@Anonymous wrote:Hello all, I've been lurking the forums for a while but finally have a reason to chime in.
I recently received and started using my Chase Sapphire Preferred card ($15k CL) earlier this month. I applied primarily for the 50k bonus points, ability to transfer points to airlines, and I wanted a Visa card to complement the Citi MasterCard that I've used as my sole general purpose card since college (2005). I'm 27 with a solid income and a pretty decent credit score (upper 700s).
I've read about this Chase CSP+Freedom+Checking trifecta and would like to take advantage of it. I've already signed up for a Chase Premier Plus checking account (with the $200 bonus) a couple of weeks ago, right after receiving my CSP. So now the only missing piece is the Freedom card.
A few things that make my situation unique:
1. I'm already an authorized user on my girlfriend's Freedom card ($12k CL), which we use for shared expenses.
2. I'm an employee of J.P. Morgan and have the ability to attach a "Special Consideration Form" to improve my chances.
3. I have a J.P. Morgan brokerage account (~1 year old), in addition to my CSP and checking Chase relationships.
4. I've had 3 hard inquiries in the past month: 1 for opening my CSP, 1 for a Citi CLI (approved), 1 for a retail card CLI (approved).
5. I plan to apply for an AmEx later this year, after 6 months have passed.
Which brings me to my question: Should I apply to the Freedom card right now? I would like to start getting that 5% on groceries ASAP, but do not want to get denied and have a 4th hard inquiry this month with nothing to show for it. Thanks.
AU on GF's Freedom does not matter at all.
You don't have to wait 30+ days for another application if your first one was approved.
You will not get instant approval because of the recent application with Chase. They will want to talk to you and probably lower (partially allocate) your $15K limit on your CSP into Freedom card . Call back door number right away and explain situation.
You will be approved for Freedom too.
Chase is great.
Congratulations !!!
@Anonymous wrote:Thanks for the advice guys. If waiting just 2 more weeks (to reach >30 days since my CSP approval) means I will likely get instant approval and no credit limit reallocation, I'll just do that. If after waiting those 30 days I will still need to reallocate credit from my CSP, I might as well apply now. Does anyone know for sure or has anyone had a similar experience?
Waiting 30 days means nothing. You won't get instant approval anyway since Chase gave you your max credit limit on your first approval. You can get another card from them right away by allocating the limits but you won't get more then $15K in limits combined no matter how long you wait. In the future, of course when your credit picture improves even further, Chase will be able to give you more then $15K combined, but as of now and probably for another year or so, that's it.
All of the above learned by speaking to analyst recently when I opened three cards in the row, all within the two months period: Marriott, Continental and Chase Sapphire Preferred for myself and DW. Only the first ones were instant. The other two we had to talk to analyst each time and allocate the limits.
@Anonymous wrote:
@Platinum wrote:
Waiting 30 days means nothing. You won't get instant approval anyway since Chase gave you your max credit limit on your first approval. You can get another card from them right away by allocating the limits but you won't get more then $15K in limits combined no matter how long you wait. In the future, of course when your credit picture improves even further, Chase will be able to give you more then $15K combined, but as of now and probably for another year or so, that's it.
Not sure if I'm reading your post correctly, but are you saying $15k is the max credit line Chase gives out initially to anyone?
Not to anyone. Just to you as of now and that's because nothing is going to change in your profile so quick for them to give you more then what they determined you are qualified for on your initial application, unless your salary gets higher all of sudden etc.
The point is: Chase gives you your max you are qualified for on your initial approval. To change that max you have to build the history with them for at least a year or so and/ or your income goes drastically higher all of sudden.