Chase just slapped me in the face...how long should I wait until I apply?

[Anonymous]

Chase just slapped me in the face with their new CF/CFU sign up bonus...5% cash back on groceries for the first year...

Meanwhile 2 days ago I got approved for amex's BCE for their 3% grocery cash back...

Do we think it'll be there in 3 months? I've heard 3 months is how long I should wait until I apply for a chase card.

[randomguy1]

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@Anonymous wrote:

Chase just slapped me in the face with their new CF/CFU sign up bonus...5% cash back on groceries for the first year...

Meanwhile 2 days ago I got approved for amex's BCE for their 3% grocery cash back...

Do we think it'll be there in 3 months? I've heard 3 months is how long I should wait until I apply for a chase card.

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I mean you could apply now since AMEX hasn't hit your reports... Have you opened any other cards in the last 3-6 months? What is your x/24?

[lhcole77]

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@Anonymous wrote:

Chase just slapped me in the face

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[Anonymous]

My credit history is 11mo, I'm not sure what my FICO is now with the HP. But won't chase see my HP and see that I'm trying for new credit anyway, even if they can't see the Amex card?

and no, I currently only have two, my first which I opened last August (2019) and then my Amex I opened earlier this week!

income is 25k and experian says my score is 750 "as of: today" but I'm not sure if it says as of today because it just update today or because I went into the app today

[cashorcharge]

Agreed @randomguy1 

The BCE you were just approved for has not hit your report yet though the inquiry likely has.

Depending on your overall file, Chase may look the other way to the recent "other" inquiry unless you have a ton of things they consider cautious like several recent inquiries or new accounts opened recently that are reporting...like within 3-6 months 

Good question on the offer good in 3 months.  Chase has been changing offers regularly (~monthly-ish) once Covid started to get people roped in.  I don't think under "normal" times their offers change as rapidly.  Good luck

[Anonymous]

@cashorcharge Ah okay, so chase won't care about the HP? I'm in NC, what bureau does Chase pull from? I heard sometimes they pull different bureaus depending on the state. My experian at the moment is 750. Income is 25k, and the only HP is the one I had earlier this week, I haven't applied or had any other inquiries since my first card in Aug 2019.

I won't hit 1 year credit history with chase until the end of august, but I opened a checking account with them back in April, but I don't actively use it, I just have 2k in it to have it open. Do you think that will help? 

[cashorcharge]

@Anonymous  Considering you only 1 other HP reporting, I don't believe so, no.  With a thin credit file and income, that may be a negative but with a good score and your banking relationship, that may help.  Chase is a difficult one to predict right now as a result of Covid.

Chase almost exclusively pulls EX, though admittedly I am not familiar with NC as I am West Coast.  This thread may give you guidance on your specific state and Chase.

https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Apps-quot-list/m-p/5542910#M276042

Lastly, if you apply online, if you get the "we'll get back to you message" you can wait about 30 minutes and proactively call their reconsideration line (normal business hours) and they can pull it right up and help you/explain their position.  That number is 888-245-0625

[Anonymous]

@cashorcharge okay, thank you! I'll wait until my credit history is 1 year for that extra boost along with having the bank account with them. My score should also go up from the HP if I let my account age a month and lower my utilization (it's at 5% now, so it's good, but maybe if I bring it down to 2% or so I can get an extra few points to help).

Yea, I thought the same thing, with them being harsher due to covid, but then they just added a new SUB, so it's also like they want new applicants, haha. Amex did the same thing with their BCE, the 20% cash back on amazon up to $200, which is why I ended up going with amex for that and their 3% gorceries...but again...chase just blew that out of the water with 5% groceries for the first year, haha.

So I may apply end of August early september if the SUB is still going by then. I think applying right now would be too risky, I'll try to do small things to hopefully build my score up some more and let my credit history lengthen. Do you think that sounds like a good idea?

[cashorcharge]

@Anonymous 

Sounds like a good plan.  From my experience and I think you'll read that in these threads....AMEX is much easier to deal with, easier to predict and more generous than Chase overall when it comes to new accounts, increases etc over the long haul.

[Anonymous]

@Anonymous  did you check the chase prequalification link? I mean in all honesty I don't think the freedom and fu are that hard to get regardless of being a year into your credit history. You have minimal amounts of inquiries and you're under 5/24. I wouldn't be scared to apply for that sub if I were you especially if I had a pre qualified offer on their website. I'm sure they may start you at $500 or so but it could grow fairly quickly with your scores and not applying for new credit products. Again I personally wouldn't be scared but again I'm not very hard pull sensitive. When I was approved I think I had a 630 score for both the freedom and fu within a month of each other and I was 6/24 with 15 inquiries on each bureau at the time so idk how that happened. But if you really want the card the worst thing you can do is let a hard pull hold you back. 

also the down fall of waiting is that even though Amex typically waits to report for two months it's not always the case and having that new account could deter chase and hurt your AAoA. I would advise to just go for it and if you get it great if not wait 6 months and try again and it's just one hard pull wasted.