Next Chase Card? Advice?

[randomguy1]

If you are traveling in 3 months, try using the AZEO method in 2 months and give it a shot. Try to get a CLI increase or two with Disco in the meantime. If you don't mind a HP, go for it.

[dsotm76]

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@Citylights18 wrote:

I don't know if I would get into a CSP with an income of 32k. The SUB of 60,000 points requires a 4,000 minimum spend in 3 months.

I'm curious, what kind of income are they looking for with the CSP?  I'm around $44K.  If I factor in Mom's SSI that's put into my account directly, that bumps it up some.

Also on the topic of Chase, I did the prequal link with no offers.  My Chase Credit Journey has a 3 at offers and it lists to explore Chase products of credit cards, banking, and home loan.  Nothing is specific and I'm not a Chase customer, yet.  And I'm getting Chase Bonvoy pre-selected offers in the mail with a firm APR listed at the bottom of the range.  I'm a bit confused as to my chances.  

According to the TPG blog on the 5/24 rule, since my Citi and Barclays fell off in mid-January, February is my time that I can go for it now that I'm 3/24 with no apps since 10/18.

[Anonymous]

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@randomguy1 wrote:

If you are traveling in 3 months, try using the AZEO method in 2 months and give it a shot. Try to get a CLI increase or two with Disco in the meantime. If you don't mind a HP, go for it.

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Pardon my ignorance, but when you say AZEO, does this mean all zero except one? Since starting my credit journey I usually do this haha, usually letting one card report like $1 or so on the statement closing date and the other 0. Yeah I am considering requesting a CLI with Disco but my last one was lasth month, I double dipped so I am a bit weary they may give me the "not enough experience message" haha. Thanks for the feedback! 

[randomguy1]

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@Anonymous wrote:

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@randomguy1 wrote:

If you are traveling in 3 months, try using the AZEO method in 2 months and give it a shot. Try to get a CLI increase or two with Disco in the meantime. If you don't mind a HP, go for it.

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Pardon my ignorance, but when you say AZEO, does this mean all zero except one? Since starting my credit journey I usually do this haha, usually letting one card report like $1 or so on the statement closing date and the other 0. Yeah I am considering requesting a CLI with Disco but my last one was lasth month, I double dipped so I am a bit weary they may give me the "not enough experience message" haha. Thanks for the feedback! 

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Yes, exactly what I meant. There doesn't seem to be any data they care if you ask for another CLI but I understand if you have any hestiation.

[SouthJamaica]

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@Anonymous wrote:
Hello everyone I’d like some advice, suggestions etc for a Chase card I am interested in. Here are my following cards with their limits and other info:

Discover It - $4k CL, opened Feb 18 2019
Citi Secured - $400 CL, opened March 10 2019
Chase Freedom - $3.8k CL, opened Nov 14 2019

FICO 8 Scores
EX: 718
TU: 735
EQ: ???
Income $32k

As you guys can see my file is quite thin but was able to get a Freedom card with less than a year of history. I’ve heard that with Chase the hard part is getting in, once you are in it’s fairly easy to get other cards with them. Is this true? I ask because I am interested in the Chase Sapphire Preferred card. I’ve heard of many people being approved for this card after 2-4 months of showing responsible use with the Freedom cards, so I was wondering if you guys think if I have a shot at this card? I know my file is thin and it will work against me, but if I do apply obviously it won’t hurt to wait until my Discover turns a year old and maybe even the Citi card as well, which by the way I have already received a letter about a month ago saying this card will become unsecured and I’ll be receiving their Diamond Preferred card which I plan to product change into a Citi DC. Initially I was interested in the Propel card for the broad bonus categories it offers but I think I need focus on Chase first due to their 5/24 rule. Sorry for the long post, hope I can get feedback and thanks everyone for your time! 😊

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1. No it's not true that once you're "in" with Chase it's fairly easy to get other cards with them.

2. You are not ready for the Chase Sapphire Preferred. They like to see at least a year of history and experience with credit limits of 5k or greater.

3. I don't think you should apply for any more cards at this time. Give yourself at least 6 months, and give your scores a chance to grow. Don't go for the CSP until you've got at least one other 5k account under your belt.

[coreysw12]

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@dsotm76 wrote:

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@Citylights18 wrote:

I don't know if I would get into a CSP with an income of 32k. The SUB of 60,000 points requires a 4,000 minimum spend in 3 months.

I'm curious, what kind of income are they looking for with the CSP?  I'm around $44K.  If I factor in Mom's SSI that's put into my account directly, that bumps it up some.

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You can't include your mom's SSI as part of your income. I mean, you can try, but it would be lying, and if they asked you for any income verification, you'd have no proof that it's your income, so it would result in an automatic denial. Best to just be honest about your income.

There is no set income requirement for the CSP, or for most other credit cards. I saw one student who made less than $20k/yr get approved for a CSP. But as a general rule, whatever you lack in income you need to make up for with solid credit history. And vice versa.

As others have mentioned, Chase doesn't usually like to be the first one to give you a credit card with over $5k CL. But I think they're more lenient with that if you have high income or solid credit history to back it up. My first over-$5k CL card was my CSP - the only other card I had at the time was only $3k. But I think this was partly because they decided the money I put through my chase checking accounts each year is enough to justify a larger CL.

[Anonymous]

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@randomguy1 wrote:

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@Anonymous wrote:

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@randomguy1 wrote:

If you are traveling in 3 months, try using the AZEO method in 2 months and give it a shot. Try to get a CLI increase or two with Disco in the meantime. If you don't mind a HP, go for it.

---

Pardon my ignorance, but when you say AZEO, does this mean all zero except one? Since starting my credit journey I usually do this haha, usually letting one card report like $1 or so on the statement closing date and the other 0. Yeah I am considering requesting a CLI with Disco but my last one was lasth month, I double dipped so I am a bit weary they may give me the "not enough experience message" haha. Thanks for the feedback! 

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Yes, exactly what I meant. There doesn't seem to be any data they care if you ask for another CLI but I understand if you have any hestiation.

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I think I will wait at least another month to maybe request a CLI, while still doing the AZEO method. Thank you for your feedback! 

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:
Hello everyone I’d like some advice, suggestions etc for a Chase card I am interested in. Here are my following cards with their limits and other info:

Discover It - $4k CL, opened Feb 18 2019
Citi Secured - $400 CL, opened March 10 2019
Chase Freedom - $3.8k CL, opened Nov 14 2019

FICO 8 Scores
EX: 718
TU: 735
EQ: ???
Income $32k

As you guys can see my file is quite thin but was able to get a Freedom card with less than a year of history. I’ve heard that with Chase the hard part is getting in, once you are in it’s fairly easy to get other cards with them. Is this true? I ask because I am interested in the Chase Sapphire Preferred card. I’ve heard of many people being approved for this card after 2-4 months of showing responsible use with the Freedom cards, so I was wondering if you guys think if I have a shot at this card? I know my file is thin and it will work against me, but if I do apply obviously it won’t hurt to wait until my Discover turns a year old and maybe even the Citi card as well, which by the way I have already received a letter about a month ago saying this card will become unsecured and I’ll be receiving their Diamond Preferred card which I plan to product change into a Citi DC. Initially I was interested in the Propel card for the broad bonus categories it offers but I think I need focus on Chase first due to their 5/24 rule. Sorry for the long post, hope I can get feedback and thanks everyone for your time! 😊

---

1. No it's not true that once you're "in" with Chase it's fairly easy to get other cards with them.

2. You are not ready for the Chase Sapphire Preferred. They like to see at least a year of history and experience with credit limits of 5k or greater.

3. I don't think you should apply for any more cards at this time. Give yourself at least 6 months, and give your scores a chance to grow. Don't go for the CSP until you've got at least one other 5k account under your belt.

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Hey there thank you for the suggestion! Of course having another card with a 5k limit or more would certainly help, but I think this will vary by person and profile too. I know a couple of people who got the CSP with a relatively young file and their other cards did not have a limit of 5k, not even all of their card limits combined. Their income wasn't particularly high either. I was told the same when asking people about getting the Freedom card, that Chase likes to see a year of history with other cards before approving people for any of their cards, even beginner cards like the Freedom cards but I was able to get it with abouth 9 months of history. Chase can be very unpredictable! I do appreciate the suggestions though, I think waiting a bit will do some good. 

[Anonymous]

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@coreysw12 wrote:

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@dsotm76 wrote:

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@Citylights18 wrote:

I don't know if I would get into a CSP with an income of 32k. The SUB of 60,000 points requires a 4,000 minimum spend in 3 months.

I'm curious, what kind of income are they looking for with the CSP?  I'm around $44K.  If I factor in Mom's SSI that's put into my account directly, that bumps it up some.

---

You can't include your mom's SSI as part of your income. I mean, you can try, but it would be lying, and if they asked you for any income verification, you'd have no proof that it's your income, so it would result in an automatic denial. Best to just be honest about your income.

There is no set income requirement for the CSP, or for most other credit cards. I saw one student who made less than $20k/yr get approved for a CSP. But as a general rule, whatever you lack in income you need to make up for with solid credit history. And vice versa.

As others have mentioned, Chase doesn't usually like to be the first one to give you a credit card with over $5k CL. But I think they're more lenient with that if you have high income or solid credit history to back it up. My first over-$5k CL card was my CSP - the only other card I had at the time was only $3k. But I think this was partly because they decided the money I put through my chase checking accounts each year is enough to justify a larger CL.

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Yeah I have seen similar situations myself, although not common but also not unseen haha. Two questions for you if you don't mind. Do you think having a relationship with Chase helps in any way, even a bit? I do have a checking account with them. Second, you did mention you did put a good amount of money through your Chase checking accounts each year, which reminds me of something called Special Consideration. Maybe you have heard of this but it is when a banker at Chase would put in a special consideration for a customer applying for a credit card, usually when they got denied. I believe to trigger that, customers had to put around $10,000 or more in an account, but I believe Chase no longer does this. Anyways, if I did have an amount like that in my account, do you think it could help in a way as well even though they don't do that Special Consideration anymore? Thanks for your feedback and datapoints! 

[SarahJo]

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@Anonymous wrote:

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@randomguy1 wrote:

If you are traveling in 3 months, try using the AZEO method in 2 months and give it a shot. Try to get a CLI increase or two with Disco in the meantime. If you don't mind a HP, go for it.

---

Pardon my ignorance, but when you say AZEO, does this mean all zero except one? Since starting my credit journey I usually do this haha, usually letting one card report like $1 or so on the statement closing date and the other 0. Yeah I am considering requesting a CLI with Disco but my last one was lasth month, I double dipped so I am a bit weary they may give me the "not enough experience message" haha. Thanks for the feedback! 

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Just wanted to add that generally the method of AZEO is at least $2, if you are actually only letting a dollar report, not sure if it matters but passing this link along: ABC 11 Rules to Credit Rebuilding