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Approval Odds

Frequent Contributor

Approval Odds

Hi all, I plan to apply for two primes around June/July of this year. My fico EQ score is 636 but it still hasnt updated which i think will go up around 650 at least, and by the time june or july comes around i think/hope it will be better. I currently dont know my TU or EX reports. Ive never had any baddies, late payments or anything of that sort. Ive had 4 inq's since july 2012 till todaythe last one being on february. my AAoA is 7 months longest card being 1 year old Smiley Sad ,im 19 years old with a income of $30,000. 

 

I want to apply for the Chase Freedom and/or Discover It when the time comes. Want your guys input. Should i not apply at all, do i have to many inq's? my overall util is 30% which i will pay in full next statement.  Opened a checking account with Chase yesterday, i really want to gett my foot in the with chase. any advice is helpful Smiley Happy


*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
Message 1 of 14
13 REPLIES
Valued Contributor

Re: Approval Odds

Paying your util down is the quickest way to gain points.

 

I would pay the util down, let the CC compaines update, then apply.

Scores: about 700 across the board
Total CL: $275k
Message 2 of 14
New Contributor

Re: Approval Odds

+1 Madman

Filed Chapter 7 09/02/2015 - 341 meeting 10/02/2015, Just patiently waiting until discharge so i can start start over!
Message 3 of 14
Moderator Emerita

Re: Approval Odds

Also, since you bank with Chase, I would suggest asking your banker to check for pre approvals.
Message 4 of 14
Frequent Contributor

Re: Approval Odds

Do they consider age as a risk or anything like that?

*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
Message 5 of 14
Super Contributor

Re: Approval Odds


CarlosC88 wrote:
Do they consider age as a risk or anything like that?

i would think so, to a certain extent. but you're trying to get a freedom, not a mortage loan. i doubt they care about "as much."

 

the biggest problem for you right now is your score (sub 600s), and your thin file. Chase is known for not liking thin files. Are all your inquiries on EX? Or are they spread out across 3 bureaus? If they're all on EX (assuming Chase pulls EX for you), then you might be considered as having too many inquiries for someone whose entire credit history is <1 year. Another problem is that Chase likes to match CL, so chances are they'll give u another 500-1000 CL card. And they rarely ever give out auto ALI.

 

Pay down your cards and you will see your scores go up.

Once your score is >650, you can certainly give Discover a shot. I am not too sure about their underwriting requirements however.

As for Chase, I would hold it off until later.

 

Oh, I saw you opened a checking with them as well. Is your deposit with them at least 5000 dollars?

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 6 of 14
Frequent Contributor

Re: Approval Odds

No i only had to deposit $100 , and i believe the inq's were from EQ

*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
Message 7 of 14
Moderator Emerita

Re: Approval Odds

Wait until the summer and then go in a branch and have them check for pre approvals.
Message 8 of 14
Super Contributor

Re: Approval Odds

you can check for preapprovals on Chase's website as well. It is quite a good indicator usually. If you are not pre-approved, that does not mean you will be declined.

 

Are you under a college checking account? Are they charging you monthly fees?
Not to sound harsh, but a checking account with $100 balance isn't going to help much, but might harm you instead.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 9 of 14
Frequent Contributor

Re: Approval Odds

I barely opened it, I have direct deposit for it putting $300 each pay period . And no its not a college checking account, its the total checking account. There will be no monthly fees cause i will be reporting at lease $600 every month with the direct deposit.

Note: I dont plan on spending any of the money i put into this account.

*22 Years Old* Started my credit at age 19
Chase Sapphire Preferred Visa Signature- $9,200 II TFCU - $2,500 II Amex BCE - $2,400 II Paypal Extras Mastercard - $7,600 II American Eagle VISA - $3300 II Best Buy Visa - $3,000 II Chase Slate - $500
Message 10 of 14