benla wrote:Don't apply for a Chase Slate card for a balance transfer unless you want 2 credit reports pulled back to back. They approved for one amount as though I didn't already give them the balance request. Then they had to pull a second credit report in order to consider the amount i originally asked for. This is a ripoff to consumers. I am writing to Elizabeth Warren in hopes that the Credit Card Reform Act will take this shady practice into consideration for examination.
Nothing shady about it. The amount requested for balance transfer has nothing to do with the credit limit that you qualify for -- that's based on your credit profile and income, not the BT amount requested. If you don't qualify for a high enough limit then they will have to pull your credit to reconsider. Since there's no guarantee what limit you might get I don't recommend requesting the BT on the application. Initiate the BT after approval and you're aware of the limit and the BT's impact on revolving utilization.
Hard pulls are a relatively small factor anyway. If another hard pull is the straw that broke the camel's back then there are bigger issues with your credit profile than the 1 hard pull.