It’s been a while since I applied for a round of credit cards, that all changed this week when I decided to apply for a few offers.
Since Chase offers some of the best credit card welcome bonuses I almost alway apply for an new Chase card when I am doing a round of applications. The problem is it is almost to easy to build up a collection of 5 or more Chase credit cards because there are numerous greats offers available at any given time. Playing it fairly safe with Chase is important because they offer some of the best deals, and you do not want to get blacklisted by abusing their welcome bonuss. Moderation is key when dealing with Chase and although its possible, I won't apply for more than 2-3 new Chase credit cards a year.
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Instead of canceling a card and applying for a new one with Chase, the best strategy is to apply for a the new card and then if you are not instantly approved calling into the reconsideration line and asking to transfer some existing credit to open up the new account.
I currently have 4 personal cards and 1 business card from Chase, and applied for the Chase Sapphire Preferred card this week. The application was the first I submitted out of 3 and I was not instantly approved. I almost expected this. If you have several accounts open and a high total credit line from Chase, there is an unlikely chance they will approve a new card.
This can work to your advantage. If you are not instantly approved for a new card, you can call into the reconsideration line right after you submit your application. Ask the representative to pull up your pending application via your social security number and submit it for review. It is important to mention that you would be willing to move around some of your existing credit line to open up the new account. Since Chase is just moving the credit around this has the benefit of not closing an account and then opening a new one, which would post to your credit report. This way your total credit line stays the same throughout the process, and you get a new card bonus!
Since your credit score can be impacted by a drop in your total accounts and credit line this will have less of an impact on your credit score. Combined with applying for multiple cards on the same day, this strategy when applying for a new Chase card is the best ways to limit the impacts to your credit score.
This has worked every time I have applied for Chase credit cards while already having 3-4 active cards.
Here basically how my call went when I called into Chase’s reconsideration line:
Me: Hi, I recently applied for a new credit card and would like to check the status of the application.
Chase Representative: I can help you with that, can I get your name and your application reference number?
Me: My name is Rand, and sorry I don’t have my reference number available (since I just applied several minutes before I did not receive one yet). Can you look it up using my social security number?
Chase Representative: Sure, I can do it that way.
Me: Great, my SS number is xxx-xx-xxxx.
Chase Representative: Alright let me pull that up for you...It looks like you applied for the Chase Sapphire Preferred card.
Me: That is it!
Chase Representative: Alright I’m am just going to put you on hold while I submit this to processing. I will be right back.
Me: Great thanks, and if it is possible to approve me for this new card I would be willing to move some existing credit from card I already have. Maybe you can close the Marriott Premier Credit Card and apply that credit to the Sapphire Preferred?
Chase Representative: Alright I will look into that...(1 minute later)..Hi Mr. Shoaf, it looks looks like you were approved for the Sappire Preferred. I went ahead and closed your Marriott Premier card and transferred that credit line over to open up your new Sapphire Preferred card. Is there anything else I can help you with this evening?
Me: Thats it! Thanks for being so helpful.
Bottom line
If you have several open Chase credit cards, don't cancel one before you apply for a new one. If you are not instantly approved for a new card, use your existing credit lines to transfer some in order to get approved for a new card and bonus.
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