Chase App after student loan derog?

[Anonymous]

Hi everyone! I wanna thank you guys in advance for all the help and for the wealth of knowledge that everyone has contributed to the site, and I appreciate those that are willing to chime in my case.

I’ve been working hard on my rebuild after fighting to keep my parent’s house and paying it off for them just to keep it afloat and not default. Finally got it sold and made some profit, and I was able to clean off my debts. I’m currently at 4/24 so I have a dilema if I should apply for a chase card. I had a student loan that went bad with chase, and they charge off settled less than full balance, and the report was 02/15/12.

My scores are EX 720 EQ 740 TU 688 and only transunion reporting my chase derog. I’m hoping they’ll all be above 700 when the derog falls off. I have 4 inquiries in Experian, and 0 on TU/EQ.

Currently I have AAoA 1yr 4mo
Cap1 Plat 750 3yrs
Discover IT 2500 6mo
TD Cash 5000 6mo
Amex Gold 1mo
Amex Plat 1mo

Amex hasn’t reported yet as an account, so AAoA might drop to 12 months when they do. I prepay my bills every month in full, no other loans, no liabilities to pay so I’ve been squeaky clean for on my record.

Now, is it possible for the derog to drop off my reports and chase let me back in to their family? I’d like to be able to one day have the CSR. I travel a lot and have always been using my debit card for everything. Every purchase until I got my cc and I pass it over there. Amex unfortunately only rewards me for US expenses, and 99% of my travels are international.

I’m not sure if I should try to take a HP hit with chase for a freedom after 03/19 because I’ve read that chase almost never forgets. What would you guys suggest?

If not chase, what would be the next best thing as far as Visa/MC products? Thanks everyone!

TLR: chase derog fall off 03/2019, should I risk a HP for credit app or will they most likely deny me? AAoA over a year.

[SomewhereIn505]

Welcome to forums!

Chase typically has a long memory. I would not try it right now. Did you check the prequal and see what came up? 

[Anonymous]

Thank you! Yes I’ve checked the pre-qual page direct from chase but I’ve been getting the “opted out of pre-qualifies offers” message. Other sites like Experian, credit karma, cardmatch etc lists freedom, csp and csr as a good match but that’s about it. Would opening a checking account with them cause a hard pull?

[FinStar]

Unfortunately, CK, Experian, etc., are really not very reliable sources when it comes to any listed CC "matches". The sites get a kickback for promoting such products.

As far as Chase, opening a checking account does not result in a HP. They may SP one of your CRs and access EWS. However, opening a deposit account doesn't necessarily improve the approval odds. It simply establishes a banking relationship.

[CreditInspired]

Hi OP

Even if it drops off your CR, it’s still on Chase’s internal books and as @somewhere said, I would wait a long while before reapplying to them.

[xaximus]

Personally, I would wait on apping with Chase. They have long memories and it'll be a waste of inq. There are a few other travel cards that may work i.e. WF Propel, BoA Travel Rewards/Premium Rewards, Citi Premier, a few to think/review over.

[Anonymous]

Yeah, i'm starting to think that i'd be better off staying away from Chase for the next couple of years. After reading around here on the forums, it seems as if Chase doesn't have a problem on closing an account just for any reason that they think of. I know I'd be stoked if I did apply for a card and get approved by them, but i'll be devastated if suddently they shut it down months later explain it like "We reviewed your profile and looks like we missed something, good bye!" I'd be stuck with the HP and another taint in "closed accounts."

[FinStar]

OP, I don't think you'd have to wait that long, honestly.

I would suggest waiting until your CRs do not reflect such item and then give it a whirl. While the CSR may be an ideal goal, there's always CSP which also features a similar SUB.

Again, up to you. If it were me, I'd probably try around mid-March (or once reports were clean from that derog). And, if it were declined, I would give reconsideration a try. There's options if you want to rekindle the relationship with them. My .02¢ anyway 😁

[Anonymous]

@finstar all derogatories are now gone from my reports, currently 2/24 as Amex hasn’t reported anything yet (2 personal charge) otherwise I’ll be 4/24.

Inquiries:

Ex 6 735
Eq 4 740
Tu 1 750

Would a freedom be worth it for some HP? Can’t decide if I want my foot back in chase’s door or not...

[FinStar]

Hi @Anonymous,

If you have confirmed that all 3 of your CRs are clean from any derogs and noticed some improvements with your scores, then it's safe to say you can give it a try.

Take a look at both Freedom or Freedom Unlimited to see which one would be more suitable for your spending patterns. Also, check out the pre-qualification tool via Chase to see whether any offers pop up.