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  1. #1
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    Default How to upgrade Chase credit card?

    Hey guys I am looking to upgrade my current Capital One Platinum MC and Chase Visa to something more rewarding. The two cards that I have now give me nothing (rewards, cash back, etc) and I have been with both companies since 2006 and 2007 respectively. Here are their limits:

    Chase Visa $2k CL (29.99% (v) APR) ($634 Bal)
    Capital One MC $2k CL (11.90% P APR) ($934 Bal)

    I want to upgrade to Chase Freedom card and how do I go about making that happen? Do I call up Chase and ask for a "product exchange" from my current card to the Chase Freedom? Also, I want a lower APR from Chase because 29.99% is just way too much and IMHO is usury.

    As for the Capital One MC which one should I get because looking at their website and current credit cards my current APR is lower than the one's listed online. I was looking at their Cash Rewards credit card with no Annual Fee and the APR is 12.90%

    Also I want to get a credit limit increase on both cards and change them to better cards so guys how do I go about doing that? What should I say? Etc....Last month in February 2012 I opened up a secure USAA AMEX card $2500 CL with an APR of 9.90%...

    My three credit scores are as follows --> EX (644) EP (650) TU (680)

    I look forward to hearing from yous guys about any suggestions you may have for me

    Thanks

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    Quote Originally Posted by nycplayboy78 View Post
    Hey guys I am looking to upgrade my current Capital One Platinum MC and Chase Visa to something more rewarding. The two cards that I have now give me nothing (rewards, cash back, etc) and I have been with both companies since 2006 and 2007 respectively. Here are their limits:

    Chase Visa $2k CL (29.99% (v) APR) ($634 Bal)
    Capital One MC $2k CL (11.90% P APR) ($934 Bal)

    I want to upgrade to Chase Freedom card and how do I go about making that happen? Do I call up Chase and ask for a "product exchange" from my current card to the Chase Freedom? Also, I want a lower APR from Chase because 29.99% is just way too much and IMHO is usury.

    You can either call the # on the back of your Chase card or go online and send a message requesting a product change to Freedom. I assume you have Slate right now? Chase really likes to change people to the Freedom so your chances are good. As far as your APR....Usury is exactly why banks have their credit card opperations out of AZ, DE and SD because those states have virtually limitless usury laws. From what I understand about Chase is that they do not accept requests to lower the APR and that "we periodically review accounts for credit line increases and APR reductions."

    As for the Capital One MC which one should I get because looking at their website and current credit cards my current APR is lower than the one's listed online. I was looking at their Cash Rewards credit card with no Annual Fee and the APR is 12.90%

    Capital One is a strange bird. You may always call them and request the product change; however, they usually only offer the product change at their discretion. Chase Freedom has a better reward structure anyway. Since they are unlikely going to reduce your APR, keep the Capital One as is to maintain your low interest rate.


    Also I want to get a credit limit increase on both cards and change them to better cards so guys how do I go about doing that? What should I say? Etc....Last month in February 2012 I opened up a secure USAA AMEX card $2500 CL with an APR of 9.90%...

    Chase will review your request for a credit line increase; however, this will be a hard inquiry and they typically like to pull Experian, your lowest score. If you can deal with the hard inquiry, there is no reason to sway you from going for it; however, I would expect $500-$1000 increase at best with your current scores. Capital One....you may certainly try; however, they don't usually take customer initiated credit line increase requests.

    My three credit scores are as follows --> EX (644) EP (650) TU (680)

    You may want to wait until you get that Experian score up to 675+ to do anything.

    I look forward to hearing from yous guys about any suggestions you may have for me

    Thanks

    Whatever you decide, let us know how it worked out.
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    I'm only going to be able to help you with your Chase. As far as Capitol1 goes, you will then apply the answer to your Capitol1.

    You mentioned you have a Chase credit card with a 29.99% and a credit limit of $2,000. Since you get no cash back, or travel awards, I'm going to guess you have the slate card right! am I correct?

    Around the time the travel agents were about to lose their jobs the major banks like Citibank, Bank of America and Chase took our grey gold and platinum cards away and came up with cards like the No Hassle, Venture and a cash back card, the Dividend Select, Forward, Simplicity, Thank You, Slate, the Freedom and the Sapphire.

    Now we have travel concierge service. What the banks don't want anybody doing is what you want to do, they don't want anybody upgrading or downgrading. So what they have said is because only 1 of the 4 credit cards has an annual fee, they call these cards different cards.

    For example you have the Slate they call this a low interest card (I know 29.99 isn't low but other people may have the card and they may have 8% maybe a little higher) the card you want is a cash back card with 5% rotating categories. Now Chase has the Sapphire, this is a travel card it works on the point system.

    So you can't upgrade you can go to your local Chase bank and apply for your Freedom card, keep the Slate card open, since it has no annual fee stick it in your souvenir wallet. If you are approved don't cancel your Slate. However when you apply for your Freedom card you will lose credit score points with a hard inquiry on your credit report.

    Chase is very different from American Express where you can go from Green to Gold, Gold to Premier Gold, and that to Platinum. Except for the highest level travel card there are no annual fees on the chase cards.

    as CC mentioned whatever you decide please let us know how it works out.
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    Thank yous guys so much for all the responses.

    As for my Chase credit card it isn't a Slate card. It is a plain old gray visa card with the Chase logo in the center and in the upper right hand corner. The Chase credit card was originally a WAMU (Washington Mutual) in 2007 and then Chase purchased WAMU back in 2009 I think or something like that.

    Well that is that..I got off the phone with Capital One yesterday and asked for a credit limit increase and/or upgrade/product exchange and the Indian call center rep (Sammy) her name was...YEAH RIGHT...Told me that even though I have been with Capital One since 2006 and I had a very low balance, never missed a payment, have paid off my card on multiple occasions and have never went over my limit that I wasn't eligible because they don't have any offers for me or my card in "The System"...

    I am like WTF??!!

    I have never received any offer in the mail or anything via email about any sort of offer from Capital One in the six years that I have been with them. Then "Sammy" said oh well sir we will review your account in THREE months for offers, etc....This point I am raging at the poor lady....I am like this is the first time I have asked for anything from Capital One in SIX years...This is how you treat people who keep a really low balance and pay their credit card off etc??!!

    "Sammy" goes on to say how she understands and blah blah blah because at this point I am not hearing a word she is saying...I hate dealing with these Indian call centers and the whole lot and then it dawned on me maybe I should just cancel my Capital One card out of pure principle because I don't like being treated like this and just because I don't have a 830 credit score I can take my business elsewhere even though I did have this card for six years.

    I am so frustrated and then I called Orchard Bank (HSBC) and asked for a credit limit increase and got a measly $200 dollar increase. I will pay off my Chase and Capital One card to a zero balance at the end of this month and Capital One and Orchard Bank pissed me off so bad because their APRs are both 29.99% and I think they are both sub-prime credit cards which mean they are SNAKE OIL SALESMEN...

    My only high limit credit card is my Wells Fargo credit card and they seem to increase my limit almost every other month and I called them today and asked why and they said oh because your are so good with managing your credit and maintain such a low balance and pay off your card if you do have a balance and you will be getting another credit limit increase in July by another $5k if you keep this up....

    I am like how does one bank treat you like the scum of the Earth and another one treats you just fine like the Golden Rule.........I have been with Orchard Bank since 2005 and my limit was $800 and then they bumped it up to $1k acting like they where doing me a favor and I have only used that card once last year and paid it off....UGH...

    I need yous guys help and counsel on this matter I am very frustrated right now....I think my problem is that I have too many so called bad credit cards you know the one's that are for rebuilding credit and the such...I bank with USAA and a local credit union in town and opened a secured USAA AMEX and they told me this morning that our secure products are the absolute worse products that we give our members but after two years and when your CD matures at a rate of .79% we will give you all your money back plus all the money that you have accured and then we will give a prime USAA AMEX with a very high limit...

    Well here is the catcher the the APR on the secure USAA AMEX is 9.9%...

    Guys I am so floored I don't know what to do...Right now I am not calling no more credit card companies for anything because (1) I am pissed and (2) I might close out a long standing account out of spite and principle (3) which in turn will ruin what good credit that I may already have build up...SIGH...I did file for Chapter 7 Bankruptcy back in 2003 and it was discharged in 2003 but that never seem to get in the way of me getting so called "El-Cheapo" credit cards back when I started applying for credit again in 2005.

    Right now I have 6 credit cards with only my Wells Fargo card with a limit that I am paying over time and the others are zero....SIGH!!! I have been reading other peoples testimonials about how they have no credit and are getting these 10k limit AMEXs, Visas, etc...And I am like what is wrong with me? I don't use my credit cards often and when I do I pay them off like the next month or two at the most....SIGH!!!!!
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    Try to relax, this isn't worth getting your stress level up. As I mentioned, Capital One is a strange bird. The are what I would call the "Best of the Worst" for people with no or bad credit. Capital One will usually open an account for someone with no or a low annual fee and fair interest rates. However; on their rebuilder cards they simply are not interested in a long term relationship. Their business model makes no sense. I would think that they would want to grow with you but they don't. I had the opposite situation with them; they were my first card and I still keep them because the account has grown with me. This is the exception rather than the rule though. Maybe things were different 14 years ago. The thing to remember with Capital One is that they have a sell-by date. After you have used them for 2 years to rebuild, that is usually when it is time to close up shop with them and move on. You mentioned earlier that your Capital One was at 11.9% or did I misread that? If you have 11.9% and no annual fee with them, I would keep it opened. Also, as you may know, Capital One purchased HSBC's US card portfolio which includes Orchard. I would hang on to both for now and once the changeover has been completed, see if Capital One will allow you to close the Orchard card and consolidate its credit line into your Capital One card.

    Chase: Chase really, really wanted into the California market. When WaMu failed, that was their ticket in. And when I say they wanted California, I mean the branch banking. Chase grudgingly also had to take on WaMu's credit card portfolio in the sale and they have been rather passive agressive in dealing with the former WaMu accounts. It is almost as if they want former WaMu cardholder's to close the accounts. As Money Card said, it may be worth a new application for Freedom. But I will warn you, Chase is very prime and to get the limits and APR's that you want, you will need a 700+ bureau score.

    Wells Fargo: I am surprised at your luck with them. They are so conservative it isn't even funny. I firmly believe that the world's finest diamonds come from the tight arses of the Wells Fargo Bank executives. I can't stand Wells Fargo.

    As I mentioned before, I would take this opportunity to go into garden mode. Gardening means that you stop applying for new credit and let the credit you have "grow." With Chase you really need to be in the 700s and it would help if that bankruptcy fell off (which it should next year). In the meantime, build your relationship with USAA and use the cards you have.

    Did you ask Chase for the Freedom upgrade? If you have not, I would go online and request an upgrade from there. Despite the limit and APR, once you get the Freedom use it like your debit card: buy groceries, gas, utilities etc and pay it off in full. If you spend more than $2K a month you can make online payments or branch payments at anytime (up to 4 month I believe so only pay when you need to). After using the heck out of your card they may do an automatic credit line increase. I opened my Freedom in 11/10 with a $7K limit; by 8/11 they did an auto CLI to $10K after I paid off a $1,600 balance (I do have high scores). Not bragging here just letting you know that the auto CLI's do happen but it would appear they like to see high usage.

    There is nothing wrong with you and you can't always believe everything that people write here. There is another forum that I will not mention that has a frequent contributor that goes on and on about how he is "only 18" and yet he has an Amex Centurian, Amex Platinum, JP Morgan Select etc. He even says that he "doesn't want to bring attention on himself (by using the Centurian)" but all he does on that forum is brag. Finally a few of the other posters called him on his bluff. He is full of crap. Also, keep in mind that a lot of people with no credit are actually authorized users on their parent's or spouses credit cards. That builds them an instant credit history and they can be approved for some good cards with high limits. I think you are doing the right thing by doing it yourself.

    Spend the next 12 months in garden mode. Once your bankruptcy falls off, you should see a nice increase in your FICO score. At that point you should apply for the card that you really want. It just takes time. Annoying, but true.
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    CC Deville thank you so much for all of your insight into my credit problem(s). I spoke to an older co-worker this morning and he said the exact same thing about Capital One and how he HATES them...He was active duty Army and was PCSing overseas and asked Capital One for a credit limit increase and they denied him and he only had a credit card with $1k limit so he just closed them out. Also here is my credit profile and tell me what should I do in order to make it better.

    Here is a summary of my complete credit history/profile:
    Experian --> 644
    Equifax ----> 650
    TransUnion --> 680

    File for Chapter 7 BK in 2003 (Discharged 2003)

    Experian
    Total Accounts (Open and Closed) --> 16
    Oldest Account Age --> 14.5 years
    Average Account Age --> 5.6 years
    Hard Inquiries --> 6

    Equifax
    Total Accounts (Open and Closed) --> 17
    Oldest Account Age --> 7.5 years
    Average Account Age --> 5.1 years
    Hard Inquiries --> 4

    TransUnion
    Total Accounts (Open and Closed) --> 16
    Oldest Account Age --> 9.2 years
    Average Account Age --> 5.2 years
    Hard Inquiries --> 2

    Credit Cards and Limits
    Capital One MC --> $2k ($0 Balance)
    Wells Fargo Visa --> $3,650 ($1,600 Balance)
    Chase Visa --> $2k ($0 Balance)
    HSBC MC --> $800 ($0 Balance)
    First Premier Bank MC --> $750 ($0 Balance)
    Home Depot Consumer Card --> $500 ($0 Balance)

    In February 2012 I was applied and approved for a USAA Secure American Express Card ($2,500 with a $0 Balance).

    In the past three years I have had mortgage payment lates and in 2011 I was approved for a Mortgage Modification with BofA and I think that is why my credit score is so low...SIGH..

    Which American Express Card would be suited for me in order to get my foot in the door and build up a reputation with AMEX?

    Also, back in 2005 I had a Corporate AMEX Card with my job and I paid that off in full every month but 2 years later I left that job and I haven't had a relationship with AMEX since then? I bank primarily with USAA (veteran here) for all my insurance products, money-market account, CD, and checking and savings. I also have a local in town credit union for checking and savings.

    Can yous guys please give me some advice on how to improve my 644 credit score to become reach 700?
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    Quote Originally Posted by nycplayboy78 View Post
    CC Deville thank you so much for all of your insight into my credit problem(s). I spoke to an older co-worker this morning and he said the exact same thing about Capital One and how he HATES them...He was active duty Army and was PCSing overseas and asked Capital One for a credit limit increase and they denied him and he only had a credit card with $1k limit so he just closed them out. Also here is my credit profile and tell me what should I do in order to make it better.

    Here is a summary of my complete credit history/profile:
    Experian --> 644
    Equifax ----> 650
    TransUnion --> 680

    File for Chapter 7 BK in 2003 (Discharged 2003)

    Experian
    Total Accounts (Open and Closed) --> 16
    Oldest Account Age --> 14.5 years
    Average Account Age --> 5.6 years
    Hard Inquiries --> 6

    Equifax
    Total Accounts (Open and Closed) --> 17
    Oldest Account Age --> 7.5 years
    Average Account Age --> 5.1 years
    Hard Inquiries --> 4

    TransUnion
    Total Accounts (Open and Closed) --> 16
    Oldest Account Age --> 9.2 years
    Average Account Age --> 5.2 years
    Hard Inquiries --> 2

    Credit Cards and Limits
    Capital One MC --> $2k ($0 Balance)
    Wells Fargo Visa --> $3,650 ($1,600 Balance)
    Chase Visa --> $2k ($0 Balance)
    HSBC MC --> $800 ($0 Balance)
    First Premier Bank MC --> $750 ($0 Balance)
    Home Depot Consumer Card --> $500 ($0 Balance)

    In February 2012 I was applied and approved for a USAA Secure American Express Card ($2,500 with a $0 Balance).

    In the past three years I have had mortgage payment lates and in 2011 I was approved for a Mortgage Modification with BofA and I think that is why my credit score is so low...SIGH..

    Unfortunately only time will heal this. Credit is very fragile and it takes years to build and only months to destroy. Now, a LOT of people had problems with their mortgages so the fact that you didn't walk away should count for something.

    Which American Express Card would be suited for me in order to get my foot in the door and build up a reputation with AMEX?

    Like I said before, you really need to take it easy for the next 12 months. Let those baddies from your mortgage age, some of those inquiries need to fall off and allow your bky to fall off your bureau. The best chance for approval from Amex is really any of their charge cards (Zync, Green and Gold). People will tell you Zync over anything else but really, any of the basic charge cards are fairly easy to get. If you are interested in Blue or any of their other "revovler" credit cards, you really need to have a high 600 low 700 score. Best bet is to get a charge card, use it for a year to build history with Amex and then apply for one of their credit cards.

    Also, back in 2005 I had a Corporate AMEX Card with my job and I paid that off in full every month but 2 years later I left that job and I haven't had a relationship with AMEX since then? I bank primarily with USAA (veteran here) for all my insurance products, money-market account, CD, and checking and savings. I also have a local in town credit union for checking and savings.

    Can yous guys please give me some advice on how to improve my 644 credit score to become reach 700?
    You need to give it time. Wait until next year for your inquiries to fall off; for the bky to fall off public record and to allow some more time for the mortgage lates. Also, keep your balances low on your cards so that your debt to utl ratio is as low as it can be. In about six months see if you can get a credit line increase online on that Home Depot card. If you can get the limit up to $1K then you should get rid of that awful First Premier card. But seriously, give your credit one more year before applying for anything else.
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    CC Deville thank you so much for your advise

    Starting in June 2013 I will see where my credit scores stand and hopefully it will be in the mid-700s and then I will apply for an AMEX charge card and ask for a credit line increase on my Home Depot credit card from Citi
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    I understand where you are coming from, but Orchard Bank is a "sub-prime" card, they are "re-building" cards. They start off with a REALLY low CL and very, very gradually increase you CL. I started out with a $320 CL way back in the day with them! But Wells Fargo on the other hand, I have checking, saving, and investment accts...They have NEVER once increased my CL, I asked them a month ago and they declined. I've always paid on time, and have been paying in full before my statement closing date for the last 6 months. I guess they all have their own formulas, but screw Wells Fargo in my book.
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    I'm in your position filed bankruptcy in 94 got a capital one card in 98 secured but am up to $4800 credit line will never ever raise my limit,got a bank one card in 2004 with a 20k limit they were acquired by chase owed them 16k at one point paid it all of no late payments no my limit with chase is $3100 since then have a discover card with an $8500 limit, bank of america $10k and amex 25k the only reason i keep the cap one is the age of the card and the chase has a 7.99 apr but it's time for you to open new accounts and phase out the old. Chase could care less about my business even though i paid off 16k and never a late payment.

    craigm
    Current Cards: American Express:Grandfathered Blue Cash CL 34k member since 89
    Chase Freedom CL 7.5k member since 04
    Chase Marriot Rewards Premier CL 20k member since 13
    Chase Sapphire Preferred CL 25K member since 13
    Bank Americard Cash Rewards Signature Visa CL 14k member since 11
    Discover Cashback Bonus $10.5k member since 11
    US Bank Cash + Signature Visa 15k member since 12
    Citibank Thank You Preffered World Mastercard $16.5k member since 14
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