Apply for Chase and/or Amex Cards?

[Anonymous]

I'm fairly new to the credit card game so I'm wondering if i should try for any cards with Chase and Amex. Any help to steer me in the best or easiest direction will be perfect.

I'm in Texas so i believe they both pull from Experian.

My Experian file is 658 Fico, 100% on time payments, 11 months AAoA, 1 inquire, and 0 collections.

I also just opened a secured card with NCFU this month. (My other cards are below!)

[Ficoproblems247]

You're definitely right on the border of what AMEX would approve. They may hand you a charge card or one of their Delta/Hilton cards with a $1K limit.  AMEX is typically new file friendly, but it depends on your profile so far. They have a prequalify tool on their website that is pretty reliable so I would recommend that. As for Chase, you typically need a minimum of 1 year under your belt before they consider you. They also have a prequal tool, but it's very hit or miss as far as accuracy. If you can head into a Chase branch they can give you accurate information as to what you may qualify for. Also, you're correct in assuming EX for AMEX, but if your file is borderline, they may pull another one too. Chase is almost always TU, with another pull from either of the other two. Check out the card offerings from both issuers and find out which one best suits your individual spend, and make sure you're going for what makes the most sense for you. Also to note, Chase has a rule where they will not approve you for a card if you have successfully opened 5 accounts or more within the last 24 months. Looks like you're currently at 3 so you should be good, but just keep that in mind. Whatever you decide to do, good luck and keep us posted on the outcome! 

[coldfusion]

I wouldn't bother with applying for AMEX or especially Chase at this time.    While anything is possible your file is too thin and new for likely success.

I'd suggest that for the next step in your jouney you wait a couple of months and apply for a Discover IT.

[Anonymous]

Is something suppressing your score, like excessive utilization? With those stats it should be above 700.

Open a SSL with NFCU, do AZEO, and you should be in a much better place to apply in a few months. 

https://ficoforums.myfico.com/t5/Personal-Finance/Approved-NFCU-SSL-with-detailed-steps-May-2020/td-... 

[blindambition]

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@coldfusion wrote:

I wouldn't bother with applying for AMEX or especially Chase at this time.    While anything is possible your file is too thin and new for likely success.

I'd suggest that for the next step in your jouney you wait a couple of months and apply for a Discover IT.

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+1

Chase will be a long shot. Possibly a low limit Amex charge card, like Delta. Recent DP and news articles show cards like BCE approved at 750ish. I'd wait awhile.

[M_Smart007]

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@Anonymous wrote:

I'm fairly new to the credit card game so I'm wondering if i should try for any cards with Chase and Amex. Any help to steer me in the best or easiest direction will be perfect.

I'm in Texas so i believe they both pull from Experian.

My Experian file is 658 Fico, 100% on time payments, 11 months AAoA, 1 inquire, and 0 collections.

I also just opened a secured card with NCFU this month. (My other cards are below!)

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Try the Discover pre-qualify website from time to time.

[Anonymous]

I actually only have a 2% Utilization so I'm honestly not sure what it could be. I do already have SELF also that's in good standing(Opened in January).

[Anonymous]

@Anonymous wrote:

I actually only have a 2% Utilization so I'm honestly not sure what it could be. I do already have SELF also that's in good standing(Opened in January).

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I think it may be that you only have 2 rather than 3 revolving accounts, as scoring is better when you have less than half of revolving accounts reporting a balance (You only have 2 so this is currently unattainable). You also get more points just for having a 3rd revolving account.

I also had Self, after I replaced it with some personal loans from credit unions, basically doing SSL trick, my score went up much higher. The utilization on loans is independent from revolving, and can have an impact on scoring and applications. 

Self charges a heck of a lot of interest and fees too, if I were you I'd replace it with the great NFCU SSL.

[Anonymous]

If you don't mind could you PM me on how to do that? I read the link you put but it was kind of confusing honestly. 

[Anonymous]

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@Anonymous wrote:

If you don't mind could you PM me on how to do that? I read the link you put but it was kind of confusing honestly. 

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I'm not in NFCU and wouldn't have the full know-how. 

The general idea is you have some funds in there, I think $300+ can get you a couple years of length. $3K+ can get you longer.

You have the funds in your NFCU savings, then call them to set it up. 

The money is then frozen in your savings and you get the same amount deposited into your checkings. 

You push the money back from your checking to pay off about 95% of the loan. This unfreezes that much of the money in your savings that was used to secure the loan. 

Paying it off early won't shorten the term length and it'll give a huge score boost. Since the majority of the principal is paid already, you are charged minimal interest at a lower rate than Self.

TL;DR Have at least $300? available in NFCU savings, call them to open SSL, pay down 95% of the balance when it becomes available in online banking. Close Self. Easy enough