topic Re: Question regarding Chase Freedom in Credit Cards

Question regarding Chase Freedom

jrmsmlbg — Thu, 26 Sep 2013 21:51:58 GMT

A little background about my situation,

I have an Amazon.com Rewards Visa that will be hitting it's 1 year this December. That card has a limit of $1,500.

I just applied for the Chase Sapphire Preferred card on September 10th and was approved for $5,000. After I found out I was approved I tried calling in to request a CLI because I wanted to try and make this my card with my highest CL (Big Mistake, wasted a HP and was declined due to a few reasons. At the time I was 54% UTIL, just paid down all of it to about 10-15% UTIL this week. But they also said that was the most Chase could offer me at the time.)

Today, I applied for the Chase Freedom card wanting to maximize my UR points earning. Was given a pending message, I called the recon number and they just had to verify more information about myself. Anyways, it was approved but only for $500, which means it is a Visa Platinum card. No big deal that it's not a Signature card because I was only planning on putting everyday purchases on it, nothing too big that would require purchase protection, etc.

My question is should I Secure Message Chase requesting some of my CL from my Amazon card be transferred to my Chase Freedom card?

Would I be able to leave $500 on there since I only use that card for small purchases on Amazon, like textbooks for school, never any electronics.

Any negatives on my report, if I were to do this?

And how long do I have to wait to request a CLI and Visa Signature?

My EQ stats as of September 8th:

Score: 672

AVG UTIL: 54%

Newest Account: 4 Months Ago

Oldest Account: 14 Years, 2 Months Ago

AAoA: 3 Years

Number of Accounts carrying a balance: 10

Inquiries: 2

Since 9/8/13, I've paid down my UTIL to about 10-15%

Newest Account: Today

Number of Accounts carrying a balance: 3

Inquiries: 4 After My CSP, Failed CLI, and my App today for Chase Freedom. The fourth one is from my Amazon Rewards Card from December 2012.

Thanks everyone!

Re: Question regarding Chase Freedom

09Lexie — Thu, 26 Sep 2013 22:04:57 GMT

Congratulations on your approval. Chase can be a stickler on util and quite frankly req a CLI at 54% wasn't the best planning. I'm not sure why you are stuck on Signature ESP if you were approved for a CSP. IMO, I would move most of your CL from Amazon to Freedom. It would not report negatively on your cr as long as you do not carry high util on your now lower Amazon CL.

As far as req an additional CL and/or signature benefits-as you found out they will be HPs and if they have given you a $500 CL with the words-that's all we are willing to lend- either your income or credit profile will need to change.

Re: Question regarding Chase Freedom

jrmsmlbg — Thu, 26 Sep 2013 22:17:55 GMT

Thanks for responding so quickly Lexie! I appreciate it!

I definitely will request to transfer some CLI from my Amazon card since I will no longer plan on using it. That card has no balances left, and my total UTIL will be under 5% after the end of the month. Is there really any incentive for me to keep this Amazon card open besides it hitting its 1 Year in December? Is there a minimum CL to leave on a card to keep it open in good standing, and is it even worth leaving open at that point?

I hope my requesting that CLI immediately after my approval for CSP, and then following up with an App for Chase Freedom doesn't screw me forever. I don't want Chase to see me as very risky, but I think it's a little too late for that.

On the plus side, I have all the cards I need for awhile with decent CLs, so no need for anymore HPs on new Apps and CLIs...sounds like its time for some gardening until I start looking for mortgages when I'm 25. (2 Years)

Re: Question regarding Chase Freedom

Anonymous — Thu, 26 Sep 2013 22:24:53 GMT

@jrmsmlbg wrote:

A little background about my situation,

I have an Amazon.com Rewards Visa that will be hitting it's 1 year this December. That card has a limit of $1,500.
I just applied for the Chase Sapphire Preferred card on September 10th and was approved for $5,000. After I found out I was approved I tried calling in to request a CLI because I wanted to try and make this my card with my highest CL (Big Mistake, wasted a HP and was declined due to a few reasons. At the time I was 54% UTIL, just paid down all of it to about 10-15% UTIL this week. But they also said that was the most Chase could offer me at the time.)
Today, I applied for the Chase Freedom card wanting to maximize my UR points earning. Was given a pending message, I called the recon number and they just had to verify more information about myself. Anyways, it was approved but only for $500, which means it is a Visa Platinum card. No big deal that it's not a Signature card because I was only planning on putting everyday purchases on it, nothing too big that would require purchase protection, etc.

My question is should I Secure Message Chase requesting some of my CL from my Amazon card be transferred to my Chase Freedom card? You can. Up to you. Depends on how much you spend on Amazon.com. Personally, I wouldn't, only because the freedom has a $1500 reward cap per quarter anyhow, so it's not like you will need a high CL for it. But there's a 0% promo, so moving CL to freedom will allow you to make better use of it.
Would I be able to leave $500 on there since I only use that card for small purchases on Amazon, like textbooks for school, never any electronics. Yes
Any negatives on my report, if I were to do this? No
And how long do I have to wait to request a CLI and Visa Signature? You can request for a CLI anytime you like, just like how you have done for your CSP. Your odds of approval however, will vary. It is usually better to wait a year (or at least 6 months), if you want to maximize the amount of CLI you can get for 1 HP. Use your card a lot (and pay it too). Chase likes heavy usage. You will not get any significant CLI if they feel that most of the credit they extended to you is unused.

Visa signature conversion is >12 months.

My EQ stats as of September 8th:
Score: 672
AVG UTIL: 54%
Newest Account: 4 Months Ago
Oldest Account: 14 Years, 2 Months Ago
AAoA: 3 Years
Number of Accounts carrying a balance: 10
Inquiries: 2

Since 9/8/13, I've paid down my UTIL to about 10-15%
Newest Account: Today
Number of Accounts carrying a balance: 3
Inquiries: 4 After My CSP, Failed CLI, and my App today for Chase Freedom. The fourth one is from my Amazon Rewards Card from December 2012.

Thanks everyone!

answered in red above

Re: Question regarding Chase Freedom

Anonymous — Thu, 26 Sep 2013 22:26:55 GMT

@jrmsmlbg wrote:
Thanks for responding so quickly Lexie! I appreciate it!

I definitely will request to transfer some CLI from my Amazon card since I will no longer plan on using it. That card has no balances left, and my total UTIL will be under 5% after the end of the month. Is there really any incentive for me to keep this Amazon card open besides it hitting its 1 Year in December? Depends on how often and how much you spend on Amazon. Is there a minimum CL to leave on a card to keep it open in good standing 500, and is it even worth leaving open at that point? Same answer to your first question.

I hope my requesting that CLI immediately after my approval for CSP, and then following up with an App for Chase Freedom doesn't screw me forever. I don't want Chase to see me as very risky, but I think it's a little too late for that. It is what it is. Just focus on other areas that are still within your control and you should be fine.

On the plus side, I have all the cards I need for awhile with decent CLs, so no need for anymore HPs on new Apps and CLIs...sounds like its time for some gardening until I start looking for mortgages when I'm 25. (2 Years)

Re: Question regarding Chase Freedom

Themanwhocan — Thu, 26 Sep 2013 22:38:16 GMT

Well, your Cash+ card can cover bookstores at 5% instead of the Chase Amazon's 3%, so assuming you are willing to use that as one of your 5% categories (or are willing to obtain a second cash+ card), then you probably have no more use for the Chase Amazon. Alternately, you could obtain a Sallie Mae World Mastercard for 5% Book Stores limited to $750/Month, plus 5% Grocery @ $250/Mo, and 5% Gas Stations @ $250/Mo.

So, you have alternatives. All of which are better than a Chase Amazon card. And since the Chase Freedom will cover Amazon for the next 3 months, you have plenty of time to decide on your replacement strategy.

Of course, theres nothing wrong with having two Cash+ and the Sallie Mae...

Re: Question regarding Chase Freedom

jrmsmlbg — Fri, 27 Sep 2013 04:06:56 GMT

Thanks enharu for answering all of my questions!

I think that what was one of the reasons for my approval for CSP even with my high UTIL was that I used my Amazon card frequently while PIF every month.

Yup, now that I have a decent lineup, I plan on staying in the garden and avoid any type of HPs...