Chase Sapphire Approval with low scores

[Anonymous]

Wow! Even better! That's good all around!

[Anonymous]

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@tmtkidz wrote:
Yesterday, I walked in Chase bank in NYC to open up a business checking acct & business cc. After reading on this forum I was scared to apply especially after the banker told me that nothing came up for pre-approvals. Instead, I opened a personal & business checking account and that’s where my pre-approval was showing. We submitted and I was approved for $14,700 sl. Later, I applied for the Amex PRG and was approved. I’ve been working on my utilization so this is a surprise to me.
Cards CL Balance
PenFed promise 33k 31k
PenFed rewards 10k 8k
CapOne 3k 900
CreditOne 2400 1200

Scores EQ-665, TU- 634 and EX-657
Lost 2pts EQ so far/chase pulled from EQ & EX

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Congrats on two great approvals.  Chase digs your profile.

Am I reading your DPs correctly with an aggregate utilization of 84.9%—total credit limit $48.4K vs. useage of $41.3K?

PenFed - CL $33K / Bal $31K - UTL 93%

PenFed - CL $10K / Bal $8K - UTL 80%

[tmtkidz]

Thank you!
Yes, you are correct. I’m working on my utilization.

[Anonymous]

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@tmtkidz wrote:
Thank you!
Yes, you are correct. I’m working on my utilization.

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This approval gives you a nice boost. Should drop you to around 65%. Very nice indeed. 

[tmtkidz]

Yes, that was my hope and by next month those 2 pts will be back since I’m paying down weekly.

[CreditCuriosity]

Agree your utilization is high which is  suppressing your scores...I would of personally worked on paying some of that down prior to taking on more credit, but to each and their own... Good luck with paying off some hefty CC debt and congrts on the approval

[tmtkidz]

Thank you! I agree with you 100%. I’m working on that as we speak. I just felt that extra card would give me a little cushion.

[Anonymous]

There's no harm in closing your Capital One account now.  An account that is closed in good standing remains on your credit report for 10 years so your Average Age of Accounts will not decrease.  And by the time the closed account falls off your report the other accouts would have age sufficiently that any change to AAoA is negligible.

[tmtkidz]

Okay-thank you! It was the Credit one account that I was thinking about closing. Should I closed the CapOne as well. They both have low limits but they come with AF.

[Anonymous]

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@tmtkidz wrote:
Okay-thank you! It was the Credit one account that I was thinking about closing. Should I closed the CapOne as well. They both have low limits but they come with AF.

I would pay both accounts off and close them.  So  in the event any notation is added to your credit report is will show that it was closed by the account holder and not by the creditor.