Getting Approved for Chase Slate with High DTI?

[Anonymous]

Good morning.  I hope this is the correct place to post this question. 

My wife has about $7K on her Discover card which we would like to balance transfer to a new card. The Slate card seems perfect for our needs since it has 0 fees.  Her TU FICO is 770, no baddies, no inquires, 20 year history, 11 years at her job, but about 40% utilization due to the Discover balance. We will pay this down to below 30% before applying. She would be applying alone because I just got a new card for my BT last month and I will most likely need a new car loan within the next 6-12 months.

The problem is that her income is $31K a year and our joint mortgage is $1250 month. This gives her a DTI of 48% if she applies without my income (17% of total household income).

Will they even give her a card with this kind of DTI? And if they do will it have a limit that will be usable for BT?

Thanks in advance for any advice you can give.

[Anonymous]

Honestly the util will be much more of a factor than dti...do you mean 40% total util or 40% on just the discover

If her actual TU fico is 770 even with the 40% util with no new accounts or inquires you should have no problem getting approved...now the dti could have a negative impact on her SL though and chase sucks at cli

I would personally say go for it, good luck

[Anonymous]

Thanks for the reply!

She is at 40% on the Discover, 32% of total credit.

I'm going to put about $1K payment on the card this month which would make it about 28% at the time of app. I may hit Discover up for a CLI before app as well.

Not really worried about a CLI on the Slate after the BT, it will be banished to my sock drawer anyway.

[Anonymous]

As long as the utilization is down before applying, you guys should be fine applying for the slate card.  All the best and keep us posted on results when you apply.

[hizzaah]

I'm not sure I understand.. Why isn't she reporting your income as part of the household income? If she's reporting the totaltotal mortgage, why not combined income? She has access to it I assume. She doesn't have to apply for a joint card or add you as an AU so your credit won't be dinged. 

Check out the Chase pre-qualification site to see if slate pops for her. Good luck! 

[Anonymous]

Looking at the Chase application page, it is asking for gross annual income, not household income. I am assuming that they want her personal income only. Please correct me if I'm wrong.

She does pre-qualify for the Slate, Freedom, and Sapphire.

[tcbofade]

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@Anonymous wrote:

Looking at the Chase application page, it is asking for gross annual income, not household income. I am assuming that they want her personal income only. Please correct me if I'm wrong.

She does pre-qualify for the Slate, Freedom, and Sapphire.

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This is me, correcting you.  If she is applying for a credit card, and can reasonably count on YOUR income to pay the bill, she may certainly include that income in her gross annual income.

You're welcome.  

Apply now, or wait until you lower your utility on the other card, she will certainly be approved either way.

[ojefferyo]

I personally would only put my own verifiable income if it does not state household income, but thats me. 

[Anonymous]

Thanks for correcting me! 

[Skye12329]

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@Anonymous wrote:

Looking at the Chase application page, it is asking for gross annual income, not household income. I am assuming that they want her personal income only. Please correct me if I'm wrong.

She does pre-qualify for the Slate, Freedom, and Sapphire.

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I thought it states any available/all income as long as your over 21 household income can be used it says or something like that, it did on my application.