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Decided to apply for a CFU today. Didn't have pre-approval (though I'm green star pre-approved for Ink Premier and Ink Preferred). The hard pull dropped my Experian score from a 785 down to 780. This isn't the first time I've had a CFU, my last application was in June of 2019 so its almost been 4 years. I was 3/24 going into this application with my most recent card about 9 months ago.
After applying the applicaiton was in review and 7 to 10 day message. I did get an email from Chase that sounds rather hopeful. That the credit card request is under review and we'll be in touch with you soon.
My overall exposure to Chase could be a problem as I have 89.9k of credit exposure. Maybe they'll request that I close a card here to make room for the CFU an I would be willing to do that as I have an old Freedom sitting around that I don't use.
@Citylights18 wrote:After applying the applicaiton was in review and 7 to 10 day message. I did get an email from Chase that sounds rather hopeful. That the credit card request is under review and we'll be in touch with you soon.
My overall exposure to Chase could be a problem as I have 89.9k of credit exposure. Maybe they'll request that I close a card here to make room for the CFU an I would be willing to do that as I have an old Freedom sitting around that I don't use.
if you're impatient, consider calling and seeing if that's what needs to happen, you might get the approval right away after confirming a reallocation
you may not need to wait, worst case is that they say you need to wait for the decision/letter
https://youtu.be/aN3EfNdLZxE?t=455
3/6, 5/12, 14/24
Recommendation I've seen elsewhere is to keep your Chase limits no higher than 50% of your reported income. Anything above that and it gets dicey for new approvals.
@EAJuggalo wrote:Recommendation I've seen elsewhere is to keep your Chase limits no higher than 50% of your reported income. Anything above that and it gets dicey for new approvals.
The actual recommendations to manage limits were tied to strategies to churn/bonus chase (no pun intended) Chase cards before 5/24 was a thing. The actual recommendation was to have your total limit across all Chase cards at no more than (50% of gross yearly income - $10K) before applying for another card. The 50% threshold only really applies within a range of income anyway, if on the lowish side Chase may in aggregate approve for more than 50% of yearly gross, if a very high earner you won't even approach 50%.
If denied one can always recon and if necessary offer to have limit transferred over from an existing card in order to get the approval. Occasionally an analyst will suggest doing that on their own.
@EAJuggalo wrote:Recommendation I've seen elsewhere is to keep your Chase limits no higher than 50% of your reported income. Anything above that and it gets dicey for new approvals.
My reported income was above that threshold for the application. For the line I have at the moment it needed to be above 179.8k. They still denied me the card and I'll give the reasons on the letter.
On 3/21 I did get the following denial letter stating these reasons:
-You already have the maximum amount of credit we can offer you.
-Your current amount of credit is enough in relation to your income.
-You have too many active accounts or too much available credit.
They pulled Transunion (834). 834 with 92% utilization on my Discover Card.
Update on 3/24.
I called back to chase. I told the CSR that maybe I could close a card to get my CFU. The CSR said they couldn't advice me on whether or not to close a card or not. They then asked me if I wanted to try a reconsideration. I said yes and then they told me I could move my limit from from one of my Chase cards to open this CFU.
Then I moved some limit and opened up the card. I asked if they'll honor the promotion that was active when I applied (the 5% grocery promotion and they said yes). They said they would and I'm hoping so because that was the main reason I apped for the card.
I'll update when the card comes in to see if I do indeed get that 5% cash back on groceries.
Update 4/2:
Received my new CFU in the mail yesterday with a 5k limit (borrowed from my CFU). I called in to a CSR to confirm my promotions.
1) 0% APR until 8/8/24 (technically you can pay off by 9/8/24)
2) 5% CB on groceries for 12 months.
3) $200 CB on $500 spend.
I can also make this card as large as $65,000 to take advantage of the promotional APR using my other personal credit lines. I might want to pump up the card balance some if I end up going in the direction of running a balance on it. Disco I think I'll use it primarily for gas at this point with other personal spend going on the CFU.