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@pineappledaydreams wrote:
June
OK, if you apply in June I'm positive you'll be approved!
Snack:
You're absolutely right that 12 months revolving history isn't a hard and fast rule anymore (hasn't been since circa 06/12, if it ever was); however, most of the exceptions I've seen reported have been folks with Chase depository accounts. I think you're also correct to state that the forum historically has held the Freedom as a prime card (which carries some weight around here, right or wrong) though it's realistically obtainable now with a 640 FICO or lower as far as underwriting standards go. By no means is it a difficult card to obtain objectively, but some folks have tried for a while to obtain it without luck from years past, and that colors opinions today.
Of course, any anecdotal fixed standard is laughable in the face of Chase's recon policy: Chase is so YMMV regarding Freedom apps, may have more luck with predicting their reaction with a Oujia board than any rational analysis.
Revelate:
I was under the impression that the 12-month requirement was about credit history in general, not specifically revolving debt history. Having a banking account with Chase would help, but only if the total assets were at least 10k - I've heard from multiple Chase personal bankers about this cutoff. But even then the 12-month requirement may not be waived, or at least, I haven't heard of it being waived.
You're absolutely right about the Freedom having low underwriting standards, barring the credit history length.
@HiLine wrote:Revelate:
I was under the impression that the 12-month requirement was about credit history in general, not specifically revolving debt history. Having a banking account with Chase would help, but only if the total assets were at least 10k - I've heard from multiple Chase personal bankers about this cutoff. But even then the 12-month requirement may not be waived, or at least, I haven't heard of it being waived.
You're absolutely right about the Freedom having low underwriting standards, barring the credit history length.
Some lenders specifically look at revolving history, and I believe Chase is one of those actually when it comes to certain cards and their underwriting criteria. Amex and Discover aren't disimilar.
I also don't know about that banking cutoff, it may be the case, but really, unless pooling money for a mortgage, who rationally keeps 10K in their checking account these days? Negative savings rates and better places for the money to be put than losing interest in a savings account. I would point out that denial reasons aren't always fully accurate, they just need to be a fact. Not having 10K in a bank account is an easy one to point to.
Personally I suspect that for underwriting criteria at Chase to use a simplified example, I think there's a certain number of "points" for any given benchmark: 10K in bank, +10, 640 FICO +10, 720 FICO +50, etc ad naseum, and you have to get a certain number of aggregate points to get an approval. To make it a little more realistic, there's likely a number of automatic-rejection criter too, like FICO <620 or other scenarios.
Where this goes pear-shaped is with Chase's recon, where apparently if the CSR likes you enough, pretty good chance if there's not anything too awkward in your file (or even if there is like in mine) they can get you an approval. I'm 100% confident there's a floor on this, it's just nearly impossible to tell where it is. 5 recons later people get approved, whole thing is absurd in my foolish opinion .
I'm not sure if Chase's credit department isn't aware of existing banking relationships unless you have a Chase banker initiate the application. Once you make the reconsideration call, you can impress the other person on the line with the amount of assets you have with Chase, and potentially sweet talk him/her into giving you the card you applied for. I pesonally wasn't successful with these calls, and I heard enough of the 12-month requirement that I gave up and just let the time pass.
In lieu of 10k in a checking/savings account, you can have significant assets in Chase's brokerage account, say 25k, to leverage the existing relationship. Though normally it doesn't make to keep much money into traditional banking accounts, the financial crisis caused quite a panic and made people flock to federally insured types of financial accounts. Of course there are also the less financially literate people or extremely risk-averse individuals that put all their money into accounts that earn practically 0% interest. But the point is you have to convince Chase that you're a long-term, lucrative customer. Too many people have Chase banking account these days they have to set a cutoff.