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Question about meeting SUB spend requirements

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Regular Contributor

Re: Question about meeting SUB spend requirements


@felipestrong wrote:
I just read through all three of those links you posted. You have no idea how helpful all of that was; I had no idea about the potential for the “Chase shutdown.” I sincerely appreciate it. This board is probably one of the best things that’s ever happened to me in terms of finally learning how to manage my finances and have a good credit profile. I’m gonna apply for the CSP later this month, wait and activate the card (if approved), and then go for the SP Delta Platinum Skymiles—and then garden for 6 months before applying for anything else. I’m learning this whole “it’s a marathon not a sprint” thing. Thank you to you and to everyone else on here that has helped me get out of the starting blocks.

When dealing with Chase, it's well advised to give at least 2 months between apping for new cards. And really, better so if you go 3 months. My conversation with several Chase reps have concluded that they consider anything within the 2 month window "too new" and the "newness" of your credit card begins to fade after 3 months- and they don't think much about it after 6. With the pre-approvals that you are currently sitting on, I'd say you have a healthy Chase relationship in the future, if you want it. With that said, it's also well advised to go for the CSP first (and Chase first, if you are considering other lenders) due to the 5/24 concern. Doing so may possibly increase your SL chances with the other Chase cards, being that it's a Visa Signature. I'm under the impression that Discover likes to compete when other big CL's are in play. 




Message 21 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements

Got it. What about the Delta Platinum Skymiles? I should wait 2-3 months after applying for the CSP even if the Skymiles will be an SP because I already have an AmEx Delta Gold Skymiles?

Message 22 of 34
Contributor

Re: Question about meeting SUB spend requirements


@FlaDude wrote:

I think most car dealers would be reluctant to let you put a $30k down payment on a credit card. 


There are loopholes...this guy put out 60k on his Chase card for a Tesla. He had to pay via plastiq, though, so it was a matter of the rewards being greater than the fee.

 

www.cnbc.com/amp/2018/08/16/29-year-old-keith-rosso-bought-a-60000-dollar-tesla-with-a-credit-card-t...

 

About 2 years ago my brother put a 10k downpayment on...think it was his quicksilver? The Lexus dealership said he could do more on his card if he wanted to.

Message 23 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements

I guess I can just email the dealership (it’s Land Rover/Jaguar) and just ask them. Actually that just made me realize something... Chase is their captive lender so getting the CSP may help me internally with them in terms of financing options (I hope).
Message 24 of 34
Valued Contributor

Re: Question about meeting SUB spend requirements


@felipestrong wrote:

Got it. What about the Delta Platinum Skymiles? I should wait 2-3 months after applying for the CSP even if the Skymiles will be an SP because I already have an AmEx Delta Gold Skymiles?


Amex takes two statement cuts (which could be as long as two months) to report a new account the credit bureaus.  So assuming you applied for the Delta and CSP on the same date, the Amex should report about a month after the CSP.  And since it should be a soft pull it wouldn't be visible to Chase until it reports.  You should be safe but I wouldn't press the issue by also opening a Discover card.

 

I opened a Sapphire Reserve card on 12/8, used to to make a $10,000 downpayment on a truck on 12/17, then opened a Navy card on 1/2 and had no issues although I opened 2 revolving credit accounts and an installment loan in less than a month.  The loan reported at the end of December but the Navy card didn't report until February so its all a matter of timing.





Message 25 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements

Yeah, I'm definitely not going to push the issue. CSP and Platinum Skymiles then car loan then off to the garden until the end of the year.

Message 26 of 34
Regular Contributor

Re: Question about meeting SUB spend requirements


@MaizeandBlue wrote:

@felipestrong wrote:

Got it. What about the Delta Platinum Skymiles? I should wait 2-3 months after applying for the CSP even if the Skymiles will be an SP because I already have an AmEx Delta Gold Skymiles?


Amex takes two statement cuts (which could be as long as two months) to report a new account the credit bureaus.  So assuming you applied for the Delta and CSP on the same date, the Amex should report about a month after the CSP.  And since it should be a soft pull it wouldn't be visible to Chase until it reports.  You should be safe but I wouldn't press the issue by also opening a Discover card.

 

I opened a Sapphire Reserve card on 12/8, used to to make a $10,000 downpayment on a truck on 12/17, then opened a Navy card on 1/2 and had no issues although I opened 2 revolving credit accounts and an installment loan in less than a month.  The loan reported at the end of December but the Navy card didn't report until February so its all a matter of timing.


Exactly this ☝🏽☝🏽☝🏽☝🏽

The soft pull should keep you golden. Then garden for 3-6 months and pick up that Disco




Message 27 of 34
Valued Contributor

Re: Question about meeting SUB spend requirements


@felipestrong wrote:

Thanks everyone! I totally forgot that I plan on buying a new car in the next 45 days, and I plan on putting 30K down. I can just put some of it on the CSP and pay that off immediately with the cash.


That's literally what I did and I met the SUB in the first week of having the card.
The dealership had a limit on how much I could put on the car for the purpose of a down payment, BUT they let me put extras I was planning on purchasing as separate transactions (instead of throwing it all on the bill of sale).

And the sales guy did it while muttering "you people with your rewards!"  haha




Garden goal: keep on keepin' on until 2020.
Message 28 of 34
Community Leader
Senior Contributor

Re: Question about meeting SUB spend requirements


@Rebuilt wrote:
Might be best to hold off on the application until you have an unusual large expense coming up (car down payment, attending a wedding, throwing a big party, a new computer or TV, putting a hit on someone (wait...no...assassins prefer cash/no paper trail...ignore that one), buying a bunch of new clothes, car repairs, holiday shopping, a vacation, etc.).

I love to laugh and this made me laugh out loud Smiley Very HappySmiley LOL Thanks for this.

GOALS: Garden til APR 2020 and 800 Club

GIRL WILLPOWER ("No Thanks" to Apple $7.5K, 12.99% Approval)



Scores
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 29 of 34
Super Contributor

Re: Question about meeting SUB spend requirements


@felipestrong wrote:

So I'm getting ready to pull the trigger on a pre-qual offer for a Chase Sapphire Preferred (thanks to this wonderful community helping me get my credit on track). That card has a 4K in 90 days SUB requirement. I could hit that no problem by paying my student loans and mortgage over the next 3 months... but of course, neither Wells Fargo nor my student loan holders accept credit card payments. I don't spend much on groceries or travel (certainly not enough to hit 4K in 90 days). Someone told me about this Plastiq website where you can pay them using your credit card and they will pay any bill for you for a 2.5% fee (this would wind up being $100). The math works out for me. If I do that, does anyone know if those transactions will count as "purchases" for the purposes of hitting the SUB requirement? Anyone on here ever done anything like that before successfully? Or have a better idea? Thanks in advance!


Yes using Plastiq is a good way to meet the minimum spend requirement.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 30 of 34
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