CHASE Preapproved

[RRobi92106]

So I don't want to 1) Leave cash on the table and 2) Ruin my average CL...

According to Chase I am preapproved for Slate Edge, Freedom Flex, Freedom Unlimited, Saphire and Saphire Reserve.

Credit scores in the mid 800's (about 840 averaged out). Income nearly half a million per year. Zero inquiries. Zero debt EXCEPT for a small $180,000 mortgage (on a $3,500,000 home). Average limit about $30,000 (I never ask for CLI's or would be much higher)...

My purpose of opening this card is to transfer about $40,000 worth of debt from my son's cards and give him a SINGE PAYMENT with ZERO interest--help get him back on his feet!

The Slate Edge is the ONLY card that mentioned 0% for 18 months. It would save him $3,000 per month! Huge savings for him.

However--this card reads like it is for beginners of credit or lower scores...?

I don't want to apply for the Slate Edge if it's going to generate a $2,500 limit--when the Saphire Reserve would likely give me $30,000-$50,000...

So my question is--does the Slate Edge receive just as much as the Saphire Reserve? Or would I be leaving behind a lot of limit?

I need at LEAST $25,000 to achieve any headway on our goal--is this something Slate Edge can even get to?

Thank you all!

--Robi

[spiritcraft1]

I am not an expert here but my thought is that this may take a couple of cards depending on SL's you recieve.  Especially since spreading it out would make for less of a single card utilization hit.  There are many 0% cards out there.  PSECU has a 0 fee 3.9% offer that is excellent and you may get a $30k SL there.

[RRobi92106]

I will check out PSECU--I joined USAlliance due to them "pre-approving" me--but before I went beyond just a basic membership savings I did some research and their preapproval is definitely not real--so it will just sit there. Lol

I don't mind a temporary plummet on my score--as I don't use credit really and definitely don't plan any large purchases anytime soon. It will bounce back as he pays it down. 

Since I will obviously be monitoring the card--in case I need to jump in and pay it to prevent a delinquency if he fails--I don't want more than one account I have to monitor. I just don't have the time (or really the patience I suppose lol). 

[spiritcraft1]

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@RRobi92106 wrote:

I will check out PSECU--I joined USAlliance due to them "pre-approving" me--but before I went beyond just a basic membership savings I did some research and their preapproval is definitely not real--so it will just sit there. Lol

I don't mind a temporary plummet on my score--as I don't use credit really and definitely don't plan any large purchases anytime soon. It will bounce back as he pays it down. 

Since I will obviously be monitoring the card--in case I need to jump in and pay it to prevent a delinquency if he fails--I don't want more than one account I have to monitor. I just don't have the time (or really the patience I suppose lol). 

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A plummet in FICO's can lead to adverse action elsewhere but YMMV.  PSECU is great, good luck there.  I would also set up something, a reminder, to make sure you don't get nailed with a late.  Protect your scores at all costs here. 

[RRobi92106]

A reminder is a great idea! Thank you for suggesting that!!!

[spiritcraft1]

Our son got in a horrible situation last year.  He was doing quite well, even had his NFCU auto loan paid down and the got involved with someone that really buried him in debt.  In his case, a good heart lead to $60k in CC debt in a short period of time.  We could not take a chance in really doing much to help him due to our having to protect our scores for both personal and business reasons.  I have led him into a plan to get back on his feet and helped financially, but in our case, we could not take any chances credit wise.  Too much of our world revolves around a good credit standing but to each their own since all situations are different.  Just be careful.

[JoeRockhead]

While I wouldn't consider the Slate Edge a beginner card (that would be the Rise), the SLs on the Edge are typically lower whereas the Preferred starts generally around 5k and the Reserve around 10k for people in your scoring tier. With your scores and income I would apply for either the Preferred, or the Reserve, although you're not going to get the 18 months at 0%, they're likely to yield a higher SL than the Edge but you never know. The best thing you could do is speak to a CSR at Chase and tell them what limit and 0% offer you're most interested in as they may be able to help you with an approval that high on the Edge and/or an instant recon on a starting limit if it initially doesn't come back in your favor. It may involve proof of income etc... but you're likely to get better results than cold apping on the web.  

[RRobi92106]

@JoeRockhead This sounds very promising. Just need some clarification. How do I do what you suggested? I don't apply online at all;

and instead call and apply with a rep? Or I apply for a card online, then call a rep? If I apply online; which do I apply for?

I love the idea with a large Slate Edge! That would work perfectly!

[JoeRockhead]

@RRobi92106 I don't believe you can apply directly by phone so you'll have to apply online, then you can call to check your application status, that number is 888-338-2586. Their reconsideration line should be 888-270-2127

Best of luck!

[JoeRockhead]

@RRobi92106 Sorry I should have mentioned that you can also apply in person at any Chase bank location. Some people have gotten better results going that route as well.