What to do next... Chase, WF, or Other?

[rafy023]

Hello all,

I am currently in the process of trying to replace some cards that either won't grow or I just don't feel are very useful to me anymore. I feel like I have more credit cards than I would typically want so I would like to just get one and cancel out 2 or 3. Here is my current situation:

Experian: 758 - 15 inquiries (5 have a removal date of 2/17/2020 so maybe by end of month they'll be gone)

Equifax: 767 - 7 inquiries (2 being removed as of 2/17/2020)

Transunion: 746 - 11 inquiries (5 being removed as of 2/17/2020)

I am currently at 4/24 (I read somewhere that business cards don't count towards that number... if they do then i'd be 5/24 until mid March).  Household income,which is usually what I provide due to their language of "if over 21 include all income available to you", is $140k. No recent baddies - I had a 90 day late on a Best Buy credit card back in May-July 2013. My current cards are shown in my sig.

On the chopping block:

Capital One (opened 4 years ago) - $4,750 CL but it just won't grow.

Paypal SmartConnect (opened 10 years ago) - $10,000 CL but I don't want an online credit line anymore.

Paypal Credit (opened 6.5 years ago) - $4,000 CL but don't want it for same reason as above.

Chase Freedom Unlimited (opened 1yr 11mos ago) - $4,900 CL. Not really thinking of closing this but would like to maybe replace it with a much larger CL Chase card... still undecided.

So I recently got a 14,000 CL Citizens Bank card in January and a 14,400 CL Citi card in December. I would really like my next card to have a SL of about $15k or so also to make these moves worth it, in my mind. I applied for a BECU card in December but was denied due to my DTI being too high (it's improved a little since then with me getting a new job). So I've been considering going for a Chase card, which I can then combine with my Freedom Unlimited. I also just signed into my Wells Fargo account and received a message inviting me to apply for the Cash Wise card. I have been a WF banking customer for about 10 years, I have a Propel Amex with them (about 3 years), and a mortgage so the relationship is pretty solid. I also have a pretty new Chase checking account (about 7 months old) with my business checking and credit card established at the same time so there is a relationship there too just not as long. 

I could wait to apply in March, once my inquiries fall off... just looking for some opinions. Sorry for the long post. Any advice would be appreciated! 

[mikesonthemend]

To address 5/24 and business cards:

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@rafy023 wrote:

Hello all,

I am currently at 4/24 (I read somewhere that business cards don't count towards that number... if they do then i'd be 5/24 until mid March). 

 The only business cards that count towards 5/24 are business cards that report to your personal CRs. Existing Chase business cards do not count unless they have for some reason found their way onto your personal CR.

IE: Cap1 Spark and Disco biz would count toward 5/24. Amex and Chase biz cards in good standing would not.

Good luck!

[rafy023]

Makes sense. Mine is a Chase Ink Business Unlimited and I don't see it on my personal credit report. 

[Anonymous]

You got some great cards to work with, ones that can and should grow once your credit moves to steller status (which you want to work towards). That means all baddies fall off and you continue to pay on time every time over time. 

Are you using your cards every month? Most issuers like to see usage for credit lines to grow, but not all. Capital One is one that likes swipes, and then swipes on top of swipes to get CLIs. They are tough.

I'm not a fan of PayPal credit accounts, so if you ax them because you don't want them, that works. I would do the same. That frees up CLIs for other cards since your overall credit exposure decreases. 

Do you have any preapproved offers from Chase? You'd see them on the right side of the screen when you log into their website. I just took advantage of one yesterday. If so, that gives you an idea of the CL they won't think about twice offering you. That would give you a high likelihood of getting another Chase card and the one you might want.

Your recent 2 cards have healthy lines. But one thing that is working against you is the number of inquiries,  and the 2 new cards you just got.

You could grow your lines by putting healthy use on your cards while time passes by. A long history of paying on time and in full while not applying for too many cards got me respectable CLs. You should be able to do the same with your income.

Applying for new cards right now might not be the best strategy,  outside of a preapproval, but that would be it. 

So I think your intent is to get bigger CLs. You have great cards for that already. Maybe try to grow them with use and PIF every month and if you still don't see them grow, request CLIs. 

BTW, Citi  usually grows their cardholder lines every 6 months on new cards with SPs. That's one that hopefully grows on its own with requesting a CLI. You want to avoid requesting CLIs on cards who whack your credit reports with HPs, such as Chase and Citi, because you have enough inquiries on your reports.

[rafy023]

Yeah, I've had a good experience with most cards growing but Capital One has been especially difficult. I put a lot usage through it the last few months and all they offered was a $500 CLI. I just don't want to deal with them - I know I can get better cards to replace it.

The only "you're already approved" offer I see with a green star in my Chase account is for a $35,000 auto loan. Should I forget about Chase if there's no prequal offer for a card?

Yeah, the inquiries have piled on, mostly due to car shopping. The five that come off this month were for a car I bought but once those come off I think it should help. I also know some creditors are less fazed by the inquiries if the profile looks right. Thanks for your opinion - I have been growing my CLs with SP inquiries but I'm just trying to "clean up" and consolidate my collection of cards. 

So the thing is I want to eliminate the cards I mentioned but I want 1 card with a double digit SL to lessen the blow of those CLs I'm getting rid of. Based on my situation, does anyone have any recommendations on what kind of card I should go for? Should I try to go for a Chase so I can combine with my Freedom Unlimited and keep that relationship (if so, which Chase card?) or should I go for the Wells Fargo Cash Wise since I was invited to apply and have a long relationship with them already? Or something else. I don't need to apply today, it can be on March 1st when 5 inquiries fall off or April 1st, etc... Just looking for some opinions on the next card.

[AverageJoesCredit]

Chase is your best bet for a 15k plus cc. Plus anytime you talk credit cards and your interest lies with Chase, 5/24 rules and Chase should always be first priority imo.

[Anonymous]

IMO, I would let the cards you just got approved for back to back (Dec & Jan) grow a bit before applying regardless if it's business or personal. Good luck, OP! 

[seattletravels]

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@Anonymous wrote:

IMO, I would let the cards you just got approved for back to back (Dec & Jan) grow a bit before applying regardless if it's business or personal. Good luck, OP! 

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I agree with this. You mentioned BECU denied you for DTI. Your scores look good but what does the rest of your profile look like? 

[rafy023]

@AverageJoesCredit, I figured Chase would be the favored option lol I'll keep that in mind.

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@seattletravels wrote:

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@Anonymous wrote:

IMO, I would let the cards you just got approved for back to back (Dec & Jan) grow a bit before applying regardless if it's business or personal. Good luck, OP! 

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I agree with this. You mentioned BECU denied you for DTI. Your scores look good but what does the rest of your profile look like? 

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Utilization: 18%

AoOA: 13 years

AAoA: Experian shows 6 years, 5 months (but I think it's counting open and closed accounts, which I don't think is the way it's calculated.) CK shows this as 3 years, 6 months (only counting the open accounts). Just FYI, the closed accounts I'm referring to are mostly old auto loans or old student loans that have since been consolidated.

I've opened 3 credit card accounts in the last 12 months. In regards to the BECU denial, I also think they are pickier than most. I've never had another credit card lender refer to my DTI. I understand they are a credit union but PenFed was one of the 3 credit cards I was approved for at the end of last year with no prior relationship so I think BECU was just an outlier and I didn't meet their more stringent UW requirements. 

I think that's all the info... let me know if I missed anything.

[Anonymous]

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@rafy023 wrote:

Yeah, I've had a good experience with most cards growing but Capital One has been especially difficult. I put a lot usage through it the last few months and all they offered was a $500 CLI. I just don't want to deal with them - I know I can get better cards to replace it.

The only "you're already approved" offer I see with a green star in my Chase account is for a $35,000 auto loan. Should I forget about Chase if there's no prequal offer for a card?

Yeah, the inquiries have piled on, mostly due to car shopping. The five that come off this month were for a car I bought but once those come off I think it should help. I also know some creditors are less fazed by the inquiries if the profile looks right. Thanks for your opinion - I have been growing my CLs with SP inquiries but I'm just trying to "clean up" and consolidate my collection of cards. 

So the thing is I want to eliminate the cards I mentioned but I want 1 card with a double digit SL to lessen the blow of those CLs I'm getting rid of. Based on my situation, does anyone have any recommendations on what kind of card I should go for? Should I try to go for a Chase so I can combine with my Freedom Unlimited and keep that relationship (if so, which Chase card?) or should I go for the Wells Fargo Cash Wise since I was invited to apply and have a long relationship with them already? Or something else. I don't need to apply today, it can be on March 1st when 5 inquiries fall off or April 1st, etc... Just looking for some opinions on the next card.

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I still see your main motivation is higher CLs, even if it's only one more with a double digit CL. The best way still is good old use and time with the good cards you already have. 

It's up to you if you want to apply for another Chase card. You risk a decline or a new card with a smaller CL than you had hoped for. Or you get the CL your looking for. Who knows. 

If you do go for it, I'd wait for those 5 inquiries to fall off first.