Music Forever yesss he helped me get a 790 credit score and work these points for free flights ... when I first watched him I was 605 credit score . He’s amazing
Ask Sebby my girlfriend has a Discover card with 12 years of History with a $15,000 credit line but she owes $13, 000 on it, my credit history is about a year-and-a-half and my score is 730 if she adds me on as an authorized user will I also inherit the bad debt and will that hurt me due to the fact she has a high utilization on it
Great stuff, good simple video covering the basics. Would also add to avoid store cards (unless the likely 1 time bonus is really worth it). It can be argued they have little to no value, and also result in a hard pull.
I wouldn't say the Uber card is a mistake early game. I'm 20 years old and I honestly didn't have the credit score for a CSP or CSR and don't have the spend required to hit the 4k minimum spend. I do know, however, that in two years I'll graduate, and then will be out of 5/24, and will have the spend and score required. At that point I'll get the CSR. The Uber card is fanstatic for college students who don't have the score/lower spend than required for CSP/CSR.
I guess my fear is that 5/24 is expanding (Chase team confirmed that with launch of the new Hyatt card) and for all we know, it becomes 5/48 eventually. Very good points though about min spend.
I don't think it will ever become 5/48. Yes, expanding to all cards is possible, since it forces people to not treat their other cards as drawer cards after getting the bonus, but 5/48 would mean basically a max 1 card a year (if equally divided). It seems too drastic for that to actually happen. As for the minimum spend argument, I went for the Amex PRG card this year although the CSP is objectively better (I can afford the Amex Plat and the Amex CSR too). But I have no way to feasibly hit 4k or 5k of minimum spend (vs 2k on PRG), and if I dont hit them, I lose out on the bonus, which makes the card useless.
To me, Chase seems like they are blocking people who would apply for their cards to take advantage of their signup bonuses, but given that they really in my opinion have very few cards that are long term keeper cards, and their cards are relatively weaker without the signup bonuses, I have no incentive to bend over backwards to stay within the 5/24... What card do they have that is better than any alternatives after year 2? I don't actually see the benefit of keeping the CSR after year 2... Maybe the Ink Business Cash? The only other keepers that I can see that are worth going after are the hotel cards...
I can only speak for me , but I know I need to go back to your previous videos as a refresher. Since I have been following the Ask Sebby knowledge channel I have obtained a Chase Sapphire Preferred, a Citi Double Cash Card, a Discover IT, and a Capital One QS all with generous cls. Thanks Sebby....now Im going back to your older videos for a refresher...lol
The mistake I made early on was letting my second credit card I got drop off due to no use. Lucky for me though I applied for more cards and have been able to build up a good credit card base.
Do you have a video for ppl with a "thin credit file"?....or can you make one with like a recommendation on when to or not to apply for different cards....recommended ways to improve credit to get the premium cards they want..thx in advance
Hey sebby I’ve been watching your videos since like last week when I was trying to find a way to improve my credit score little did I know I would discover a gold mine of knowledge thanks for everything
Thank you so much, Sebastian. I was looking to apply for Freedom and Unlimited on the same day (with 1years history with my first card and 5months with other card). I think I'll gap it out now that I've realized I was making a mistake.
727 cs . Oldest cc 3 y. Had 4 cc , just got fredom a week ago , first cc with chase . Do you think I have chances of getting aproved for csr ?? Thank you . Your videos are very helpful
One mistake that comes to mind is applying for a card from a more conservative issuer, not knowing that they more so than others closely scrutinize things like Debt to Income Ratio.
Sebby your right I moved too fast I apply for Discover then capital one then credit one in local credit union secure alone with open Sky I All that cause I can’t get chase now I just got penfed card along with my first Amex gold My question is should wait for chase or what I want the slate or edge from chase what’s your suggest need help
Sebby have you considered doing a video about Wells Fargo’s line of credit cards? Seems interesting especially with the new Propel card launching this week.
I made the mistake of applying for a business and a personal card on the same day and was approved for the personal but denied for the business card...anyways having done the two card application in the same day before I still considered it a win getting the Marriott card, however there appeared two hard inquiries on my credit report, I assume it’s due to me applying for a personal and a business line of credit.
You said too many cards in a two short period of time is that the case for different car companies like Amex and Chase and City? For example, I have three Amex cards and the last 5 months and then I was denied the Chase preferred card. Is this what you are referring to? I haven't had a Chase card in over 2 years now because I was maxed out on the 5/24 rule.
I luckily got around 5/24. I applied for the Chase freedom card as my 5th card. Later that same month, I got the Chase Slate through a targeted offer. I didn't need to transfer a balance, but I got it so I could product change to the FU. My credit report would have only shown 4 cards, but I figure Chase had to have known they already gave me a card.
Ironically, Chase doesn't "see" it unless it's on your report (if that makes sense). Imagine a computer "pulling" your credit and "if 5 new accounts in the last 24 months..."
I really hate 5/24. I'm locked out now, but still want cards that are effected by the rule:( Had a good run though and built a great foundation of their cards base on my type of spend. Your info help a lot with my decisions on what cards to get. Thanks Sebby!
Seeing if anyone else has insight, but I applied for a chase business card and they only ended up giving me $5000 credit limit despite my annual income was reported at 180k. I had paid off most of my exist credit card debt and got my utilization ratio to like 1-2%, but they claimed that my business (real estate, as I rent out part of my house) was too new (1-2 years) and then a banker also said Chase basically feels like they have given me too much credit already (total credit limit from chase cards around 65k). It was quite disappointing as I had waited and paid off everything (giving 1-2 months for it to show on my report) so that I can get the Chase ink cash to help pay for wedding with the 0% interest, and any potential remodeling I may have. I later called to get that checked again and they had raised it to $7000, but it really doesn't do much (from the standpoint of putting for wedding or remodel)
Decrease your credit limits on the personal side. Chase has a risk algorithm (income, occupation, etc.) that sets a "max" CL they're comfortable extending. It sounds like you're at that ceiling.
Probably pick up the CIU as well afterwards instead of doing a CLI to get the extra 50k UR and it helps w/ big expenses: www.asksebby.com/free-card-consultation/
I applied for my Chase Ink Preferred with an income far lower than yours (I’m not going to post it here). The only other Chase card I have is a Freedom and I got a $7k credit limit on that one. My business is new and I indicated that I made zero income. I got a $5k CL for the Ink Preferred, but was recently upgraded to $9k automatically.
Thanks for the video, Sebby. I really enjoy a lot! I just opened Plat (75k after spending $5000), and I am excited to utilize it. I want to ask if holding Plat and PRG is not a good strategy. I am holding PRG for several years and did my research on holding these two cards, but I only see that people just cancel PRG and open EDP, seems like PRG is shadowing from Plat. What is your thought on this strategy? What I like about PRG is x2 points on grocery, dining, and gas, which I was thinking to mainly use this daily after I spend $5000 on Plat, and EDP doesn't interest me since it's mainly for a grocery to earn points, right? If I Use the airline credit of PRG ($100), the annual fee equals with EDP. Please I need advice. Thanks in advance.
my first card and only is the venture card with a 10,000 limit. I've had it for 2 years. I have a 758 score. my income isn't high but I am military. do I have a chance at getting the chase sapphire reserve card?
The only thing I regret is I didnt sign up for more than 1 credit card 4 years ago. I would be able to have more than 3 cc and the hard inquiries are cleared out after those years. I was a student and this game was not on the table until recently. However, I still got CFU and CSR after that and Uber card early this year. My question is: What is the next cc should I get with 0 annual fee and good sign up bonus. Should I get the chase freedom now or hold off on it? I plan to downgrade the CSR after 2 years.
Sebby I have 100K United miles that will expire next month. What is the most cost efficient way to not lose those miles? Apply for United Explorer card? Buy some miles? Great content!
Joseph Gizzi Jr make a small purchase through their portal. That will reset the life of your points. Check out Nomad Travel Hacker. He's got a great video on preventing airline miles from expiring. 👍
Portal is easiest. United card works if you're under 5/24 and want the points/card anyways. Buying points work if you have only < 1 week left (portal takes time, risk of delay, etc.).
Well I just got approved for the us bank cash+ with the 365 pending. I'm already at 4/24 with my first inquiry falling off October. I'm thinking about applying for the csp in 6-7 months while double dipping on some other chase card. As a college student I can meet the MS on the csp, but not with the csp+ csr. What other card from chase should I double dip with the csp when I'm at 4/24 again?
Hi! Could you please do a quick video on the last two weeks of the SPG program before the major 33% devaluation on AMEX SPG earnings? August 1 is looming in the near future! It will be the end of an era. What should we be doing to maximize those valuable Starpoints now on our AMEX SPG cards? Pay up utilities, insurance, etc? Book prepaid hotels? Any other suggestions? Thanks Sebastian! Your videos are the best!
Thank you so much! I had no idea about the Marriott hotel + miles packages! (and they are not easy to find on the MR website) Definitely worth considering.
By the way i only have 4 cards... Macys, chase saphire preferred, amex PRG and now amex platinum. I think im ok with these and i dont need anymore. What are your thoughts?
I would add some foundation cards (no AF, value adding cards). CF/CFU both have no annual fee. Worst case, you don't use them and they help your score.
even though I probably wouldve come out ahead with the CSR over the CSP, i applied for the CSP first due to that exact reason. I had about 13 months of credit history (avg 10 months cuz I just got a mortgage) and I had 2 credit cards at the time, each with a limit of 8000. So knowing that the minimum limit for CSR was 10k, i chickened out and went for the CSP. Lo and behold, they approved me for the CSP with a whopping 15000 limit! I am kicking myself for not getting the reserve. luckily, I got the CSP with the 60k bonus, so its pretty good still.
A think to consider, if you already have an Amex and apply for more, you'll not get a hard inquiry for it and it will show up basically 2 months later.
Hi Sebby! I have most of the top tier card out there CSR, Ritz, AMEX platinum, gold, etc... the only thing I’m looking on getting is the Citi is there any other good elite card out there asides the Amer black card that offer good returns?
Lol CSP was my first credit card and they started me with 6.8k limit, now it's 13.9k, this year I applied for the Chase Freedom (OG it was before the Flex announcement) and they gave me 21k limit, I thought it was a mistake at first lol... I did have some raises in those 5 years since getting my CSP but damn.
Following your posts great videos and very helpful. Question? I have the amex PRG and i was approved for amex platinum yesterday with 60 thousand bonus. Can i use plastiq to pay my mortgage, monthly car notes and then use card to pay as regularly i would for groceries, gas, utilities ect to meet min spend? Ive been with amex since 1993 and i would not like to be black listed for doing something they consider taboo. Thanks for your insight...
You can't use Amex (or Visa) for mortgages via Plastiq. AFAIK, it's on Amex/Visa's end since they're concerned about paying debt with debt: www.asksebby.com/blog/how-to-meet-minimum-spend-using-plastiq-2018
I just got my csr with a 17k cl. This is my third card within the last 2 months. I’d like to apply for the cip soon, but not sure if I’ll have enough total credit line to get approved. Do you think I should ask for a cl decrease on my csr before applying for cip, or ask for a cl transfer if I get rejected for too much credit?
Business and personal credit are pooled differently; you can't transfer between them. With that said, I'd probably lower the CSR to 10k CL to lower shutdown risk: www.asksebby.com/free-card-consultation/
Sebby I have a discover it with $1800 amex bce with $2000 and a amex Business gold I’ll have 1 year and 1 month in two months my scores are at 727 and 719/716 and Ill be buying new boots soon and Id like to use that to hit minimum spend (about $5k) for the chase sapphire preferred do you think its too soon to apply? I really want that card but I have relatively thin file, what do you think?
Hi Sebby What are your thoughts on the brand new Starwood American Express Luxury Card a public offer of 100,000 bonus Marriott points after $5,000 in spending in the first three months? I have the SPG card already and was giving an upgrade offer. I am at my AMEX max card limit and trying to cancel a card to get the new AMEX gold card....thanks Sebby!
Amex Gold doesn't impact card cap since it's a charge card. I would always sign up for a new card due to bonus rules: www.asksebby.com/blog/should-you-upgrade-your-american-express-card
l have no chase cards, made two of the mistakes of applying for too many other cards... Uber included... But now, I really dont see any benefit of going after the Chase cards... And Chase has kindof burned the bridge for me as a customer... Granted this means I am unable to collect Chase ultimate rewards points now, but I don't see any category of spend where I don't get a better expected return using other cards like amex or other cash back cards... I am wondering if its even worth it to try to build out chase now... The only thing I can see where I would benefit from the CSR is car rentals, for the primary insurance plus 3x... but I don't rent cars enough to make that worth a $150 net annual fee... Chase cards are getting worse, they are cutting benefits while there are plenty of other options now... The transfer partners are one big benefit I miss out on, but then, between Amex, SPG, Citi, and now Capital One, there are a ton of other transfer partner points to optimize around... What would really put the nail in the coffin for me against going for Chase cards would be if Bank of America and Barclays introduced Transfer Partners... If I went for the CSR or CSP, it would not be as keeper cards, only as cards I would be willing to hold for a while... Am I wrong to think that Chase is a little overrated? I've done the math and there is no card with Chase that I can see that gives me a better net return than another keeper card, worth the annual fees... The CSR, CSP both do not earn a better rate of return than other cards that have lower effective annual fees... What am I missing?
Many people "test drive" the CSP for Year 1 and downgrade it into a Freedom to save on the annual fee long-term. Hyatt (now under 5/24) w/ the 60k bonus is worth: a) 2 nights at 30k property = Paris Vendome which ranges from $750 to $1,500 a night = $1,500 to $3,000 in value b) 12 nights at a 5k property = think roadtrips through the US; typically $100 to $200 a night = $1,200 to $2,400 in value Bonus + ability to downgrade / keep the card long-term > multipliers (to me anyways) With a 5% earning card, you would need to spend $48,000 to get $2,400 in value.
Ask Sebby Right, definitely think the Hyatt and IHG are keepers, so cobranded cards... which kindof sucks for those over 5/24... But given that I am over, and I have plenty of other cards with other issuers to collect for hotels... the SPG luxury, SPG business, Hilton cards, Citi Prestige... I really don't have incentive to bend over backwards for 24 months to get those two hotel cards now... So Chase has lost me as a customer. For me, although I know its possible that I am missing out on some huge wins (potentially from points) I always value the unlimited cash back multipliers first, to have a baseline where I know I will get at least net some net positive returns on my spending, and then only depart from the baseline where we need to hit a minimum spend - typically using Platiq on Rent or bills. Also my wife and I typically spend on the same cards as authorized users... Thats another mistake we made, opening authorized user accounts for each other on certain cards like Uber, Amex Gold, others, each authorized user account has added to 5/24, effectively kicking us both out of 5/24 for at least 24 months... Oh well, basically I have all but written off Chase for now. I think I might go after the Hyatt in the future, but now that Chase has cut me off from even the hotel keepers, I have lost all interest in their ultimate rewards points at their current earn rates... I can do better with Amex...
I combined inquiries 2 years I'm to get my 2nd and 3rd chase (aarp and amazon), 3rd and 4th total. I shouldn't have combined inquiries this early at chase, I don't think
So many metaphors, the internet isn’t supposed to make you think! My mistake was investing in online store cards. The only one that kind of paid off was Amazon (you still have to pay for Prime yearly to reap the full benefits, as their card alone isn’t enough), but it was a gamble in the start (it has been around for much longer than they have been on top). The Zappos card I carried was rebranded as a bland Chase card without a “Pay With Points” Zappos themed reward. The eBay card has no discernible tie to eBay other than the logo. I’d imagine other store cards are the same way. You think you’re going to get a heightened experience when you invest in your favorite store’s credit card. Then after the first month of an exciting bonus, you realize you would have been better off just getting any credit card that had that store listed as a gift card reward option. Store card experiences seem universally disappointing.
Agreed on Amazon being viable long-term (I don't see them disappearing any time soon). For anyone else in the same boat, my thoughts on store cards: ruclips.net/video/wpUFuIn4A4w/видео.html
Damn, I applied for freedom and sapphire together and got approved instantly for freedom. Too soon? What will happen they said they'll get back to me on saphire
Chase's reconsideration line the number is 888-270-2127 for personal cards and 800-453-9719 for business don't ever accept a robo reply always speak to someone you just may need to verify something I'm at 4 Chase Cards Sapphire Preferred, Freedom Signature, Freedom Unlimited Signature, and IHG Rewards Club Premier(non 5/24 card) and I've got 15 open cards with an average age of right at 2 years Transunion of about 740 and Equifax of about 787 FICO Score 8
I'm not exactly sure can't say yes or no but I'd definitely never take a robo reply at face value I had the oh you'll get a letter in the mail in 7-10 days when I applied for the IHG Rewards Club Premier card and its a non 5/24 card I called reconsideration and verified my info and was instantly approved when I spoke to someone and they didn't have to do but 1 HP granted IHG pulled from Experian and Equifax while Sapphire Preferred, Freedom, and Freedom Unlimited all 3 pulled from Transunion
Well on your first tip, combining inquiries, I applied for 2 chase freedom cards last month and got approved. Before then I only had one card with 1.8 AAoA. I guess I'm the out lier?
Albert Taffolla I'm assuming you're talking about the QuicksilverOne by Capital One, In which case I would tell you no. 1.5 % cash back is standard for 0 annual fee cards (Citi double cash is 2% and free). If your score is not good enough for these cards, I'd wait a few months for your score to increase before doing anything.
Unless there's a really good signup bonus, and ideally a downgrade path, not really. The only argument would be if you need it to "get on the scoreboard" (i.e., it's a secured card).
Capital one actually has an upgrade to this card if u have the no fee platinum. I started my credit with a discover secured and later got the cap 1 platinum since it had no annual fee but I realized I never used it since I earned cashback on discover. I called and said I would like to use this card more but it gives me no rewards and I hate losing out, they told me I was eligible for an upgrade to a no fee quicksilver.
budgetto the problem with doing that is he misses out on the sign up bonus for the Quicksilver ($150 dollars for $500 of spend or $200 for a thousand). If they go for platinum then upgrade, they lose out on that outside value (only achievable through $10,000 of spend to get $150 of 1.5% cash back). Only makes sense to do what you're saying if they are planning to spend more than $10,000 within a few months instead of waiting to get Quicksilver automatically.
Yousef Elraghy The quicksilver one with $39 annual fee starter card does not have a signup bonus. If they are considering the one with the fee they likely do not have great credit. So my post is for those considering the starter version cap 1 cards. Of course if u are eligible for the 0 fee with $150 signup bonus go that route! This was just my experience of how I didnt want my first(oldest) card to have an annual fee but then was able to get the rewards i actually wanted. I went back and forth when choosing between the platinum and the quicksilver one but in the end with no rewards/no fee platinum bc u need a good amount of spend to make back the 39$ fee; which can be really hard when your starting line is $300.
Wish i knew more about this when i started. I wasted one of my precious slots with a stupid hsbc premier world elite MasterCard. :-( Only have 1 Chase slot left for the next 22 months. Guess that's going to the reserve.
You can get the Reserve and after that check on the Chase online portal and check and see if you're still pre approved for anymore cards I had a Freedom for about a year and checked and was preapproved for both the Preferred and Freedom Unlimited when I applied for the Preferred was instantly approved and then I pulled the trigger on the Freedom Unlimited and was approved for the Signature version as well as having my Regular Freedom bumped up to Signature and Chase mailed me a new card as long as you don't apply for more than 2 Chase Cards within 30 days you should be good to go
Do you do more than one card consultation per person? I've already done one and don't want to be greedy. I'm having trouble getting the Chase Ink Cash card and thought I might see if you could help point me in the right direction. I have applied for my cards through you and would do the same with this one.
Biggest mistake i made was getting the luxury black card. No signup bonus, and really no perks. All I got for my mid year gift was a engraved pin. Not worth signup bonus at all!
Ask Sebby Barclays stop doing service member relief act in January. I got the car in February. Bad move. And the free magazine is just advertisements for expensive watches.
I have the Freedom since a month now and would like to get the Reserve. My score is around 710. Is it safe or should I also get the Freedom unlimited also at the same time?
Depends on income/other factors. I would NOT do both at the same time given your score/thin file though: www.asksebby.com/free-card-consultation/ Maybe if it was CSP+CFU (~6k new CL)... not CSR+CFU (~11k new CL)
I ended my Amex gold card after 5yrs. They offered me to cut my annual fee to$175.00 instead of $250.00 just for this yr, but I would've had to spend $700.00 90dys in order to get that discount.
Sebby- did you see the new updates to the Ritz Card? Sounds like we will be getting a free annual night and increased points earning. They are probably trying to battle the Amex Aspire. I love the competition!
I can definitely see myself in a couple of these examples. Guilty of not getting all of the Chase trifecta, and maybe too many cards in a short period. For the 5/24 thing, I like Chase fine. Don’t even have major complaints about their customer service (a topic that seems to have a lot of weight in my decision making process these days). I even concede they have the best low/no cost travel point production “engine” out there (as I see it anyway). I just don’t travel to a degree that makes either Sapphire make sense...and no Sapphire then makes me think that the Freedom Unlimited is a bottom six pairing addition (to use a hockey analogy). The Freedom though. 5% makes sense to me, and thanks to you driving 5/24 through my thick skull...I got it with my last (5th) slot. As far as getting cards too quickly, that probably applies to me more. January 2017...one card. Added 1 in October 2017, 2 in March 2018, and 2 in June 2018. The ones from this year I probably should have spaced out better. Great topic!
screw CSR and chase altogether. Their 5/24 rule is one of the dumbest rules I've ever heard of. I have 5 cards now, a credit age of just under 2 years, I'm still in school and I just got the Amex Platinum as my 5th card. I've never had an Amex before either. Love American Express and couldn't picture having another premiere card with any other company.
Sebby is awesome! Helped me really understand the benefits of being deep in the credit card game
Music Forever yesss he helped me get a 790 credit score and work these points for free flights ... when I first watched him I was 605 credit score . He’s amazing
Second.
Ask Sebby 🤣🤣🤣🤣
Ask Sebby my girlfriend has a Discover card with 12 years of History with a $15,000 credit line but she owes $13, 000 on it, my credit history is about a year-and-a-half and my score is 730 if she adds me on as an authorized user will I also inherit the bad debt and will that hurt me due to the fact she has a high utilization on it
@@djnyc4907 don't get added to that utilization!!
Great stuff, good simple video covering the basics. Would also add to avoid store cards (unless the likely 1 time bonus is really worth it). It can be argued they have little to no value, and also result in a hard pull.
I wouldn't say the Uber card is a mistake early game. I'm 20 years old and I honestly didn't have the credit score for a CSP or CSR and don't have the spend required to hit the 4k minimum spend. I do know, however, that in two years I'll graduate, and then will be out of 5/24, and will have the spend and score required. At that point I'll get the CSR. The Uber card is fanstatic for college students who don't have the score/lower spend than required for CSP/CSR.
I guess my fear is that 5/24 is expanding (Chase team confirmed that with launch of the new Hyatt card) and for all we know, it becomes 5/48 eventually.
Very good points though about min spend.
I don't think it will ever become 5/48. Yes, expanding to all cards is possible, since it forces people to not treat their other cards as drawer cards after getting the bonus, but 5/48 would mean basically a max 1 card a year (if equally divided). It seems too drastic for that to actually happen. As for the minimum spend argument, I went for the Amex PRG card this year although the CSP is objectively better (I can afford the Amex Plat and the Amex CSR too). But I have no way to feasibly hit 4k or 5k of minimum spend (vs 2k on PRG), and if I dont hit them, I lose out on the bonus, which makes the card useless.
To me, Chase seems like they are blocking people who would apply for their cards to take advantage of their signup bonuses, but given that they really in my opinion have very few cards that are long term keeper cards, and their cards are relatively weaker without the signup bonuses, I have no incentive to bend over backwards to stay within the 5/24... What card do they have that is better than any alternatives after year 2? I don't actually see the benefit of keeping the CSR after year 2... Maybe the Ink Business Cash? The only other keepers that I can see that are worth going after are the hotel cards...
I can only speak for me , but I know I need to go back to your previous videos as a refresher. Since I have been following the Ask Sebby knowledge channel I have obtained a Chase Sapphire Preferred, a Citi Double Cash Card, a Discover IT, and a Capital One QS all with generous cls. Thanks Sebby....now Im going back to your older videos for a refresher...lol
We Love You Sebby!!! You've Helped Me & Others Out So Much!!!
The mistake I made early on was letting my second credit card I got drop off due to no use. Lucky for me though I applied for more cards and have been able to build up a good credit card base.
Do you have a video for ppl with a "thin credit file"?....or can you make one with like a recommendation on when to or not to apply for different cards....recommended ways to improve credit to get the premium cards they want..thx in advance
Hey sebby I’ve been watching your videos since like last week when I was trying to find a way to improve my credit score little did I know I would discover a gold mine of knowledge thanks for everything
I need to get that prime rib!
Thank you so much, Sebastian. I was looking to apply for Freedom and Unlimited on the same day (with 1years history with my first card and 5months with other card). I think I'll gap it out now that I've realized I was making a mistake.
Love the prime rib analogy
727 cs . Oldest cc 3 y. Had 4 cc , just got fredom a week ago , first cc with chase . Do you think I have chances of getting aproved for csr ?? Thank you . Your videos are very helpful
Did you ever end up getting it? Im looking for the CSR and have a 722 score.
One mistake that comes to mind is applying for a card from a more conservative issuer, not knowing that they more so than others closely scrutinize things like Debt to Income Ratio.
Sebby your right I moved too fast I apply for Discover then capital one then credit one in local credit union secure alone with open Sky I All that cause I can’t get chase now I just got penfed card along with my first Amex gold
My question is should wait for chase or what I want the slate or edge from chase what’s your suggest need help
Sebby have you considered doing a video about Wells Fargo’s line of credit cards? Seems interesting especially with the new Propel card launching this week.
I made the mistake of applying for a business and a personal card on the same day and was approved for the personal but denied for the business card...anyways having done the two card application in the same day before I still considered it a win getting the Marriott card, however there appeared two hard inquiries on my credit report, I assume it’s due to me applying for a personal and a business line of credit.
Darren Maye that seems to be true. Different inquiry for personal vs business.
Reece De Leon true, certainly one of the lessons learned.
You said too many cards in a two short period of time is that the case for different car companies like Amex and Chase and City? For example, I have three Amex cards and the last 5 months and then I was denied the Chase preferred card. Is this what you are referring to? I haven't had a Chase card in over 2 years now because I was maxed out on the 5/24 rule.
I luckily got around 5/24. I applied for the Chase freedom card as my 5th card. Later that same month, I got the Chase Slate through a targeted offer. I didn't need to transfer a balance, but I got it so I could product change to the FU. My credit report would have only shown 4 cards, but I figure Chase had to have known they already gave me a card.
Ironically, Chase doesn't "see" it unless it's on your report (if that makes sense).
Imagine a computer "pulling" your credit and "if 5 new accounts in the last 24 months..."
Thanks for the heads up. 👍
Keep these videos coming! Credit is much more interesting 😆
I really hate 5/24. I'm locked out now, but still want cards that are effected by the rule:( Had a good run though and built a great foundation of their cards base on my type of spend. Your info help a lot with my decisions on what cards to get. Thanks Sebby!
What exactly happened and what would you do differently
I would assume if it doesn't affect your approval odds or credit limit then they wouldn't ask for it on the credit application.
Seeing if anyone else has insight, but I applied for a chase business card and they only ended up giving me $5000 credit limit despite my annual income was reported at 180k. I had paid off most of my exist credit card debt and got my utilization ratio to like 1-2%, but they claimed that my business (real estate, as I rent out part of my house) was too new (1-2 years) and then a banker also said Chase basically feels like they have given me too much credit already (total credit limit from chase cards around 65k). It was quite disappointing as I had waited and paid off everything (giving 1-2 months for it to show on my report) so that I can get the Chase ink cash to help pay for wedding with the 0% interest, and any potential remodeling I may have. I later called to get that checked again and they had raised it to $7000, but it really doesn't do much (from the standpoint of putting for wedding or remodel)
daBigWayne ask for them to reallocate your credit line (take 30k away from personal cards and add it to the new card).
Decrease your credit limits on the personal side. Chase has a risk algorithm (income, occupation, etc.) that sets a "max" CL they're comfortable extending.
It sounds like you're at that ceiling.
Probably pick up the CIU as well afterwards instead of doing a CLI to get the extra 50k UR and it helps w/ big expenses: www.asksebby.com/free-card-consultation/
I applied for my Chase Ink Preferred with an income far lower than yours (I’m not going to post it here). The only other Chase card I have is a Freedom and I got a $7k credit limit on that one. My business is new and I indicated that I made zero income. I got a $5k CL for the Ink Preferred, but was recently upgraded to $9k automatically.
Vincent Pascual I wonder, maybe you’re low on debt or have no debt. Would that be why?
Thanks for the video, Sebby. I really enjoy a lot! I just opened Plat (75k after spending $5000), and I am excited to utilize it. I want to ask if holding Plat and PRG is not a good strategy. I am holding PRG for several years and did my research on holding these two cards, but I only see that people just cancel PRG and open EDP, seems like PRG is shadowing from Plat. What is your thought on this strategy? What I like about PRG is x2 points on grocery, dining, and gas, which I was thinking to mainly use this daily after I spend $5000 on Plat, and EDP doesn't interest me since it's mainly for a grocery to earn points, right? If I Use the airline credit of PRG ($100), the annual fee equals with EDP. Please I need advice. Thanks in advance.
my first card and only is the venture card with a 10,000 limit. I've had it for 2 years. I have a 758 score. my income isn't high but I am military. do I have a chance at getting the chase sapphire reserve card?
The only thing I regret is I didnt sign up for more than 1 credit card 4 years ago. I would be able to have more than 3 cc and the hard inquiries are cleared out after those years. I was a student and this game was not on the table until recently.
However, I still got CFU and CSR after that and Uber card early this year. My question is: What is the next cc should I get with 0 annual fee and good sign up bonus. Should I get the chase freedom now or hold off on it? I plan to downgrade the CSR after 2 years.
CapOne VentureOne? Uber card? Citi Double Cash?
Drinking game. Drink every time Sebby says 'So Again' 😂😂😂😂
Mr. Kansichi has passed away due to alcohol poisoning..."
Sebby I have 100K United miles that will expire next month. What is the most cost efficient way to not lose those miles? Apply for United Explorer card? Buy some miles? Great content!
Joseph Gizzi Jr make a small purchase through their portal. That will reset the life of your points. Check out Nomad Travel Hacker. He's got a great video on preventing airline miles from expiring. 👍
Portal is easiest. United card works if you're under 5/24 and want the points/card anyways.
Buying points work if you have only < 1 week left (portal takes time, risk of delay, etc.).
Well I just got approved for the us bank cash+ with the 365 pending. I'm already at 4/24 with my first inquiry falling off October. I'm thinking about applying for the csp in 6-7 months while double dipping on some other chase card. As a college student I can meet the MS on the csp, but not with the csp+ csr. What other card from chase should I double dip with the csp when I'm at 4/24 again?
www.asksebby.com/free-card-consultation/
Hi! Could you please do a quick video on the last two weeks of the SPG program before the major 33% devaluation on AMEX SPG earnings? August 1 is looming in the near future! It will be the end of an era. What should we be doing to maximize those valuable Starpoints now on our AMEX SPG cards? Pay up utilities, insurance, etc? Book prepaid hotels? Any other suggestions? Thanks Sebastian! Your videos are the best!
Done: ruclips.net/video/Q2x53t9uDxU/видео.html
Thank you so much! I had no idea about the Marriott hotel + miles packages! (and they are not easy to find on the MR website) Definitely worth considering.
Was approved for the Comdata universal fleet fuel Mastercard, time to build business credit!
By the way i only have 4 cards... Macys, chase saphire preferred, amex PRG and now amex platinum. I think im ok with these and i dont need anymore. What are your thoughts?
I would add some foundation cards (no AF, value adding cards). CF/CFU both have no annual fee. Worst case, you don't use them and they help your score.
even though I probably wouldve come out ahead with the CSR over the CSP, i applied for the CSP first due to that exact reason. I had about 13 months of credit history (avg 10 months cuz I just got a mortgage) and I had 2 credit cards at the time, each with a limit of 8000. So knowing that the minimum limit for CSR was 10k, i chickened out and went for the CSP. Lo and behold, they approved me for the CSP with a whopping 15000 limit! I am kicking myself for not getting the reserve. luckily, I got the CSP with the 60k bonus, so its pretty good still.
Please make videos about the new Marriot and Ritz Carlton cards.
I'll cover them at launch (August 1).
A think to consider, if you already have an Amex and apply for more, you'll not get a hard inquiry for it and it will show up basically 2 months later.
The loss aversion is a worthwhile topic to cover in this video, especially when it comes to annual fee vs. no annual fee cards.
Hi Sebby! I have most of the top tier card out there CSR, Ritz, AMEX platinum, gold, etc... the only thing I’m looking on getting is the Citi is there any other good elite card out there asides the Amer black card that offer good returns?
Citi Prestige for 4th night free. Maybe SPG Luxury if you're eligible when it releases.
Ask Sebby, I think I have a good question: does opening any Synchrony account count in the 5/25 Chase rule?
If it's a credit card, yes.
Ask Sebby I was considering a primary Care Credit but thank you!
THANKS FOR THE INFO
Lol CSP was my first credit card and they started me with 6.8k limit, now it's 13.9k, this year I applied for the Chase Freedom (OG it was before the Flex announcement) and they gave me 21k limit, I thought it was a mistake at first lol... I did have some raises in those 5 years since getting my CSP but damn.
Following your posts great videos and very helpful. Question? I have the amex PRG and i was approved for amex platinum yesterday with 60 thousand bonus. Can i use plastiq to pay my mortgage, monthly car notes and then use card to pay as regularly i would for groceries, gas, utilities ect to meet min spend? Ive been with amex since 1993 and i would not like to be black listed for doing something they consider taboo. Thanks for your insight...
You can't use Amex (or Visa) for mortgages via Plastiq. AFAIK, it's on Amex/Visa's end since they're concerned about paying debt with debt: www.asksebby.com/blog/how-to-meet-minimum-spend-using-plastiq-2018
I just got my csr with a 17k cl. This is my third card within the last 2 months. I’d like to apply for the cip soon, but not sure if I’ll have enough total credit line to get approved. Do you think I should ask for a cl decrease on my csr before applying for cip, or ask for a cl transfer if I get rejected for too much credit?
Business and personal credit are pooled differently; you can't transfer between them. With that said, I'd probably lower the CSR to 10k CL to lower shutdown risk: www.asksebby.com/free-card-consultation/
Sebby I have a discover it with $1800 amex bce with $2000 and a amex Business gold I’ll have 1 year and 1 month in two months my scores are at 727 and 719/716 and Ill be buying new boots soon and Id like to use that to hit minimum spend (about $5k) for the chase sapphire preferred do you think its too soon to apply? I really want that card but I have relatively thin file, what do you think?
www.asksebby.com/free-card-consultation/
Hi Sebby What are your thoughts on the brand new Starwood American Express Luxury Card a public offer of 100,000 bonus Marriott points after $5,000 in spending in the first three months? I have the SPG card already and was giving an upgrade offer. I am at my AMEX max card limit and trying to cancel a card to get the new AMEX gold card....thanks Sebby!
Amex Gold doesn't impact card cap since it's a charge card.
I would always sign up for a new card due to bonus rules: www.asksebby.com/blog/should-you-upgrade-your-american-express-card
l have no chase cards, made two of the mistakes of applying for too many other cards... Uber included... But now, I really dont see any benefit of going after the Chase cards... And Chase has kindof burned the bridge for me as a customer...
Granted this means I am unable to collect Chase ultimate rewards points now, but I don't see any category of spend where I don't get a better expected return using other cards like amex or other cash back cards...
I am wondering if its even worth it to try to build out chase now... The only thing I can see where I would benefit from the CSR is car rentals, for the primary insurance plus 3x... but I don't rent cars enough to make that worth a $150 net annual fee... Chase cards are getting worse, they are cutting benefits while there are plenty of other options now... The transfer partners are one big benefit I miss out on, but then, between Amex, SPG, Citi, and now Capital One, there are a ton of other transfer partner points to optimize around... What would really put the nail in the coffin for me against going for Chase cards would be if Bank of America and Barclays introduced Transfer Partners...
If I went for the CSR or CSP, it would not be as keeper cards, only as cards I would be willing to hold for a while...
Am I wrong to think that Chase is a little overrated? I've done the math and there is no card with Chase that I can see that gives me a better net return than another keeper card, worth the annual fees... The CSR, CSP both do not earn a better rate of return than other cards that have lower effective annual fees... What am I missing?
Many people "test drive" the CSP for Year 1 and downgrade it into a Freedom to save on the annual fee long-term. Hyatt (now under 5/24) w/ the 60k bonus is worth:
a) 2 nights at 30k property = Paris Vendome which ranges from $750 to $1,500 a night = $1,500 to $3,000 in value
b) 12 nights at a 5k property = think roadtrips through the US; typically $100 to $200 a night = $1,200 to $2,400 in value
Bonus + ability to downgrade / keep the card long-term > multipliers (to me anyways)
With a 5% earning card, you would need to spend $48,000 to get $2,400 in value.
Ask Sebby
Right, definitely think the Hyatt and IHG are keepers, so cobranded cards... which kindof sucks for those over 5/24... But given that I am over, and I have plenty of other cards with other issuers to collect for hotels... the SPG luxury, SPG business, Hilton cards, Citi Prestige... I really don't have incentive to bend over backwards for 24 months to get those two hotel cards now... So Chase has lost me as a customer.
For me, although I know its possible that I am missing out on some huge wins (potentially from points) I always value the unlimited cash back multipliers first, to have a baseline where I know I will get at least net some net positive returns on my spending, and then only depart from the baseline where we need to hit a minimum spend - typically using Platiq on Rent or bills.
Also my wife and I typically spend on the same cards as authorized users... Thats another mistake we made, opening authorized user accounts for each other on certain cards like Uber, Amex Gold, others, each authorized user account has added to 5/24, effectively kicking us both out of 5/24 for at least 24 months... Oh well, basically I have all but written off Chase for now. I think I might go after the Hyatt in the future, but now that Chase has cut me off from even the hotel keepers, I have lost all interest in their ultimate rewards points at their current earn rates... I can do better with Amex...
thanks Sebby, I needed this!
Great explanation for #5!
Damn, what’s negative about the uber visa? Just locked up my 5/24 for a full year and most recent card i got was the uber visa
Luke Tahoe it’s a good card but there’s a chance (especially if you have a higher spend) that you’ll get more expected value from the CSR/CSP
I combined inquiries 2 years I'm to get my 2nd and 3rd chase (aarp and amazon), 3rd and 4th total. I shouldn't have combined inquiries this early at chase, I don't think
So many metaphors, the internet isn’t supposed to make you think!
My mistake was investing in online store cards. The only one that kind of paid off was Amazon (you still have to pay for Prime yearly to reap the full benefits, as their card alone isn’t enough), but it was a gamble in the start (it has been around for much longer than they have been on top). The Zappos card I carried was rebranded as a bland Chase card without a “Pay With Points” Zappos themed reward. The eBay card has no discernible tie to eBay other than the logo. I’d imagine other store cards are the same way.
You think you’re going to get a heightened experience when you invest in your favorite store’s credit card. Then after the first month of an exciting bonus, you realize you would have been better off just getting any credit card that had that store listed as a gift card reward option. Store card experiences seem universally disappointing.
Agreed on Amazon being viable long-term (I don't see them disappearing any time soon).
For anyone else in the same boat, my thoughts on store cards: ruclips.net/video/wpUFuIn4A4w/видео.html
Damn, I applied for freedom and sapphire together and got approved instantly for freedom. Too soon? What will happen they said they'll get back to me on saphire
Chase's reconsideration line the number is 888-270-2127 for personal cards and 800-453-9719 for business don't ever accept a robo reply always speak to someone you just may need to verify something I'm at 4 Chase Cards Sapphire Preferred, Freedom Signature, Freedom Unlimited Signature, and IHG Rewards Club Premier(non 5/24 card) and I've got 15 open cards with an average age of right at 2 years Transunion of about 740 and Equifax of about 787 FICO Score 8
Larry Ivey is it going to hurt my chances of getting the saphire later if I'm denied the fact I was too aggressive too early?
I'm not exactly sure can't say yes or no but I'd definitely never take a robo reply at face value I had the oh you'll get a letter in the mail in 7-10 days when I applied for the IHG Rewards Club Premier card and its a non 5/24 card I called reconsideration and verified my info and was instantly approved when I spoke to someone and they didn't have to do but 1 HP granted IHG pulled from Experian and Equifax while Sapphire Preferred, Freedom, and Freedom Unlimited all 3 pulled from Transunion
I think you're fine. It might also be them wanting to confirm that you actually applied for two (risk department checking for identity theft, etc.)
Larry Ivey They ended up denying me on the sapphire
Well on your first tip, combining inquiries, I applied for 2 chase freedom cards last month and got approved. Before then I only had one card with 1.8 AAoA. I guess I'm the out lier?
I'm mostly talking about people with 2 cards and like
I regret burning 5/24 slots for C1 QS and Amex BCE
When he said “maybe you hate chase” he meant me 😂✌️ all Amex here
Is $39 a good Annual fee, for 1.5 % cash back
Albert Taffolla I'm assuming you're talking about the QuicksilverOne by Capital One, In which case I would tell you no. 1.5 % cash back is standard for 0 annual fee cards (Citi double cash is 2% and free). If your score is not good enough for these cards, I'd wait a few months for your score to increase before doing anything.
Unless there's a really good signup bonus, and ideally a downgrade path, not really.
The only argument would be if you need it to "get on the scoreboard" (i.e., it's a secured card).
Capital one actually has an upgrade to this card if u have the no fee platinum. I started my credit with a discover secured and later got the cap 1 platinum since it had no annual fee but I realized I never used it since I earned cashback on discover. I called and said I would like to use this card more but it gives me no rewards and I hate losing out, they told me I was eligible for an upgrade to a no fee quicksilver.
budgetto the problem with doing that is he misses out on the sign up bonus for the Quicksilver ($150 dollars for $500 of spend or $200 for a thousand). If they go for platinum then upgrade, they lose out on that outside value (only achievable through $10,000 of spend to get $150 of 1.5% cash back). Only makes sense to do what you're saying if they are planning to spend more than $10,000 within a few months instead of waiting to get Quicksilver automatically.
Yousef Elraghy The quicksilver one with $39 annual fee starter card does not have a signup bonus. If they are considering the one with the fee they likely do not have great credit. So my post is for those considering the starter version cap 1 cards. Of course if u are eligible for the 0 fee with $150 signup bonus go that route! This was just my experience of how I didnt want my first(oldest) card to have an annual fee but then was able to get the rewards i actually wanted. I went back and forth when choosing between the platinum and the quicksilver one but in the end with no rewards/no fee platinum bc u need a good amount of spend to make back the 39$ fee; which can be really hard when your starting line is $300.
Wish i knew more about this when i started. I wasted one of my precious slots with a stupid hsbc premier world elite MasterCard. :-( Only have 1 Chase slot left for the next 22 months. Guess that's going to the reserve.
You can get the Reserve and after that check on the Chase online portal and check and see if you're still pre approved for anymore cards I had a Freedom for about a year and checked and was preapproved for both the Preferred and Freedom Unlimited when I applied for the Preferred was instantly approved and then I pulled the trigger on the Freedom Unlimited and was approved for the Signature version as well as having my Regular Freedom bumped up to Signature and Chase mailed me a new card as long as you don't apply for more than 2 Chase Cards within 30 days you should be good to go
Larry Ivey thanks for the advice Larry.
What's Chase 5/24?
Oliver Quinn It means you shouldn't apply for a Chase card if you have gotten 5 or more new credit cards in the last 24 months
www.asksebby.com/blog/the-definitive-guide-to-the-chase-5-24-rule
Certain circumstances over rule 5/24 if you're pre approved was substantially over 5/24 and got a Freedom Unlimited Signature and a Sapphire Preferred
Do you do more than one card consultation per person? I've already done one and don't want to be greedy. I'm having trouble getting the Chase Ink Cash card and thought I might see if you could help point me in the right direction. I have applied for my cards through you and would do the same with this one.
Yep! www.asksebby.com/credit-card-offers/
Biggest mistake i made was getting the luxury black card. No signup bonus, and really no perks. All I got for my mid year gift was a engraved pin. Not worth signup bonus at all!
I'm surprised it was only one gift... back in the day, it was viable because MLA/SCRA = no AF for active military.
Ask Sebby Barclays stop doing service member relief act in January. I got the car in February. Bad move. And the free magazine is just advertisements for expensive watches.
Did you at least get a decent credit line ?
5k
Sebby is your family from Taiwan?
I have the Freedom since a month now and would like to get the Reserve. My score is around 710. Is it safe or should I also get the Freedom unlimited also at the same time?
Depends on income/other factors. I would NOT do both at the same time given your score/thin file though: www.asksebby.com/free-card-consultation/
Maybe if it was CSP+CFU (~6k new CL)... not CSR+CFU (~11k new CL)
I ended my Amex gold card after 5yrs. They offered me to cut my annual fee to$175.00 instead of $250.00 just for this yr, but I would've had to spend $700.00 90dys in order to get that discount.
If you're not getting value, it sounds like the right move :)
Yes here's one...
Getting pissed off for not getting approved and then applying for one or two more on the spot! 😂😂😂
Did you just assume I like prime rib???
Mmmm, Prime Rib....
Sebby- did you see the new updates to the Ritz Card? Sounds like we will be getting a free annual night and increased points earning. They are probably trying to battle the Amex Aspire. I love the competition!
Saith Figueroa www.google.com/amp/s/thepointsguy.com/news/ritz-carlton-marriott-business-credit-card-changes/amp/
mah man
ruclips.net/video/QJt--ppS9AA/видео.html
Why would I be at “good” odds with chase freedom unlimited but “poor” with chase freedom?
Both are the same "level" from my experience.
Uber card if you spend 1k in food a month at restaurants and have 200$ in other expenses.
Does the 5/24 rule include opening debit card account or only credit cards
Credit cards.
Best analogies in the game!
Thanks KC :) I'm glad someone likes them!
Why didn’t I see this video 8 months ago 🤦🏾♂️
There's definitely a lot of videos :)
Oh yea have the Apple Card thx Sebby
You wanna yarn!??
I can definitely see myself in a couple of these examples. Guilty of not getting all of the Chase trifecta, and maybe too many cards in a short period. For the 5/24 thing, I like Chase fine. Don’t even have major complaints about their customer service (a topic that seems to have a lot of weight in my decision making process these days). I even concede they have the best low/no cost travel point production “engine” out there (as I see it anyway). I just don’t travel to a degree that makes either Sapphire make sense...and no Sapphire then makes me think that the Freedom Unlimited is a bottom six pairing addition (to use a hockey analogy). The Freedom though. 5% makes sense to me, and thanks to you driving 5/24 through my thick skull...I got it with my last (5th) slot. As far as getting cards too quickly, that probably applies to me more. January 2017...one card. Added 1 in October 2017, 2 in March 2018, and 2 in June 2018. The ones from this year I probably should have spaced out better. Great topic!
I JUST got my Uber card!
what a jerk,
should have uploaded this like a week ago
I literally filmed this today :(
Kripple Hippo u mad bro?🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
good stuff MAWR mandy soft sandblasted soles
screw CSR and chase altogether. Their 5/24 rule is one of the dumbest rules I've ever heard of. I have 5 cards now, a credit age of just under 2 years, I'm still in school and I just got the Amex Platinum as my 5th card. I've never had an Amex before either. Love American Express and couldn't picture having another premiere card with any other company.
Damn, I just broke the 2nd rule
I went into Chase and applied for the CSR as my first Chase card
13 months of history
Did you get approved ?
I’m not sure why I’m here. I don’t plan to ever go into debt.
If you can't pay off your credit cards in full (no balance, no interest paid) every month, you probably shouldn't be using credit cards.
Ask Sebby edited my comment. Damn autocorrect
For reference, the point of this channel is, "how to get free travel/cash back by spending money you were already going to spend."
I got Freedom, Freedom Unlimited, and Sapphire Preferred within 5 months lol.
👍
First