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CreditOne AmEx & CapOne Savor Card: New Chase Slate Edge card question


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Like many, abused credit, ran into financial trouble, scores tanked. Some chargeoffs, some lawsuits - but thank God, times are much better. Still not being accepted for top-tier cards, but did get approved for $3,000 for CapOne Savor card and $1,500 for CreditOne AmEx (no annual fee). Started w/a Discover secured card:  now unsecured and $2,000 limit. Baby steps...

 

(What's interesting about being approved for the CreditOne AmEx card is that I settled with AmEx on a past debt; heard there was no way to get 'back into the good graces of AmEx' once there was a chargeoff/settlement, looking at this as a back door into AmEx.)

 

I see there's a new card from Chase, the Slate Edge, that seems targeted at those who are building their credit. Feedback please on this card (and who does Chase pull?):  https://creditcards.chase.com/balance-transfer-credit-cards/slate/edge?CELL=6269&jp_aid_a=T_66454&jp_aid_p=chasehome_3/hero

 

NEW CARDMEMBER OFFER
Get an edge with a $100 bonus
Earn a $100 bonus credit after you spend $500 on purchases in your first six months.

 

AT A GLANCE

Lower your interest rate by 2% each year. Get an automatic review for a higher credit limit when you pay on time, and spend $500 in your first six months from account opening.

 

APR

0% intro APR for 12 months from account opening on purchases and balance transfers. After that, 14.99%–23.74% variable APR.†

 

Thank you to all at/on CreditBoards:  always helpful and informative!

Edited by 99leftbaloons
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  • 99leftbaloons changed the title to CreditOne AmEx & CapOne Savor Card: New Chase Slate Edge card question

First, congratulations on your first successful rebuild steps.  The Discover and Cap One should serve you well.  Re CreditOne, I'm personally a little jaundiced at some of their business practices, but it shouldn't hurt to have as a third place holder as you continue to rebuild.  (sorry, but it's no more a "back door" than if you were to cut out a credit-card sized Amex logo and put that in your wallet ... of course, maybe I misread and your comment was "tongue in cheek" ;)  )

 

The advent of Chase Slate Edge is noteworthy (first I've heard of it).  I'll suggest that it's for those who are about a year into building their credit (new) or have made moderate progress in rebuilding (after crashing).   A 1-year 0% intro rate is not a standard credit builder card feature.

 

Could be an excellent "pry bar" into Chase.  I'd suggest pursuing it after your first unsecured card has been in place for about a year.  (No foul if you take a run at it after only 6 mo.)

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Yeah, sorry to help break the news but you're in with CreditOne only; not any closer to AmEx's good graces.  : /

 

How long have you had each of the three cards you listed?  What does the rest of your credit profile look like?

 

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10 hours ago, 99leftbaloons said:

(What's interesting about being approved for the CreditOne AmEx card is that I settled with AmEx on a past debt; heard there was no way to get 'back into the good graces of AmEx' once there was a chargeoff/settlement, looking at this as a back door into AmEx.)

 

Congrats on your progress, and thanks for posting the update!!

 

Just to clarify the above, there is Amex the card issuer (like hundreds of other banks) and Amex the payment network (like Visa and Mastercard).  

 

It's the issuing bank for the credit card that approves (or declines) you for new credit, because that's whose money is being lent to you when you charge something.

 

When you get on the Amex BL it's because you caused a significant loss to Amex the card issuer.   

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10 hours ago, Sidewinder said:

Yeah, sorry to help break the news but you're in with CreditOne only; not any closer to AmEx's good graces.  : /

 

How long have you had each of the three cards you listed?  What does the rest of your credit profile look like?

Thanks Sidewinder:  with around $12,500 in total credit, even $1,500 is a positive addition. 2 accounts in collection:  will pay off as collector says they will delete from CR. (And will jettison CreditOne accounts as soon as tier 1 issuers like me :) ). Transunion almost 700; FICO below 600. Equifax 670, so slowly but surely. Don't carry a balance but do see lots of movement in my scores as I use for the rewards, run up to around 30%, then pay them off - so having the new CapOne card w/a $3,000 limit and $1,500 on the CreditOne AmEx card will really help.

Now understand about Credit
One and AmEx:  no worries about getting back into the good graces of AmEx but in reading about the CreditOne AmEx card, reviewers do like the travel, etc. benefits of the card. Figuring w/no annual fee, worth holding for now.

Edited by 99leftbaloons
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8 hours ago, cv91915 said:

 

Congrats on your progress, and thanks for posting the update!!

 

Just to clarify the above, there is Amex the card issuer (like hundreds of other banks) and Amex the payment network (like Visa and Mastercard).  

 

It's the issuing bank for the credit card that approves (or declines) you for new credit, because that's whose money is being lent to you when you charge something.

 

When you get on the Amex BL it's because you caused a significant loss to Amex the card issuer.   

Got it and makes sense - thanks!

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