Applying for new Chase cards...

[Anonymous]

After reading the forum, I’d think I’d like to double up on the CSR and CF. I currently have one active card, a Quicksiver with a $12.5k limit and utilization in the 25% range after paying off a chunk of debt this month. The paying off of my debt should cause my score to jump into the 730’s on the three bureaus.

My income is in the 90k’s with a low payment auto loan in its third year and an unsecured personal bank loan of about $3k from May. There are no late payments in my history and no other apps in the last two years. There is no history with Chase.

The plan is to check my FICO scores after my statement date (11/13) to make sure the pay down had the intended effect, then apply for the CSR.

Here are my questions, and they all assume my credit

1. Is there a good shot for me with the Reserve? If I’m not eligible for it, would a second hard pull be required to apply for the CSP?

2. My scores should jump about 40 points when my 11/13 Quicksilver statement is reported. Should I apply immediately after?

3. Should I apply for the CF immediately after approval of either the CSR or the CSP? Should I apply the same day?

I enjoy reading the forum and appreciate any input.

[Anonymous]

Need more data:

1. Age of oldest account on your credit report (open or closed doesn't matter) -- no AUs
2. Number of inquiries on all 3, especially inquiries under a year
3. Number of high limit cards you have (and which banks)
4. Age of youngest account(s) -- plus number of new credit card accounts in the past 24 months -- Chase 5/24 rule hurts a lot of people

 I'd say you're probably OK but you may also want to apply for Freedom or Freedom Unlimited now, get the card, sign up with Chase online and then go in-branch to see about Reserve preapprovals (in-branch are really strong).

Many people have double dipped with Chase and even gotten 2 cards with one HP.  YMMV.

[Anonymous]

1. Oldest account is 16 years old.

2. Only one inquiry in the last year, and that was for the $3k bank loan in May. From what I can see, it looks like it’s only reporting to Equifax. No CC apps or any other kind of inquiry in the last two years.

3. My only current CC is the Capital One Quicksilver with the $12.5k limit. I’ve had other cards in the past but none active and never a higher limit than that.

4. Youngest account is the personal loan from May, and before that it would be th Quicksilver which is 26 months old. Just before that was my auto loan.

Your input is sincerely appreciated.

[Anonymous]

I tried searching here but didn't find it but there is a thread where someone with only one Capital One card ended up getting Chase as their second card and they were given a very hefty limit.

This is a tough call for me.   First thing to note is you can sign up for Chase Credit Journey for free and they give you a useless Vantage Score monthly, but they also may give you prequalified offers.  Might not show up instantly but people have gotten Chase offers through there.  So sign up today anyway.

Getting the Freedom or Freedom Unlimited will give you 2/24 for your recent credit cards.  It'll get you a Chase login quickly and you MAY get offers very quickly there for CSP.  CSR is not offered online with prequalification, but once you have a relationship with Chase, even a credit card, I believe you can go to a branch and sit down with a personal banker and see if they have a prequalified offer for CSR.

Doesn't hurt to app for both Freedom and CSR at the same time and it may let you get both with ONE inquiry, but maybe not -- Chase sometimes pulls two bureaus for a first card.

Chase recon line is pretty good, though.  Lots of good reports on Chase recon for CSR.

[Anonymous]

Good info.

Unfortunately we don’t have Chase branches here in MS, but there are many over the river in Louisiana. I may call ahead and see if they recommend a drive over.

[Anonymous]

Ahhh...bogus!

In my opinion (which is slanted to cover my credit wants), I would make a drive to a branch if I had a relationship with Chase and could check for offers.  Those in-branch offers are the most solid ones Chase has!

[Anonymous]

Note this brand new post: http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Selected-Offer-after-Ritz-Carlton/m-p/5091283/hig...

They got in with Chase, created a login, and immediately had offers on the login website.

[Anonymous]

Interesting. So maybe the best route is to apply for the Freedom first.

[Anonymous]

Honestly, if it was me, I'd just do both Freedom and Reserve same day and hope for a single inquiry, and if they deny Reserve, I'd be on recon.

Data points from another forum show some people called recon three times before they got their Reserve.  You have good credit, no derogatories and have a single credit card with a high limit.  Chase probably would love you.

The "Chase Trifecta" is having Freedom, Freedom Unlimited AND one of the Sapphire cards.  But you can only app for 2 cards with Chase in a certain period (30 days? 60 days? I always forget).  So I personally would go for one of the Freedom cards AND the Reserve card and if denied, immediately recon.  If denied, recon again.

[Anonymous]

That’s all great info. I’d love to do the Chase Trifecta. I did read in another thread that the limit is 2 within 30 days. Top priority is the Reserve. Fingers crossed.