I recently received an unsolicited offer for a Chase Visa Platinum card, which I would really like to get. I applied online with the "Invitation Code" and received a message that my application required further processing. Here is my question: With a TU score of 730 (EX is 680 and EQ is 674) and only 3 fairly old lates, but 6 recent inquiries (for a mortgage), what are my chances of getting approved? My current 3 cards have nearly zero balances and I have no other debt (although I will have a mortgage in about 5 weeks) and a good income. I would like to get a new cc before I close on my new place. Any thoughts? Thanks!
call them and ask in 3-4 business days. i got same message, the operator said it looked good. about 2 days later i checked online and was approved. called and got my stats on the card (approval online checker works fastest and tells limit but not terms). I had 8 inq in past 12 months and about 6 new cards with tu FICO 709 (no derog at all). denied about 5 times before in the past 3 years. was suprised.
ok - not to get off topic, but not a good idea to apply for new credit before you sign the mortgage docs. they might pull a new bureau and see the inquiry. just be prepared if it comes up.
I hear you, but I already have my commitment letter and my mortgage broker told me the bank won't pull a second credit report as long as we close before the commitment expires in 60 days. Do you think he is wrong?
I am a mortgage loan originator and all my banks pull another report right before closing on the loan. I have seen loans go south because of this. Wait!
posted by robgold Don't do it...... It's not worth the risk of even a slight chance of losing your mortgage for a cc. Wait til' you have closed.
Apply right after it is a done deal. You should have a window of about a month before the mortgage reports.
OK, I'll take your advice. Should I call Chase and tell them to cancel my application? How can I stop this now?
A recent inquiry doesn't look good to the lender. They don't like to see borrowers seeking new credit after they have been approved for a mortgage loan. For all your lender knows, it could be another creditor seeking payment on an unknown debt. If they check again, you might have to explain the inquiry to the lender. Doubt the inq. will do any harm to your overall scores, because Chase usually runs TU, and TU is your highest score. Your loan is prolly based off your middle score, looks like the Evil Exp, at 680. Now, Chase has a tendency to report their accounts very quickly. So, if you were approved for the CC and you won't be closing on your loan, it is likely that if you accept this CC, it will report as a new account before you close on your house. If your lender runs your scores, they will see the new account and the new account may damage your scores too. Lenders do not like to see new accounts or inq's after they have approved and before the close of escrow. So.................. I don't think the inq. showing only your tu is going to be a problem, but a new account reporting is too much risk. Just call Chase and decline the cc, or ask if they can keep the application pending.........until after you close!
Thanks for the great advice. The truth is I wanted the Chase card to replace a high interest card (0 balance) I was going to close. I was not even planning on using it for a while. I guess I better not rock the boat though. Should I actually call Chase to cancel the app, or simply not accept the card if it is offered?
I would call and cancel. They shouldn't report the cc until you have accepted, but you never know.........
the inquiry shows up quite fast on your report. That part of the damage may be done, now if you are not approved, that sucks. IF you are, and get a nice fatty 0% for 12 months you have to ask yourself do you want to take the punishment (inquiry)? the inquiry may be batch processed by computer (likely). So even if you cancel it , it might be too late to save your inquiries which you will then have to explain anyways. tough call. You could say you applied by mail 30 days ago, and i guess chase took so long to process it, you forgot about it. Mail apps reasonably do take alot longer than online apps. I doubt a mortgage holder would be as penalizing for such a case. thats a naughty white lie though. new inq = lower score maybe new account = lower score yes increasing debt-ratio by thousands of dollars = probably override your score higher (unless you have a very low % already). What if you have some debt, get a $11k card like me, and the result of the latter increases your score. They probably would not mind that one do you feel lucky?
I hope I have averted a potential disaster. I checked MyFico and no credit check appeared. I called Chase's App Center and they did not even receive my app yet, and thus could not cancel. I then sent an email requesting cancellation of the app and telling Chase not to pull a credit report. I will keep calling just to make sure. Thanks to everyone on this board who gave me great advice!!
Chase Platinum -- UPDATE This is the latest. I took the advice from this board and tried to cancel my online Chase application to avoid any potential problem with my closing next month (probably mid-May). Chase had already pulled my TU report, but every CSR I spoke to told me the app was not showing up in their system yet, so they could not cancel it. I now have received an e-mail saying I have been approved for $25,000 and I will receive a card in the mail within 7-10 days. Now that I have already been approved, is it too late for me to cancel and prevent Chase from reporting to the CRA's? I do not want Chase to even report a closed account! What can I do?
Re: Chase Platinum -- UPDATE If you are already approved you can't prevent appearance of the new account on your report. They've sent your account information already to all CRA's. Good luck with your mortgage company and take that Chase card since you've done the damage already.
Re: Chase Platinum -- UPDATE Congrats on the card! I guess. lol How was your overall utilization before this card? As long as you DID NOT do a BT to this card, it can only help your score. A lot of people take hits for new cards because when it first reports, it's already at 50% utilization, maybe 75% or even more due to people taking advantage of the great BT rate. I had a 24 pt drop when I took advantage of a Chase BT offer and nearly maxed out the card. However, it has been my experience that when I open a new account, my score does not change when I didn't do a BT and it reports with a zero bal. The lender might not like the new TL, but it should damage your score any if that's the case. I wouldn't worry about it. Just don't apply for anything else. Edit...I see your utilization is low already. If you didn't do a BT, this card still shouldn't hurt you. It's going to report, so I wouldn't bother canceling it now.
Re: Chase Platinum -- UPDATE dude keep it 25K with 0% BT rate until the end of the month, thats a fantastic 12 month bt offer. i just got my card. BT posted the same day i got it. 12months 0% APR 5.9% variable with points of some sort. The website sucks donkey, oddly it remembered my old car loan even, but you can't pass up 0% APR at least if you are like some of us and have debt, if you reverse BT to a card and then take the cash refund back you can use it for new home furnishings you only get so many days for the BT offer (like 30 from app) so be wise. most homeowners have to buy stuff (alot) and 0% for 12 months can make it easier to digest.
Re: Chase Platinum -- UPDATE I guess I'll keep the card, since the damage is already done. I know Chase has a reputation for reporting to CRA's very quickly, but what are the odds it will not report until after May 15? Will it help if I hold off on activating the card?
Re: Chase Platinum -- UPDATE Once you receive the card, go to their website and create an online acct. On there, it will say "next closing date"... It'll start reporting to EX about 2 days after that. EQ a day after than and TU within a week. If it were April 15, I'd say your chances are good, but May 15 is out of the question.
