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Chase application advice is welcomed

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Jwat59
Valued Member

Chase application advice is welcomed

In the past, i have avoided credit cards mainly because of miseducation. Recently,i was approved for a discover it card with a $5500 CL. Now I’m thinking that I should apply for a Chase card because of the offers and rewards. Honestly, I’m reluctant because my Ex-718, TU-667, and EQ-642. I’m not sure how Chase will look at those scores. 

 

 

 

 

6 REPLIES 6
Gmood1
Super Contributor

Re: Chase application advice is welcomed

How long is your credit history? Do you have any CCs older than a year. Your scores won't stop you from being approved However, little to no credit history will.

Message 2 of 7
Anonymous
Not applicable

Re: Chase application advice is welcomed

We should be able to give more suggestions if you can list all your accounts' opening dates, credit limits, utilization, etc. Also if you have any negative items on credit reports, and where each of the scores you got from. Do you have any banking relationship with Chase?

 

Chase in 2018 has been a lot more tricky than before. Basically all that 5/24 rule added to most of their cards meaning if you have 5 or more credit cards opened in the last 24 months then Chase will immediately decline your application for certain cards from them. They also prefer seeing at least 1--2 years of credit history now. Moreover, a lot more people have been reporting recent shutdowns by Chase when applying for cards from them and getting approved.

Message 3 of 7
Anonymous
Not applicable

Re: Chase application advice is welcomed

I had about a 640-650 score when I applied for a Freedom Unlimited two months ago. I got instant approval for 6k. I've been banking with Chase for 10+ years though, not sure if they weigh that. I think it's worth a shot though, you should get approved.

Message 4 of 7
Jwat59
Valued Member

Re: Chase application advice is welcomed

I’m a AU on a compass bank visa since 8/14 12k SL and also NFCU 10/16 32k SL. Utilization on these 2 cards is about 42%  I have 1 baddie on EQ.  Those are the only cards i have outside of my discover IT card. I do have a chase checking account. I think I’m answering my own question as I type this. Maybe, get the UT down and wait until I get the baddie off of EQ before I apply? Ive just read so much in the forum I figured I should get Chase in my wallet first!

Message 5 of 7
Anonymous
Not applicable

Re: Chase application advice is welcomed

I could be totally wrong. I'm new to all of this and not sure if it would hurt you. But couldn't you just apply now and see, then if you don't get it, wait a few months until you get your credit utilization down a little then reapply? Maybe it wouldn't really hurt to apply now? Not sure on this. I'm in the same situation kinda, wondering if I should apply now for the Chase Sapphire Reserve or wait a few weeks, or just apply now and later if I get turned down.

Message 6 of 7
Anonymous
Not applicable

Re: Chase application advice is welcomed

Personally, I wouldn't apply if I wasn't pretty sure that I'd get approved. Those hard inquiries add up and some institutions will shy away after you have so many. But if you're just going to wait for a year or two to apply for Chase cards and not do anything with your credit in that time, then you may want to roll the dice and apply sooner than later to find out.

Chase is a good place to start, but keep in mind what others have said about credit history and banking relationship - it may be ideal to get a checking acct with Chase for now while your history builds up. I'd look at Chase's 5/24 cards and see which ones you want. If you apply within 24 months of when you got the Discover It, you are at 1/24. If you want to get four 5/24 Chase cards, you shouldn't apply for anything before that. But if you only want 2, then you can apply for 2 more cards with other institutions in the meantime. Of course it'll take a bit longer for your account history to age.

That said, my second card was a Freedom back in 2011, although my first card (with Wells Fargo) had been open for 5 years - but 4 years later I got a slate, then 2 years later I got a freedom unlimited, ink preferred, and sapphire preferred - then was denied for the Amazon card for too many recent requests for credit (applied same day as csp). I also PCed the slate into a second Freedom. The point is I think having an older Chase card not only helps you build history with them but also gets you approved for more cards ultimately since you're not doing a bunch at once. Maybe see if you can become an AU on an established Chase CC account?

Things to consider...
Message 7 of 7
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