04-01-2013 10:13 AM
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 ,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
04-01-2013 10:18 AM
Paying your util down is the quickest way to gain points.
I would pay the util down, let the CC compaines update, then apply.
04-01-2013 10:23 AM
04-01-2013 10:30 AM - edited 04-01-2013 10:31 AM
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?
04-01-2013 10:37 AM
04-01-2013 10:44 AM
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.
04-01-2013 10:51 AM