Apply for Chase NOW or after Auto Loan shows paid off??

[Anonymous]

Hello,

I wanted to know when the best time I should apply for another Chase card would be. My FICO is at 780 with 5% util across the board. I have an auto loan with US Bank that I JUST made the last payment on so it shows as 97% paid off on my credit report until the end of this month when it’ll update to 100% paid off. From a scoring standpoint, when would it make the most sense for me to apply for the card? Now while I have an active loan on my account or after the loan shows as closed?? Please advise!

Thank you!

[Remedios]

Honestly, it wont make any difference. Even if you lose some points, it really wont be detrimental to your approval/denial with them. 

If you look through approval threads, you'll see that approvals start somewhere around 650 (even lower in some cases). 

Your entire profile will be evaluated, so you're kinda sorta over thinking this 

If you wait, you'll lose some points but it will lower your DTI. So, there is a good and bad attached to either approach. 

If you want the card, just apply. Dont agonize over the details. 

[Anonymous]

Thank you! Any other opinions? I also could lower my UTIL by next month, probably to 3% from 5% but not sure if it would make much of a difference. ONE Of my cards is reporting at 10% utilization. The other 6 are at zero percent.

[Anonymous]

Remedios is correct; it wouldn't make much of a difference if you applied now or after the auto loan is reported as paid off.  If you want a Chase card and you're under 5/24 just go for it.

[Anonymous]

Good point, thank you. How about the recency of inquiries on my reports. I KNOW that Chase pulls Experian in my area, but i just recently got a hard pull on Equifax earlier this month and a HP on TU 2 months ago (both for business cards).

Also, have an inquiry falling off EX after Oct 23rd. Will the inquiry be off on Nov 1st? Is that how it works?

[Anonymous]

Inquiries on Experian remain for 25 months; it will be removed over the first weekend of the following month after the inquiry is aged 24 months.  So in your case the inquiry will drop from EX on the first weekend of November.

With your scores, utilization and apparent low number of inquiries you're good to go with Chase so no use tying yourself into knots over the decision.

[Anonymous]

Does anyone know how many points your score is estimated to drop when a loan comes off your report?

[Anonymous]

My problem is that I’m not necessarily in a rush to get the card (Ink preferred) but I don’t want my score to change negatively when November comes along and my auto loan drops off. If my score drops more than approval could be harder.

[Anonymous]

As everyone above has already said above, you’re really over thinking it. No one will be able to guess the change in score, as no one knows the algorithm that calculates your scores.

The biggest hurdle with Chase cards is the 5/24 rule. This just says you can’t open 5 new accounts in the past 24 months. I’d be willing to bet you would be approved if you applied now

[Anonymous]

Should I apply for a Chase card in branch? Would it make any difference for verification purposes/instant approval? I don’t have a preference - online or in branch.