I'd like to apply for a Chase card within the next 6 months. It's tempting now, but may need to wait another six months to be safe. I recently signed up for the Chase Credit Journey, and have also recently been getting Chase pre-approved offers on the Experian site.
Offers listed on Experian (They show the green check and state pre-approved, but I'm sure this is not the same as if it appeared on Chase's site).
1) Chase Sapphire Preferred - 60,000 bonus points after spending $4,000 in the next 90 days. Value stated as about $750 if I redeem through Chase Ultimate Rewards
2) Chase Freedom Unlimited - An Extra 1.5% on everything you buy up to $20,000 in the first year. Value is up to $300. 6.5% on travel the first year, 4.5% on dining and drugstores, and 3% on all other. After the first year, its 5% travel, 3% on dining and drugstores, and 1.5% on all other.
I checked on my credit journey and signed into Chase and did not see anything similar. The extra 1.5% was not listed. When I tried credit match several Chase cards show up as a match but also didn't show the offer listed on Experian.
Some key data points.
1) From what's posted to my reports now, I'm only at 3/24, but two cards are not yet posting (Amex BCE from July, and Apple Card from this month). The Amex card should post something in the second half of September (statement cut 8/12 so after 9/12 it should post). I have one new card from Aug 2021 that will drop off. So even with these two new cards, I will be at 4/24 in September once everything posts.
2) Inquiries. Outside of a vehicle purchase in November 2022, I only have two recent inquires from the Amex and Apple cards.
EX inquiries 1/6, 2/12, 2/24 (Amex on July 19, and vehicle showed 1 on 11/25/22)
TU inquiries 2/6, 4/12, 4/24 (Amex on July 19, Apple 8/5, and vehicle showed 2 on 11/25/22)
EQ inquiries 0/6, 1/12, 3/24 (Vehicle on 11/25/22, Penfed card on 5/9/22, and Penfed Card on 8/23/21)
Utilization shows 21% right now, but with the new cards not yet showing its closer to 18%.
In July my last negative item dropped from EX and TU resulting in 50+ points added to both. Right now Fico 8 is between 770 and 780 on all three.
So I know Chase looks for 5/24, but do they also look within the past 6 months or 12? It looks like they would likely pull EX and TU and would then see the recent inquiries for both Amex and Apple. For new accounts, I would be 3/6, 3/12, and 5/24 if you count the two that have not posted yet. What they would see at this point would be 1/6 (May 2023), 1/12, 3/24.
I have spent a lot of time in the past few weeks after the 50+ score bump to decide which cards I really needed and then get rid of several that are not a good long-term fit. I travel, but not all the time, so I need a good travel card to cover gas, hotels, but not much for air. I've also been looking at cards with the intro low interest and possibly some balance transfer cards. I also want to continue to build my relationship with Amex. I've used them for both personal and business many years ago and always found their customer service excellent. The AmEx BCE was a starting limit of $6,000. A new account now may jeopardize getting a 3x increase in 90 days.
Any thoughts on timing for Chase with the recent inquiries?
@Hoben02 wrote:I don't think the csp bonus is anything out of the ordinary, but that chase freedom might be a limited offer and these things don't last forever. You could apply now if it's rejected for too many new accounts open then wait and apply later
Thanks. I thought about applying now but I'm a bit apprehensive with the recent new accounts. It's been difficult holding back from doing an app spree after 50 and 55 point increases on TU/EX. I have seen that CSP bonus before. The Chase Freedom is tempting also with the extra 1.5%. I would probably fall a bit short of maximizing that bonus of $300.
@JoeRockhead wrote:Everything looks OK based on the info you provided, and while you could possibly get an approval now. It's not the inquires that would be my biggest concern, it would be the two recent approvals. Chase does monitor newly approved accounts and when they see the two new accounts hit your reports, they may, or may not view it as excessive credit seeking, if so, they've been known to close accounts. You've done well, great scores, why not just wait another 6 months, your file will hopefully improve even more, and...the cards will still be there.
Thanks. Great advice. I would have trouble ever getting a future Chase card if they closed the first one for too many new cards. That would be worse than a denial. I had planned to keep checking their site for potential pre-approvals but will likely hold off until February. I should have lower utilization and would be at 0/6, 3/12, 4/24 for new accounts. Also by then I should have a chance for a CLI on Amex BCE.
I had spent time looking at numerous credit union cards and cards from other major banks like Citibank, Wells Fargo, USBank, Bank of America. Chase has good cards and good reviews so I'm going to try to app no more than once every six months to be able to qualify. Since I acquired 3 cards in a row this year, I can only get two more cards in the next year and still stay under 5/24. I also thought about applying for the Amazon Prime card next year (Dec 2024) since I could be over 5/24 and still get it. But do I need it? I use Amazon a lot so thought this would be a good card. For Amex, I'm not sure what my second card will be. Maybe one of the Hilton cards or Amex Blue Cash Preferred. I don't think I have enough spend to need one of the charge cards.
@Hoben02 wrote:I don't think the csp bonus is anything out of the ordinary, but that chase freedom might be a limited offer and these things don't last forever. You could apply now if it's rejected for too many new accounts open then wait and apply later
yea that CSP bonus is one of the lower ones it usually offers. Its about normal for the CSR but its usually fairly easy to find a CSP sub in the 80k+ range
@swankytiger wrote:
@Hoben02 wrote:I don't think the csp bonus is anything out of the ordinary, but that chase freedom might be a limited offer and these things don't last forever. You could apply now if it's rejected for too many new accounts open then wait and apply later
yea that CSP bonus is one of the lower ones it usually offers. Its about normal for the CSR but its usually fairly easy to find a CSP sub in the 80k+ range
That's great information on the CSP on their sub history. I'll watch for any increases. The last two years it's been up to 80,000 in April and May. Thanks.
@nwa479 I actually signed up to Chase Credit Journey last month for the same reason, as my next goal is to get into the Chase Ecosystem.
I'm currently at 6/24 with EX, and 5/24 with TU until Jan 2024 which I will drop to 3/24 with both CRAs, but I planned on waiting until February 24 to apply/see if I'm pre-approved for the CSP or CFU. I'm also a AU on one of my mom's Chase Freedom cards.
Unfortunately, I still have some baddies on my report that don't drop off for a few years, and currently under "Just for you" and I'm not seeing any targeted ads on CK.☹️
@citymunky wrote:@nwa479 I actually signed up to Chase Credit Journey last month for the same reason, as my next goal is to get into the Chase Ecosystem.
I'm currently at 6/24 with EX, and 5/24 with TU until Jan 2024 which I will drop to 3/24 with both CRAs, but I planned on waiting until February 24 to apply/see if I'm pre-approved for the CSP or CFU. I'm also a AU on one of my mom's Chase Freedom cards.
Unfortunately, I still have some baddies on my report that don't drop off for a few years, and currently under "Just for you" and I'm not seeing any targeted ads on CK.☹️
You mention you were 6/24 on EX, 5/24 on TU. Are these inquiries or new accounts? My understanding is the Chase 5/24 is based on new accounts in the past 24 months which should be the same for all agencies. Dropping to 3/24 will give you the chance for a couple of Chase cards. Glad to see your going after the Chase cards next.
New accounts. I had one of credit building accounts (year subscription) that is coded as charge card. The account reported to EX and EQ but not TU.