topic Re: What do you all think? in Credit Cards

What do you all think?

lov2xlr8 — Sun, 21 Jul 2013 17:58:14 GMT

Hi all, long time reader, first time poster.

I graduated ~1y ago from grad school and have worked on rebuilding my credit, mid-20's, credit history is actually perfect in regards to on-time payments and all and my AAOA is about 5y, no hard pulls within the last year. The only negtaive was high utilization on 4 cards that helped me get through school. My utilizaton is now under 9% and my cs has jumped 100 points in 9m because of it. So here's my question: my goal card is the Chase Sapphire Preferred, my credit score from myfico is 763, annual income >100k stable job, but my cc limits are amex blue @ 2200, chase freedom @ 2000, boa amex @ 2500 and citi freedom @ 4000. So I have no card with limit >$5000 which i understand Chae likes to see. I have some upcoming trips and expenses so I wouls love to apply for CSP now for 40,000 point bonus (I'm preapproved per Chase website) and then request CLI's on all my other cards and then garden for a year, what do you all think? Will my income, credit score and history and good history with chase freedom make up for the no limits of >5k? Does the pre-approval link on their website hold up? Thanks in advance for your replies, have enjoyed reading all of your wisdom throughout the last year as I get myslef back on track!

Re: What do you all think?

lov2xlr8 — Sun, 21 Jul 2013 18:00:09 GMT

Also, forgot to mention! Unfortunately with a lot of schooling and no means to pay for it, I have student loans @ about 200k, though I dont believe that hurts, correct? Have never been late on a payment, all are in good standing, etc...

Re: What do you all think?

SSA_2013 — Sun, 21 Jul 2013 18:03:37 GMT

@lov2xlr8 wrote:
Hi all, long time reader, first time poster.
@I graduated ~1y ago from grad school and have worked on rebuilding my credit, mid-20's, credit history is actually perfect in regards to on-time payments and all and my AAOA is about 5y, no hard pulls within the last year. The only negtaive was high utilization on 4 cards that helped me get through school. My utilizaton is now under 9% and my cs has jumped 100 points in 9m because of it. So here's my question: my goal card is the Chase Sapphire Preferred, my credit score from myfico is 763, annual income >100k stable job, but my cc limits are amex blue @ 2200, chase freedom @ 2000, boa amex @ 2500 and citi freedom @ 4000. So I have no card with limit >$5000 which i understand Chae likes to see. I have some upcoming trips and expenses so I wouls love to apply for CSP now for 40,000 point bonus (I'm preapproved per Chase website) and then request CLI's on all my other cards and then garden for a year, what do you all think? Will my income, credit score and history and good history with chase freedom make up for the no limits of >5k? Does the pre-approval link on their website hold up? Thanks in advance for your replies, have enjoyed reading all of your wisdom throughout the last year as I get myslef back on track!

The fact that you have a Chase Freedom card and another card at $4,000, high income, etc...I'm sure you will be approved if you apped. Chase seems to be quite accurate in their pre-approval site so go ahead and update the post!

Re: What do you all think?

CBTS — Sun, 21 Jul 2013 18:14:27 GMT

I think you should be set! I got approved with a highest CL of $2000 reporting from Barclaycard for 9mos and a Freedom with $500 for 9mos also. AND the preapproval said no for me. So again, in my opinion, you're set for an approval!

Re: What do you all think?

Dubious — Sun, 21 Jul 2013 18:27:51 GMT

You should be able to request a CLI on the AmEx card. That might bring you up to 5k.

Re: What do you all think?

LawStudentCivilis — Sun, 21 Jul 2013 18:38:58 GMT

@Dubious wrote:
You should be able to request a CLI on the AmEx card. That might bring you up to 5k.

+1 go ahead and get your 3x CLI on your Amex while you're at it.

I think you'll be approved for CSP too.

Re: What do you all think?

Anonymous — Sun, 21 Jul 2013 18:50:49 GMT

the Amex 3x CLI is a SP and you should be approved for that...I applied for the Chase sapphire and received a $8000 CL with income similar to yours but less student loans; my highest limit at the time of $4500

Re: What do you all think?

lov2xlr8 — Mon, 22 Jul 2013 04:30:00 GMT

Thanks all! Great advice, will update in one month when I apply, just payed off citcard from what was a high utilization about 2 weeks ago, wanna make sure its been reported before I apply, thanks again!

Re: What do you all think?

improvingmycredit — Mon, 22 Jul 2013 05:09:01 GMT

@lov2xlr8 wrote:
Thanks all! Great advice, will update in one month when I apply, just payed off citcard from what was a high utilization about 2 weeks ago, wanna make sure its been reported before I apply, thanks again!

Hey lov2xir8

As other's have stated, it won't hurt to have the Amex 3 X CLI under your belt if approved. However, I am certain that if you applied right now.. you'd be approved likely with a CL in the 7.5K range to 12K range. Your utility is good. Your income good. AAoA is also good. JMHA. I say go for it if your really don't want to wait.

Re: What do you all think?

kilj0y — Mon, 22 Jul 2013 13:47:54 GMT

I would say go ahead and wait until everything is fully updated on your reports, no sense in getting approved now with only $5k when you can wait a month and get an even bigger initial CL as we know Chase is pretty hit or miss with auto cli. But your AMEX is good to go for 3x CLI with only a SP

Re: What do you all think?

lithium78 — Mon, 22 Jul 2013 14:00:19 GMT

Credit issuers do pay attention to remaining balance vs. original balance when it comes to installment loans like student loans. However, with your score and income I doubt that's going to be an issue for you.

UPDATE to Re: What do you all think?

lov2xlr8 — Thu, 08 Aug 2013 05:27:36 GMT

Update: So I had some fun yesterday! Took everybody's advice here and went ahead and apped fro the CSP as well as asked for the CLI's on my other 4 cards... got the CSP (at a branch - so only $2000 over 3m for the 40,000 UR points) with 5k limit (was hoping for 7-10 range, but w/e, student loans maybe?... also was accepted immediately for CLI's for all 4 cards, AMEX blue from 2.2k to 6k, Chase Freedom from 2k to 7k, Citi Forward from 4k to 10k, and BOA AMEX from 2.5k to 6k... pretty good day! Thanks again all for your input, now time to start gardening for the next year or so, will monitor what kind of pulls (hard vs soft) were done... Also, what's the CLI's for CSP like, hard or soft, and when should I ask for my sirst one? Thanks again, the community here is great, becoming one of my goto forums in my offtime!

Re: UPDATE to Re: What do you all think?

SnackTrader — Thu, 08 Aug 2013 05:52:03 GMT

Congratulations on all the success!

Please post back to let us know if the CLIs were hard or soft pulls, especially as it relates to the Citi Forward CLI.

Chase CLIs are almost always HP according to what is posted here and the info I have received from secure messages with Chase CSRs.

Re: UPDATE to Re: What do you all think?

_jb_ — Thu, 08 Aug 2013 05:52:56 GMT

Congrats. I knew you would be a shoe in for approval. CL could be due to the SL balance, or just because they want to see how you handle their CC. You got a nice bump to available credit through all of the CLIs on the other cards as well. Use the CSP and I am sure you will see an auto-CLI on that within 6 months (I went from $9,200 to $12,500 auto CLI on a CSP I got in 02/13) with similar reported income, but had only $12,500 in SL (now down to about $6,500 - can't wait to see what that does for my scores this month). A customer initiated CLI with Chase is more often than not going to be a HP, so keep that in mind if you don't get the auto-CLI (which I think you will with some decent spending on it).

Re: UPDATE to Re: What do you all think?

09Lexie — Thu, 08 Aug 2013 06:03:50 GMT

Congratulations! You were very busy yesterday.