Chase Questions

[dynamicvb]

I've been thinking of adding a chase card to my portfolio but had some questions. I know they have the cards must be open at least 13 months rule and the 5/24. I started rebuilding in April of 18 with my first card in quite a while. I have since closed that starter card and right now have a Discover at 13 months old. Amex at 12 months and a CapOne that just cut its 4th statement. Scores are decent last time I checked and should be around what is in the signature. The only baddie I still have left is one small paid medical collection only on EQ.

I have anywhere from 4-10 inquiries on my reports under 2 and only 2-5 of those are under a year depending on the CRA. Oldest is 13.5 years with an average of 6 years. I have 3 new accounts in the past year. and 6 in the last two years.

What does everyone think might be my chances of getting approved? I tried to look at the prequal site, but not sure if it's working since I have my CRA's frozen as it says there are no offers perhaps because I opted out.

Thoughts?

[Remedios]

Oldest card does not "have" to be open for a year, that's the bare minimum for a relatively decent app outcome. 

You cannot check for prequals/preapprovals with frozen/locked reports. If you could, it would defy the purpose. 

You're over 5/24 according to your post and without an existing "relationship" with Chase, that might be a deal breaker unless you're planning on waiting till you drop below 5/24

I think you'd have a decent chance providing you're not over 5/24. 

[Anonymous]

I think your odds are pretty good. When I apped for the CSP, I had about 750-780 score. Was barely under 5/24, 4-5 INQ, and 2 paid $40 med collections on EQ. My AoOA was 24 years and AAoA was 4 years. However, I started my rebuild much earlier in 16. So i had a thicker file by the time I went for Chase. HP counts aren't too bad depending on a persons file. Though I'd let 2 of those 6 new accounts age over 24 months  before I apply.

[Anonymous]

Speaking only based on what I’ve read since I don’t have Chase cards, HIPAA that medical collection off and get under 5/24 and I think you’d easily get in. Solid scores, no excessive accounts, you should be fine.

[dynamicvb]

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@Remedios wrote:

Oldest card does not "have" to be open for a year, that's the bare minimum for a relatively decent app outcome. 

You cannot check for prequals/preapprovals with frozen/locked reports. If you could, it would defy the purpose. 

You're over 5/24 according to your post and without an existing "relationship" with Chase, that might be a deal breaker unless you're planning on waiting till you drop below 5/24

I think you'd have a decent chance providing you're not over 5/24. 

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To clarify the credit cards are 4/24 with the one I closed, 3 cards open. The other two are installments. I thought the 5/24 was only for credit cards, but is it for any accounts?

[Remedios]

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@dynamicvb wrote:

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@Remedios wrote:

Oldest card does not "have" to be open for a year, that's the bare minimum for a relatively decent app outcome. 

You cannot check for prequals/preapprovals with frozen/locked reports. If you could, it would defy the purpose. 

You're over 5/24 according to your post and without an existing "relationship" with Chase, that might be a deal breaker unless you're planning on waiting till you drop below 5/24

I think you'd have a decent chance providing you're not over 5/24. 

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To clarify the credit cards are 4/24 with the one I closed, 3 cards open. The other two are installments. I thought the 5/24 was only for credit cards, but is it for any accounts?

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Revolving accounts only. Installment loans do not count towards 5/24, so you're under 

You've come really long way with your rebuild. HPs are inevitable. If you could really use their cards,  go for it. Worst case scenario, you end up with a HP (maybe two)  and letter that would let you know what, if anything, needs to happen before they will approve. 

If you wait longer, your approval terms would probably be better, but you never know with them 🤷‍♀️

[dynamicvb]

Thanks,  Remedios, I don't really need another one, I've gone from 0 in revolving limits since April 2018 to as of today 52K and I don't really use cards as much as some do around here. Just thinking if I could score a Chase, then I would definitely know I was where I needed to be. I may just wait a few more months and let some more age get on these new accounts and some inquires go bye-bye. If I did get one, then I want one with a decent SL of at least 10K or more.

Not interested in any lower limit cards at this point so waiting may make the most sense. This is why I love this forum, common sense comes out and I need to keep the right attitude and not let vanity get in the way of sound decisions.