Good time to app for Chase?

[Anonymous]

So I really want a chase credit card, preferbly Slate or freedom. however i'm still building my credit and wonder how long I should wait to apply for chase cards. I have a reletively long standing checking and savings with chase, about 5 years. currently my FICO scores are in the mid-low 600's mostly due to a high utilization of 60% (car broke down recently and didnt have all the cash at the time) which Im working to pay down quickly. my AAoA is a 1.2 years this month. also have a few Inqs from when I was uneducated and tried to get cards out of my reach getting ready to fall off around february. I really would like to move away from my high APR builder style cards and move to something more willing to grow with me too, Capital one obviously hates giving out CLI's LOL. Advice appreciated!

[Pway]

Getting that util down would be key.  Once it is down to 30 percent or less I would app then.

[NRB525]

With 5 years checking and savings history, I'd suggest walking in to your most-used Chase branch and asking a banker there if they can help you fill out your credit card app for the Freedom or Slate.

Your scores are a bit marginal, but the advantage to getting a Chase banker working on your app is, they probably get a small bonus, and may even have a quota of apps they need to process to get people signed up for banking products. With 5 years of good history, they will be pounding the table with the underwriters to get you approved for something, so they get their bonus for the month.

Good luck!

[Anonymous]

Never even thought about that! ill probably end up going that route. going to wait a bit thought because I recently requested a CLI from cap1 on my Quicksilver1 through the EO to go from $500 to $1000 hoping it goes well and I get it, that would definetly help my chances I think

[Anonymous]

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@Anonymous wrote:

S...currently my FICO scores are in the mid-low 600's mostly due to a high utilization of 60% (car broke down recently and didnt have all the cash at the time) which Im working to pay down quickly. my AAoA is a 1.2 years this month. also have a few Inqs from when I was uneducated and tried to get cards out of my reach getting ready to fall off around february..

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I've search the database for credit pulls which applicants submit their results to. Firstly, I would not apply for Chase unless I had a score over 700. It would just be a waste of inquiry if the application was rejected. From the database (search for creditboards) all applicants whose score was in the mid and high 600s were rejected. Secondly, if you have 5 or more accounts that were opened during the last 24 months, regardless of your credit score, you have an extremely low chance of being approved, espcially with your low AAoA.

Also, I would wait to apply only when Chase has the $200.00 sign up bonus which appears to be offered twice per year.

[Anonymous]

Like Frizclotz say , is better for any card app to have 700+ , i want cards like freedom or discover but im waiting to have 700+ and waiting too for the $200 bonus. 

[takeshi74]

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@Anonymous wrote:

So I really want a chase credit card, preferbly Slate or freedom. however i'm still building my credit and wonder how long I should wait to apply for chase cards. I have a reletively long standing checking and savings with chase, about 5 years. currently my FICO scores are in the mid-low 600's mostly due to a high utilization of 60% (car broke down recently and didnt have all the cash at the time) which Im working to pay down quickly. my AAoA is a 1.2 years this month. also have a few Inqs from when I was uneducated and tried to get cards out of my reach getting ready to fall off around february. I really would like to move away from my high APR builder style cards and move to something more willing to grow with me too, Capital one obviously hates giving out CLI's LOL. Advice appreciated!

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It's not a matter of  how long but when your credit is in the best possible shape.  The time to apply would be when your cards have reported with much lower balances and you have much lower revolving utilization.  If there are other issues with your credit such as derogs then you should look into addressing those as well.  Hit the Rebuilding subforum and carefully research before taking action.  Your credit will not only determine whether or not you're approved but your limits and APR's as well.

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@Anonymous wrote:

Capital one obviously hates giving out CLI's LOL.

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Some of their builder/rebuilder cards are limited but that doesn't mean that CO hates giving out CLI's.  CO has other products in its portfolio.

[kdm31091]

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@Anonymous wrote:

 I really would like to move away from my high APR builder style cards and move to something more willing to grow with me too, Capital one obviously hates giving out CLI's LOL. Advice appreciated!

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With all due respect, the cards you have are basically what your score and profile support. It's not that they hate giving out CLIs. Their "lower tier" products do tend to grow more slowly, but again, that's what you qualified for.

Unless you need a balance transfer, there's no point in apping for a Slate IMO. It is a pretty useless card. Any card will help you build your history of course, and Chase is a good lender, but if you're trying to get in, you may as well go for something with rewards.

I would opt for the Freedom over the Slate, because at the very least you get 1% cash back on every purchase and 5% on rotating categories if/when they suit you. It seems to be one of their more "starter cards" and not incredibly tough to get.

However, before you worry about any of that, yes, get the utilization down. While you are paying debt, it makes little sense to apply for more cards. Take care of the debt first.

[Anonymous]

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@Anonymous wrote:

Like Frizclotz say , is better for any card app to have 700+ , i want cards like freedom or discover but im waiting to have 700+ and waiting too for the $200 bonus. 

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Chase Freedom once had a $300.00 sign up bonus, but it appears to had only occurred once.

[Anonymous]

I'm just new to credit that why my accounts are so new, 3 accounts. Oldest is 2 years in March and never missed a payment and 0 baddies. So hopefully I'll be in good shape when I get everything paid down