Re: Chase Freedom app now or wait?

Anonymous · ‎10-06-2016

Currently sitting at 2/24
Cap1 secured with $500 limit (had it since this past January)
Amex BCE with $4000 limit (hasn't reported on credit yet, got in late august)
No more than 5 inquires on any bureau
713-715 fico across all 3 bureaus
45k income
Utilization is 5-10% everytime the statement hits
Only one auto loan
no baddies

My real questions are should I shoot for the freedom or freedom unlimited? My AMEX BCE gives me 3% on groceries and 2% on gas and 1% on everything else, so the only time the Freedom would make sense is for the 5% categories but I wouldn't go out of my way to get that 5% back. Or do I shoot for the Unlimited and use it as my "everything else" card. I'm looking at getting one of them for $150 after $500 spent promotion as I just hit the promotion for my AMEX.

I also would like to get the CSR and CSP, but right now wouldn't meet nearly enough monthly spending to get the points bonus so I am fine with waiting on those, but I also know that if you app for two chase cards at the same time that they'll grab the same pull so would it make sense to get both Freedom and Freedom unlimited? Doing that would put me at 4/24 so getting the CSR and CSP within the same time frame might be more difficult as I plan to start apping for those middle of next year when my monthly expenses will be going up.

Also do you guys think i'd be accepted anyways? Should I wait for the AMEX BCE to show up on my credit report before apping? I'd like to get a decent limit and not some $500 starting limit.

If i forgot anything ill post more but i think that's about it.

Anonymous · ‎10-06-2016

You'd get approved but I'd wait personally until it shows for higher limit. I'm not as smart about the ins and outs as some here. Their advice made me able to get my DC from a 3k to 15k

Anonymous · ‎10-07-2016

One clarification question: Are you 2/24 with the Amex BCE? Or will you be 3/24 after it reports?

Assuming that the Amex BCE is included in your 2/24 status and also based on your profile that you have shared, I think you have a good shot at getting either or both the Freedom and Freedom Unlimited cards. Naturally, there are a few kickers. It's never a guarantee that the same HP will be used for both of your applications. You have to assume it will be 2 HPs...then be "pleasantly surprised" if it is just one. Wait till after your BCE reports before you apply - the huge uptick in your available credit will be gold for your credit score as you are going from $500 to a total of $4500.

Choosing between the Freedom Unlimited and the Freedom really comes down to personal spending habits. IMO, the current quarterly bonus categories for the Freedom card aren't really that compelling since I rarely shop at these stores (Warehouse clubs, drugstores, departments stores). Of course, you may have a completely different opinion if you make large purchases within these categories...

Since you have the BCE on the way, I would recommend that you apply for the Freedom Unlimited. That would ensure that you are getting back at least 1.5% for all purchases --- Use the AMEX BCE for it 3% and 2% categories and then let your Freedom Unlimited be the catch-all for everything else.

As for your CSR/CSP question - I am trying to be realistic but your approval chances are not high right now since you have a thin file. Let these accounts age and grow. In fact, read up on the Amex 3x CLI thread. That will help you grow that card's CLI which would then help your overall credit score since you have limited credit at the moment. On a side note, there is no reason to have both the CSP and the CSR. The CSR has a higher reward rate (and a higher AF) BUT the reward categories are exactly the same so there is absolutely zero synergy there. The CSP/CSR offer additional appeal because they have great sign-on bonuses......but you have spend quite a bit of money in a short amount of time to obtain them. Definitely examine your spending habits to see if you meet these thresholds before you apply for either card.

I hope this helps!

newhis · ‎10-07-2016

I think you will get a better SL 3 months after Amex reports. Good luck.

Anonymous · ‎10-09-2016

@Anonymous wrote:
One clarification question: Are you 2/24 with the Amex BCE? Or will you be 3/24 after it reports?

Assuming that the Amex BCE is included in your 2/24 status and also based on your profile that you have shared, I think you have a good shot at getting either or both the Freedom and Freedom Unlimited cards. Naturally, there are a few kickers. It's never a guarantee that the same HP will be used for both of your applications. You have to assume it will be 2 HPs...then be "pleasantly surprised" if it is just one. Wait till after your BCE reports before you apply - the huge uptick in your available credit will be gold for your credit score as you are going from $500 to a total of $4500.

Choosing between the Freedom Unlimited and the Freedom really comes down to personal spending habits. IMO, the current quarterly bonus categories for the Freedom card aren't really that compelling since I rarely shop at these stores (Warehouse clubs, drugstores, departments stores). Of course, you may have a completely different opinion if you make large purchases within these categories...

Since you have the BCE on the way, I would recommend that you apply for the Freedom Unlimited. That would ensure that you are getting back at least 1.5% for all purchases --- Use the AMEX BCE for it 3% and 2% categories and then let your Freedom Unlimited be the catch-all for everything else.

As for your CSR/CSP question - I am trying to be realistic but your approval chances are not high right now since you have a thin file. Let these accounts age and grow. In fact, read up on the Amex 3x CLI thread. That will help you grow that card's CLI which would then help your overall credit score since you have limited credit at the moment. On a side note, there is no reason to have both the CSP and the CSR. The CSR has a higher reward rate (and a higher AF) BUT the reward categories are exactly the same so there is absolutely zero synergy there. The CSP/CSR offer additional appeal because they have great sign-on bonuses......but you have spend quite a bit of money in a short amount of time to obtain them. Definitely examine your spending habits to see if you meet these thresholds before you apply for either card.

I hope this helps!

The 2/24 is including the AMEX BCE

I was leaning more towards the Freedom Unlimited, the only 5% categories i'd really make a lot of use with during the year would be gas stations and grocery stores, though I guess if I start shopping at coscto more frequently i'd get that as well. But having a guaranteed 1.5% back on everything would be nice.

Thank you for the tip with the CSR/CSP, I am definitely nowhere near ready to apply for those, and I did read up on the AMEX 3x cli and will be going after that in the next few weeks.

But seriously thank you again for the information

Anonymous · ‎10-09-2016

If you dont care about getting in with Chase, and are just going after the most rewarding card for your spend, then maybe look at the Citi Double Cash. It gives you 2% on everythibg (1% when you buy, and another 1% when you pay).

That way you will never earn less than 2% across any and all purchases that you make.

Unless you just want a relationship with Chase (which I get and understand), the Citi DC option may suit you.

Just my 2 cents though

zerofire · ‎10-10-2016

If you have to have Chase relations I would go with the Freedom. That's because the Citi Double Cash and Blispay both offer 2% back in total. Blispay offers 6 month no interest on every purchase that is 199 or more on top of that. In today's times the Freedom Unlimited is kinda weak. Sure you might get 150 for a certain spend but in the long run you will make more money on a 2% card. Also the CSP and CSR are complimentary to any of the cards I listed above but the cards I listed above will beat each other in order until Blispay wins out. While Chase might be the biggest bank right now they are not the ones that offer the best in the lower categories.

TU:816 12/19/24 Bank of America--EX: 809 01/03/25 Experian--EQ:836 01/06/25 myFICO--Gardening since N/A

Active:
Bank of America (Customized Cash Rewards VSC, Unlimited Cash Rewards WMC{PT}), Capital One (Discover It DC, Savor WEMC), Chase (Amazon Prime VSC, Freedom Flex WEMC [x2]), Citi (Custom Cash WEMC, Dividend MC), Citizens GreenSense WMC, Curve WEMC{S}, FNBO Ducks Unlimited VSC, GBank VSC, Imprint Rakuten AC, PenFed Pathfinder Rewards VSC, Santander Ultimate Cash Back WMC, Synchrony (OnePay Walmart CashRewards MC, PayPal Cashback WMC), UMB Simply Rewards VSC[Milford Federal], US Bank (Cash+ VSC [x2], Kroger Rewards WEMC, Pick n Save/Metro Market Rewards WEMC, Shield VC)
Wishlist: AAA Daily Advantage, AOD Signature, Aven, Bellco Colorado Rewards, Nusenda Platinum Cash Rewards, PCMCU Platinum Rewards, Redstone FCU Signature

Anonymous · ‎10-10-2016

@Anonymous wrote:
If you dont care about getting in with Chase, and are just going after the most rewarding card for your spend, then maybe look at the Citi Double Cash. It gives you 2% on everythibg (1% when you buy, and another 1% when you pay).

That way you will never earn less than 2% across any and all purchases that you make.

Unless you just want a relationship with Chase (which I get and understand), the Citi DC option may suit you.

Just my 2 cents though

I actually did look at the Citi DC and would love to get it as well, but the sign up bonus for the Freedom Unlimited was tempting and long term i'd end up pairing it with a CSP or CSR in the future.

Another option would be get the regular freedom for 5% categories and the Citi DC for everything else that the AMEX BCE and Freedom wouldn't cover, that would give me minimum 2% on everything, 3% on groceries and 5% a few times a year (especially if i start shopping at costco more for food). That would put me at 3/24 or 4/24 if I got both Citi DC and regular Freedom.

Definitely going to consider all my options to maximise my savings.

joltdude · ‎10-10-2016

@Anonymous wrote:
@Anonymous wrote:
If you dont care about getting in with Chase, and are just going after the most rewarding card for your spend, then maybe look at the Citi Double Cash. It gives you 2% on everythibg (1% when you buy, and another 1% when you pay).

That way you will never earn less than 2% across any and all purchases that you make.

Unless you just want a relationship with Chase (which I get and understand), the Citi DC option may suit you.

Just my 2 cents though
I actually did look at the Citi DC and would love to get it as well, but the sign up bonus for the Freedom Unlimited was tempting and long term i'd end up pairing it with a CSP or CSR in the future.

Another option would be get the regular freedom for 5% categories and the Citi DC for everything else that the AMEX BCE and Freedom wouldn't cover, that would give me minimum 2% on everything, 3% on groceries and 5% a few times a year (especially if i start shopping at costco more for food). That would put me at 3/24 or 4/24 if I got both Citi DC and regular Freedom.

Definitely going to consider all my options to maximise my savings.

Also realize you can only use VISA cards at US Costcos.. No MC, No AMEX, No Disco