Apply for 2nd Chase Freedom Visa in Lieu of Credit Limit Request?

[IFtkkdx428]

Hello myFICO members, 

I’m in the process of re-evaluating the current trade lines I have. There are a few reasons, being re-bucketing, better rewards and becoming more streamlined or re-organized in terms of the credit card aspect. Or simply “pruning” as another member called it.

I acquired the Chase Freedom Visa in January of 2014 with a $3,000 starting credit limit, which is the 2nd account opened since building credit. In January of 2018, the Freedom Visa received an automatic credit limit increase of $1,500 for a total credit limit of $4,500. The Freedom Visa is currently the lowest limit trade line. I'm well aware Chase Bank is not 'stingy' in terms of credit limit, as last month I acquired a Chase Sapphire Reserve Visa with a starting credit limit of $29,900. Since January, there has only been one month where the maximum utilization of $4,500 has been 25% on the Freedom Visa.

I'm also well aware that Chase Bank requires a hard pull for credit limit increases. I've seen mixed results, when requesting a hard pull credit limit increase from Chase Bank. I've whitnessed many who apply for a trade line with Chase Bank and then consolidate the credit limits. I'm beginning to believe this is the best option in this situation. I would apply for a Freedom Visa and then move the credit limit from the existing Freedom Visa onto the recently applied Freedom Visa and close the existing Freedom Visa. Despite the fact that I do not pay interest, the previous Freedom Visa has an APR of 20.71%. When I acquired the Sapphire Reserve Visa I received the lowest APR available. Currently the lowest APR available for the Freedom Visa is 16.74%. Also, I'm obviously in a 'bucket' with Chase and it would be best to 're-bucket' at this time.

Over the past month, there has been huge changes in the credit report. I acquired a Citi Double Cash MasterCard which is reporting (see information below). I closed the Barclaycard Rewards MasterCard and PenFed Promise Visa, not yet reporting as closed. I acquired a Chase Sapphire Reserve Visa with a starting credit limit of $29,900, not yet reporting as opened. I received a $2,000 credit limit increase on Capital One Quicksilver MasterCard for a total credit limit of $8,250, not yet reporting. I received a $9,500 credit limit increase on Huntington Voice MasterCard for a total credit limit of $13,000, not yet reporting. I received a $4,000 credit limit increase on Discover It for a total credit limit of $32,500, not yet reporting. 

I put a large purchase on the Doube Cash MasterCard as there is a 0% introductory rate until 12/24/2019. The utilization on the Double Cash MasterCard is currently at 43%. I don't plan to have the utilization under 30% until 5 month from now. Unless I receive a soft pull credit limit increase from Citi on or after 3 months after the Double Cash MasterCard has been opened. Overall utilization is at 6%. Overall total combined credit limit should report as $119,550, which should bring overall credit card card utilization rate down.

Question 1.) Would other myFICO members agree that applying for a new Freedom Visa would be the best decision?

Question 2.) Would I not have the best chance of this application in terms of starting credit limit, APR, etc. with the Double Cash MasterCard reporting 43% utilization or would Chase Bank likely not take this the above factors into consideration?

Question 3.) If I would not have the best chance of this application, what should Double Cash MasterCard report for utilization before proceeding with application? 

Question 4.) Are there any other factors that would provide the best chance of this application in terms of starting credit limit, APR, etc.?

Question 5.) Am I qualified to receive the New Cardmember Bonus of $150 despite already having a Freedom Visa?

Age: 26

Annual Household Income: $100,000

Monthly Rent/Mortgage Payment: $0

TU FAKO (Provided by Credit Karma on 10/8/18): 771

TU FAKO (Provided by Capital One on 10/2/18): 798

TU FAKO (Provided by Chase on 10/3/2018): 798

TU FICO Score 8 (Provided by Discover on 9/4/18): 769

EQ FAKO (Provided by Credit Karma on 10/30/18): 771

EQ FICO Score NG 2 (Provided by PenFed on 9/11/18): 789
EQ FICO Bankcard Score 02 (Provided by Huntington on 9/11/18): 776

EX FICO Score 8 (Provided by AMEX on 9/12/18): 776

EX FICO Score 8 (Provided by freecreditscore.com on 10/4/2018): 775

Credit Card Utilization Rate: 6%

Percent of On Time Payments: 100%

On Time Payments: 336

Total Payments: 336

AAoA: 3 YR 6 MOS

Oldest Open Trade Line: 5 YRS 8 MOS

Newest Open Trade Line: 1 MO

Total Accounts: 9

Total Credit Limit: $88,750

TU Inquiries: 2

Citibank - 10/7/2018

Chase - 9/22/2018

EQ Inquiries: 1

PenFed - 3/12/2017

EX Inquiries: 3

Synchrony Bank - 9/24/2018

Chase - 9/24/2018

Citibank - 9/11/2018

Derogatory Marks: 0

Current Accounts

Capital One Quicksilver MasterCard

APR: 26.65%

Credit Limit: $6,250

Opened: Jan/2013

Credit Card Utilization Rate: 16%

Chase Freedom Visa

APR: 20.74%

Credit Limit: $4,500

Opened: Jan/2014

Credit Card Utilization Rate: 0%

Barclaycard Rewards MasterCard

APR: 22.74%

Credit Limit: $7,100

Opened: July/2014

Credit Card Utilization Rate: 0%

American Express Blue Cash Everyday

APR: 17.74%

Credit Limit: $22,200

Opened: Nov/2014

Credit Card Utilization Rate: 0%

Huntington Voice World MasterCard

APR: 19.74%

Credit Limit: $3,500

Opened: Nov/2014

Credit Card Utilization Rate: 3%

Discover It

APR: 16.74%

Credit Limit: $28,500

Opened: May/2015

Credit Card Utilization Rate: 0%

PenFed Promise Visa

APR: 15.74%

Credit Limit: $7,500

Opened: June/2015

Credit Card Utilization Rate: 0%

Honda Financial

Lease

Opened: April/2016

Term: 36 Months

Citi Double Cash MasterCard

APR: 0% (Introductory Rate Expires 12/24/2019)

Credit Limit: $9,200

Opened: Sept/2018

Credit Card Utilization Rate: 43%

[FinStar]

IIRC, Chase won't allow you to have another product of the same family if you already have the Freedom CC.

Another item to think about, while the usual strategy is to open another card (subject to credit approval of course), your income and other factors will come into play when Chase reviews your application.

Potentially, unless you may have reached an internal UW limit (or are likely close to it), it may be declined, provide the option to allocate CL from an existing CC, or they may be able to approve another card with a lesser amount, but YEMV. Only way to know is when you apply.

[IFtkkdx428]

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@FinStar wrote:
IIRC, Chase won't allow you to have another product of the same family if you already have the Freedom CC.

Another item to think about, while the usual strategy is to open another card (subject to credit approval of course), your income and other factors will come into play when Chase reviews your application.

Potentially, unless you may have reached an internal UW limit (or are likely close to it), it may be declined, provide the option to allocate CL from an existing CC, or they may be able to approve another card with a lesser amount, but YEMV. Only way to know is when you apply.

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Understood, I was not aware that you could not apply for a 2nd Chase Freedom Visa if you already have a Freedom Visa. 

So the options are:

Request a hard pull credit limit increase request.

Apply for a Chase Freedom Unlimited Visa, move credit limit to Freedom Visa. 

Close Freedom Visa, move credit limit to Chase Sapphire Reserve Visa and apply for a new Freedom Visa.

Are you aware of the internal underwriting limit ratio based on income?

Furthermore, do you know which of the options above may be the best option?

[Anonymous]

Hmm, some conflicting info here. I've seen dozens of people have both the Freedom and Freedom Unlimited, and having acquired one or the other recently. Did that rule JUST come out?

[HeavenOhio]

The OP's looking to acquire a second Freedom card (not the Freedom Unlimited). I thought it was doable, but my memory's fuzzy. OP, why not call customer service and ask?

[IFtkkdx428]

HeavenOhio, I didn’t think this would be an issue. I’ll call tomorrow or visit a Chase location tomorrow.

[IFtkkdx428]

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@FinStar wrote:
IIRC, Chase won't allow you to have another product of the same family if you already have the Freedom CC.

Another item to think about, while the usual strategy is to open another card (subject to credit approval of course), your income and other factors will come into play when Chase reviews your application.

Potentially, unless you may have reached an internal UW limit (or are likely close to it), it may be declined, provide the option to allocate CL from an existing CC, or they may be able to approve another card with a lesser amount, but YEMV. Only way to know is when you apply.

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@HeavenOhio wrote:

The OP's looking to acquire a second Freedom card (not the Freedom Unlimited). I thought it was doable, but my memory's fuzzy. OP, why not call customer service and ask?

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I called Chase. The representative said that a 2nd Chase Freedom Visa is allowed. Even after the representative answered, I even specified that it would be for another Freedom Visa and not the Freedom Unlimited Visa. The representative confirmed this once more. In fact, the representative said that "We would be more than happy to take your application to allow you a 2nd Chase Freedom."

However, I'm still uneasy about the utilization that has began reporting on the Citi Double Cash MasterCard. Worst case scenario, I wait until I've had the Double Cash MasterCard for 3 months and request a soft pull credit limit increase. I'm at 43% utilization on the Double Cash MasterCard. Hopefully that shows Citi that I need a higher limit than $9,200. I don't want to receive less than the best offer from Chase due to utilization. Though I've already put $3,200 though the Chase Sapphire Reserve Visa since I received it 2 weeks ago. So I would hope that Chase would take this into consideration as well. I don't know, I'm up in arms. 

Anyone had a great experience with applying for a Chase product with high utilization? 

[HeavenOhio]

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@IFtkkdx428 wrote:

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Anyone had a great experience with applying for a Chase product with high utilization? 

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Yeah. Don't do it, although 43% isn't terrible. Before I found this forum, I applied when an account was maxed and when I had two new cards showing on my report. My limit was low, and I had to increase it down the road. I'd wait until your highest individual card utilization is at 28.9% or below.

You'll want to let your newest account age a bit anyway. I think three months is OK in your case.