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September 27, 2017

Chase Slate Credit Score: What You Need to Know

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Chase Slate usually only requires a good credit score of around 650. But this is not the only approval factor. Find out how to improve your odds.

How to Get Approved for Chase Slate

The Chase Slate is one of our top recommended balance transfer cards. If you have some credit card debt, it's a great way to start paying it down.

It has a long 0% introductory APR for purchases and balance transfers for 15 months. After the introductory period, the regular APR applies, currently 16.74% - 25.49% Variable.

Plus, there is a $0 intro balance transfer fee if you make the transfer within 60 days from account opening. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.

This card is not that hard to get. However, the main issue may be that the credit limit isn't high enough to move over your debt.

So how can you maximize your limit? We break down the different factors Chase will usually consider.

We'll explain more below. But first, did you know, Chase has another card with a promotional interest rate called the Chase Freedom Unlimited? In addition to an intro APR, it offers cash back rewards. Right now, it has promotions you should not ignore.

$150 Bonus

What is the Best Chase Credit Card Promotion for 2018?

Credit Score Needed for Chase Slate

Fortunately, the approval requirement for Chase Slate is more lax than for some other Chase reward cards. This card is generally for those with good credit.

There are multiple "credit scores" from different credit bureaus. Many Chase Slate cardholders have scores hovering around 650. Some people have even gotten approved with a credit score as low as 600.

But the lower your score is, most likely the lower your credit limit will be. And a low credit limit may not be enough to transfer over an existing balance. So what's the use in that?

Besides the credit score, there are other factors that Chase consider when reviewing your application. Let's go over how to maximize your chances of a larger credit limit.

Factors That Chase Considers

Many things are taken into account during the decision process. Consider these factors to help improve your Chase Slate terms:

  • Your credit score: Chase will usually pull your credit report from a couple of the three credit bureaus (Equifax, Experian, and TransUnion). Your scores may be different across each bureau. So banks will usually look at more than one to get a more complete overview. The lower your score, the lower your credit limit.

  • Your income: Another thing Chase looks at to determine your credit limit is your income. Higher income will most likely earn higher credit limits.

  • Your total credit card debt: Most likely, if you're looking for a balance transfer card, you have credit card debt. However, the higher your debt, the less banks want to lend you (oh, the irony!). Try to lessen that debt any way you can.

  • Your credit utilization: This means how much of a balance you're carrying compared to your total limit. Ideally, you should never go over 30%. A high percentage is a signal that your income does not support your spending. Before applying for the Chase Slate, try to pay down your other balances as much as you can.

  • Your recent hard inquiries: People have reported being rejected because there were too many inquiries on their credit recently. This tells banks that you're desperate for credit. If you're very interested in this card, apply for it first before other card applications.

If you think you may not meet any of these factors, it doesn't mean you can't get approved. Read on.

What Can You Do If You Don't Get Approved?

If you get a rejection or your credit limit is laughably low, it may not be the end. Here are a couple of things you can do.

  • If you get rejected: Call the reconsideration hotline. If you believe you have the credit score needed, you can talk to a representative. Chase has a line where you can explain your situation. This can help them better understand you and possibly reconsider the decision. Here are some tips:

    • Be polite and ask if there's any more information you can provide.
    • Be ready to explain any recently opened credit accounts or credit inquires. Maybe you took out a mortgage or just switched to a new cell phone provider.
    • Explain any new positive life situations, such as an income increase.
    • Most of all, be courteous. Don't seem desperate for credit.

    The reconsideration number is 1-888-270-2127.

  • If your credit limit is too low: ask for an increase. If you're approved, but your credit limit is only around $500 (seriously, what's the use?), it doesn't hurt to ask for an increase. Call your normal Chase customer service line.

    • Explain what balance transfer amount you were hoping to transfer and your monthly payment plan.
    • If you have another Chase card, ask if they can move over some of the credit limit from there to Chase Slate.

  • Work on building your credit: If you still get denied, or you know you're not quite there yet, then just work on building your credit.

    • Work on paying off the balances on your other credit cards. Don't miss or be late with any payments.
    • You can ask for credit limit increases on your other cards, which will help with the credit utilization ratio.
    • Refrain from opening new credit accounts.

Remember, you don't only have one chance. You can apply again in a few months after your credit has improved.

Bottom Line

The Chase Slate is not a difficult card to get. However, the problem for most people is that the credit limit is too low to do any good. Chase will understand that you have some debt (hence the balance transfer card application), but they will be nervous if you have so much debt that your income cannot support paying it off. The best advice is to work on paying down your debt as much as you can. Then you may be able to get approved for a Chase Slate with a useable credit limit. Good luck.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase.

Disclaimer: This content was first published on September 27, 2017. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Chase website for updated information.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Chase Slate has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.