topic Re: How sensitive is Chase to adding a second 0% card in Credit Cards

How sensitive is Chase to adding a second 0% card

Yankee2 — Tue, 02 Jul 2024 14:25:20 GMT

First a little history,

I opened a CFU 10/23 (CL $21,000) and have used it for the $12k in 12months groceries and 0% APR 15months. I've been paying about double the minimums each month and the balance has been slowly rising. (on purpose, I put each months spend aside in CDs)

About a month ago I called to see if I could get a CLI (the card was at 75% utilization, $15k or so) my overal utilization was around 12%. After about 20 minutes, and being put on hold a couple times, they finally gave me another $2,000. I have reached the $12k grocery threshhold so I dont' plan on putting anymore spend on the card but I don't plan on paying it off until a month or two before the 0% ends (2/25).

Looking ahead, usually Chase has the $12k grocery promotion in the fall (along with 15mo 0%) so I'm considering apping then for the Flex and do the same with it as I did with the CFU. Beauty of this is Chase allows movement of CL between cards so when the CFU is paid off I can move most of it's CL to the Flex. In a perfect world I would app for the Flex once the CFU is paid off, but if I wait until the CFU is fully paid off in January, that the grocery promotion may have come and gone.

I have a thick aged file, (no baddys) oldest card 25 years, youngest 2 months. (10 active credit cards) Average age across 27 accounts is 7.8 years. All other cards get PIF each month and are always under 8% or less utilization. Current util on CFU is 80%. My overal is 16%. ($144k in total limits) 2 inquires on each bureau, currently 1/6, 2/12, 3/24. (I'll be 2/24 in October)

Prior to getting the CFU, credit scores were 820-830 across all three bureaus. With the increase in utilization on the CFU, my current scores are now in the 780s.

If I pay down the CFU to below say the 69% threshold, (with everything else the same) is there a chance that they will decline the Flex app in the fall? If so, was looking at getting a second BOA 0% card now since I'm pretty much at my max with the CFU.

thanks all!

Re: How sensitive is Chase to adding a second 0% card

SouthJamaica — Tue, 02 Jul 2024 15:54:57 GMT

@Yankee2 wrote:
First a little history,
I opened a CFU 10/23 (CL $21,000) and have used it for the $12k in 12months groceries and 0% APR 15months. I've been paying about double the minimums each month and the balance has been slowly rising. (on purpose, I put each months spend aside in CDs)

About a month ago I called to see if I could get a CLI (the card was at 75% utilization, $15k or so) my overal utilization was around 12%. After about 20 minutes, and being put on hold a couple times, they finally gave me another $2,000. I have reached the $12k grocery threshhold so I dont' plan on putting anymore spend on the card but I don't plan on paying it off until a month or two before the 0% ends (2/25).

Looking ahead, usually Chase has the $12k grocery promotion in the fall (along with 15mo 0%) so I'm considering apping then for the Flex and do the same with it as I did with the CFU. Beauty of this is Chase allows movement of CL between cards so when the CFU is paid off I can move most of it's CL to the Flex. In a perfect world I would app for the Flex once the CFU is paid off, but if I wait until the CFU is fully paid off in January, that the grocery promotion may have come and gone.

I have a thick aged file, (no baddys) oldest card 25 years, youngest 2 months. (10 active credit cards) Average age across 27 accounts is 7.8 years. All other cards get PIF each month and are always under 8% or less utilization. Current util on CFU is 80%. My overal is 16%. ($144k in total limits) 2 inquires on each bureau, currently 1/6, 2/12, 3/24. (I'll be 2/24 in October)

Prior to getting the CFU, credit scores were 820-830 across all three bureaus. With the increase in utilization on the CFU, my current scores are now in the 780s.

If I pay down the CFU to below say the 69% threshold, (with everything else the same) is there a chance that they will decline the Flex app in the fall? If so, was looking at getting a second BOA 0% card now since I'm pretty much at my max with the CFU.

thanks all!

Of course there's a chance that they would decline the Flex app in the fall.

IMHO it's more likely that they would grant it.

Re: How sensitive is Chase to adding a second 0% card

Yankee2 — Wed, 03 Jul 2024 15:20:59 GMT

thanks!

Wasn't sure how conservative Chase was with adding a second card with the first being so high utilization.

Re: How sensitive is Chase to adding a second 0% card

CreditCuriosity — Wed, 03 Jul 2024 16:33:26 GMT

IMO you are showing Chase a bit of risky behavior. Although you have the money it sounds like to pay it off chase seeing growing utilization and possibly being stuck holding the bag if something goes wrong. 2k CLI is kinda showing they are worried as 21k is a good SL on that card for certain a 2k CLI isn't that big for Chase either so imho that is showing something right there and as you said you are now higher uitizatio than prior to cli.