- Green Member
- Posts: 4
- Joined: Sun Dec 14, 2014 3:18 pm
- Location: AZ, USA
I've had my eye on the Hyatt card for a few months, and was hoping to get some expert advice here before applying and eating the hard pull.
I've heard that this card must be a Visa Signature, so I'd have to qualify for at least a $5,000 credit limit to be approved. Here's a snapshot of what'd they'd see when they pull my report:
Current Card Accounts
1. Chase - $3,600 CL : $0 Balance
2. Amex - $3,800 CL : $0 Balance
3. Cap One - $4,000 CL : $390 Balance
$3,000 - Opened 11/2014 : 48 month but will pay off much, much faster.
1. Cell phone from several months ago, new customer account.
2. Bank - Checking account opening, 1.5 years ago
3. 2x Bank - Last month (2 pulls for same app, the heck?)
No derogs, no missed payments, average account age is 9 years, overall utilization about 3%.
This will be the first time I've considered applying for a new credit card since 2006, so I'm not entirely used to how much weight they put into this stuff. My worries are the 2 pulls from last month for an unsecured loan (to establish lending relationship with them and better APR for one of the cards and a BML acct).
Reported income is in the $25-30k range for the time being, and my total overall credit w/o the loan is $11,400. I've heard trying to go over 50% of your reported income is bad, and can freak out your other creditors.
If they give me the "additional review" message, I was thinking about calling recon and explaining that I'd be willing to re-allocate $900 of my current credit with Chase to the new card (I'd love to keep my Freedom for the bonuses), and dock my CL with Cap One by $3,000 since I'm not too fond of them these days, but they are my oldest account so I'd like to keep it open. Those changes, and an approval for $1,100 credit from them, would give me the $5,000 minimum requirement for Visa Signature and put me at $12,500 total across all cards; 50% of the income scale on the low end.
I'd love to know if anyone has had any experience with a similar situation, or can offer any advice on anything I may have missed here. The Hyatt card is very appealing to me for multiple reasons, but I'd prefer to not have to close another account to get it, or eat a hard pull and not get approved even after recon.