topic Re: Approved for Chase Freedom in Credit Cards

Approved for Chase Freedom

Anonymous — Tue, 10 Jan 2012 21:17:13 GMT

So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!

My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.

Re: Approved for Chase Freedom

learnin113 — Tue, 10 Jan 2012 21:27:10 GMT

What??? No inquiry from the big bad Chase, who cant even approve a $200 CLI without a hard?

I'm moving to Louisiana! Heehee. Congrats.

Re: Approved for Chase Freedom

LS2982 — Tue, 10 Jan 2012 21:28:06 GMT

@Anonymous wrote:
So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!

My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.

Congrats!!

I'm pretty sure that CSR did not know what she was talking about when she said no HP. Any application for new credit will produce a HP.

Re: Approved for Chase Freedom

Guava — Tue, 10 Jan 2012 21:28:16 GMT

Closing your orchard card will not hurt your score immedidately. Closed account will remain on your report for up to 10 years and regardless, will continue to contribute to your average age of accounts.

If it were me, I'd wait till March, pay off whatever balance owed on it, and close. Congrats on the Freedom! $4000 CL to start with Chase is nothing to sneeze at

Re: Approved for Chase Freedom

Anonymous — Tue, 10 Jan 2012 21:30:18 GMT

@learnin113 wrote:

I'm moving to Louisiana! Heehee. Congrats.

That would NEVER happen here in California! Ask me how I know.

Congratulations to you!!!

Re: Approved for Chase Freedom

CS800 — Tue, 10 Jan 2012 21:31:20 GMT

@Anonymous wrote:
So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!

My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.

Congrats on the Freedo. Wait before the AF is due on your Orchard then cut them loose. You will only lose the credit line and not the age.

Re: Approved for Chase Freedom

Anonymous — Wed, 11 Jan 2012 04:06:45 GMT

Yup, she didnt know what she was talking about.

Just got a scorewatch alert. New inquiry for chase and it's equifax not transunion(that I know of). Maybe them too. Who knows!!

Good thing is my credit score didn't change and I got approved.

So I guess I won't get too upset with her.

Re: Approved for Chase Freedom

Anonymous — Tue, 10 Jan 2012 22:26:30 GMT

@Anonymous wrote:
Yup, she didnt know what she was talking
about. Just got a scorewatch alert. New inquiry for chase and it's equifax not transition(that I know of). Good thing is my credit score didn't change and I got approved. So I guess I won't get too upset with her.

congrats and for 4k I would say it was worth the hard pull

Re: Approved for Chase Freedom

Anonymous — Wed, 11 Jan 2012 00:20:12 GMT

You were told a bunch of nonsense by the CSR. As usual.You cannot rely on what anyone tells you. Only what you see and have in writing. The rest is garbage.

Congrats on the approval, though.

Re: Approved for Chase Freedom

CS800 — Wed, 11 Jan 2012 00:22:41 GMT

@Anonymous wrote:
Yup, she didnt know what she was talking
about. Just got a scorewatch alert. New inquiry for chase and it's equifax not transition(that I know of). Good thing is my credit score didn't change and I got approved. So I guess I won't get too upset with her.

The only thing that can happen is that once the new card reports, it will lower your AAoA and then you might lose some points. But on the other hand, it will bring your util down and that in itself can compensate for the AAoA loss.

Re: Approved for Chase Freedom

LS2982 — Wed, 11 Jan 2012 00:29:49 GMT

@CS800 wrote:
@Anonymous wrote:
Yup, she didnt know what she was talking
about. Just got a scorewatch alert. New inquiry for chase and it's equifax not transition(that I know of). Good thing is my credit score didn't change and I got approved. So I guess I won't get too upset with her.
The only thing that can happen is that once the new card reports, it will lower your AAoA and then you might lose some points. But on the other hand, it will bring your util down and that in itself can compensate for the AAoA loss.

Re: Approved for Chase Freedom

laboi_22 — Wed, 11 Jan 2012 00:37:09 GMT

@Anonymous wrote:
So, I went to my bank today to open up another checking account for me and my husband. I've had an acct with chase for around 3-5 years. Anyway I saw a paper about the chase cards and I made a comment to the lady assisting us that I need to apply for one, but didn't want an inquiry if I was gonna be denied any way. No collections, but alot of late payments on report. She told me they pull Transunion (Louisiana) because everyone pulls equifax and it would be inhouse, thus no hard inquiry. With no hard inquiry, I was like ok go ahead. Nothing to lose now. Well it came back approved for $4000.00. (WHAT?) OH YEAH!!!

My question is, I opened a rebuilder card on 04/2011 with orchard with a $300.00 credit limit unsecured (from $300 to $4000, CRAZY) and I do have a annual fee of $79.00 (which is due 04/2012), should I keep the orchard account or close it? If I close will it hurt my credit score? The lady at the bank said I should keep it for at least 2 years, or it will hurt my credit score.

Yeah I'm from Louisiana and I'm a Chase customer. They said the same thing to me. A few days later a hard inquiry. Asked for a CLI they said not Hard Pull (HP) however a few days later HP on my report. I was still happy with the CLI, but she did not know what she was talking about.

Re: Approved for Chase Freedom

JustMe77 — Wed, 11 Jan 2012 02:07:30 GMT

Congrats on the Freedom card!

I would wait until right before your AF hits on the Orchard card to close it. No reason to keep it open when you have the Freedom card.

I opened a Chase Freedom card last month and they did a HP on Experian. They didn't do SP's anywhere.

Re: Approved for Chase Freedom

Anonymous — Wed, 11 Jan 2012 04:16:56 GMT

Thanks everyone for the congrats and the wonderful advice. I think im gonna close the orchard in March before the annual fee is due, but do i need to apply for another card? I heard that its good for your score if you have at least 2 credit cards reporting. I also have a home depot card with a $500.00 limit (should i try to get it increased or stay where im am) it was opened 0n 04/2011 same as the orchard acct. I only have 3 inquiries on credit report (equifax), and about 5 on transunion.