topic Re: Chase Advice in Credit Cards

Chase Advice

inquring_minds — Sun, 09 Dec 2007 19:01:48 GMT

Can you please give me some advice. I have (2) new Amex cards, Blue 3K CL and Optima Platinum 2K CL.

The CL's are low and I plan to ask for a CLI on the Optima in 30 days. Tomorrow I close on a re-finance with Chase Auto, I got an approval of 6.29% (down from 19%) and I am extemely happy, but would like to get one additional card since I don't want to keep all my eggs in on basket with Amex.

Do you think I should ask to loan officer tomorrow when I close on my refinance about a CC as well?

I want another card soon as I expect a dip in my scores next month when the new auto loan hits my reports, although hopefully the low utilzation on the CC will offset that soon.

What do you think? Advice Please

Re: Chase Advice

fused — Sun, 09 Dec 2007 19:03:54 GMT

What are your scores?

Re: Chase Advice

inquring_minds — Sun, 09 Dec 2007 19:06:18 GMT

Hi Fused,

EQ686, TU 676, EX 676

Re: Chase Advice

SmartCookie — Sun, 09 Dec 2007 19:08:55 GMT

Loan officer can't process a credit application or include it with the auto stuff. They hard INQ even for CLIs so I also doubt your loan officer can have any INQs coded differently for an app. I like Chase a lot... and it's a good idea to get new credit before anything hits. Definitely you need a Visa or MC IMHO.

I'm not sure what cards require what scores with Chase though but they are having some nice promotions to check out and then consider app'ing online. I think they are mostly instant decision.

Re: Chase Advice

inquring_minds — Sun, 09 Dec 2007 19:13:23 GMT

Do you think there could be some repercussions by way of Amex FR for the new tradeline?

Re: Chase Advice

fused — Sun, 09 Dec 2007 19:24:25 GMT

inquring_minds wrote:

Do you think there could be some repercussions by way of Amex FR for the new tradeline?

If Amex are your only cards, you should have a Visa or MC. As for a FR it depends on a number of things. How long have you had the Amex cards and what are the balances?

Re: Chase Advice

inquring_minds — Sun, 09 Dec 2007 19:31:03 GMT

Had the Blue since October, balance is $0

Received the Optima Platinum on Friday - have not used yet

Re: Chase Advice

fused — Sun, 09 Dec 2007 19:35:40 GMT

inquring_minds wrote:

Had the Blue since October, balance is $0

Received the Optima Platinum on Friday - have not used yet

It's hard to say what Amex will do because you haven't had the cards long enough to form any spending or payment history habits. I say app the Chase card, you need it as a back up to your Amex cards. I f Amex does request a FR, it's up to you to comply.

Re: Chase Advice

inquring_minds — Sun, 09 Dec 2007 19:40:19 GMT

I think i'm going to go for it as I believe my scores are going to drop after the refi (although very happy with the new rate). I was truthful on my income with Amex so I'm not worried about a FR. Wish me luck please.

Re: Chase Advice

haulingthescoreup — Sun, 09 Dec 2007 20:11:55 GMT

@inquring_minds wrote:
I think i'm going to go for it as I believe my scores are going to drop after the refi (although very happy with the new rate). I was truthful on my income with Amex so I'm not worried about a FR. Wish me luck please.

@Anonymous luck! You might want to do some careful looking through the Chase site. Everyone seems to love the Chase Freedom, but to me, it looks like a pain in the @Anonymous. Every month the * special * categories change, and you kind of need to check your statements to make sure that your purchases were coded correctly, and that you got your 3%. But others love it to death, so it all comes down to your willingness to keep track of Stuff.

Chase does have issues with lates, but I'm sure that if you're not as plagued by them as I am, and you have your auto loan, you'll do fine. Happy hunting!

Re: Chase Advice

Anonymous — Sun, 09 Dec 2007 21:50:35 GMT

@haulingthescoreup wrote:
@inquring_minds wrote:
I think i'm going to go for it as I believe my scores are going to drop after the refi (although very happy with the new rate). I was truthful on my income with Amex so I'm not worried about a FR. Wish me luck please.

@Anonymous luck! You might want to do some careful looking through the Chase site. Everyone seems to love the Chase Freedom, but to me, it looks like a pain in the @Anonymous. Every month the * special * categories change, and you kind of need to check your statements to make sure that your purchases were coded correctly, and that you got your 3%. But others love it to death, so it all comes down to your willingness to keep track of Stuff.

I have the Chase Freedom card. Actually, the categories don't change monthly. There are 15 categories. From Chase's website--"Earn triple rewards in the top 3 types of places where you spend the most." I believe that the Discover More Card has a rewards program where categories change throughout the calendar year.

Re: Chase Advice

haulingthescoreup — Sun, 09 Dec 2007 21:55:03 GMT

psychic wrote: I have the Chase Freedom card. Actually, the categories don't change monthly. There are 15 categories. From Chase's website--"Earn triple rewards in the top 3 types of places where you spend the most." I believe that the Discover More Card has a rewards program where categories change throughout the calendar year.

Thanks for the clarification! I had gone through their website, and I had gotten the impression that the three categories changed each month. This makes a lot more sense!