Chances of being approved for Chase Freedom or Discover?

[neverrain]

Greetings,

I'm working hard on building my credit back from a couple defaulted student loans (over 5 years now since last action).  My Fico, per this site is at 648 (checked today), but my current utilization is high atm (roughly 65%), due to recent unemployment. I started a new job last month, and have a good income now. My AAoA is 4 years, with the oldest being 10 years (the student loans).  There ae no other bad lines on my credit aside from the charged off student loans.  My last late payment was over 4 years ago. I also have a federeal student loan (back with Sallie Mae now) that has been getting on time payments for over 3 years now.

I would like to step up to a Prime card, and from what I have read, these two would be the best to try for (other suggestions?).  I intend to pay off the cc balances within a couple months (down to under 9%).  Following that, I'll recheck my score. Based on this information, what do you think the chances are of being approved for either of the above or someone else's suggestion?

EDIT - I wanted add my current cards and inquiry status:

Barclays Rewards - $1300

Quicksilver - $1000 (most recent)

Capital One Platinum - $750

CU Secured Visa - $900

5 Inquiries in the last 2 years, 2 dropping off by February 2014, 1 for an apartment in 2012, 1 for the Quicksilver card, and the last by a collection agency (for the student loans).

[sccredit]

You should see some score bump from the utilization paydown and may have a shot.  Your other plan of attack should be to rehab those student loans.

[neverrain]

Unfortunately, I can't rehab them.  They are private Sallie Mae loans.  There was a federal loan in there too, that I rehabbed and am current on (the one that has been paid on time for 3 years.

I also added current CCs and inquiry info.

[myjourney]

Wait until UTL is <20% ......10% would be better

Wait until Feb when the INQ's fall off IMHO

You should be good to go at that point 

[neverrain]

You think those two would be the best bet? Any others I should look at?

EDIT - Also, since it will take me a couple months to pay the cards off, the inquiries will have dropped by then anyway, so that's good I guess.  Hopefully Christmas doesn't hurt too much.

[myjourney]

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@neverrain wrote:

You think those two would be the best bet? Any others I should look at?

EDIT - Also, since it will take me a couple months to pay the cards off, the inquiries will have dropped by then anyway, so that's good I guess.  Hopefully Christmas doesn't hurt too much.

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Amex Charge 5 months after those 2 CC's 

And if approved app the revolver of your choice 

[neverrain]

You mean after the Chase and Discover right? And getting approved for an Amex charge opens you to all their revolvers too?

[myjourney]

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@neverrain wrote:

You mean after the Chase and Discover right? Yes 

And getting approved for an Amex charge opens you to all their revolvers too? Yes if the first is approved 5 seconds later app Amex again

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[neverrain]

That's pretty hilarious.

[hacsx2]

This is the same predicament I am in.  I have been researching and itching to app but don't want to wait till the end of the month when my UTL is at about 40%.

I would suggest paying down cc and then get your UTL to be lower then because of the lower UTL you will get higher score and you would get higher chance of getting approved.

This is what I am trying to do.