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New Member
zhaoc033
Posts: 5
Registered: ‎05-24-2011
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Chase...What is the minimum credit history to get a chase credit card?

Last week, my oldest credit card did its 6th report to the credit bureaus and not surprisingly, I got a fico score. Now, I have 4 credit cards with a total limit of 2500...(1000 of which is from a secured card).  I have perfect payment history and my utilization ratio never exceeds 10%. I have 7 hard inquiries in the past two years and I have a short credit history. Is there any chance for me to get a  chase credit?  Chase freedom will be great, but college credit card is also good for me. Have any idea?

 

How long a credit history should one have to get a freedom card? What about the student card?

Established Member
thephonekid
Posts: 37
Registered: ‎10-11-2010
0

Re: Chase...What is the minimum credit history to get a chase credit card?

As far as I know, Chase no longer accepts applications for their student card as I tried looking for it about a month ago. Its gone from their site and a phone rep told me they no longer offer it.

 

To actually answer your question, I had credit scores in the 690's 3 yr credit history, Average age of accounts of 1 yr 5 mths and was declined for the Freedom card. You may want to apply for the Slate card and do a product change later if you're approved.

Current Cards: Chase Sapphire-$5,000, Local Credit Union-$1,000
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LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: Chase...What is the minimum credit history to get a chase credit card?

Hi zhaoc022, and welcome aboard! :smileyhappy:

 

I don't personally have a Chase Freedom card, so I can't offer any direct experience with that product, but you might consider waiting a while before applying for any additional credit. I'd let my youngest card reach 1 year, and my INQs all reach a year old before looking for additional credit. A good stint in the credit garden will give your current creditors an opportunity to become comfortable with your usage and payment patterns, and you an opportunity to present a longer, more established history to Chase. It'll also give you an opportunity to really give some thought to whether or not Chase is the card for you. Upon reaching 1 year (youngest account), you'd likely be in a good position to seek CLIs from your existing creditors and your secured credit card to become unsecured (assuming you have a product that can be graduated).

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zhaoc033
Posts: 5
Registered: ‎05-24-2011
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Re: Chase...What is the minimum credit history to get a chase credit card?

thx, lilmirth. i see what you are saying. Basically what i am trying to do is to lower my utilization ratio. I spent probably 300 dollars each month outside my college. I am thinking of applying another card to have my total credit limit over 3000 such that my utilization ratior is below 10%. Last month, I got approved by a nonsecured capital one card. So, I thought maybe I can be approved by another low credit requirement card...I dont worry too much about hard inquires too because I am not graduating from college two years later and I will do not need a good score for a mortgage or car loan. 

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beamMEup
Posts: 4,470
Registered: ‎12-31-2008
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Re: Chase...What is the minimum credit history to get a chase credit card?


zhaoc033 wrote:

thx, lilmirth. i see what you are saying. Basically what i am trying to do is to lower my utilization ratio. I spent probably 300 dollars each month outside my college. I am thinking of applying another card to have my total credit limit over 3000 such that my utilization ratior is below 10%. Last month, I got approved by a nonsecured capital one card. So, I thought maybe I can be approved by another low credit requirement card...I dont worry too much about hard inquires too because I am not graduating from college two years later and I will do not need a good score for a mortgage or car loan. 


Hi zhaoc,

 

Welcome!  Glad you're here!

 

Utilization is figured using your reported balance, rather than on your usage or high balance during the month. 

For FICO scores, most folks find they do best with all cards but one reporting a zero balance,  and the remaining one card reporting less than 9%.

But you can use the card(s) as much as you like during the month (as long as your balance remains safely below your current CL, of course).

 

Most companies report your balance at the statement date, but some companies report on different dates.

I guess what I'm hoping to say is that your utilization can be below 9% without additional credit limits, just by controlling how much of a balance you have on the card on the day it reports to the CRA's. 

 

Did that help?  I hope so.

 

On another note, if you have four credit cards and the oldest is six months old, it is very definitely a good time to stop and let them age.  Your current creditors will soft pull your reports and they can become antsy with a lot of new credit - sometimes they will even AA (adverse action) you with CLD's or account closures.  IMO (if that counts :smileywink:) keep what you have and keep up your good work of PIFing and paying on time, control your utilization by watching the balances that are being reported, and get some age on those young 'uns. 

 

Congrats on your hard work and best wishes as you move forward.

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
tburns
Posts: 151
Registered: ‎11-04-2010
0

Re: Chase...What is the minimum credit history to get a chase credit card?

[ Edited ]

I just had my Chase freedom app approved.

 

I had at the time I applied 7 months AAoA on 2 revolving account, perfect history, 720 FICO on EQ, 731 on TU and about 4 Hards on each reports average, and Chase Saving/Checking accounts. I was initially denied, called the backdoor number and the guy tried several times to get me approved, but wasn't able to on the phone and said that my app would be re-reviewed. I tried the 800 number for weeks waiting for the status to change from being reviewed to something else.Received a letter asking for a copy of my ID and SSN for security reasons. Mailed that off 2 weeks ago.

 

Finally last friday it changed to "You will be notified of our decision in the mail" I took that as denied.

 

Logged onto my Chase bank account about an hour ago and see I have a Freedom CC with 1k limit listed.

 

So I can say it's possible with short history like yours, but not very easy. My Discover More card was a lot easier then this one. Like others said. I would wait a bit if I were you. Let your cards age and don't have too many new acocunts. when you apply.

New Member
zhaoc033
Posts: 5
Registered: ‎05-24-2011
0

Re: Chase...What is the minimum credit history to get a chase credit card?

Hi beamMEup, 

 

Thank you for your reply. It is very hepful. I guess it is time for me to stopp trying new cards. I will keep all but one card reporting a balance zero, and the remaining one below 9% each month. Are there any other things I can do to build my credit?

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Chase...What is the minimum credit history to get a chase credit card?


zhaoc033 wrote:

Hi beamMEup, 

 

Thank you for your reply. It is very hepful. I guess it is time for me to stopp trying new cards. I will keep all but one card reporting a balance zero, and the remaining one below 9% each month. Are there any other things I can do to build my credit?


My very favorite thing to build my credit (I'm a rebuilder) was to pull a report and FICO score from this site.  I like knowing my real FICO score and watching it as I move forward.  I track Equifax FICO because it's used a lot more in my area than TU is.  And I think the information on the reports is the one thing that helped me the most when I was trying to decide how to build my credit.  The section "What's Helping Your FICO score" helped me know what I was doing right and needed to continue with; and most telling was the information in "What's Hurting Your FICO Score".  That helped me know what to fix and what to change.  And I like the simulator - it was eye opening to me and helped me understand how my actions impacted my FICO score.

 

After pulling a report from here, posting the information in these forums along with questions I had, gave me access to a great knowledge base - folks here are very knowledgeable and helpful!  And they were unbelievably patient in helping me understand credit issues - still are!

 

At any rate, welcome again - we're so glad you're here on the forums.  It's really a great group of knowledgeable folks to hang around and learn from.

 

 

Just puttin' syrup on something, don't make it pancakes.
Frequent Contributor
dookdig
Posts: 332
Registered: ‎04-08-2011
0

Re: Chase...What is the minimum credit history to get a chase credit card?

I got approved, after recon, for chase freedom when my oldest CC account is about 9 months old and AAoa is 7 months, 6 INQs on EX before apping for it.
Having checking/saving account with them played very important part in overturning their decision, I supposed.

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