Enough history to apply for the Chase United MileagePlus Explorer Visa Card?

[nk-karate]

I am new to myFICO forums, so please allow me to explain.

I just started my full time job in North Carolina at IBM a month ago, but I have an excellent credit score around the 800 mark. Before starting, I applied for a WF Cash Wise card as my first card, and was surprisingly upgraded to Visa Signature with $5K limit. 

I applied for the Chase United MPE (MileagePlus Explorer) Visa Signature Card because I wanted the primary car rental insurance and I liked the perks of United card. Since my folks have that card and they added me as an AU, I was able to get a feel for whether the perks were worth it or not like the 2 lounge passes, priority boarding, checked bag, tsa pre, etc. Chase first rejected me because Chase thought I had too many cards open within 2 years, which I had to call and tell them that wasn't true. I told them that most of the accounts belong to my parents and I was an AU on most of them. Then they reconsidered my application and they rejected me again saying I had limited credit history, despite me having an excellent score. I've also been banking with Chase since my high school. Could you offer any advice?

As an alternative for now, I got approved for my second card, the Coastal Credit Union Visa Signature Rewards. 

[Aim_High]

Regardless of other factors like credit score, Chase is one of the larger banks that can be reluctant to accept thinner credit files like what you describe.  Don't be offended.  They just want a little more history behind you. 

Apply at some more lenient banks for people early in their credit lives and then go back to them later.  Some options besides WF might include Capital One, Discover, AMEX starter cards or Navy Federal Credit Union (if you have military connection in your family to qualify). 

Your banking relationship with them is in your favor, so if you want a Chase card, keep that going. A banking relationship will not overcome a thin file, bad credit score, low income, or other potential negatives.  But from my experience, you have a better chance of being accepted for credit or getting a higher limit for a card if you have (ALSO) demonstrated financial responsibility and stability with a banking relationship.  It can be a tie-breaker in your favor.

Also, keep in mind that all cards from a single issuer are not at the same "level" and it is easier to get accepted for some cards than others.  You might consider a more basic card with them like the Slate, Freedom, or Freedom Unlimited before applying for one of their more premium travel cards like the United Explorer Plus.

[Anonymous]

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@nk-karate wrote:

I am new to myFICO forums, so please allow me to explain.

I just started my full time job in North Carolina at IBM a month ago, but I have an excellent credit score around the 800 mark. Before starting, I applied for a WF Cash Wise card as my first card, and was surprisingly upgraded to Visa Signature with $5K limit. 

I applied for the Chase United MPE (MileagePlus Explorer) Visa Signature Card because I wanted the primary car rental insurance and I liked the perks of United card. Since my folks have that card and they added me as an AU, I was able to get a feel for whether the perks were worth it or not like the 2 lounge passes, priority boarding, checked bag, tsa pre, etc. Chase first rejected me because Chase thought I had too many cards open within 2 years, which I had to call and tell them that wasn't true. I told them that most of the accounts belong to my parents and I was an AU on most of them. Then they reconsidered my application and they rejected me again saying I had limited credit history, despite me having an excellent score. I've also been banking with Chase since my high school. Could you offer any advice?

As an alternative for now, I got approved for my second card, the Coastal Credit Union Visa Signature Rewards. 

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Welcome to the forums and congrats on your new job.

As you've found out, credit decisions are not made solely on the basis of your credit score.  Lenders consider your entire credit profile and based on your own description your profile does not appear to be very strong.

Although there are exceptions, Chase does not usually approve credit applications if your credit history is less than one year.  In your case, your "excellent credit score" is predicated on being an AU for your parents' accounts. You aren't responsible for payment of those accounts so Chase will discount the effect of the AU accounts on your score.

I'm not sure exactly what advice you're seeking.  Having a depository relationship with Chase does not influence credit decisions.  The only notable benefit is that it allows them to screen banking customers for those who may be eligible for credit cards but banks understand that money in the bank is fungible and can easily be withdrawn.

[nk-karate]

Gotcha. I’ve seen that some CU’s are more lenient in offering unsecured credit cards.

So probably I’d have to wait a year or so before I can apply for any chase card?

[Aim_High]

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@nk-karate wrote:  So probably I’d have to wait a year or so before I can apply for any chase card?

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Exactly.  Maybe add another credit card or two from a different bank to your credit file.  Then go to "the garden" as we call it to let your file grow.  Use the credit you've been given regularly and responsibly.  Then after it has matured, seek more.  And as I mentioned, maybe consider a lower-tier card with Chase before going for one of their higher-tier travel cards. 

[Anonymous]

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@nk-karate wrote:

I am new to myFICO forums, so please allow me to explain.

I just started my full time job in North Carolina at IBM a month ago, but I have an excellent credit score around the 800 mark. Before starting, I applied for a WF Cash Wise card as my first card, and was surprisingly upgraded to Visa Signature with $5K limit. 

I applied for the Chase United MPE (MileagePlus Explorer) Visa Signature Card because I wanted the primary car rental insurance and I liked the perks of United card. Since my folks have that card and they added me as an AU, I was able to get a feel for whether the perks were worth it or not like the 2 lounge passes, priority boarding, checked bag, tsa pre, etc. Chase first rejected me because Chase thought I had too many cards open within 2 years, which I had to call and tell them that wasn't true. I told them that most of the accounts belong to my parents and I was an AU on most of them. Then they reconsidered my application and they rejected me again saying I had limited credit history, despite me having an excellent score. I've also been banking with Chase since my high school. Could you offer any advice?

As an alternative for now, I got approved for my second card, the Coastal Credit Union Visa Signature Rewards. 

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Welcome to the forums!

I got my first Chase card with a similar thin file, but it was the FU with the $0.5k toy limit. The MPE requires a $5k SL, which they generally don't give to thin files.

If you're with IBM in Charlotte, CLT is an American hub. You may want to consider their cards (though neither Citi nor Barclays is known to be particularly friendly to the thin file).

To get a third card for the sake of your scores (a thin 800 isn't the same as an established 800; I'm sure your Chase CARD score was far lower than your FICO, as it was for me with a thin file), I would recommend Disco. They are happy to approve and will grow with SP far beyond the usefulness of a $1500/quarter 5% card.

Good luck OP! Remember: credit is a marathon, not a sprint.

[nk-karate]

If I recall, my chase score read 798. Im in the RTP area. For now my second card I got is from Coastal Credit Union. I joined that CU through IBM. The CU gave me a signature card w $5K limit. My first card from WF is the Cash Wise originally a visa but they upgraded me to signature w $5K limit

[Aim_High]

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@nk-karate wrote:  "If I recall, my chase score read 798....  Coastal Credit Union ...  gave me a signature card w $5K limit. My first card from WF is the Cash Wise originally a visa but they upgraded me to signature w $5K limit

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Those are great cards for someone early into building credit and great starting limits!

Keep in mind that a 798 with a thin file is not considered the same as a 798 with a thicker file. Keep those cards for awhile, let them mature and then reapply with Chase or the other more selective larger banks or for the more selective cards. 

[Anonymous]

Wondering about this card? The Chase website says you have to qualify for a $15,000 Credit Access Line and yet it is a "Visa Signature". Help me to understand? Why would the JP Morgan Chase Sapphire Reserve Visa Infinite require qualifying for a $10K CL? Just asking? Seems odd!

[nk-karate]

The limit is lower in the CSR Visa Infinite vs United Mileageplus Explorer Signature? Wow that’s odd.

My signature cards I have from WF and Coastal CU are $5K each.