topic Chase Freedom Approval Odds in Credit Cards

Chase Freedom Approval Odds

ficoplease — Tue, 06 Nov 2012 22:11:26 GMT

Hello everyone,

I'm new to this forum and wanted everyone's opinion on my odds of getting approved for Chase Freedom. I have had the Bofa 123+checking, savings for 1yr 1m and just recently got a Amex Green NPSL, the green hasn't posted yet. Should I app for the freedom now or should I open a checking with Chase and put 10k and DD to start building a relationship with them? 6 inq, have been working for 1yr 1m, 23 years old, make 90k annually. Thanks

Re: Chase Freedom Approval Odds

Voodard — Tue, 06 Nov 2012 22:37:09 GMT

IMO, your credit file is too thin for the Chase Freedom card and because Chase "doesn't know you" it will take some time to build a relationship with them.

If you don't mind a hard pull on your credit file, go for it. You may get approved for some measly $500.00 amount, but at least you've opened a Chase account.

Re: Chase Freedom Approval Odds

ficoplease — Tue, 06 Nov 2012 22:44:54 GMT

I don't think that a 500 CL is what I would like to start off with. Should I go ahead and transfer savings from Bofa and set up a DD with a Chase checking account to begin with. How long should I wait to app?

Would bofa frown upon me if I don't have my savings and DD with them anymore?

Re: Chase Freedom Approval Odds

distantarray — Tue, 06 Nov 2012 22:45:04 GMT

too much lack of information to really pass a judgement but you have NO active credit cards reporting? since checking or savings doesn't matter, but if you have atleast 1 good year with a active credit card and depositing $10,000 would help a lot, there's coupons online for $200 for checking with DD and $150 for getting $10,000 for sale on ebay that you could use.

I would try but you might get a low limit, but then again with 10k+ in your accounts increases your chances a lot is what I've always been told by branch managers and district managers.

Re: Chase Freedom Approval Odds

YahComb — Tue, 06 Nov 2012 23:14:14 GMT

you might be able to get in with the BOA cash rewards now over a year, but chase might deny you for only 1 reporting revolving tradeline.I'd say at least wait for the AMEX to start reporting Then go for the Freedom.I think then you'd have pretty good chance to get it on Recon. The issue is are you okay with being stuck with a low limit for a while, because that is quite a possibility.

How recent are those 6 INQS? all on one report, or spread across all three?

Re: Chase Freedom Approval Odds

rootpooty — Wed, 07 Nov 2012 00:56:56 GMT

ficoplease wrote:
Hello everyone,

should I open a checking with Chase and put 10k and DD to start building a relationship with them? 6 inq, have been working for 1yr 1m, 23 years old, make 90k annually. Thanks

You cant build a relationship with chase. The constant recommendation of depositing funds into an account WILL NOT INCREASE YOUR CHANCES FOR A CC. I had been banking with chase for 5 years with 10k plus in checking and a few k in savings buuuuut I also had zero account history thinking living off cash no credit was the way to go. Denied for freedom they didnt care how long I had a checking account.

I say go for it you make a good income I dont see how they would give you 500 my guess is an approval for at least 2500 but you may have to recon it

Re: Chase Freedom Approval Odds

MrAnonymous — Wed, 07 Nov 2012 01:12:29 GMT

I had no relationship with Chase when I applied with them earlier this year. My credit file was thin but spotless. They gave me a 4k credit line on my Freedom and just last month gave me an auto CLI of $500. I've been carrying a 1k balance on there taking advantage of the 0% interest offer I got. I'll pay it off completely next month and will use it more frequently with the hopes of another auto CLI.

Re: Chase Freedom Approval Odds

Chaos122 — Wed, 07 Nov 2012 02:17:51 GMT

Its worth a shot But i would app for a citi dividend instead, i just got approved for the chase freedom after recon for a measly $500. I had to recon because i had too many new accounts (6 within the last year), and I was hoping for at least 2k. I was shocked when they said 500 (my lowest current cl is 3k) But i figured Id take it just to build a positive relationship with them and hopefully cli in 6 months.

They seem to put alot of weight on new accounts/inqiries, because this is my lowest limit EVER. lol

Re: Chase Freedom Approval Odds

ficoplease — Wed, 07 Nov 2012 02:44:47 GMT

The card I have with Bofa is the cash rewards card, even when it was secured. My 5 inq are pretty spread out: nov 11', feb 12', apr 12', aug 12' and oct 29'th 12'. It's actually 5, my bad. These show up on TU, I don't know about ex or eq, i just looked on credit karma.

I was wondering how should I use my green amex, have a 0 balance on it, and <10% on my bofa cc? Or it doesn't even matter on the charge card. I saw in the forums something about having less than 50% of your accounts with a balance. Does it apply to 1 charge and 1 cc?

Re: Chase Freedom Approval Odds

SnackTrader — Wed, 07 Nov 2012 03:29:56 GMT

Do you have any student loans or any other type of installment history reporting?

Many above are citing your lack of credit history. Granted, installment and revolving are not seen the same, but I like to believe that good installment history can still make a difference. I'm not talking about Chase specifically, just in general. We all know that it helps credit scores, which makes a difference in automated approvals for many lenders.

Re: Chase Freedom Approval Odds

collinsridge — Wed, 07 Nov 2012 04:50:58 GMT

I would give it a shot! I only had 0.7 AAoA, and was approved for 3K! Instant. No recon, no nothing. Didn't have any Baddies on report, PIF every month.

Re: Chase Freedom Approval Odds

ficoplease — Wed, 07 Nov 2012 07:18:00 GMT

I never had any installment loans before, just a little of year in employment and credit card history, before that I was living abroad. Current TU score is 733.

Re: Chase Freedom Approval Odds

ficoplease — Thu, 31 Jan 2013 21:54:51 GMT

Thanks for all the help guys. I first got a cli with my boa to 7500 and then apped for the freedom, approved 5k.

Re: Chase Freedom Approval Odds

09Lexie — Thu, 31 Jan 2013 23:33:03 GMT

Congrats!

Re: Chase Freedom Approval Odds

Jkusa — Fri, 01 Feb 2013 00:35:07 GMT

rootpooty wrote:
ficoplease wrote:
Hello everyone,

should I open a checking with Chase and put 10k and DD to start building a relationship with them? 6 inq, have been working for 1yr 1m, 23 years old, make 90k annually. Thanks
You cant build a relationship with chase. The constant recommendation of depositing funds into an account WILL NOT INCREASE YOUR CHANCES FOR A CC. I had been banking with chase for 5 years with 10k plus in checking and a few k in savings buuuuut I also had zero account history thinking living off cash no credit was the way to go. Denied for freedom they didnt care how long I had a checking account.

I say go for it you make a good income I dont see how they would give you 500 my guess is an approval for at least 2500 but you may have to recon it

I've had similar lousy results, Chase really doesnt give a crap about you or your 10k to be perfectly honest. That's not to say you still wont get a card, you never know

((EDIT))And...Congrats!!

Re: Chase Freedom Approval Odds

kwinks — Fri, 01 Feb 2013 02:04:18 GMT