Chase Freeom Approved Next Move

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Yzr23
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Chase Freeom Approved Next Move

Postby Yzr23 » Tue Jan 19, 2016 11:24 pm

I was just approved for Freedom. Roughly ten years ago I burned Chase on a slate card. Long story there which is irrelevant I suppose, however the result was that I was sent to collections. Chase has refrained from extending credit to me since then and only for the past year have I been working on establishing credit again. I currently have a Capital One Platinum card with a $1,200 limit, Capital One Quicksilver with a $2,000 limit, a Credit Union card with a 2,000 limit, an auto loan which I have had for 1 year and make $110k/yr. Chase pulled my EX which is my lowest score of 653, while TU is 687 and EQ is 699. My scores took a hit this past month with high utilization due to work trips and a parking ticket I was unaware of being sent to collections. I typically have a utilization of ten percent or less.

I do not currently travel much aside from work, however I would like to change that over the next few years. As a result I am interested in getting the Sapphire Preferred at some point due to the ability for me for link the rewards accrued on the Freedom. I understand that I need to allow time to pass in order to establish trust between Chase and myself. With that understanding, how long should I wait to apply for the Sapphire Preferred?

I would also like to get an American Express at some point to take advantage of the opportunity to link my corporate card to my personal card and accrue "free" points. From surveying AMEX products they do not appear to provide the level of rewards as combining Freedom and Sapphire Preferred, however it does not make sense not to take advantage of points accrued through expenses placed on my company card. Thoughts?

Also, I would like input regarding which product to pursue first. Should I apply for an AMEX product or Sapphire Preferred first?


takeshi
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Re: Chase Freeom Approved Next Move

Postby takeshi » Wed Jan 20, 2016 9:47 am

Yzr23 wrote:I understand that I need to allow time to pass in order to establish trust between Chase and myself. With that understanding, how long should I wait to apply for the Sapphire Preferred?

If you're off their blacklist then you're off their blacklist. It's not about trust but what your credit profile qualifies for. We can't tell you that X time would get you a CSP while Y time would not. If you qualify for a CSP you can apply now. If you don't then you'd have to apply when your profile and income qualify. We don't know the specifics of their underwriting criteria.

What's the CL on your Freedom? Have you received a letter with score and a list of reasons? Those are some of the tools you should use to give you an idea of how Chase is assessing you. Scores, if they're FICO 8's seem a bit low to me but it's never just about scores. That said, you can refer to the Credit Pulls Database (Google) if desired.

Yzr23 wrote:I would also like to get an American Express at some point to take advantage of the opportunity to link my corporate card to my personal card and accrue "free" points. From surveying AMEX products they do not appear to provide the level of rewards as combining Freedom and Sapphire Preferred, however it does not make sense not to take advantage of points accrued through expenses placed on my company card. Thoughts?

With UR you have separate UR accounts for each card and have to transfer. With MR you have one MR account that accumulates all MR points. However, I'm not totally sure how that works with corporate and personal. You'll want to verify that before you apply for an MR AmEx.

Yzr23 wrote:Also, I would like input regarding which product to pursue first. Should I apply for an AMEX product or Sapphire Preferred first?

There are a lot of subjective considerations at play and you can't poll to answer that question. Apply for the one more important to your first. Don't apply for an AmEx until you confirm that you can pool MR points with both corporate and personal cards.

Yzr23 wrote:and a parking ticket I was unaware of being sent to collections.

Get this removed -- not just paid -- before you do anything. Stay on top of things and do whatever it take to avoid dergogs. They tend to have a significant impact and can hold you back as long as they are on your reports.

Elijahmex
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Re: Chase Freeom Approved Next Move

Postby Elijahmex » Wed Jan 20, 2016 2:27 pm

Did they approve you right away or did they make you wait a couple of days?
Image

Yzr23
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Re: Chase Freeom Approved Next Move

Postby Yzr23 » Thu Jan 21, 2016 7:31 am

Takeshi - thank you for you input and advice. I will look into the MR program and how it links. Also, great to know that if they removed me from their blacklist, then I am good to go for all products that align with my profile. If you do not mind, I would appreciate it if you could elaborate on how to have this derog removed from my report entirely? There is a hard pull from AMEX for the corporate card and I have thought about getting a credit lawyer to clean up my report. Is this the best route?

Elijahmex - Instant approval.



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