Re: 2 Questions about applying for a Chase card - myFICO® Forums

cws-21 · ‎03-12-2023

I am currently at 5/24, but I hope to apply for the Chase World of Hyatt card when I am 4/24 this summer or fall. Is there a difference between being 0/24 or 1/24, for example, and being 4/24 for approval odds? Does 4/24, opposed to something like 0/24, impact the starting limit if approved? Thank you to anyone who responds. Enjoy the rest of the weekend.

Remedios · ‎03-12-2023

Difference is recency.

If you're 4/24 and those 4 accounts are a year old, it's all good (doesn't have to be a year, just using a year as an illustration).

If they are a month or two old, you may get "too many new accounts" regardless of your 5/24 status.

cws-21 · ‎03-12-2023

@Remedios wrote:
Difference is recency.
If you're 4/24 and those 4 accounts are a year old, it's all good (doesn't have to be a year, just using a year as an illustration).
If they are a month or two old, you may get "too many new accounts" regardless of your 5/24 status.

First, thanks for the reply. I really appreciate it. So, I would probably be fine in terms of approval odds if I were 0/6 and 1/12 or, at most, 0/6 and 2/12 at the time of applying? My profile is great otherwise. Would 1/12 or 2/12 result in a lower starting limit than 0/12 or is that not really considered when Chase calculates a starting limit?

Beefy1212 · ‎03-12-2023

@cws-21 wrote:
@Remedios wrote:
Difference is recency.
If you're 4/24 and those 4 accounts are a year old, it's all good (doesn't have to be a year, just using a year as an illustration).
If they are a month or two old, you may get "too many new accounts" regardless of your 5/24 status.
First, thanks for the reply. I really appreciate it. So, I would probably be fine in terms of approval odds if I were 0/6 and 1/12 or, at most, 0/6 and 2/12 at the time of applying? My profile is great otherwise. Would 1/12 or 2/12 result in a lower starting limit than 0/12 or is that not really considered when Chase calculates a starting limit?

As in all things credit related "Your Mileage May Vary" Chase is going to look at a lot of factors to determine your Starting Limits. Likely the far bigger metrics they are going to look at on a 2/12 profile is DTI, monthly spend and income. If they see you have a 2 relatively new 25k cards on a 300k TCL, and 45k income they may think long and hard about giving you a big limit to an already bloated profile.

cws-21 · ‎03-12-2023

@Beefy1212 wrote:
As in all things credit related "Your Mileage May Vary" Chase is going to look at a lot of factors to determine your Starting Limits. Likely the far bigger metrics they are going to look at on a 2/12 profile is DTI, monthly spend and income. If they see you have a 2 relatively new 25k cards on a 300k TCL, and 45k income they may think long and hard about giving you a big limit to an already bloated profile.

I get that, which is why I mentioned that I have a great profile other than my number of new accounts (5) over the course of the last 24 months. I was just wondering if the number of new accounts, for example 0/12 or 0/24 compared to 4/12 or 4/24, would impact (1) whether or not one is approved and/or (2) whether or not it would impact the starting limit offered.

Remedios · ‎03-12-2023

@cws-21 wrote:
@Remedios wrote:
Difference is recency.
If you're 4/24 and those 4 accounts are a year old, it's all good (doesn't have to be a year, just using a year as an illustration).
If they are a month or two old, you may get "too many new accounts" regardless of your 5/24 status.
First, thanks for the reply. I really appreciate it. So, I would probably be fine in terms of approval odds if I were 0/6 and 1/12 or, at most, 0/6 and 2/12 at the time of applying? My profile is great otherwise. Would 1/12 or 2/12 result in a lower starting limit than 0/12 or is that not really considered when Chase calculates a starting limit?

I don't have any idea what their secret sauce is. My personal experience, risk was reflected in higher APRs not in SLs.

I have 5 cards, over $100K in credit from Chase, two cards had highest Apr, two had lowest (no credit seeking).

No clue on APR for Amazon.

I don't really think 0/12 vs 1/12 would make a big difference at all.

cws-21 · ‎03-12-2023

@Remedios wrote:
I don't have any idea what their secret sauce is. My personal experience, risk was reflected in higher APRs not in SLs.
I have 5 cards, over $100K in credit from Chase, two cards had highest Apr, two had lowest (no credit seeking).
No clue on APR for Amazon.
I don't really think 0/12 vs 1/12 would make a big difference at all.

Thanks. I will apply for the World of Hyatt once I fall below 5/24 and hope for the best.

Beefy1212 · ‎03-12-2023

@cws-21 wrote:
@Beefy1212 wrote:
As in all things credit related "Your Mileage May Vary" Chase is going to look at a lot of factors to determine your Starting Limits. Likely the far bigger metrics they are going to look at on a 2/12 profile is DTI, monthly spend and income. If they see you have a 2 relatively new 25k cards on a 300k TCL, and 45k income they may think long and hard about giving you a big limit to an already bloated profile.
I get that, which is why I mentioned that I have a great profile other than my number of new accounts (5) over the course of the last 24 months. I was just wondering if the number of new accounts, for example 0/12 or 0/24 compared to 4/12 or 4/24, would impact (1) whether or not one is approved and/or (2) whether or not it would impact the starting limit offered.

As I said I doubt they would care much about 2/12 at that point they are going to be looking at other factors like what I listed. Though 4/24 that is also 3/6 might be an issue, and likely a bigger issue than 4/24 and 1/12. For the right profile they could throw out 5/25 altogether as they have from several data points on the foums.

cws-21 · ‎03-12-2023

@Beefy1212 wrote:
As I said I doubt they would care much about 2/12 at that point they are going to be looking at other factors like what I listed. Though 4/24 that is also 3/6 might be an issue, and likely a bigger issue than 4/24 and 1/12. For the right profile they could throw out 5/25 altogether as they have from several data points on the foums.

Thanks for the replies. Much appreciated.