topic Re: Starting out with Chase? in Credit Cards

Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 05:32:45 GMT

I took a break from gardening and applied for a Discover IT (Student Version) card earlier this month, and got it with a $1,000 CL. I've now racked up 5 inquiries on TU, and as far as I know, 2-3 on EQ, and 3 on EX.

My oldest credit card is only 3 mos old -- since October 2012, but CreditKarma lists by AAOA at 1 yr, 4 mos and oldest at 3 yr, 3 mos from student loans. So, my file is thin. No baddies, though. TU score is 711.

From what I've read, Chase is sensitive to inquiries and recent accounts, being that all 5 of credit accounts and inquiries are all very new, I think I should hold off on applying, but am thinking about doing so seeing that I already have a January 2013 inq from Discover as it is.

To my surprise, I recently received a $100 mail-in offer for Chase Freedom--something I thought I'd never see (at least not for a while). And I'm wondering if it'd be smart to apply for either a Chase Freedom or Chase Amazon card? I assume Amazon is easier, or should I forget about it altogether?

Thoughts?

Re: Starting out with Chase?

CreditWorld2013 — Mon, 28 Jan 2013 05:47:46 GMT

@Anonymous wrote:
I took a break from gardening and applied for a Discover IT (Student Version) card earlier this month, and got it with a $1,000 CL. I've now racked up 5 inquiries on TU, and as far as I know, 2-3 on EQ, and 3 on EX.

My oldest credit card is only 3 mos old -- since October 2012, but CreditKarma lists by AAOA at 1 yr, 4 mos and oldest at 3 yr, 3 mos from student loans. So, my file is thin. No baddies, though. TU score is 711.

From what I've read, Chase is sensitive to inquiries and recent accounts, being that all 5 of credit accounts and inquiries are all very new, I think I should hold off on applying, but am thinking about doing so seeing that I already have a January 2013 inq from Discover as it is.

To my surprise, I recently received a $100 mail-in offer for Chase Freedom--something I thought I'd never see (at least not for a while). And I'm wondering if it'd be smart to apply for either a Chase Freedom or Chase Amazon card? I assume Amazon is easier, or should I forget about it altogether?

Thoughts?

Honestly, I would wait. Chase usually likes to see about 1 year of credit card history. Some members on the boards have gotten approved with the mix of student loans but most have a card history of 8-10 months to go along with the loan history. If you had a relationship with Chase (checking/savings/etc) you might be able to get in with a $500 limit but even then sometimes they don't hold that much leverage with accounts with them as they are different divisions. Also any future CLI requres will almost always be a Hard Pull. As for the offer they sent out...many people get them as that is the promotion they have been running now so I wouldn't look into it too much. If you insist on it you can try their Chase Pre-qualifier: https://ccsic.fni-stl.com/redes/index.php/chase_app/psonChase.pl?jp_ltg=leftnav and if they come back with an offer and you want to try it you should be ok with 3 inqs on EX and 2-3 on EQ so 1 more won't make all that much of a difference if you get declined as you should garden for at least 6 months-1 year anyways. Keep us posted!

Re: Starting out with Chase?

Revelate — Mon, 28 Jan 2013 05:42:15 GMT

Freedom is the easiest card these days to obtain from Chase.

Since you have a number of inquiries already and you're in your initial building / tradeline establishment spree, I'd find that offer (can even check on Chase's website) and if it's legit, take it now. You're a student and likely going to be in that situation for a while, and traditional non-student underwriting Chase typically looks for a year's worth of revolving history on any of their cards; however, students mileage may vary even more than the rest of us when it comes to Chase in particular since they don't have a student card, and the Freedom is positioned to directly compete with Discover currently.

If you get denied, just wait the year you'd likely have to anyway and let all your recent inquiries age off. In either case I'd sit and hold for 12 months in your situation after the Chase app anyway and then re-evaluate what you need in 1/14. Another inquiry right now isn't going to hurt you at all even right now and it's near irrelevant in a year... compare that vs. establishing the Freedom tradeline now, it's worth the risk in my estimation.

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 06:09:45 GMT

@Revelate wrote:
Freedom is the easiest card these days to obtain from Chase.

Since you have a number of inquiries already and you're in your initial building / tradeline establishment spree, I'd find that offer (can even check on Chase's website) and if it's legit, take it now. You're a student and likely going to be in that situation for a while, and traditional non-student underwriting Chase typically looks for a year's worth of revolving history on any of their cards; however, students mileage may vary even more than the rest of us when it comes to Chase in particular since they don't have a student card, and the Freedom is positioned to directly compete with Discover currently.

If you get denied, just wait the year you'd likely have to anyway and let all your recent inquiries age off. In either case I'd sit and hold for 12 months in your situation after the Chase app anyway and then re-evaluate what you need in 1/14. Another inquiry right now isn't going to hurt you at all even right now and it's near irrelevant in a year... compare that vs. establishing the Freedom tradeline now, it's worth the risk in my estimation.

I also think it is worth it to app now. As long as you feel you can manage the new accounts. Don't get over your head.

Re: Starting out with Chase?

jake619 — Mon, 28 Jan 2013 06:21:18 GMT

@Revelate wrote:
Freedom is the easiest card these days to obtain from Chase.

Easier than Slate?

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 06:26:09 GMT

Thanks for the feedback, all. I don't consider myself a risk taker, but have gotten a bit more "risky" in recent apping. I think I'll sleep on it and may apply tomorrow.

Also, the mailer I received from them, I don't think it's a pre-qualified offer or anything, though they must've screened me somehow, but it does have an invitation code to apply, but I don't think it's anything legit--particularly with my recently added accounts and inquiries. Edit: Creditworld, I checked out the pre-qualifier link, but got the message:

"We are unable to locate any special credit card offers for you at this time. "

Sidenote:

Freedom is easier than the Amazon Chase card? I would've thought the opposite, though I have no real knowledge of Chase. I do shop on Amazon a lot, but it seems that Fredom has better overall rewards... I just hate the minimum amounts for redemption.

Re: Starting out with Chase?

CreditWorld2013 — Mon, 28 Jan 2013 06:26:05 GMT

@jake619 wrote:
@Revelate wrote:
Freedom is the easiest card these days to obtain from Chase.

Easier than Slate?

I would think the criteria goes

1) Chase Slate (common for small initial limits)

2) Chase Amazon or Freedom

3) Chase Freedom or Amazon

I think the Freedom card is probably harder than the Amazon card but some get denied/approved on both so I think it just depends on each case.

Re: Starting out with Chase?

CreditWorld2013 — Mon, 28 Jan 2013 06:26:50 GMT

@Anonymous wrote:
Thanks for the feedback, all. I don't consider myself a risk taker, but have gotten a bit more "risky" in recent apping. I think I'll sleep on it and may apply tomorrow.

Also, the mailer I received from them, I don't think it's a pre-qualified offer or anything, though they must've screened me somehow, but it does have an invitation code to apply, but I don't think it's anything legit--particularly with my recently added accounts and inquiries. Edit: Creditworld, I checked out the pre-qualifier link, but got the message:
"We are unable to locate any special credit card offers for you at this time. "

Sidenote:
Freedom is easier than the Amazon Chase card? I would've thought the opposite, though I have no real knowledge of Chase. I do shop on Amazon a lot, but it seems that Fredom has better overall rewards... I just hate the minimum amounts for redemption.

Oh no! Now you have all of us curious and making us wait till tomorrow

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 06:28:35 GMT

The Freedom is the easiest (a rep told me my chances of approval were about the same for both the freedom and the slate), BUT is by far harder to obtain than other cards by other companies in similar class. They looked at the 3 years I had of history on my oldest card, and that was their determinator for approval...not my 13 year old open/pays as agreed student loans or the 3 auto loans closed as paid as agreed. YMMV

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 06:41:46 GMT

I would be very tempted to apply and let you all know my results(!)... but I also just realized that in addition to my limited history and recent inquiries/accounts, my Wells Fargo card is also at about 56% util.

It was paid off, but of course the statement had just ended the day after my big purchase. So it appears to the creditors that I haven't paid it off, right? (Since the balance reported, even though I paid it off before the due date)... so I'll probably have to wait until the February statement comes with a $0 balance.

Re: Starting out with Chase?

CreditWorld2013 — Mon, 28 Jan 2013 06:50:56 GMT

@Anonymous wrote:
I would be very tempted to apply and let you all know my results(!)... but I also just realized that in addition to my limited history and recent inquiries/accounts, my Wells Fargo card is also at about 56% util.

It was paid off, but of course the statement had just ended the day after my big purchase. So it appears to the creditors that I haven't paid it off, right? (Since the balance reported, even though I paid it off before the due date)... so I'll probably have to wait until the February statement comes with a $0 balance.

I would wait for that $0 balance to report as that would probably send up a red flag. So in the mean time we must sit and wait...

Re: Starting out with Chase?

Revelate — Mon, 28 Jan 2013 07:49:43 GMT

@CreditWorld2013 wrote:
@jake619 wrote:
@Revelate wrote:
Freedom is the easiest card these days to obtain from Chase.

Easier than Slate?
I would think the criteria goes
1) Chase Slate (common for small initial limits)
2) Chase Amazon or Freedom
3) Chase Freedom or Amazon

I think the Freedom card is probably harder than the Amazon card but some get denied/approved on both so I think it just depends on each case.

I think that's outdated, pre-June 2012 if you look at the approval threads from that timeframe forward at least for minimum FICO.

1) Freedom 640

2) Amazon/Slate 660ish

3) CSP 680+

About all the cards have the standard Chase minimum underwriting requirement of 1 year revolving history (with some exceptions, long-term account holders and possibly students), my own recon with Chase with the Freedom was straight-forward and easy, all I really did was point out the last year of payment history and that I had a checking account with them, and the rep came back something like 30 seconds later and told me I'd been approved. Unless there was a hard wall hit for student underwriting, I'm pretty certain I could sell the short-history with Chase's current recon policy which I don't know if we've ever seen before or will see again honestly.

Anyone who's read this forum a non-trivial amount knows my own credit report is anything but pretty . Much as Open123 pontificated almost a year ago, even though the signup bonuses aren't the same, it's still a good time to be seeking credit.

Re: Starting out with Chase?

SnackTrader — Mon, 28 Jan 2013 08:11:37 GMT

The Determinator™, every credit card company's worst nightmare.

Anyway, OP - try to get that Util down to 1-9% for the next statement cut. I don't think $0 is necessary, just close to it.

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 09:21:12 GMT

The slate is harder to get the whole Idea behind the card is for chase to take on debt thus more risk

Re: Starting out with Chase?

CreditWorld2013 — Mon, 28 Jan 2013 09:42:41 GMT

@Anonymous wrote:
The slate is harder to get the whole Idea behind the card is for chase to take on debt thus more risk

One can see it as that. BUT they also give many lower inital limits so in a sense they give out to more customers as the financial risk isn't as damaging in terms of a financial loss and if they turn out to be good customers...it is a double positive. So it is a double sword to only assume the balance transfers result in the criteria. If we look at Citi they always offer long term balance transfers and approve those cards quite often as well. Each bank has a specific target in mind and no one will ever be 100% as to which one is easier or harder.

Re: Starting out with Chase?

Anonymous — Mon, 28 Jan 2013 15:21:34 GMT

Haha! "The Determinator!..." Can't quote because I am on my phone.

Definitely pay down the balance. Chase was barking also at the 28% UTIL that I had. I told them I pay in full every month and that is the new balance. CSR said, well we don't know that, so at this time, we can only give you $1,000. :-|

Re: Starting out with Chase?

armbenderc — Mon, 28 Jan 2013 19:40:25 GMT

@Anonymous wrote:
Haha! "The Determinator!..." Can't quote because I am on my phone.

Definitely pay down the balance. Chase was barking also at the 28% UTIL that I had. I told them I pay in full every month and that is the new balance. CSR said, well we don't know that, so at this time, we can only give you $1,000. :-|

Yup, Chase likes to bark at UTIL.. When I got the Freedom, I told them I want to take advantage of 0% transfer, and they gave me CLI.

Re: Starting out with Chase?

daybreakgonesXe — Mon, 28 Jan 2013 19:53:00 GMT

@Anonymous wrote:
Thanks for the feedback, all. I don't consider myself a risk taker, but have gotten a bit more "risky" in recent apping. I think I'll sleep on it and may apply tomorrow.

Also, the mailer I received from them, I don't think it's a pre-qualified offer or anything, though they must've screened me somehow, but it does have an invitation code to apply, but I don't think it's anything legit--particularly with my recently added accounts and inquiries. Edit: Creditworld, I checked out the pre-qualifier link, but got the message:
"We are unable to locate any special credit card offers for you at this time. "

Sidenote:
Freedom is easier than the Amazon Chase card? I would've thought the opposite, though I have no real knowledge of Chase. I do shop on Amazon a lot, but it seems that Fredom has better overall rewards... I just hate the minimum amounts for redemption.

dhon55...it's good to know that now Chase will let you use your UR points for amazon purchases 1 to 1 with no miminim!! Freedom would be great to use for the 5x rotating categories and applied to your amazon purchases since you do shop a lot with them!

Re: Starting out with Chase?

Anonymous — Mon, 18 Feb 2013 05:31:15 GMT

I just wanted to update everyone... now that all my accounts have reported a $0 balance, I took the plunge and applied for the Chase Amazon Visa. I decided I use Amazon far more than any other store really, so it outweighed the Freedom's perks for me, for now anyway.

But to my utter shock, I was instantly approved for $1.5k !

Thanks for the info here!

Re: Starting out with Chase?

firstladyd — Mon, 18 Feb 2013 05:47:47 GMT

Oh yay! Congrats!!! I was just researching your thread for my own 1st plunge with Chase