Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 307
Registered: ‎03-19-2013
0

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 Kay Jewelers - $7,600 II Chase Slate - $500
2 Car Loans
2012 Chevy Silverado---2015 Jeep Renegade

Valued Contributor
Posts: 1,587
Registered: ‎08-30-2012
0

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
New Contributor
Posts: 53
Registered: ‎03-14-2013
0

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!
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Approval Odds

Also, since you bank with Chase, I would suggest asking your banker to check for pre approvals.
Frequent Contributor
Posts: 307
Registered: ‎03-19-2013
0

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 Kay Jewelers - $7,600 II Chase Slate - $500
2 Car Loans
2012 Chevy Silverado---2015 Jeep Renegade

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Approval Odds

[ Edited ]

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).
Frequent Contributor
Posts: 307
Registered: ‎03-19-2013
0

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 Kay Jewelers - $7,600 II Chase Slate - $500
2 Car Loans
2012 Chevy Silverado---2015 Jeep Renegade

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Approval Odds

Wait until the summer and then go in a branch and have them check for pre approvals.
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

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).
Frequent Contributor
Posts: 307
Registered: ‎03-19-2013
0

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 Kay Jewelers - $7,600 II Chase Slate - $500
2 Car Loans
2012 Chevy Silverado---2015 Jeep Renegade

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.