Should I apply for another credit card?

Author: Credit King
Guest
Posted: Mon Jun 21, 2004 11:04 am
Post subject: Applying for New Card

About three months ago I had applied for a credit line increase on one existing Chase card I have (I have had it since 5/03), and was granted an increase from $13000 to $16000. Now I want to apply for a SEPARATE new card with Chase. Is it too early, or can I apply? My FICOs are in the upper 700s.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2193
Location: Illinois
Posted: Mon Jun 21, 2004 2:14 pm

How many inquiries have you had on your credit in the last 6 months to the last year? Sometimes that can make a difference regardless of your score, but still if anything you should have a better chance then others with lower scores.

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Author: Credit KingGuest
Posted: Mon Jun 21, 2004 3:07 pm

Maybe ten. What do you think?

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2193
Location: Illinois
Posted: Mon Jun 21, 2004 3:45 pm

Is this across all 3 bureaus, Sorry for my lapse in thinking this through earlier... to ask more detailed. Do you know which bureau they pull from? How many just on that one bureau? If you are dealing with TransUnion or Equifax, you might be able to use monitoring service privacyguard.com - to amass soft hits to bump the hard hits... can take some time to do this. I have been trying to clean up my inquiries on TransUnion - and just today, after well over 100 pulls I finally bumped 4 inquiries off of that report. Unfortunately I am down to 11 total, 2 just this year. I think if that is how many you have on one bureau, you may want to wait, that might just get you declined. Really hard to say, to try to pre-guess the approval decisioning each creditor uses.

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Author: Credit King
Guest
Posted: Mon Jun 21, 2004 4:13 pm

Naw, Nightstar, it is over all three bureaus. However, I have another idea. I have a Bank One Visa. After the Bank One-Chase merger, maybe I can "convert" the Bank One Visa to the Chase Marathon Mastercard, and thereby not have to "apply" at all. What do you think? By the way, if I can't "convert" the Bank One Visa, and I don't use it because I have cards with better rewards programs, what do I do with its $14500 limit so that I don't lose it?

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2193
Location: Illinois
Posted: Mon Jun 21, 2004 5:39 pm

That is a hard one to know for sure, worth calling them on - each creditor has their own way of dealing with merges on cards. Just won't know until you call. Oh, it might result in a credit report being pulled, but it might just be for account review to see if they want to extend that service. Would not hurt to ask that question either if they have to pull a credit report to complete the transaction. And if that is 10 across all 3 Credit Reporting Agencies, then that is not as bad as I thought.

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