First "REAL" credit card since starting rebuild

vicky3vicky · ‎05-18-2019

I have been working on my rebuild with secured credit card, extremely low utilization, and, though FICO 8 score is very low [mid 600s] I decided to apply for the Chase Southwest Visa credit card and got instant approval. I thought it must be a fluke until I received the card a couple days ago. What was strange is that they used V2 to calculate my score [700, which, incidentally is not as good as a 700 FICO score, but better than a FICO 8 ib mid 600s] I found this strange because I thought that Vantage scores were not used for credit cards, especially Chase. Or could the V2 stand for something other than Vantage 2.

One more thing, awhile ago I signed up[free] for the Southwest rapid rewards program [points for dining, hotels, car rentals] and wonder if that might have made a difference in my acceptance. I have 2 extreme baddies [collections, a bit over a year old, fully paid off]

Anonymous · ‎05-18-2019

V2 could be Gen2 which is one of the oddball equiv's that sometimes gets used if there's no other score to pull. Sounds like you have Fico's generated though.

RR sign up doesn't influence Chase one way or another.

Either way I wouldn't worry about it too much and enjoy your new card!

5KRunner · ‎05-18-2019

Congratulations on the approval and welcome to the MyFICO forums!

Anonymous · ‎05-18-2019

Congrats!

If I can offer any advice - Lay low for a while now. That would include not applying for any more Chase cards or CLIs on that card for a while. Don’t give Chase any reason to look at your profile again. They’re infamous for pulling back approvals if given a reason to take a look at what, may be, borderline approvals.

vicky3vicky · ‎05-18-2019

I definitely plan to enjoy it! I have been saving money to pay for airfare to Orlando for a 2 week cruise. Now that I have enough money saved, I am going to use the card to buy my airfare, immediately pay it off, and with a bit more spending, reach the minimum spending and then have enough points for airfare on the NEXT cruise!

Another question; next February I was thinking about applying for a second card, either American Express Blue Cash, for the 6% grocery points [we have a lot of people to feed here, so it would be way worth the $95 a year], or one of the cards that has 5% quarterly in select categories. I would prefer the 6% grocery points option but I have heard that it is more dificult to qualify for the card.

vicky3vicky · ‎05-18-2019

Creditsweeper, would applying for a new credit card in February be too early if it is not another Chase card?

Anonymous · ‎05-18-2019

@vicky3vicky wrote:
Creditsweeper, would applying for a new credit card in February be too early if it is not another Chase card?

I can’t see that being a problem. Just don’t go on any app sprees immediately and you should be fine.

Brian_Earl_Spilner · ‎05-18-2019

Congrats on your approval. Despite what everyone likes to say on here, Vantagescore is indeed used by lenders, even if it's just for the trended data. As a former Chase employee, I've stated over and over that Chase will pull EX, EQ, and a VS. For some reason, Chase especially uses VS for approvals and denials on the southwest cards. Not sure why though.