Chase Freedom Instant Approval

[chubbs90]

Question: I just got instantly approved for a Chase Freedom Card with a Credit Limit of $500.  This is my first ever credit card. I just Graduated with a MPA two days ago, going to work full time in about two weeks.  I have no negatives on Credit Report, two previous loans paid in full and on time. Student loans outstanding of about $15K.

Any suggestions on another card I can apply for with a higher CL or how long it might take for them to bump that one up.  Also, because I got approved for this card, does that mean I have a pretty good credit score? New to the Forums. Thanks for the insight..

[emptypockets]

Did you apply online, normally when Chase approves you instantly, the message says " your credit line is $500, please contact us if this doesn't meet your needs." I would call them and try to get an increase on that limit before I applied anywhere else.

In general, Chase is a good card to get your foot in the door, and a $500 limit is about par for someone with a limited credit history (you said this is your first card). It may take a while to get a higher limit, but lately they have been doing auto-CLI's for people at around 6 months of regular use.

I would maybe look at applying for Discover, or the Citi Forward for students.

[chubbs90]

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@emptypockets wrote:
Did you apply online, normally when Chase approves you instantly, the message says " your credit line is $500, please contact us if this doesn't meet your needs." I would call them and try to get an increase on that limit before I applied anywhere else.

In general, Chase is a good card to get your foot in the door, and a $500 limit is about par for someone with a limited credit history (you said this is your first card). It may take a while to get a higher limit, but lately they have been doing auto-CLI's for people at around 6 months of regular use.

I would maybe look at applying for Discover, or the Citi Forward for students.

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Yes, I applied online after receiving a Discover IT offer in the mail but I read up on Chase Freedom and went for it first. My card should be in the mail in a few days once I get it I might try to call them and see what they can do. Might also apply for the IT card as well. My Income for the year is significantly high this year as I'll be working in Public Accounting.

[webhopper]

You also might go for an American Express charge card...  They have no preset spending limit, and they look great on your credit report when viewed by other lenders

[BrokaToe]

Congrats on the Approval OP!!!

[chubbs90]

Thanks!

[zerobacan]

Congrats

[chubbs90]

Follow up question, anyone have a ballpark of what my credit score might be given the facts above and it was instantly approved for the $500 limit? Thanks.

[LS2982]

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@chubbs90 wrote:

Question: I just got instantly approved for a Chase Freedom Card with a Credit Limit of $500.  This is my first ever credit card. I just Graduated with a MPA two days ago, going to work full time in about two weeks.  I have no negatives on Credit Report, two previous loans paid in full and on time. Student loans outstanding of about $15K.

Any suggestions on another card I can apply for with a higher CL or how long it might take for them to bump that one up.  Also, because I got approved for this card, does that mean I have a pretty good credit score? New to the Forums. Thanks for the insight..

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CONGRATS!!! 

I would go with the AMEX charge card like webby suggested.

[09Lexie]

Nope. Assigning limits has a lot to do with your existing credit card history and income just to name a few. Chase has assigned that particular limit for various credit scores. Best thing for you to do if you want to know your CS is purchase it ; from what I can remember your cc will probably come with an application score.