Should I accept this preapproval?

[vinster95]

Hey everyone! As some of you may know, I've been eyeing a Chase credit card for multiple years. I was recently declined back in October because my UTL was high and I went negative in my Chase account and didnt realize it since I dont really use that account. I just got the Capital One Venture card last month, because I wanted to start growing my profile with revolving accounts, since I mainly just use my Amex Platinum. The Capital One approval was for 3k, and I got an increase first week to 8k.

So I just logged into my Chase bank app, since I'm now using them as my main bank, and I see it says "you're already approved! Sapphire reserve card $12,000, Sapphire Preferred card $5,000, Freedom card $2,000." Now I'm sitting here like... Do I accept the offer? Lol. I dont NEED another card right now. And I'm going to assume, as long as my scores stay up, that offer will be there down the road. I'm not sure if its smart to open 2 cards right away. I also don't want to trigger anything from Amex or Capital One with them saying I opened a lot of new credit and then they lower my limits or something. And the other thing is, I know the CSR gives a lot of people like 20-30k SL on approval. 12k is not a lot. So I'm like to grow it to 30k will take hard pulls, etc... So should I let this Capital One card grow for 6 months to a year and then go get the Chase card? Or should I just accept it now. I figured you guys will be able to provide me with the best advice here.

Thanks!

[SouthJamaica]

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@vinster95 wrote:

Hey everyone! As some of you may know, I've been eyeing a Chase credit card for multiple years. I was recently declined back in October because my UTL was high and I went negative in my Chase account and didnt realize it since I dont really use that account. I just got the Capital One Venture card last month, because I wanted to start growing my profile with revolving accounts, since I mainly just use my Amex Platinum. The Capital One approval was for 3k, and I got an increase first week to 8k.

So I just logged into my Chase bank app, since I'm now using them as my main bank, and I see it says "you're already approved! Sapphire reserve card $12,000, Sapphire Preferred card $5,000, Freedom card $2,000." Now I'm sitting here like... Do I accept the offer? Lol. I dont NEED another card right now. And I'm going to assume, as long as my scores stay up, that offer will be there down the road.

I would not make that assumption at all. In my experience they come and go.

I'm not sure if its smart to open 2 cards right away. I also don't want to trigger anything from Amex or Capital One with them saying I opened a lot of new credit and then they lower my limits or something.

In the first place, 2 cards is not a lot.

In the second place, neither Amex nor Capital One is the type to get excited about that.

And the other thing is, I know the CSR gives a lot of people like 20-30k SL on approval. 12k is not a lot. So I'm like to grow it to 30k will take hard pulls, etc...

Not so. Chase now has soft pull CLI's.

So should I let this Capital One card grow for 6 months to a year and then go get the Chase card? Or should I just accept it now. I figured you guys will be able to provide me with the best advice here.

I really don't know what to say. For me it might boil down whether I have enough spend to earn the SUB's on both the Capital One and the Chase card. And whether I can really make use of the Chase card.  I suppose it's prudent not to get a card you don't need, but a golden opportunity to get a CSP or CSR isn't something to sneeze at.

Tough one. I'm sure you'll make the right call.

Thanks!

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[keekers]

I guess it depends on how important it is to you to get in with Chase. If it's high on your priority list it seems now is a perfect opportunity. Otherwise...

[FicoMike0]

I would agree that two cards is not a lot. If you want a Chase card, the hp will age out in 12 months, the sooner you start that clock, the sooner it will run out. I'd be more concerned with making the spend and if I could get value from a high af card. Maybe the freedom?

[vinster95]

@SouthJamaica Thanks for all that info, I appreciate it! I could easily hit the spending bonus. So I’m not worried about that part. My main two concerns were Amex and Capital One seeing a lot of new credit and also am I hurting myself by getting in at 12k instead of waiting for a higher limit offer? A lot of people I know who have it got in like 20-30k minimum. So that's more what I was weighting. 

[vinster95]

@FicoMike0 yeah, I've always wanted a Chase card. The first CC I ever applied for was the CSP like 9 years ago and got declined. I've been wanting them for years. I can easily hit the spending bonus. So I’m not too worried about that part. I’m pretty new to the best way to "optimize" CLIs, inquiries, etc... so I’m probably overthinking a lot of things with this as well haha

[nytokyobred79]

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@vinster95 wrote:

@FicoMike0 yeah, I've always wanted a Chase card. The first CC I ever applied for was the CSP like 9 years ago and got declined. I've been wanting them for years. I can easily hit the spending bonus. So I’m not too worried about that part. I’m pretty new to the best way to "optimize" CLIs, inquiries, etc... so I’m probably overthinking a lot of things with this as well haha

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Besides your 8K limit on Cap One, do you have any other revolvers with limits higher than that? Also, what's your income? Given that you bank with them as well, they may/may not be using that as a basis for that 12K SL ( plus the rest of your profile).  As @SouthJamaica said the pre-approvals can come and go, and also there's no guarantee you'd get 20K SL even waiting 6 months down the line. Of course, I don't know how much money you have parked in Chase or how much direct deposit they get each month. If you're able to put decent spend on the card, you may have luck getting to 20K via SP cli(s) or auto love as well. If it were me, I might take them up on the offer. Chase's pre-approvals( especially with limits given) are close to a guarantee although they could decline if your profile changes from when they made the pre-approval offer.  

[vinster95]

@nytokyobred79 8k is my highest card. None higher than Capital One. But my capital one isn't even reporting on my credit reports yet. The first statement just closed the other day, so I’m assuming I'll see it reported this week? And I have banked with Chase for years, but used TD as a main bank, so I kept like 100 bucks in my Chase account. Now that I’m switching them as my main bank, I'll have more activity in the account. No direct deposits at all. But I'll be running around 7000 a month through the checking account for bills, CC payments, etc... 

I guess my main thing with them is if I’m getting offered 12k now, without capital one not even showing yet, will I get offered even more in 6 months with another increase to capital one that's going to show even more than 8k SL (presumably). And like I said, my worry of multiple cards at one time. I read everywhere that that's not good for your credit, but apparently 2 cards around the same time isn't bad? 

[SouthJamaica]

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@vinster95 wrote:

@nytokyobred79 8k is my highest card. None higher than Capital One. But my capital one isn't even reporting on my credit reports yet. The first statement just closed the other day, so I’m assuming I'll see it reported this week? And I have banked with Chase for years, but used TD as a main bank, so I kept like 100 bucks in my Chase account. Now that I’m switching them as my main bank, I'll have more activity in the account. No direct deposits at all. But I'll be running around 7000 a month through the checking account for bills, CC payments, etc... 

I guess my main thing with them is if I’m getting offered 12k now, without capital one not even showing yet, will I get offered even more in 6 months with another increase to capital one that's going to show even more than 8k SL (presumably).

No reason in the world to think that.

And like I said, my worry of multiple cards at one time. I read everywhere that that's not good for your credit, but apparently 2 cards around the same time isn't bad? 

No such rule. Each new account causes some point loss with inquiry, and reduction of average age of accounts. "Credit seeking behavior" is sometimes a reason for declining a card, but one other recent card would not be considered serious "credit seeking behavior".  

But it seems that you would be more comfortable waiting. If so, then wait.

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[vinster95]

@SouthJamaica Good to know with the credit seeking behavior stuff. I think the anxiety stems from an Amex financial review I had randomly about a year and a half ago. And I guess my worry is I don't want another one from them.

Interesting on the "no reason to think that" part. Is there a reason why? I feel like everyoneeee I see gets 20k minimum from the CSR. So I guess its just in my head that 12k seems "low".

Trusting you know better than me here though. So maybe accepting the offer would be best. Is Chase historically pretty good about growing limits?