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Chase Freedom - when should I apply?

Contributor

Chase Freedom - when should I apply?

I read on here that Chase may or may not use a Vantage Score. My current VantageScore is 645 via CreditKarma. From what I have read VantageScore links to your TU report. What steps should I take before applying?

 

My TU file looks like this:

10 Recent Credit Inquiries (1 year) - 2 are set to fall of on 10/3/2012 and 10/5/2012

Credit History - 11 years

2 CAs - most recent 1y10m ago AAoA - 2 years (due to new student loan accounts every semester)

 

Lates: NCCFI - 30 days late 1 time (Sep 2008) / 60 days late 2 times (Nov 2008, Oct 2008) / 90+ days late 1 time (Jul 2006)

BOA - current status 120+ days Past Due (I paid this account on 11/2011. Settled for less than full amount) Shouldn't this no longer have a current status of 120+ days late since it is paid?

HSBC - payment after CO/collection

 

Current VantageScore utilization is 57%

 

Current cards:

AMEX Zync $500 hard limit

Amazon/GEMB $600

BBRZMC $100

CreditOne $300

 

Thanks in advance for your input.

 

Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Chase Freedom - when should I apply?

I think that the best steps that you can take before applying for Chase are to see if you can get any of the negs goodwilled off your reports and let your current accounts age. The fact is that your scores are currently too low to be approved by Chase. Remember that Vantage uses a different scale, so scores in the 600s would not be considered prime. The very best thing that you can do for yourself is spend a year or so in the garden. You need to let your baddies age and/or drop off and gain some positive history on your current cards. Time coupled with good credit behavior will make a world of difference.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 2 of 6
Contributor

Re: Chase Freedom - when should I apply?

The 2 CAs are still within the SOL, so I do not want to poke them. I have tried to get these accounts GW. HSBC, BoA and NCCFI will not budge. I wasn't saying I'm going to apply today, but I didn't know what they might be looking for. In my score range it seems any number of things can kick me out. Being borderline I don't want to apply for any cards that I'm not sure whether or not I will be approved.
Message 3 of 6
Mega Contributor

Re: Chase Freedom - when should I apply?

I would leave chase alone for a year and work on cleaning up the negative items on your credit.



EQ FICO 548 3/3/16
Message 4 of 6
Contributor

Re: Chase Freedom - when should I apply?


LS2982 wrote:
I would leave chase alone for a year and work on cleaning up the negative items on your credit.
Do you have any suggestions for any other cards I should apply for when I hit a certain score?
Message 5 of 6
Highlighted
Mega Contributor

Re: Chase Freedom - when should I apply?


jeduhi wrote:

LS2982 wrote:
I would leave chase alone for a year and work on cleaning up the negative items on your credit.
Do you have any suggestions for any other cards I should apply for when I hit a certain score?

IMO, I would really try to resolve some of your negatives first. Your only gonna wind up declined or toy limit applying for anything else at this point. You have AMEX, so I would focus on clearing up baddies and make a goal of getting an AMEX revolver once your credit gets up near 700.

 




EQ FICO 548 3/3/16
Message 6 of 6