Applying For A JPM Select......APPROVED

[CreditScholar]

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@Anonymous wrote:

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@n777ua wrote:

I don't see an approval in your future based on your recent INQ's and 500 Freedom CL.  

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Yeah, I reckon the $500 limit on Freedom means you're pretty much topped out for exposure from Chase right now.  I'd recommend using your new Chase cards regularly for the next 12 months or so, then applying for the JP Morgan Select.

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+1

[thom02099]

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@saggy1 wrote:

I recenlty got the CSP. I want this one as well for the hidden trade line and chip. I have apped quite a bit in the last 4 months. Proabaly 9 HQ's. The CSP is my highest tradeline at 5k. I should be ok for the JPM right?

Would it be best to wait until January to apply for this? Mt CSP and freedom accounts are no more than 1.5 months old.

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Wait til January...or later.  Check your score at that time then consider the app.  Got my Sapphire Preferred last September, CLI doubled in May '12.  Decided to go for the JPM Select for the hidden TL and chip, got approval for $5k immediately.  Called to see about matching CL to my Sapphire, they said they would match my CSP initial CL and that I could request a CLI in 6 months. YMMV. 

[Jlu]

idk guys, I'd almost say go for it. My only reservation is the $500 Freedom CL. Which came first the Freedom or the CSP? If Freedom came first I'd say go for it. If CSP came first I'd take the advice of everyone here.

But what do I know? I got approved for $9k JPM Select this morning with < 700 FICO.

[Revelate]

JPM / CSP at least used to roughly share underwriting criteria.

Not sure now but OP your initial CSP approval was a little surprising even with the apparent changes to Chase UW. If you're looking like you need an EMV chip soon then I'd take the flier and suck up the possible denial, but the hidden trade line is not where you want to be when rebuilding in my opinion.

Unless you have non-trivial spending overseas, there are better cards to either carry a balance on, and frankly make yourself prettier to every lender not just Chase. I would certainly recommend wrapping your arms around more than just Chase when it comes to credit cards, even if they are a very good lender to have in your pocket.

[saggy1]

The freedom came first. The csp was not a slam dunk. I had to recon twice. What got me in is I had run just about 3k through my amex gold card and pif. They saw that and I was able to convince them the a 5k limit was no problem.....

I think at minimum it would be wise to wait until at least Jan to app to let these new accounts season a bit. Unless you guys convince me otherwise!

[Jlu]

Got my card today. It was expedited at no charge. It is by far the thickest plastic card I have ever seen. It is easily 2x thicker than my Chase Freedom. It is a brushed copper look on the front that shines (not glitters) in the light. It makes it look like it could be metal. The back is a solid brown non-reflective color with a stately looking JP Morgan logo in brushed silver letters in the bottom left.

It came with a brochure, very elegant I might add. It explains and breaks down all the features and benefits of the card very nicely. It is similar to the Palladium brochure with the fancy pictures and elegant typeface font. 

Palladium Brochure: http://cdn.nerdwallet.com/blog/PalladiumRewardsBrochure.pdf

It says I can spend up to 3x my hard limit of $9,000 so $27,000. This is probably one of the best cards I can ask for if I travel overseas.

Also it is worth mentioning that when you call the number on the back of the card it goes directly to an Executive Office where an english-speaking person picks up the phone in a really nice tone and asks me how they can help me have an excellent day.

[bribro]

OP, I would definitely wait a year or so - use your current Chase cards as much as you can and of course PIF. If you had to recon twice just for the CSP, you're going to have a real tough time getting the JPM Select card. If you had a $10k CL on the CSP it would be a different story because you could split that CL to reach the $5k standard minimum on the CSP and JPM Select.

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@Jlu wrote:

It says I can spend up to 3x my hard limit of $9,000 so $27,000. 

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It says in your JPM Select brochure that you can spend 3x your stated CL? I was recently told by a VP of card services that it is 2x for JPM Select, 3x for Palladium.

[Jlu]

^Just checked again, you're right it is 2x! Hah! Oh well I guess I'll have to settle for a Kia instead of a Honda 

[saggy1]

Well against my better judgment I applied last night and was instantly approved for 5k....I was just as shocked as you guys will be reading this. Both the freedom and the csp were reporting a $0 balance as I had just paid both accounts in full earlier in the day. Maybe that helped? idk....

They pulled to TU my score is right around 740

Anyways I am done aping now! time to graden till Jan when I am going fo the bcp!

[bribro]

Wow. Haha, congrats!