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Chase Freedom App advice

Established Member

Chase Freedom App advice

Hello All,

 

I am really wanting to apply for a chase freedom CC.  I have been banking with chase for over 12 years. I am currently 24 years old I have been banking with them since I was twelve.  On problem I had a credit card with them when I was 18.  I did great with it when I first go it.  But while I was in college i got laid off and fell off on payments and it went to collections in Oct. 2011.  I graduated in Dec 2011 and soon as i started back working i paid the account in full in sept 2012.  I went on a big credit clean up in 2012 bc i had a degree in accounting and didnt want my credit to keep me from future job prospects.   I have had a capital one cc for 1 1/2 years, and have had multiple increases and have paid all of my accounts on time for 2 years staight. No late payments for me and i have kept my  utililzation low (below 30%) . My income is 43000 i work as an accountant and my Credit score is a 640....please help i really want to have my bank do my credit cards....capital one is nice but chase had much better service and no annual fee....please help

Experian 667 Transunion 655 Equifax 623

Walmart $3000 CL, VentureOne $5250 CL Best Buy $2500 CL
Macys $3300-Wells Fargo $4000 David's Bridal $2500 CareCredit $2500 Zales $2000
Message 1 of 12
11 REPLIES
Valued Contributor

Re: Chase Freedom App advice


kjones2011 wrote:

Hello All,

 

I am really wanting to apply for a chase freedom CC.  I have been banking with chase for over 12 years. I am currently 24 years old I have been banking with them since I was twelve.  On problem I had a credit card with them when I was 18.  I did great with it when I first go it.  But while I was in college i got laid off and fell off on payments and it went to collections in Oct. 2011.  I graduated in Dec 2011 and soon as i started back working i paid the account in full in sept 2012.  I went on a big credit clean up in 2012 bc i had a degree in accounting and didnt want my credit to keep me from future job prospects.   I have had a capital one cc for 1 1/2 years, and have had multiple increases and have paid all of my accounts on time for 2 years staight. No late payments for me and i have kept my  utililzation low (below 30%) . My income is 43000 i work as an accountant and my Credit score is a 640....please help i really want to have my bank do my credit cards....capital one is nice but chase had much better service and no annual fee....please help


Welcome to myFICO. You're on the right track, but that collection is relatively "fresh." A FICO of 640 may be borderline for Chase. I think your situation is a 50/50 chance of getting approved. I don't know how stringent Chase is with past collections activity, especially on one of their products. The best of luck to you, and I'm sure someone with direct experience with simiar situations with Chase will help you further. Congrats on your graduation, btw.

 photo Logo - Credit Card Collection - Data Inclusive_zpskiw5xfjj.jpg photo emerald_zpsfitcxbh5.jpg
Message 2 of 12
Regular Contributor

Re: Chase Freedom App advice

If you do decide to go through with an app, you can always call and speak directly to an underwriter to plead and explain your case. Mention how it was college. That you bank with them and that you did pay off the entire balance you owed them. With enough persistence, it may pay off

Message 3 of 12
Valued Contributor

Re: Chase Freedom App advice


kjones2011 wrote:

Hello All,

 

I am really wanting to apply for a chase freedom CC.  I have been banking with chase for over 12 years. I am currently 24 years old I have been banking with them since I was twelve.  On problem I had a credit card with them when I was 18.  I did great with it when I first go it.  But while I was in college i got laid off and fell off on payments and it went to collections in Oct. 2011.  I graduated in Dec 2011 and soon as i started back working i paid the account in full in sept 2012.  I went on a big credit clean up in 2012 bc i had a degree in accounting and didnt want my credit to keep me from future job prospects.   I have had a capital one cc for 1 1/2 years, and have had multiple increases and have paid all of my accounts on time for 2 years staight. No late payments for me and i have kept my  utililzation low (below 30%) . My income is 43000 i work as an accountant and my Credit score is a 640....please help i really want to have my bank do my credit cards....capital one is nice but chase had much better service and no annual fee....please help


Based on that score, you can try applying for the Chase Freedom but your chances are denial are high (recent collections and credit history with them ending up in collections) You're better off starting with a Credit Union CC or a secured card to build up. Chase would let you in more likely when they see how you deal with credit over the years. You have to prove yourself at this point and be too picky on which lender will take you as your credit is flawed.

AMEX BCE (30K), DISCOVER IT (29.5K), NFCU CASH REWARDS (25K), BOA TRAVEL REWARDS (15K), USAA VISA (13K), CHASE SAPPHIRE RESERVE (13K), COMMENCE MASTERCARD (7.5K), CHASE FREEDOM (7K), CHASE FREEDOM (7K), TFCU CC (2.5K), TARGET REDCARD (900)
Message 4 of 12
Valued Contributor

Re: Chase Freedom App advice

Just to drop a quick point of clarification: "Low utilization," while a relative term, is usually single digit--i.e.. <10%. Getting yours to that level would improve your score a good deal, which would in turn increase the odds of approval--which would still probably be upon recon, but chase is very good with recons ( It took me 3 recons to get the freedom, but only one hp). Good luck to you, and welcome.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 5 of 12
Established Member

Re: Chase Freedom App advice

Thank you all for the advice...

 

I have decided to not apply.....i have want to wait another year when my cap 1 has hit its 2 year anniversary.  Also i want my credit score to increase to at least 680 before i apply I want to have a good chance of approval...

Experian 667 Transunion 655 Equifax 623

Walmart $3000 CL, VentureOne $5250 CL Best Buy $2500 CL
Macys $3300-Wells Fargo $4000 David's Bridal $2500 CareCredit $2500 Zales $2000
Message 6 of 12
Contributor

Re: Chase Freedom App advice

Why don't you go on the Chase website and go on the Chase pre-approved offers. Type in your info and the last four numbers of your social. It is only a soft pull. Try it out and let me know what it says.
Message 7 of 12
Established Member

Re: Chase Freedom App advice

I just applied online for this card....and its under review....wish me luck....im soooo.....nervous

Experian 667 Transunion 655 Equifax 623

Walmart $3000 CL, VentureOne $5250 CL Best Buy $2500 CL
Macys $3300-Wells Fargo $4000 David's Bridal $2500 CareCredit $2500 Zales $2000
Message 8 of 12
Super Contributor

Re: Chase Freedom App advice

________________________________

..but chase is very good with recons ( It
took me 3 recons to get the freedom, but only
one hp). Good luck to you, and welcome.
_________________________________
+1
Message 9 of 12
Regular Contributor

Re: Chase Freedom App advice


kjones2011 wrote:

I just applied online for this card....and its under review....wish me luck....im soooo.....nervous


Good luck. For me I also had Chase go to collection years ago which since fell off my reports (due to a work related injury). I did end up needing to recon them and it ended up with an approval for $3k CL which to me is fine as long as it grows over time. I'd strongly suggest calling their backdoor number for review so you can have a human pull it up and look over your app. From my experiene with them as long as you're honest and explain what happened they're fairly understanding which is more than I can say for some companies.

Message 10 of 12