When the year started, my intention was to get two cards: Amex Gold, and Ink Unlimited. I was approved for both. But I've been drawn to the CSP since the changes were made, with the bonus still sitting at 100K points, and I needed a "premium" card in order to access transfer partners to plan a trip next year.
But I don't know what my odds are for approval.
- My credit scores are all in the mid-700s.
- I don't have any personal Chase cards yet, but I do have two business cards. I got the Unlimited in July, and received the minimum credit limit, with the maximum APR (does this impact how they'd view giving me a personal card?)
- I've gotten 3 cards in the last 12 months, but the Gold and Unlimited were in the past 3 months.
Would it be a waste of time to apply now?
@FinStar wrote:What was the credit limit for your Ink Unlimited? Do you currently have any personal or business deposit accounts with Chase? On the surface, you are definitely in the clear as far as the 5/24 restriction.
Credit limit on the Unlimited was $3000, which I was led to believe is the minimum that they will provide for that card.
I do not have any deposit accounts with Chase, or anything else. My only relationships with Chase are the two business cards. And yes, I would be clear of the 5/24 rule.
My primary concerns are:
1) Too many apps in too short of a span? (The CSP would make it 3 apps in the last 4 months, and 4/12).
2) Is the fact that they were tight with the CL on the 2nd business card they gave me an indicator that they don't want to extend me credit on the personal side?
@FinStar wrote:
@B_Slow1 wrote:
@FinStar wrote:What was the credit limit for your Ink Unlimited? Do you currently have any personal or business deposit accounts with Chase? On the surface, you are definitely in the clear as far as the 5/24 restriction.
Credit limit on the Unlimited was $3000, which I was led to believe is the minimum that they will provide for that card.
I do not have any deposit accounts with Chase, or anything else. My only relationships with Chase are the two business cards. And yes, I would be clear of the 5/24 rule.
My primary concerns are:
1) Too many apps in too short of a span? (The CSP would make it 3 apps in the last 4 months, and 4/12). That has come up in the past with some declined applications, but YEMV. It really depends on the strength of your overall profile. If you want to wait a bit longer, that's your call but there is no guarantee how long the 100K SUB will last.
2) Is the fact that they were tight with the CL on the 2nd business card they gave me an indicator that they don't want to extend me credit on the personal side? What is the limit on the Ink Cash? Typically, at least on the business side, they take into consideration your business history (even though you have a personal guarantee on both cards). If you have a fairly decent income, I would venture to say it's possible they may approve you for the minimum of $5K (all things considered), but we really won't know unless you try.
See above responses.
Yeah, I would prefer to catch the 100K bonus, and possibly the waived AF if they're still doing that in-branch.
For the Ink Cash, I received a limit of $14,000.
Unless the prevailing opinion is that applying now would be a waste of time because there's no way they'd approve me, I don't think there's any harm in giving it a try. If I am denied, it would be my top priority going into next year, and maybe waiting 6 months makes a difference. (Does a denial impact your credit any differently than a hard pull and approval?)
@CreditInspired wrote:OP
FWIW, I'm going to play devil's advocate before I make a suggestion.
First, IMHO, I feel 3 credit cards in the last 3 months is a lot of credit seeking, especially in this credit environment.
Second, exactly what are your FICO scores? Mid-700 credit scores mean different things to different people.
Third, what does your individual and aggregate UT look like?
Finally, if it were me, even with the promise of $100K points, I would hold off applying for this card.
However, if you have a very strong overall credit profile, I digress.
Just my 2cents.
Thanks for your input! Yes, 3 credit card applications in 3-4 months does seem like a lot; it's certainly more than I've ever done in my life. But at the same time, I see people going on app sprees where they apply to 6 cards all at the same time. So I don't know at what point my behavior starts to look "concerning" to a lender.
My scores are: 750 EX, 763 TU, 752 EQ.
To be honest, I don't know much about utilization rates, or timing my payments correctly so that it looks best on my credit report. I PIF on all of my cards each month... but there's always some kind of balance on the cards-- either the statement balance that's about to be paid, or the charges I've added since the previous closing date.
I don't know what a "strong" credit profile is necessarily... but I don't think mine would fit the bill. You can see the cards I have in my Sig. The oldest card is only 4 years old; average is like 1.5 years, or so. There are no negatives on my credit history though, so that's something.
Just an update for those interested:
I decided to go into a Chase branch to apply for the CSP today (10/5/21). I was instantly approved with a CL of $5300. I'm certainly happy about the approval, but at $5300, they're just barely letting me skate by above the minimum CL. As mentioned in the OP, I also received the minimum CL when applying for the Ink Unlimited. Maybe my income is lower than they'd like. Who knows...
But if it helps at all, this is my 4th credit card approval in the last 12 months, and 3rd approval in the last 6 months. Thanks to everyone who provided help and input!