Since I had to post this in the approval thread you already know how the story ends. That however is alright, since this isn’t that kind of story. What’s important in this narrative is how we got to the end. There are data points for some and maybe an inspiring tale for others. Either way I’m sure most will find something enjoyable during the read. So like the title mentions, I decided to play the long con with Chase. When I say “con”, I don’t mean in any deceptive manner, but by its original definition of confidence and the art of gaining it. I was going to need a lot of it. My credit report alone didn’t seem like it was going to cut it.
I mean rewind back to April of this past year. Credit scores were sub 500. Yes, you read that correctly… under 500… You see I used to not care about credit. Wasn’t something I paid attention to. I never lived paycheck to paycheck and could always afford to buy what I wanted. So who cared right? Well I thought maybe it was time for me change my attitude (similar story I’m sure for many on here). Admittedly my low scores weren’t the result of mounting debt, but rather lack of credit. I only had one credit card with a $2000.00 balance from a local CU that hardly got used. Because I’m an idiot it also had a number of 30 day lates, one even as recent as February of 2016. A 2012 Foreclosure as the result of trying to help out a family member and a charged off CC from another CU to round my negatives out.
Wasn’t much I could do about the negatives so I focused on adding some positives. Capital One gave me a Platinum and Quicksilver One $300.00 each. Not much, but it gave me a modest bump in FICO. I followed those cards up in June with a secured card from Discover for $1000.00. I received another FICO bump and was sitting at around 586. That charged off credit card fell off the report pushing me over the 600 line. In July there was lots of buzz about joining NFCU. I did and a few weeks later they blew my mind with a credit line of $23,700 and their lowest APR on a cashREWARDS card. FICO was already mid-600s at this point.
Happy with my progress, I started thinking about travel cards. I wasn’t planning on applying, but I like to look ahead. I was pretty sure Citi Prestige was my goal. So of course the fates decided to promptly nerf the card - sorry about that guys and gals I think I’m to blame on that. My sadness was short lived as Chase announced the Reserve. As a VISA Infinite it has a 10k minimum trade line and it was pretty clear this just wasn’t going to be in my league for a while. Also if you have been counting, I’m at 4/24 so I really needed to decide if I wanted to wait for Chase since it would be years before I could apply if I opened another account elsewhere.
If I wanted Chase, I would need to start a relationship ASAP. I opened a checking and savings account in September and signed up to have a small % of my check deposit in to the account. For good measure I placed 10k into the savings as I had read about a special consideration form which I later learned was discontinued. With these accounts in place I started a new weekly ritual – log on to Chase and check preapprovals. Always nothing. I don’t think I’m opted out. Citi sent me stuff weekly. Credit One, Gander Mnt., and some others also found their way to my mail box. As the leaves changed color and fell, my FICO went up to 680, but still never a pre-approval.
Then the news breaks the 100k promo would end on 1/11/2017. The Capital One cards are now $1,300 each (both now Quicksilvers), Discover is still secured and while NFCU is five figures, the account isn’t 6 months old and it was provided from a generous lender. My FICO scores stagnated at 680. One last check online shows another goose egg, so I call a branch 120 miles away to see if they can find an offer for me. They wouldn’t even look and said I needed to come in person. Out of time and options I decided to cold app on the 11th. Go big or go home I thought. Well I wasn’t surprised when I got a 30 day message and that I would be notified the results by mail. I decided I would call the status line the following morning and when I heard the 7-10 day message I would give my first recon the old college try. Only thing is when I called the status line yesterday, I didn’t get a 7-10 day message... it said I was approved!
So let’s look at this by the numbers:
8 months the time between a $300 Capital One approval to $10,000 Chase approval.
494 – 680 EX FICO (TU is same not sure on EQ) .
< 1% utilization (I do $2 method each month).
3 inquries on EX
5 new lines of credit in the last year.
$2,000 to $39,300 in credit.
11 months since last baddie (30 day late)
2012 Foreclosure on reports listed as joint owner
1 happy camper.
It wasn’t my charm and good looks, so I’m guessing having a bank account with Chase really helped me as I just can’t believe my profile was strong enough on its own. Needless to say I’m ecstatic about the approval as the cold app felt like a hell mary thrown with seconds left in the 4th quarter when you’re down by six.
Sorry for the book and the ramble, but I just wanted to share my credit story which of course won’t end here. Now that Discover cut my 7th statement on the 11th, I'm hoping to hear within the next few days it will uinsecure!
well done
