Hi Everyone,
Just wanted to share my recent approval and experience...
I received a "pre-approved" offer from Chase for their Slate card. At first, I hesitated to pull the trigger because I know my util % was around 50%, but my scores were all above 700 and I decided to apply; no baddies on any of my reports. Instant Approval - $2,700.00. So I called the recon number to see if they can do anything about the credit line. I acknowledged my utilization, confirmed that I pay more than the minimum on my other cards (which they can see) and spend $2,000-$5,000 per month (pay-in-full) my Amex. The analyst put my on hold and came back with a $4000.00 credit limit.
Here are some facts for educational purposes: =)
Q: Did I need to apply for credit?
A: This is always a sticky question. We are told to only apply for credit we need. I technically did not need additional credit, but I did want to finally get rid of my HSBC builder card and start a relationship with a premier bank.
Q: How many inquiries did I have in the past 2-years?
A: EX=6; TU=2; EQ=2
Q: What cards do I have?
A: Here is what I have:
Amex Gold Premier - no limit ($35,000 pay-over-time limit)
Barclay's - $5,000 limit
PenFed - $2,500 limit
HSBC Platinum - $2,000 limit
HSBC Orchard - $900 limit
US Bank Platinum - $1,500 limit
Chase Slate - $4,000 limit
Hopefully that helps some of you decide...
EDITED: It was a Chase Slate Pre-Approval
Starting Score: 08/01/2009 584