I received a Chase/SWA preapproval in the mail the other day and decided to try it. I had no real hope, but had been approved for $600 on a Wal-Mart card last week so i decided to try anyway. To my surprise i was approved for $5000 CL. I have no clue how as my FICO is right at 600. (Way up from 480 just a year ago). I do have 6 other cards with CL from $300 - $750. Should I keep any or all of these or is it better to close the smaller line accounts? Thanks for the help.
Welcome to the forum! Congrats! Tough to tell you if you should close a card without knowing what they are.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
My cards i currently have are listed below. Also should I try and consolidate the 2 Capital One accounts and go for a CLI?
Congrats and welcome to the forum! Chase has their own internal scoring system (Card Acquisition Risk Score System), and obviously despite your score (could be higher in their system) your profile has enough potential where Chase wants to give you a chance. Take the card, treat it with care, age it nicely and you'll be in heaven with other cards no time.
Bought a new house about six years ago and was self employed. Then business slowed and real estate decline hit. I was on the verge of foreclosure and probably should have declared bankruptcy. Business is much better now and have been working to clear my report. Credit score was in the 430's about a year ago. Now am at 601 with 700 in site. Now with this windfall am wondering what my next move should be if any. Besides taking care of this fortunate occurrence is there any way to capitalize further?
How long have you had your other cards? If all other cards are relatively new (under 6months), IMHO show good usage on your new SW card and PIF (Chase likes good/heavy usage & PIF) and try again for another Chase card in 3-6months. I was first approved for my CSP in September, showed great usage & PIF, app'd for the Hyatt in October and instantly approved. Given your scores right now, I would age them a bit more and app again in 3-6months.
I appreciate all of the advise. This is an awesome forum. 4 of the lower limit cards are about 16 months old the other 3 are less than 3 months old. I would love to have an AMEX product and a Chase Saphire or Freedom and try to consolidate the Capital One cards into one account and lose the other cards with lower limits, high interest and annual fees. Is that a good plan?