topic Instant approval chase slate need advice in Credit Cards

Instant approval chase slate need advice

barnemat001 — Wed, 25 Jun 2014 04:34:01 GMT

Alright, I am in need of some advice.

Little background. 24 y/o 75k income new mortgage last year. Current CC that I have

capital one platinum balance $1360 of $3000 limit 19.99%

best buy $600 of $3500 0% for next 10 months

local credit union $5100 of $6000 15.99%

chase freedom $800 of $3300 22.99%

high balance on credit union card is due to wrecking a friends motorcycle that I paid to repair couple months back. Decided I need to get back to being mostly debt free,

figured I needed to consolidate some debt. Applied for the Chase slate card tonight and was instantly approved for $4800 0% 15months balance transfer. Was hoping for around $7500-$8000. thinking that tomorrow I will call and see if there is a way to up the CL at all.

if I am unable to get the limit raised what is my best course of action? Should I pay off the freedom card and see if they can put $1200 of my freedom limit towards the slate?

should I transfer all of the credit union balance to the slate or only partial to even out the utilization?

thanks in advance.

Re: Instant approval chase slate need advice

IamB2 — Wed, 25 Jun 2014 05:07:29 GMT

@barnemat001 wrote:
Alright, I am in need of some advice.

Little background. 24 y/o 75k income new mortgage last year. Current CC that I have

capital one platinum balance $1360 of $3000 limit 19.99%
best buy $600 of $3500 0% for next 10 months
local credit union $5100 of $6000 15.99%
chase freedom $800 of $3300 22.99%

high balance on credit union card is due to wrecking a friends motorcycle that I paid to repair couple months back. Decided I need to get back to being mostly debt free,
figured I needed to consolidate some debt. Applied for the Chase slate card tonight and was instantly approved for $4800 0% 15months balance transfer. Was hoping for around $7500-$8000. thinking that tomorrow I will call and see if there is a way to up the CL at all.

if I am unable to get the limit raised what is my best course of action? Should I pay off the freedom card and see if they can put $1200 of my freedom limit towards the slate? I definitely would pay off the freedom card, ask to reallocate Freedom's Credit Limit. This will bring your Available credit to (provided that you transfer $3K and leave 300 there) to $7800. More than enough to cover the CU balance plus at 0% apr.

should I transfer all of the credit union balance to the slate or only partial to even out the utilization? Unless you are planning to apply for something else, I would not worry about the UTIL for right now. I'd want to save a bunch of money with the Interest Free for 15 months. According to my calculations if you pay off the balance of $5100 (if you transfer the full amount) over the next 15 months (the 0% interest offer from Slate), at 15.99% that you are paying right now, you could save over $560 in interest.

thanks in advance.

I hope that this helps some

Re: Instant approval chase slate need advice

ACG23 — Wed, 25 Jun 2014 05:12:29 GMT

A warning, Chase doesn't allow balance transfers between Chase cards. The limit reallocation idea, though, is quite clever.

Re: Instant approval chase slate need advice

barnemat001 — Wed, 25 Jun 2014 05:31:23 GMT

I think that this is most likely the course I will take. Hopefully I will have some luck getting the slate limited raised

Re: Instant approval chase slate need advice

takeshi74 — Wed, 25 Jun 2014 13:19:43 GMT

@IamB2 wrote:
Unless you are planning to apply for something else, I would not worry about the UTIL for right now.

I'd suggest that OP consider utilization as prolonged high utilization can lead to AA. OP doesn't need to worry about keeping utilization at 10% or less at this point but the OP should try to keep utilization (both overall and individual) as low as possible.

Prior to the Slate the OP's overall utilization was 49% with one card at 85%. That card at 85% needs to be brought down ASAP. With the Slate overall utilization is down to 38% but that's still over the 30% recommended max. I'd suggest that the OP use the Slate to reduce the utilization on the card at 85%. I'd suggest leaving the Freedom alone as it is already at 24%.

@barnemat001 wrote:
Applied for the Chase slate card tonight and was instantly approved for $4800 0% 15months balance transfer. Was hoping for around $7500-$8000. thinking that tomorrow I will call and see if there is a way to up the CL at all.

It's worth a shot but your high utilization probably limited the CL on the Slate.

Re: Instant approval chase slate need advice

Anonymous — Wed, 25 Jun 2014 15:05:51 GMT

When I opened my Chase Slate they gave me $6000.00 credit limit.

I called them and requested $12000.00 limit because I wanted to balance transfer to several

other cards that I have.

They approved my request and electronically transfer $8500.00 to my checking account.

I paid off my other cards including my Chase Freedom.

Might give it a try, all they can say is no

Good luck

Re: Instant approval chase slate need advice

barnemat001 — Thu, 26 Jun 2014 01:50:38 GMT

When you called in did they pull another report or were they able to just take a second look? Called in twice today and both times was told that In order to get a higher limit, I would have to request a credit limit increase and another report HP would have to be pulled.

Re: Instant approval chase slate need advice

IamB2 — Thu, 26 Jun 2014 02:57:27 GMT

@takeshi74 wrote:
@IamB2 wrote:
Unless you are planning to apply for something else, I would not worry about the UTIL for right now.
I'd suggest that OP consider utilization as prolonged high utilization can lead to AA. OP doesn't need to worry about keeping utilization at 10% or less at this point but the OP should try to keep utilization (both overall and individual) as low as possible.

I agree that prolonged high utilization can lead to AA, hence the "right now" suggestion. Good call out though.

Re: Instant approval chase slate need advice

Anonymous — Thu, 26 Jun 2014 14:50:05 GMT

I did not receive another Hard Pull on my Credit Report

However, when I called the Customer Representative I requested to speak with a Senior Credit Analyst When I informed the Senior Credit Analyst as to what I would like to accomplish with a balance transfer He agreed to raise my credit line and requested the information to make the transfer to my checking account.

As a foot note, I disagree that prolong high utilization can lead to AA. I have carried high utilization on several credit cards and have never been subject to AA. I am not a FICO Score watcher, I based my utilization of credit to what benefits me, not my FICO Score.

Micromanagement of a credit score is not in your best financial interest.