topic Re: Possible to get approved for Chase Slate? in Credit Cards

Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 01:29:04 GMT

I think I want to try to get the Slate for the 15 months 0% on BTs. My original plan was to garden until June/July 2013 and then app right before my next round of student loans hit in August 2013. A little background... My husband was out of work (for medical reasons) for the first half of this year and we have acquired some balances from that and also have four kids birthdays coming up in November and then Chirstmas and another birthday in February. So my overall util is pretty high at ~68%. Balances -- Capital One and Citi are both about $100 under the limit. CareCredit is around 1600 (damn braces but all at 0% for at least the next 6-12 months) and amazon which is at 400 but will be paid off soon. walmart and maurices are both at 0. Chase pulls TU here I believe and that is at 640 (WalMart FICO) my AAoA is only ~18 months right now with oldest account turning 4 next month. I technically have 16 inqs on TU (3 are over a year 9 are from car shopping this past january 2 are from ccs in january and then two under six months one from cap one (thanks peggy) and one from discover both in july). Income is ~20k HHI is ~45k. I think thats about everything... I looked on who gave me credit and the info there was very contradicting so let me have it guys... any chance at a decent CL for BT if I can even get approved.

PS--no baddies of any kind on my reports either.

Re: Possible to get approved for Chase Slate?

LS2982 — Mon, 15 Oct 2012 01:52:57 GMT

@Anonymous wrote:
I think I want to try to get the Slate for the 15 months 0% on BTs. My original plan was to garden until June/July 2013 and then app right before my next round of student loans hit in August 2013. A little background... My husband was out of work (for medical reasons) for the first half of this year and we have acquired some balances from that and also have four kids birthdays coming up in November and then Chirstmas and another birthday in February. So my overall util is pretty high at ~68%. Balances -- Capital One and Citi are both about $100 under the limit. CareCredit is around 1600 (damn braces but all at 0% for at least the next 6-12 months) and amazon which is at 400 but will be paid off soon. walmart and maurices are both at 0. Chase pulls TU here I believe and that is at 640 (WalMart FICO) my AAoA is only ~18 months right now with oldest account turning 4 next month. I technically have 16 inqs on TU (3 are over a year 9 are from car shopping this past january 2 are from ccs in january and then two under six months one from cap one (thanks peggy) and one from discover both in july). Income is ~20k HHI is ~45k. I think thats about everything... I looked on who gave me credit and the info there was very contradicting so let me have it guys... any chance at a decent CL for BT if I can even get approved.

PS--no baddies of any kind on my reports either.

640 is a relatively low FICO score for Chase. I would wait and try to get your score up. The easiest way to get that score up is to lower your overall util. down to about 10%. I know thats the goal of getting the slate but you may have to tough it out and SD your cards and make payments on them.

Other than that, you may want to look at Barclays rewards MC. They offer BT's 0% for 15 months but a 3% fee.

Re: Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 01:59:30 GMT

@LS2982 wrote:
640 is a relatively low FICO score for Chase. I would wait and try to get your score up. The easiest way to get that score up is to lower your overall util. down to about 10%. I know thats the goal of getting the slate but you may have to tough it out and SD your cards and make payments on them.

Other than that, you may want to look at Barclays rewards MC. They offer BT's 0% for 15 months but a 3% fee.

The other cards are safe in a lock box in the SD the only thing being charged to them is 4.95/month on one for citi identity mointering and 7.99/month on a different one for netflix... we just don't have a lot of extra right now to aggressively pay down the balances and I'm okay with waiting I had just thought i had heard that the UW on this card was pretty lax... is barclay's UW easier then the Slates?

Re: Possible to get approved for Chase Slate?

LS2982 — Mon, 15 Oct 2012 02:10:20 GMT

@Anonymous wrote:
@LS2982 wrote:
640 is a relatively low FICO score for Chase. I would wait and try to get your score up. The easiest way to get that score up is to lower your overall util. down to about 10%. I know thats the goal of getting the slate but you may have to tough it out and SD your cards and make payments on them.

Other than that, you may want to look at Barclays rewards MC. They offer BT's 0% for 15 months but a 3% fee.

The other cards are safe in a lock box in the SD the only thing being charged to them is 4.95/month on one for citi identity mointering and 7.99/month on a different one for netflix... we just don't have a lot of extra right now to aggressively pay down the balances and I'm okay with waiting I had just thought i had heard that the UW on this card was pretty lax... is barclay's UW easier then the Slates?

Chase is still strict on recons. You have to ahave your ducks in a row with good explanations to get a successful recon. Barclays is alot easier. However, you'll need to get your util. down in the 30% range to have a good shot. They're INQ sensitive but are willing to overlook it if other factors on your file are looking good.

Re: Possible to get approved for Chase Slate?

Epcot — Mon, 15 Oct 2012 02:15:05 GMT

That's a tough call. I applied for the slate card in 2007, also with high utillization and a score in the high 600's. I got approved, however my credit limit didn't even hit four digits. It was pretty useless for a BT and my limit has never been increased.

That was before I knew about recons or this site.

Re: Possible to get approved for Chase Slate?

LS2982 — Mon, 15 Oct 2012 02:16:16 GMT

@Epcot wrote:
That's a tough call. I applied for the slate card in 2007, also with high utillization and a score in the high 600's. I got approved, however my credit limit didn't even hit four digits. It was pretty useless for a BT and my limit has never been increased.
That was before I knew about recons or this site.

Thats exactly why you don't app with Chase with high util., your bound to get a toy limit that doesn't help you.

Re: Possible to get approved for Chase Slate?

MountainHiker — Mon, 15 Oct 2012 03:02:16 GMT

@Epcot wrote:
That's a tough call. I applied for the slate card in 2007, also with high utillization and a score in the high 600's. I got approved, however my credit limit didn't even hit four digits. It was pretty useless for a BT and my limit has never been increased.
That was before I knew about recons or this site.

I think had you kept your utl low and scores in the low 700's you would have high limits.Also high usage would work in your favor.I usually use and pay off y current card twice per month.

Re: Possible to get approved for Chase Slate?

DailyDriver — Mon, 15 Oct 2012 03:15:32 GMT

I tried for the Chase Slate and was not approved. Explanation on rejection was too high utility and accumulated balance too quickly.

My Credit Karma score was 660. EX from Discover was 703. Pulled from Annual Credit Report and no baddies.

Utilization was around 87% with two cards from Citi.

I app'd for a Discover More (18 months, 0% apr, 3% fee), and was approved. They pulled EX which was 703.

My utilization has since lowered to around 37% and I was approved for a Chase Freedom with a 3K limit. Signed up for MyFico Scorewatch with Equifax at 743. Credit Sesame is at 720 and Credit Karma is at 741.

Re: Possible to get approved for Chase Slate?

Epcot — Mon, 15 Oct 2012 03:13:24 GMT

Definitely agree. Learned my lesson. I am working on bringing down my utilization then looking at the Chase Disney card. I have learned so much from these forums the past year, although I recently became active in participating.

Re: Possible to get approved for Chase Slate?

SwiftTone — Mon, 15 Oct 2012 05:53:27 GMT

Not to sound insensitive but sometimes a decision needs to be made so that kids won't get gifts for their birthday and Christmas.

Other than what others have said, I applied last Nov with a utilization of like 80% and only got $300 CL on the Slate. Thats before I knew anything about this site and how credit works. iBut I also had bunch of baddies.

Re: Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 05:59:20 GMT

I bank with Chase and few years back I got to know one of the CSR's just from going in so often and asked about getting a credit card, he told me that they look for a minimum of 640 to qualify, he was an assistant manager. So you could probable get it although YMMV. He did not say who they pull, I know for my business GM Chase CC they pulled experian and they just approved a CLI recently and did a HP on experian again. FYI

Re: Possible to get approved for Chase Slate?

CreditScholar — Mon, 15 Oct 2012 07:32:55 GMT

Your util is way too high to be realistically approved, so I'd say the odds are slim to none. This is doubly true given your FICO is already substantially below what Chase normally looks for.

You have some tough decisions to make ahead of you, and like SwiftTone mentioned, gifts for Christmas are a low priority and should be reconsidered given the financial situation you're in.

You need to bite the bullet somewhere, otherwise you're stuck in a chicken and the egg scenario. You can't get approved for a low APR BT card because your util is too high, yet you can't get your util down because your spare money is going on higher APR cards that you currently have. Breaking the cycle will require an increase in income, decreased expenses, or both. Shuffling balances alone won't get you out of this situation.

Re: Possible to get approved for Chase Slate?

youngandcreditwrthy — Mon, 15 Oct 2012 15:32:53 GMT

My advice:

If you can, get clis on the cards you do have only w SPs(you have too many inqs.) I don't think you'd be approved for Slate, even on recon.

With clis, you can lower your util without having to really pay much(good temp fix, but you don't always want to be in debt).

If yoy can lower util, you'd be in the high 600's- might get a couple thou for a limit... But you have a loooot of inqs. If you can coast along the next six months and NOT APP at all for anything... And get clis to lower util, you'll be golden imo.

Re: Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 17:03:03 GMT

I agree you don't have a good chance of getting approved for a Slate. I know it sucks, I'm sorry. I've been in that awful loop too, where you can't get lower interest transfers because your utilization is too high, and you can't get the utilization down because of the interest you're paying. A few ideas:

1. Definitely try for CLIs on your existing cards

2. Throw any extra money at trying to get all cards under 90% utilization. Your Citi and Cap One cards are considered maxed out right now, which is a big negative. Getting them at least under 90% initially should give you a bit of a score bump, and remove the red flag of having a card maxed out. If Amazon is only $400/$2,200, just pay the minimum and put anything else toward the Cap One and Citi cards.

3. Leave Care Credit alone for now, except for the minimum payment, since it's at 0%, BUT make SURE that it's paid in full before the 0% expires, or you'll get hit with a ton of interest charges.

4. If things are really getting difficult to keep up with on the credit card balances, you might think about checking your local bank or credit union for a personal/debt consolidation loan. You might be able to get one with a lower interest rate and fixed payments, which you should be able to pay off a lot faster. This can be dangerous though, because if you run those credit card balances back up afterward, you could be in a bunch of trouble. Also, talk about your possibility for approval with the bank/credit union BEFORE applying and taking the inquiry, if you decide to go that route.

Re: Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 17:48:43 GMT

As far as the skipping christmas/birthdays I would like to clarify that we are not going to be spending crazy amounts on presents for this stuff but we aren't going to ignore them either. Two of the birthdays are for my step-sons who live with their mom so there will only be a few gifts there. One of the birthdays is my daughter's second birthday so once again we aren't going to be crazy spending there (she really only cares about opening the presents v. whats inside) and the fourth is my soon to be 15yo step daughter who knows well enough about our financial situation and isn't expecting a lot there. same goes for christmas with all of that.

I plan on trying for CLIs towards the end of November or early December since (from what I hear) some creditors can be a little more generous around christmas time.

Amazon is on 0% interest also until December and is the highest regular apr so I will still probably try to get that paid off first. citi is the next highest apr and capital one (surprisingly) is the lowest. And as far as the CareCredit there shouldn't be any problems there. every two months we have braces payments put on it and get 12 months at 0% on a balance of ~$330

I was not dead set on apping for the Slate just wanted some input and you guys definitely gave me some to go off! Thanks =)

EDIT-- as far as the inquires I know that I have way too many right now I would like to say thank you to the sleezy used car salesman for that who was suppose to run mine and DH's credit each once for in-house financing and before we even got home I had alerts from citi identity for multiple new HPs I ended up with 15 across all 3 CBs and DH (who had no score at the time) ended up with 8 accross the 3

Re: Possible to get approved for Chase Slate?

Anonymous — Mon, 15 Oct 2012 18:02:44 GMT

Don't worry about the car inquiries. They should only be counted as one inquiry in your FICO score, since they were for a car loan and all on the same day. That's also pretty easy to explain if you need to try to recon a CLI or app denial. It happens pretty much any time you let a dealer (new or used) look for financing. It's really other inquiries, like for other credit cards or loans, that tend to be an issue.

Definitely get the Cap One and Citi cards under 90% ASAP, regardless of the interest rates on them. You get a pretty hefty ding to your FICO score for having a card with more than 90% utilization, and more so if there's more than one of them. Once they're under 90%, then you can work on paying off balances based on either the size of the balance or the interest rate.