Hey First off i'm new to this form and i'm loving it so far. So much information! Please disregard my ignorance of not knowing the correct abbreviations!
I am wondering if anybody knows my chances of getting a chase freedom card and if i am doing the right thing to accomplish getting the CF Card.
Got C1 Secured Credit Card 06/18/2012 (First Credit Card EVER)
Annual Income 25k-30k (Good college Job)
I am a college student with a C1 Secured card with $501 CL (First Credit Card EVER) and i use it for ONLY paying cellphone bill, every month i charge $60 to it and PIF on my due date. So my Credit utilization rate is 12% if i am calculating it correct (60/501x100) and that is pretty good i have been reading around.
My Scores are 623 EQ 639 EX 612 TU (These scores are before C1 reported anything and with only installment loans and my hard inquires) I have a lot of hard inquires (#19 TU) (#5 EQ) (#2 EX) from 2010 on my TU and EQ so i am waiting to apply for the Freedom till January 2013 (Birthday Gift to myself) and all the Hard inquires will be gone and my score should be much higher because of dropped inquires and also revolving account information from C1 for 18 est. months. I also have installment loans from my College that are (Paid as agreed) on credit report.
So i'm going to apply for Chase Freedom in January 2013 and wanted to know if my chances of getting instant approval is high or low?? PLEASE HELP
Also any Tips seeing that i'm starting my Credit History off and trying to do it correct.
Starting Score: EQ: 651 FICO TU: 615 FICO EX: 629 FAKO (08/06/2012)
Might wanna get the credit scores closer to 700 and let your credit history grow a little longer. You might run into problems for only having a card that has a small credit limit. I know people are going to say get the Zync card, but I think you might need to get yourself a regular credit card.
Your mileage may vary*.
I just applied for this card over the phone and got instant approval for 500. Last week.
I have at least a 9 month aaoa though.
If you pay all your cards on time and keep the utilization 1-9% I think there will be a good chance in January of 2013.
Keep in mind I'm new just like you
Maybe one of the regulars might jump in though
I just applied for this card over the phone and got instant approval for 500. Last week.
I have at least a 9 month aaoa though.
If you pay all your cards on time and keep the utilization 1-9% I think there will be a good chance in January of 2013.
Keep in mind I'm new just like you
Maybe one of the regulars might jump in though
Okay thanks for advice. I just want clarify things I have recently read and question to see if this would be better.
1- I heard that C1 Secured Credit Card reports as Unsecured do you know if this is true. What does a secured card look like on a credit report vs. an unsecured?
2-I can increase CL whenever I want with a bigger deposit, should I Raise it to $1,000 and use that till January 2013?
Putting more money into a secure card might not be the answer. I would use the credit you established (using the secured card wisely congrats on that) to get your foot into the door of a major credit card. Perhaps a student card with your bank. They'll probably spot you a $300 - $500 (maybe higher) credit limit (it will also raise your total available credit), which will look a hell of a lot better than a $1,000 secure card. After you prove yourself and some baddies drop off your report go for the Freedom.
Hey thanks again for all your replies.
Funny thing is I have Chase College checking so I know that they won't do it because they don't have a student card. ( but it might help get approved because I have a account with them)
My C1 secured credit card does not report to 3 bureaus as "secured" so how would chase know it was secured? Is there something I can't see that they can?