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Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Freedom Preapproval...Should I?

So, I've recently been getting a few preapprovals, with the best one being the IT so far.  Yesterday though I rec'd an offer from Chase to get Freedom w/ $100 cash back w/ $500 spent.  Now, I do need an every day card because currently the only rewards I have is the Cap1.  I had been thinking of going with BCE, because I want no annual fee and AMEX backdates to '10 for me.  Freedom has long looked like a great card, especially for everyday use.  What do people think, is Freedom still a great card? Vs. the 3-2-1 layout of the BCE? Is there something else I should be considering?  Is there still some Chase combo program I should be looking to consider w/ checking? 

 

Thanks all

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Freedom Preapproval...Should I?

Honestly, I'd wait.

 

With such a low score you may not get a decent limit. You may be better positioned in a few months.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


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Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Freedom Preapproval...Should I?

Is the 100/500 sign on bonus common for Freedom?  I'm not worried about low limits, they'll go up.  I'm no longer fretting the small stuff, but I was going to wait until April because my last baddie will age further that month.

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Freedom Preapproval...Should I?

Chase is pretty much infamous for being stingy with CLIs unless the customer accepts a HP.

 

I understand wanting to build history with Chase, add a new tradeline, and decrease utilization percentage. That being said; you have to weigh the downsides like decreased average account age and that Chase might give a limit so low that it's not really worth a HP.  Being better positioned after gardening a few months or even letting no balances report might give a better result.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


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Valued Contributor
SnackTrader
Posts: 1,533
Registered: ‎09-15-2012

Re: Freedom Preapproval...Should I?

[ Edited ]

The $100 bonus is the standard bonus for this card. I got it without a preapproval back in December. 

 

Also, I have both the Freedom and the BCP and I think the spending categories complement each other nicely.  It basically ensures that you get high cash back on gas and groceries all year long, whether it be Freedom's 5% categories or Amex's 3,2,1% categories. 

 

Although, I would also advise that you look into your spending patterns to see if the BCP AF is worth it to you. The rewards are far superior if your spending makes up for it. 

 

Answer these questions: 

1. Do you spend more than $210 a month on groceries on average?

2. Is the location you do most of your shipping a stand-alone supermarket (not a Walmart or Target)?

3. If you don't spend $210 on groceries every month, do you spend a lot on gas (over $100 per month)  and would you use the BCP for gas in those quarters where the Freedoms's bonus categories doesn't cover it?

 

If you answered yes to the first 2 questions or all 3, the BCP may actually be worth it to you. 

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Freedom Preapproval...Should I?

Thanks for the advice guys. I reall want to avoid an AF rewards card. Having to plan my spending to make the rewards outweigh the fee just adds unnecessary complication for me. 

 

The point about Chase and HP CLI might actually be the determining factor.  You're right, while they will grow, it will cost some on my end, and especially if I'm mortgage shopping later this year, I don't want to add unneeded HPs. I'llhang back for a bit, especially if the 100/500 bonus is pretty standard

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL
Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Freedom Preapproval...Should I?

I applied for Chase Freedom after looking here too much, LOL! With a 680ish score I would have probably gotten better limit simply by waiting until some payments had posted to other accounts.

 

Chase has a good product and pretty website. I'm not saying "Don't apply", more "The results of waiting until you're a more attractive customer might be better"

 

I'll probably drop Chase, in a year or two, if they don't come up with a more generous limit.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Freedom Preapproval...Should I?

What limit did Chase give you?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
CribDuchess
Posts: 570
Registered: ‎09-12-2011

Re: Freedom Preapproval...Should I?

I got approved for the Freedom in November.  I was an AU on my husband's Chase Slate card that he opened in 1990, back when it was Chase Manhattan Bank!  I don't know if that helped with my approval or starting limit of $7500.  I got the standard $100 cash back for spending $500 offer.

 

Recently I logged into my Freedom online account and received an offer for $200 cash back if I open a Chase Checking account.  I already have checking & savings with US Bank, Bank of America and a local CU.  But I thought, why not - I can't resist free money!  So the other day I went into a Chase branch and opened a checking account.  Now I have some place to stash my cash rewards from my Freedom card. Plus I think there's a small bonus on rewards for having the checking acct.  The checking account is free with monthly direct deposits totalling $500 or more.  Or if you keep a minimum balance of I think $1500.

 

Anyway, I think you should wait just a bit longer for your baddie to age a little more and your scores to go up.  That $100/$500 offer is probably not going anywhere.

FICOs: TU08 808 1/3/14 per Wally; TU98 780 1/1/14; EQ 764 1/1/14; EX 808 1/1/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $5K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom MC $7.5K; Citi Simplicity Visa $13.4K; Discover IT $20K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $20K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
New Member
Vanessakort
Posts: 10
Registered: ‎02-16-2013

Re: Freedom Preapproval...Should I?

I got a pre approval letter yesterday and of not resist! Applied online and got an instant approval. Called cs nd my limit is 3500! My other cards have a 500 limit! So so happy the chase trusted me. I have been rebuilding my credit for a year now and it defenely paid off.

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