Graduate Secured Card or apply for new card

Anonymous · ‎03-31-2016

Greetings!

I have a HD Secured Visa with a $600 limit. I am thinking about requesting it graduate so I can get my deposit back. Next month I will have had it for 24 months, and no late payments. I am also considering applying for a new unsecured Chase Freedom card, and I was wondering what thoughts anyone had on doing one, the other, or both.

Any advice, including requirements for approval on the above listed cards would be appreciated. Thanks.

Anonymous · ‎03-31-2016

Welcome to the board. Before we proceed to answer the question your asked, what are your FICO scores? How many inquiries do you have on each bureau? Any negatives on your files?

Also, what are you looking for in a credit card? For example, are you looking for a cashback card, miles etc.?

Anonymous · ‎03-31-2016

Sorry, that information would be helpful, wouldn't it?

My Scores are 677 (EQ) 676 (TU) and 663 (EX)
I have 2-3 inquires depending on which one you look at, only one is recent, when I was applying for a new apartment last month.
I have one Item in collection, not CC based, from 2011.

Anonymous · ‎03-31-2016

@Anonymous wrote:
Sorry, that information would be helpful, wouldn't it?

My Scores are 677 (EQ) 676 (TU) and 663 (EX)
I have 2-3 inquires depending on which one you look at, only one is recent, when I was applying for a new apartment last month.
I have one Item in collection, not CC based, from 2011.

Ok.. Since you are looking at the Chase Freedom, have you checked their pre-equal site? If you have, what message are you getting? If you haven't checked, input your info. and report back with what is shown for further planning.....

Anonymous · ‎04-01-2016

I did check there pre qual site, and it sugested Freedom and Slate. I like the free Fico from Slate, but it think the free $150 might be a better think for me. Would it be unreasonable to apply for both, and if I do, should I do it back to back?

Anonymous · ‎04-01-2016

@Anonymous wrote:
I did check there pre qual site, and it sugested Freedom and Slate. I like the free Fico from Slate, but it think the free $150 might be a better think for me. Would it be unreasonable to apply for both, and if I do, should I do it back to back?

No, it is not unreasonable. The Slate is a good balance transfer card in addition to the the free experian FICO. Now Chase has tighten the rules a bit so what I'd do is apply for the Freedom and then apply for the Slate in 30 days.

Although some people who have applied for 2 cards in the same day have been approved, others have been declined. Since you don't have a thick file, I suggest you do it one at a time.

Report back with results after you apply as Chase pre-equals are solid.

Anonymous · ‎04-01-2016

I cannot believe it! I was just approved at $2,500! Man this feels REALLY good!
Thank you so much for the advice. *happy dance time*

Anonymous · ‎04-01-2016

@Anonymous wrote:
I cannot believe it! I was just approved at $2,500! Man this feels REALLY good!
Thank you so much for the advice. *happy dance time*

Awesome!! Congrats and enjoy it. Treat the card well as that leads to good things in the credit world.