New Apps During Chase "Two Week Review?" Update: Approved

[Anonymous]

Hi everyone! I'm brand new here and have a question about a little application pickle I'm in. Today I applied for the Chase Southwest Plus card and got the "30 Day Review" message. Based on recommendations here, I called the robo-line and was told I should have a decision within 2 weeks (which I hear is typically good). Unfortunately, my (formerly) trusty old truck blew it's clutch this past weekend so I'm very much in need of financing a new car ASAP. Should I borrow/rent a car until this is resolved, or will it make any difference at this point? I also have a pre-approval letter for the Savor One card I've been considering getting. Same Story?

Thanks all!

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

[Anonymous]

I'm sorry to hear about your truck dying, DCL. RIP.

I've no firsthand experience with your situation, but I don't think taking an auto loan will adversely affect your Chase CC application, unless your application is so marginal that a slight shift in DTI or the loss of a couple of FICO points due to added Inq could tip the balance. Is your application marginal?

In order to receive more precise replies from others, why not offer up some data points? Fico scores, Income, etc. 

[Anonymous]

Thanks for the reply, James_A! My credit is marginal at best as I am about two years into the rebuilding process. CK scores are 688 (TU) and 692 (EQ), but my FICO scores flex between 640-650 (started around 575 two years ago).

• I have two baddies from 2014 and 2015 (no late payments since)
• Income is $53-55k
• Four cards opened since March, 2017: Quicksilver One ($850 limit), DiscoverIt Chrome ($500 limit), Wayfair ($1000), CareCredit (just bumped from $1800 to $6000)
• Utilization 28%
• $15k in student loans

Honestly I was surprised to not be rejected outright, and would be HYPED to get a Chase card at this point in my rebuilding process. So I definitely don't want to do anything to hurt my chances! 

[Anonymous]

If you have access to your credit report - if Chase has already pulled your report - they are unlikely to pull it again. So if you start shopping for a new truck and apply for a loan - I dont think Chase will see see it. And if they did somehow see it - it would depend I guess on the amount of the auto loan as that affects your debt to income ratio. If you borrowed 15k for a used truck - I can't imgaine that is a deal breaker - but if you borrow 60k for a truck loan - they might freak out. 

If you want to wait for the chase card to approve and then go out and buy a truck within your means - I think you are fine. Ultimately the truck loan is an installment loan that over time will strengthen your credit and show that you can manage your credit and budget responsibily. 

You need a vehicle more than you need a Chase card - so do what you have to do to get a reliable vehicle and worry about Chase after that. 

[Anonymous]

I got an Experien HP alert, so I assume they have. The vehicles I'm looking at are all under $20K, so even with that included, my DTI would be no more than about 20 percent. Would you say the same criteria is true for the Savor One Pre-Approved offer?

Thanks!

[Anonymous]

OP - FWIW...Chase did second HP's 2-3 days after initial HP's on both my CSP and Freedom.  I've heard of them doing the same on others (not everyone though).  And, mine weren't in review, they were both instant approvals.  Having said that and knowing how conservative Chase is, how inquiry sensitive Chase is, and how Chase's internal risk assessment is finely tuned with whatever they may think "credit seeking behavior" is, I personally wouldn't risk it if it were that important to me.  However, a vehicle is such a necessary item for virtually all of us that even renting for a couple of weeks is unreasonable.  Ultimately you must decide whether the cautious approach is the best for you or not.  I only offer this input to allow you more to consider in reaching your decision.  I wish you the best of luck with Chase and too am sorry to hear about the truck.

[Remedios]

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@Anonymous wrote:

If you have access to your credit report - if Chase has already pulled your report - they are unlikely to pull it again. So if you start shopping for a new truck and apply for a loan - I dont think Chase will see see it. And if they did somehow see it - it would depend I guess on the amount of the auto loan as that affects your debt to income ratio. If you borrowed 15k for a used truck - I can't imgaine that is a deal breaker - but if you borrow 60k for a truck loan - they might freak out. 

If you want to wait for the chase card to approve and then go out and buy a truck within your means - I think you are fine. Ultimately the truck loan is an installment loan that over time will strengthen your credit and show that you can manage your credit and budget responsibily. 

You need a vehicle more than you need a Chase card - so do what you have to do to get a reliable vehicle and worry about Chase after that. 

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Chase is very likely to do a SP (or a few SP) while application is in the review or in the weeks following the approval. 

[Anonymous]

Thanks for the comments and advice, everyone. I actually just recieved a callback from Chase. They had me read back a verification text, then approved me for $2K limit! Quite exciting! So hopefully I can proceed with an auto loan in the next week or so without any issue!

[Remedios]

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@Anonymous wrote:

Thanks for the comments and advice, everyone. I actually just recieved a callback from Chase. They had me read back a verification text, then approved me for $2K limit! Quite exciting! So hopefully I can proceed with an auto loan in the next week or so without any issue!

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Congrats on your approval 

[Anonymous]

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@Anonymous wrote:

Thanks for the comments and advice, everyone. I actually just recieved a callback from Chase. They had me read back a verification text, then approved me for $2K limit! Quite exciting! So hopefully I can proceed with an auto loan in the next week or so without any issue!

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Congratulations!