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Chase Freedom - No credit

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Jungook
Regular Contributor

Chase Freedom - No credit

Hi everyone,

 

So I had a talk with my dad about applying for credit cards and I told him my plan was to pay off my student loans and apply for a Discover IT card. Later I would apply for a Chase Freedom card and AMEX BCE once I built some revolving credit with Discover.

 

He suggested that I apply for the Chase Freedom card right now as it was "easy" to get a Chase card. I reminded him repeatedly that I had NO CREDIT at all (students loans will start in the fall semester) and that the Freedom card required good-excellent credit to get. He said to just apply anyway since Chase mainly looks at income and that it wouldn't hurt my credit score to try. He said the Amazon Chase card would be easy, but I wanted the Freedom. I'm assuming the Amazon card is pretty easy to get and I don't think he understands that the Freedom card is much harder to get.

 

Is my dad being foolish or no?

 

Thanks.

 

ANSWERED PLEASE CLOSE

Message 1 of 10
9 REPLIES 9
wHiTeSoL
Valued Contributor

Re: Chase Freedom - No credit

Do you know if you have a file yet? My wife didn't a few months ago and she was declined for the freedom. She did app for a newcomer card from cap1 right before that and got approved for 1k.
Message 2 of 10
broseph23
Regular Contributor

Re: Chase Freedom - No credit

I highly doubt chase would approve you with no history. They don't have Any student credit card programs anymore. I recommend that you apply for a secured credit card from BOA, capital one or even a student card from them. I think citi and Wells Fargo have some good ones too. Don't try for the discover it for students card, because I've seen slot of people get denied for that because of lack of any credit history.
Age: 25 | FICO: TU 802, EQ 782, EX 801 | FAKO: TU 778, EX 769 | Garden: 6/2015 | Total History: 7yr 6mo | AAoA: 4yr 2mo | Util: 4%
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Message 3 of 10
Jungook
Regular Contributor

Re: Chase Freedom - No credit


@wHiTeSoL wrote:
Do you know if you have a file yet? My wife didn't a few months ago and she was declined for the freedom. She did app for a newcomer card from cap1 right before that and got approved for 1k.

I am not aware of any "file" I am supposed to have so no, I do not have a file yet.

Message 4 of 10
09Lexie
Moderator Emerita

Re: Chase Freedom - No credit

Chase requires a rev history; usually 6-12 mos before approval. With absolutely no credit you are setting yourself up for a decline. Even if you have a large deposit with Chase and excellent income I would find it hard to believe they would approve you.

Have your father apply, then add you as an AU. However, Chase still wants individual credit not all AU credit before approving their cards.
Message 5 of 10
FinStar
Moderator Emeritus

Re: Chase Freedom - No credit


@wHiTeSoL wrote:
Do you know if you have a file yet? My wife didn't a few months ago and she was declined for the freedom. She did app for a newcomer card from cap1 right before that and got approved for 1k.

Chase would need to see some sort of established credit history before they can approve you even for the Freedom CC.  They would typically not be the first one or the "starter" even as a student - but stranger things happen with all lenders.  Check the contents of your CR file including any scores (as applicable) to gauge where you stand.  There are alternatives to begin building your credit protfolio that can eventually graduate to acquiring the Freedom CC down the road.

Message 6 of 10
Jungook
Regular Contributor

Re: Chase Freedom - No credit

Yea I thought as much, thanks for the information guys.

Message 7 of 10
FinStar
Moderator Emeritus

Re: Chase Freedom - No credit


@09Lexie wrote:
Chase requires a rev history; usually 6-12 mos before approval. With absolutely no credit you are setting yourself up for a decline. Even if you have a large deposit with Chase and excellent income I would find it hard to believe they would approve you.

Have your father apply, then add you as an AU. However, Chase still wants individual credit not all AU credit before approving their cards.

And, what Lexie said.

Message 8 of 10
myjourney
Super Contributor

Re: Chase Freedom - No credit


@Jungook wrote:

Hi everyone,

 

So I had a talk with my dad about applying for credit cards and I told him my plan was to pay off my student loans and apply for a Discover IT card. Later I would apply for a Chase Freedom card and AMEX BCE once I built some revolving credit with Discover.

 

He suggested that I apply for the Chase Freedom card right now as it was "easy" to get a Chase card. I reminded him repeatedly that I had NO CREDIT at all (students loans will start in the fall semester) and that the Freedom card required good-excellent credit to get. He said to just apply anyway since Chase mainly looks at income and that it wouldn't hurt my credit score to try. He said the Amazon Chase card would be easy, but I wanted the Freedom. I'm assuming the Amazon card is pretty easy to get and I don't think he understands that the Freedom card is much harder to get.

 

Is my dad being foolish or no?

 

Thanks.


Have you had a car possibly co-signed by your dad?

Start here pull your credit report https://www.annualcreditreport.com/cra/index.jsp

I don't recommend you apply for freedom you will not be approved Chase likes to see 1 year of CC history 

Cards that may give you a shot with limited history CAP1 

Downside 3 HP's

 

If your still a student Citi Forward, Discover

But what I recommend is you get a secured card for 6 months with https://www.sdfcu.org/

No HP so it wont hurt you use it for 6 months

Based on the answers to above questions you may have other options 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 10
djc1puno
Valued Contributor

Re: Chase Freedom - No credit

+1 to lexie and fin...great advice Smiley Wink


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