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New Visitor
p2008
Posts: 2
Registered: ‎06-14-2012

Applying for Chase Freedom with thin file. What should I do?

Hi guys, this is my first post but I've been reading the board for a while now and am thinking of applying for a Chase Freedom card next month, with a view to getting a United or CSP card once I have built a history up with them.

I moved to the US with my wife a two years ago from the UK and I'm now trying to establish my own credit, so I've got a really thin file.

Here is my situation:

  • I've been an AU on my wife's Amex Premier Rewards Gold card since 5/2010.
  • I got a pre-approved offer in the mail from Chase for a Sapphire during 9/2011, which I stupidly applied for and got denied for having no credit history. They told me to get a secured card and wait 6 months.
  • I've had a Capital One secured card since 10/2011 ($200 limit, $0 balance but it reported as being $85 last month which hurt my score slightly). It will report a $0 balance next week.


CreditKarma gives me a score of 713 (Vantage Score 717) and my AAoA is around 1.5 years. I've got 2 HPs on all my files from Chase doing recons and Capital One, all from September and October last year.  

I'm thinking about getting my wife to add me as an AU on her BofA card (which would make my AAoA nearly 4 years). The only snag is that it has a limit of $22k but utilization of around 70%, which we going to be aggressively paying off over the next 6/12 months.

Which scenario do you think would be likely to secure me the highest credit line with Chase? I want to get the highest possible limit to help my utilization as I'm planning on paying in full every month.

Valued Contributor
rootpooty
Posts: 1,712
Registered: ‎10-28-2011

Re: Applying for Chase Freedom with thin file. What should I do?

if you only have 6 mos history i doubt you have a chance in getting the freedom. it will take at least a year history with multiple positive tradelines to be approved.  if your added to say your wifes boa card and that gives you 4 years aaoa but with that high util reporting it might hurt you. i was in the same position as you but with 4 cc's and only 6 mos history and was denied for not enough history. i tried to recon and was told the same thing

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011

Re: Applying for Chase Freedom with thin file. What should I do?


p2008 wrote:


Here is my situation:
.....my AAoA is around 1.5 years.


This is going to keep you from getting approved with Chase.  If your wife's Bank of America Card had more like 3% utilization and you piggybacked onto that, you might stand a chance but, even with only the additional 4 years, I'm not sure you would get a large credit limit.  My husband and I both had a "thin" credit file when we applied with Chase on the first of this month but, we both had STRONG AAoAs from previous credit history from years ago that's still reporting <--- that made all the difference!  

 

I wish you the best on your credit journey but, with Chase, you're going to need more than an AAoA of 1.5 years. 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011

Re: Applying for Chase Freedom with thin file. What should I do?

Not true.  I got approved for a Freedom card with only .9 years AAoA. Granted I already had 7-8 revolving accounts reporting.  Everything is YMMV with these CC companies.  I got approved with 9 INQ on EX.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Regular Contributor
ashkev89
Posts: 228
Registered: ‎07-21-2008

Re: Applying for Chase Freedom with thin file. What should I do?

IIRC Chase likes to see at least one year with 2 or three accounts of your own. I could be wrong but I remember the analyst saying that at a bare minimum you want to have at least one account with 12 months of ontime payment history.

Starting Score: 475 09/2008
Current Score: 07/2012 EX:696 (BOFA & Amex Fico) EQ:707 (CU Pull) TU:708 (Walmart FIco)
Goal Score: To Be in the 800 Club!!!!!!


Take the FICO Fitness Challenge
Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011

Re: Applying for Chase Freedom with thin file. What should I do?


flowfaster wrote:

Not true.  I got approved for a Freedom card with only .9 years AAoA. Granted I already had 7-8 revolving accounts reporting.  Everything is YMMV with these CC companies.  I got approved with 9 INQ on EX.


That's for sure! :smileyhappy:

 

With only .9 years AAoA, what CL did Chase give you? 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Super Contributor
CS800
Posts: 6,548
Registered: ‎04-07-2008

Re: Applying for Chase Freedom with thin file. What should I do?

From my experience, Chase will look at your existing accounts and your payment history and it's highly a YMMV situation.




Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011

Re: Applying for Chase Freedom with thin file. What should I do?

I got a 2000 limit. It's not much but considering my oldest account is only 2 years and my income is on the lower side I think it is ok. Maybe having the Chase Amazon card helped... Now I got a $6000 Amex BCP so I think I am progressing nicely.
Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Regular Contributor
psychoinhell
Posts: 565
Registered: ‎06-12-2010

Re: Applying for Chase Freedom with thin file. What should I do?

**drools all over the BCP**

 

ummm, sorry


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
Goal Score: 801
New Visitor
p2008
Posts: 2
Registered: ‎06-14-2012

Re: Applying for Chase Freedom with thin file. What should I do?

OK - so I bit the bullet and applied for a Freedom on Monday.

 

I got approved BUT a joke $500cl. It's a foot in the door, I guess.

 

Thanks for your help. I've learnt a lot on these boards!


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