topic Re: Trying to develop strategy - Chase in Credit Cards

Trying to develop strategy - Chase

Duncanrr — Mon, 07 Jan 2013 19:19:33 GMT

Back in September I started my relationship with Chase. I opened checking account that I deposit funds from my rental into it and other small items (about 2k/month). I was approved for Chase Amazon (instant at 2k CL but was a 2 HP approval) and drapped for Freedom. After recon got 1.5k CL.

These are by far my lowest limits. I want CSP in June and may go after CLI on other chase cards but I'm aware that Chase uses an internal limit across all cards.

So, I'm looking for recommendations on best way to position myself with Chase. I will not direct deposit my work check as that goes into my NFCU account. Anything else is fair game.

Re: Trying to develop strategy - Chase

Anonymous — Mon, 07 Jan 2013 19:35:33 GMT

Personally I would wait until 6 months after you opened the last acct and give them a call.

Explain the situation (calmly) and ask if there is anything that can be done to increase the limits to be more in line with the rest of your collection.

Re: Trying to develop strategy - Chase

Duncanrr — Mon, 07 Jan 2013 19:39:01 GMT

I thought about that. I wonder if I would get better CL on CSP if my CL on my other chase cards were higher? This would assume that I'm not up against my total internal limit.

Re: Trying to develop strategy - Chase

djrez4 — Mon, 07 Jan 2013 19:39:46 GMT

You're getting ahead of yourself, I think. I doubt you've reached your internal limit with only $3500 in current limits. Putting together a six month history of good use on the current cards will help. $2,000 flowing through the checking account helps too. The major fear people have about the CSP stems from the fact that Chase doesn't like to be anyone's first $5k card. Not a problem for you. I think you're in good shape for a CSP approval in June, even at your current Chase limits.

Re: Trying to develop strategy - Chase

bigman023 — Mon, 07 Jan 2013 19:40:00 GMT

Im also planning to app for a Chase card and have been doing a little research, myself. Not sure if its ok to post this, but buried in this thread is some pretty good info about Chase underwriting that might help you.

http://www.fatwallet.com/forums/finance/1237474/

hope this helps and good luck.....

Re: Trying to develop strategy - Chase

navigatethis12 — Mon, 07 Jan 2013 19:47:45 GMT

I was told by multiple people that the credit card department does not look at bank accounts when approving credit cards. You can have a banker help you out but you need to have at least 10000 in an account, and it still does not guarantee approval. 2000 a month really is not that much to them. If you increase the limits on current Chase cards, your odds of getting the Chase Sapphire Preferred are very slim. I would keep those limits where they are and wait until at least June or even September to attempt the Chase Sapphire Preferred.

Using the cards and paying them off is the best option. They are not too keen on people who have opened multiple accounts, unless history is fairly long.

Re: Trying to develop strategy - Chase

Duncanrr — Mon, 07 Jan 2013 19:57:17 GMT

Thanks for advice. I maybe a little ahead on this one but I've played from behind for so long in the credit game that I promised to never be in that position again. So I plan.

My AAoA is 10+ years with over 30 accounts. I'm using about $500-700 per card each month and paying in full before statement cuts. I was also thinking it would be best to app for CSP first before seeking any CLI on existing cards.

My two chase accounts make 6 months on 3/10/13.

Re: Trying to develop strategy - Chase

djrez4 — Mon, 07 Jan 2013 20:11:54 GMT

That FW thread started with high potential and never amounted to much. Kind of a shame, really.

Re: Trying to develop strategy - Chase

Duncanrr — Mon, 07 Jan 2013 21:10:46 GMT

Yes. It had some good nuggets like they consider it a negative to open 5 accounts within 12 months, but the thread faded away.