Chase Freedom Unlimited denied because account hasn't been opened long enough to establish a history

[Anonymous]

I just received my letter back regarding my application for approval of the Chase Freedom Visa Platinum credit card but I was rejected because "not enough accounts opened long enough to establish a credit history." 

How long do I have to keep an account open before I get approved? I'm 21 and in college. I've had one credit card (my first) which is the Chase SLATE. I opened it when I was 20 years old in October 2015 with a $500 limit. I pay it off on time every month and my credit score is at a 672 right now. And although it is very good first credit card, I get no cash back or any benefits from it. I'm looking for a credit card that has benefits. 

Am I supposed to wait a year? 2 years? Should I just look at other cards that give cash back in the mean time?

[Anonymous]

Normally give or take chase likes to see how you are doing with their card for a year. Especially if you dont have banking relationship with them. In time you will be in with chase for better cards they have like CSP.

I am sure other people can give you better idea than mine.

[SouthJamaica]

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@Anonymous wrote:

I just received my letter back regarding my application for approval of the Chase Freedom Visa Platinum credit card but I was rejected because "not enough accounts opened long enough to establish a credit history." 

How long do I have to keep an account open before I get approved? I'm 21 and in college. I've had one credit card (my first) which is the Chase SLATE. I opened it when I was 20 years old in October 2015 with a $500 limit. I pay it off on time every month and my credit score is at a 672 right now. And although it is very good first credit card, I get no cash back or any benefits from it. I'm looking for a credit card that has benefits. 

Am I supposed to wait a year? 2 years? Should I just look at other cards that give cash back in the mean time?

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That is perplexing to me, since you already have the Slate.  This one is a mystery to me. I think you should give them a call and try to recon.

[Blodreina]

I would agree that 1 year is probably the standard minimum amount of history to bring in other approvals (for some cards).  You'll probably be in a better position at that point.  However, if your score is at 672, it sounds like you may have something depressing it other than lack of history.  If you have any negatives, taking care of those should be the priority moving forward.

[Anonymous]

I thought 672 was in good standing. Is it not? I don't really know what other factors would come into play. There are some months where I can't pay it off in full and only pay off the $25 minimum balance.

[Anonymous]

Go check Capital One's pre-qualifier and see if anything comes up for you. You might also have a really good chance with Discover.

[Blodreina]

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@Anonymous wrote:

I thought 672 was in good standing. Is it not? I don't really know what other factors would come into play. There are some months where I can't pay it off in full and only pay off the $25 minimum balance.

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672 is good.  It's just seems that people with clean reports who generate a score for the first time usually have higher scores, I think.  I would check your reports for lates or other negatives.  With your Slate, as long as you've paid the minimum by the due date, you're fine.  Probably not a good habit to get into in the long-term but in terms of reporting, it looks the same (more or less).

[joltdude]

is the Slate your only card?

Chase likes to see at least a year of established credit before giving out cards... 

The 500$ limit on the Slate speaks a lot.....

Id go for Discover and/or Cap One (Cap One prequalifys tend to be golden)

Discover likes thin but clean files.. Esp for students...

(And your in college... check the box on the app...)

Disco's prequalify is not golden ....

Just a thought..

-J

[Anonymous]

I am going through the something similar and called to recon a recently denied Southwest application. I was told they will want to see a year of history with the Slate before they will extend any more credit to me.  

I was approved for the Slate in April 2016 but the CL is only $500.  I was very disappointed considering I was approved for higher limit cards in the last 2-3 months.  But I think all of the new inquiries also spooked them.  They did acknowledge that they can see I have been responsible with my new accounts but they were concerned that I had quite a few new accounts opened in such a short period of time. 

[RonM21]

Calling and trying to recon can possibly help or even give you more insight as to what is going on. Try that.