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Chase 1 year history

elixerin
Established Contributor

Chase 1 year history

regarding chase application approval chances.. they say 1 year of history credit history before receiving a rather bette chance of approval..

does a card that was opened in 2008 but closed in 2012 in good standing all 4 years “count”?

same with a synchrony card opened in 2002 but closed in 2016 all good standing

thanks
13 REPLIES 13
M_Smart007
Epic Contributor

Re: Chase 1 year history


@elixerin wrote:
regarding chase application approval chances.. they say 1 year of history credit history before receiving a rather bette chance of approval..

does a card that was opened in 2008 but closed in 2012 in good standing all 4 years “count”?

same with a synchrony card opened in 2002 but closed in 2016 all good standing

thanks

I am sure they take that into consideration, I am assuming both are still on your reports?

what are your current scores/cards? .. any additional info can help others to give you better adviceSmiley Happy

 

Happy New Year!

 

Message 2 of 14
elixerin
Established Contributor

Re: Chase 1 year history

thanks for the reply! ya here are some DP’s
closed accounts mentioned are still on reports

FICO 8’s:

EXP:754
EQ:768
TU:772
INQ: 2/0/1

expecting scores to go up to 780+ after new balance reports on 3rd (EXP simulator)

current cards:

JCP: $200 ($0 report)
TJX rewards: $2000, requested and accepted increase to $4800 which should be showing on report this Jan 4. Also $350 balance on current report with $2000 limit is decreasing to $300 (after PIF) with $4800 limit

thanks for replies
Message 3 of 14
Nomad3
Frequent Contributor

Re: Chase 1 year history

Chase can be pretty picky, it's my understanding they want 2 years of current history. I'm not sure how old your current cards are, did you have a gap between the closed and open ones where there is no history? You might get approved, but more history would give you a higher SL. Considering Chase does HP for CLI's and is known for giving better SL on new cards while lowballing CLI of current cards. I'm in a similar boat, waiting for more current history to populate so I can get a good SL

Edit:
Do you bank with them at all? Checking/savings? They tend to favor loyalty



Goal: Mortgage/Chase Trifecta






Message 4 of 14
elixerin
Established Contributor

Re: Chase 1 year history

neat, yeah sorry i forgot to mention. about 3 years gap from closed card

jcp opened june 2019
tjx opened july 2019
Message 5 of 14
Nomad3
Frequent Contributor

Re: Chase 1 year history

Yeah your current history is very new, I'd definitely wait. Your oldest closed card will fall off in 2022 so there's no rush. I picked up Discover to tide me over until my history is better. If you're going for the trifecta and want good SL or Visa Signature (5k+) get more history first maybe and pick up a different card to tide you over in the meantime.



Goal: Mortgage/Chase Trifecta






Message 6 of 14
M_Smart007
Epic Contributor

Re: Chase 1 year history

 

Edited: Others have much better advice for OP

 

Message 7 of 14
Remedios
Moderator

Re: Chase 1 year history

Not really. Your closed accounts are helping with scoring aspect, but you're currently not making payments on them, so very little predictive value in them.

Even if those close accounts are completely clean now, that doesnt mean they always were, as individual lates, or string of lates that was brought to current, would "fall off" after 7 years, while account may linger for several years after that.

So, I disagree on you having nothing to worry about. Your accounts are brand new, there is a hefty gap there, and Chase is not exactly stuck on scores as the factor with highest value when it comes to determining the outcome.
You may get approved, but I wouldn't hold my breath for "knock your socks off" approval.
Message 8 of 14
M_Smart007
Epic Contributor

Re: Chase 1 year history


@Remedios wrote:
Not really. Your closed accounts are helping with scoring aspect, but you're currently not making payments on them, so very little predictive value in them.

Even if those close accounts are completely clean now, that doesnt mean they always were, as individual lates, or string of lates that was brought to current, would "fall off" after 7 years, while account may linger for several years after that.

So, I disagree on you having nothing to worry about. Your accounts are brand new, there is a hefty gap there, and Chase is not exactly stuck on scores as the factor with highest value when it comes to determining the outcome.
You may get approved, but I wouldn't hold my breath for "knock your socks off" approval.

Message 9 of 14
elixerin
Established Contributor

Re: Chase 1 year history

thanks for the replies guys, @Remedios account was from 2002-2016 and was always in good standing. you’re right about the new account though/ there was three year gap of no credit as it was last reported in 2016.

what do you recommend?
Message 10 of 14
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