Some advice needed

[jbsilva21]

Need some advice.

I have just paid off a lot of debt after going through a divorce. Been through some rough patches and luckily Amex was not only good to me but didn't close out my cards. I really want to get a Chase card with a $4k to $5K limit. Most of my cards are around $1k to $2K. No late payments on my cards just had heavy utl for the last 24 months. I did have some lates on auto loans and personal loans but all is paid off except the auto loans. For the next 12 to 18 months I plan to keep utl low and not accrue any more debt since income has taken a large hit due to divorce. I have roughly $25K saved up. Would there be any benefit to getting a secured card with a $10k limit to report and possibly help get a larger limit with Chase in the future? Or would it be better to just keep my money in my Chase bank account and wait it out?

Thanks all.

[Anonymous]

Did you burn Chase? They have a long memory.

[jbsilva21]

Never had a Chase card at all. Not even Wamu. This would be my first with them.

[M_Smart007]

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@jbsilva21 wrote:

Need some advice.

I have just paid off a lot of debt after going through a divorce. Been through some rough patches and luckily Amex was not only good to me but didn't close out my cards. I really want to get a Chase card with a $4k to $5K limit. Most of my cards are around $1k to $2K. No late payments on my cards just had heavy utl for the last 24 months. I did have some lates on auto loans and personal loans but all is paid off except the auto loans. For the next 12 to 18 months I plan to keep utl low and not accrue any more debt since income has taken a large hit due to divorce. I have roughly $25K saved up. Would there be any benefit to getting a secured card with a $10k limit to report and possibly help get a larger limit with Chase in the future? Or would it be better to just keep my money in my Chase bank account and wait it out?

Thanks all.

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If it were Me, I would go into a Chase branch if possible? .. and talk to a personal banker.

Having the banking relationship could help you.

[jbsilva21]

I currently bank with Chase, but I am waiting for my scores to improve and put more time between the late payments I had over the last year. I am not ready, but I would like to be in the best position possible. I don't plan on spending this money any way. I have some investments with Chase, but I am not that happy with that side of Chase. 

[AllZero]

Excellent suggestion by @M_Smart007 .  Have you considered joining a credit union? Are you eligible for Navy Federal Credit Union?

[jbsilva21]

I do have an account with Navy, but not a fan of them. Even when I got my scores up they just did not want my business for anything. Now I just keep $10 in the savings for some odd reason. I do a 90 percent of my banking with Chase including some investments. I am moving the investments under the suggestions of family that use Morgan Stanley. I am thinking of converting my Amex Platinum to the Morgan Stanley version for the free first au for my daughter. I use my RBFCU account for my child support. I like the banking side of Chase but for some reason NFCU and PenFed seem to think I am toxic waste. The only lending either one has done with me is a share secured loan. I am not sure if I want to get into the credit card side with them or not. 

[Anonymous]

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@jbsilva21 wrote:

... for some reason NFCU and PenFed seem to think I am toxic waste ...

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"Some advice needed"

The advice I will offer is to not personalize lending decisions. They have nothing to do with you. They are about your credit profile and, given time, they are fluid (ie, NO today, YES tomorrow). 

[FinStar]

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@jbsilva21 wrote:

I do have an account with Navy, but not a fan of them. Even when I got my scores up they just did not want my business for anything. Now I just keep $10 in the savings for some odd reason. I do a 90 percent of my banking with Chase including some investments. I am moving the investments under the suggestions of family that use Morgan Stanley. I am thinking of converting my Amex Platinum to the Morgan Stanley version for the free first au for my daughter. I use my RBFCU account for my child support. I like the banking side of Chase but for some reason NFCU and PenFed seem to think I am toxic waste. The only lending either one has done with me is a share secured loan. I am not sure if I want to get into the credit card side with them or not. 

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Just as a pointer, AmEx will not be able to PC your existing [standard] Platinum card to the Morgan Stanley version.  You'd have to apply for that product separately once you meet the Morgan Stanley brokerage account eligibility. 

[Anonymous]

You may hate NFCU but you will rarely hate the credit limits they give.   I got $24K on my first card weeks after joining them with a 5 yr old Cht 13 bk on my report scores around 630.......What other bank will bless you like that??????    Chase is cool if you're into that....I'm not.  I don't see the big deal with them.  I get lots of spin with NFCU got 2 cards with them now.   I understand the hate thing....most folks hate their jobs but they still show up to work everyday.  lol    NFCU has a prequal you can do.....You have to call speak with a Rep doesn't hurt to try.  Chase is picky on who they take in with what's going on with your credit I wouldn't waste a HP for a chase card.