Chase Sapphire Approved! Nice SL - AMEX BCP - Approved! BUT VERY LOW SL

[2014now]

Hey thought I'd share. My first post ever... got instantly approved for chase sapphire preferred for 12.1k . called next day to get card expedited with no fee. Delivered the following day via UPS! cant get no better than that. My 2nd chase card. I love them. So I thought I apply for AMEX Blue Preferred. Instant aproval but for only 1k!! I applied because I need a 0% APR for balance transfers. Although Im happy with the Chase, Im  so very disspointed about AMEX because thats the card I REALLY needed to get a high CL in. Anyone knows why such a drastic difference between the 2 cards CL?

FYI - took a hard hit. 8 pt drop. Chase pulled Experian (fico) 725 now down to 717. I dont know what AMEX pulled.. this was literally hrs ago

[Anonymous]

You possible recon the AMEX SL by calling; even though they may deny, it’s worth the attempt. Congrats on CSP! Others who more knowledgeable will chime in.

[2014now]

Thanks! Yes I’m patiently waiting for them to open in about another hour lol I will try. Maybe discover it or barclay would have been worth the chance for a hard hit. But not for 1k .. It really doesn’t make any sense to me.

[Anonymous]

Congrats on your CSP approval.

Regarding your questions; what does your credit profile look like?  How old is your credit history and how many credit cards did you have before the CSP and Amex?  The fact that you took an 8 point hit suggests a relatively thin profile.  And be forewarned that you'll take a bigger hit when the new account(s) start reporting the the credit reporting agencies.

Amex typically pulls Experian; if you are a previous Amex member its possible to get a new card without a hard pull.

[2014now]

Credit K says oldest is about 3.5 years. Besides 4 small retail cards - I have a Cap 1, Chase FU and AMEX Gold Business.
Why would I take a bigger hit if my CSP CL is 12k which ultimately decreases my overall ultilization and give me a smaller debt to credit ratio?

[2014now]

Btw - AMEX says they don’t offer recon for CLI only if you were denied. The CL is computer generated. You must wait until you receive your card physically then call customer service and ask for CLI depending on if the computer gives the rep the option for it.

[Anonymous]

There are several factors to consider when seeking credit and then opening new tradelines.  First, applying for credit and authorizing the lender to do a "hard pull" or "hard inquiry" costs you a few points on your FICO score.  Presumably the 8 point drop you observed is from the hard inquiry by Chase and possibly Amex.

Second, there's another penalty (for the lack of a better word) to your FICO score when the new cards start reporting to the credit bureaus and this penalty is usually larger than the one incurred for hard pulls.  It is caused by the fact that you have now reduced your Average Age of Accounts (AAoA) and the Age of Youngest Account (AoYA).  Keep a close look at your Credit Karma summary and you'll observe these two factors decrease as soon as the accounts report; and this impacts your FICO score.  The good news is that over time you will regain the points you lost when the accounts are new and many times the point loss is mitigated by your lowered utilization rate.  Unfortunately CK does not track Experian credit reports so you wouldn't see the full impact unless you get access to your Experian credit reports and scores.

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@2014now wrote:
Credit K says oldest is about 3.5 years. Besides 4 small retail cards - I have a Cap 1, Chase FU and AMEX Gold Business.
Why would I take a bigger hit if my CSP CL is 12k which ultimately decreases my overall ultilization and give me a smaller debt to credit ratio?

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[2014now]

Thanks always for the insight. CSP was approved last week. AMEX was last night so the point drop werent from the combination. I knew I would definitely get a hard pull without a doubt for sure but was kind of shocking for it to be 8 points for 1 card...

Wasnt aware of (AAoA) thats good to know. Hopefully it wont take too long of a process to regain. I will monitor closely as advised!

so question - I still have not met my goal of getting a 0% APR intro card big enough to transfer over my other cards which was my initial goal. It was my fault by applying for CSP because I thought that card had one of those offers. So should I wait to apply for a Discover IT or Barclay? or perhaps a QuickSilver who can offer this to me? Will this be even more damaging to my score? I see people with like 6,7,8 cards all at once. Im thinking if I get it over with now and then go straight to Garden!!!! I appreciate your experienced advise  

[Anonymous]

Personally I would try the Discover It or a credit union like PenFed for a 0% intro APR card; then garden for a while

Don't get caught up in applying for multiple cards; the banks' algorithms are much more sophisticated now and they will deny you simply for having multiple inquiries in a short period of time.  Also, Chase is known to shut down cards for people who open accounts with other creditors after being approved for a Chase card so proceed carefully.  

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@2014now wrote:

Thanks always for the insight. CSP was approved last week. AMEX was last night so the point drop werent from the combination. I knew I would definitely get a hard pull without a doubt for sure but was kind of shocking for it to be 8 points for 1 card...

Wasnt aware of (AAoA) thats good to know. Hopefully it wont take too long of a process to regain. I will monitor closely as advised!

so question - I still have not met my goal of getting a 0% APR intro card big enough to transfer over my other cards which was my initial goal. It was my fault by applying for CSP because I thought that card had one of those offers. So should I wait to apply for a Discover IT or Barclay? or perhaps a QuickSilver who can offer this to me? Will this be even more damaging to my score? I see people with like 6,7,8 cards all at once. Im thinking if I get it over with now and then go straight to Garden!!!! I appreciate your experienced advise  

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[2014now]

Oh WOW! for real?! I defintely dont want to loose Chase!  well thanks again for your help! Ill pray on it