE...APP OR INCREASE?

Anonymous — Wed, 23 May 2018 04:06:25 GMT

I have one medical collection for 711 dollars that is 6 years and 1/2 yrs old...falls off in Jan 2019. Also with that, i was always paying both cards to completes Zeros. . . I just started showing card at 1 percent a couple weeks ago and that gave me a decent boost. Also, i figured its bc my credit is still so new. All the red negatives show bc my account is not aged enough.

Re: CHASE...APP OR INCREASE?

FinStar — Wed, 23 May 2018 04:36:57 GMT

@Anonymous wrote:
I have one medical collection for 711 dollars that is 6 years and 1/2 yrs old...falls off in Jan 2019. Also with that, i was always paying both cards to completes Zeros. . . I just started showing card at 1 percent a couple weeks ago and that gave me a decent boost. Also, i figured its bc my credit is still so new. All the red negatives show bc my account is not aged enough.

Given the extra information you've shared, which was not in your original post, I would hold off until that medical collection is removed from your CRs.

Re: CHASE...APP OR INCREASE?

Anonymous — Wed, 23 May 2018 14:42:14 GMT

So do you suggest not applying for anything until the medical collection falls off?

Re: CHASE...APP OR INCREASE?

FinStar — Wed, 23 May 2018 15:03:36 GMT

Correct, merely a recommendation.

That being said, you know your needs and goals best. However, the presence of the negative item(s) paired with a somewhat thin file may not yield the best results.

Re: CHASE...APP OR INCREASE?

Anonymous — Wed, 23 May 2018 21:27:57 GMT

I think at this time..im going to wait another month and revisit my decision. In that time, the cap 1 hit 6 months and chase fu hits its' 1 year mark. Maybe at that time, ill go for increases. Thank you kindly for the advice guys. I didnt want to waste a hard pull for nothing and you might have just stopped that from happening!

Re: CHASE...APP OR INCREASE?

kshurika — Wed, 23 May 2018 22:52:58 GMT

Your medical collections may fall off sooner than you think. I had two medicals from the same collection agency and they both dropped off a few months before 7 years. I'd let the FU reach a full year old. Although I haven't done a state-by-state survey, it's my experience that Chase relies most heavily on EX. Get rid of the baddies, improve the EX, keep up the good payment record. You'll get your CSP.

Re: CHASE...APP OR INCREASE?

Anonymous — Thu, 24 May 2018 16:51:24 GMT

@kshurika

Your right about Chase. They do typically pull from Experian. From what I see, it seems like alot of lenders do.
As far as that lingering collection goes, ill HOPE on it falling off sooner than later. That would be splendid if that was the case. I want to make my thin file a bit of a thicker file.

Re: CHASE...APP OR INCREASE?

AverageJoesCredit — Thu, 24 May 2018 17:07:51 GMT

Though it may seem a cut and paste reply around here, you might consider adding a Discover or Amex to show some extra revolving history. I think you would have good odds on either and either of them could surprise you with a 5k limit or higher. If not, both c asn accomplish that feat by the time you are ready to app Chase. Just my as average penny and a half for the day