My wallet is nearly complete... I have a PRG and a Zync from Amex, a Discover More $2k, a Wells Fargo cash rewards Visa $4200, and a Citi Diamond Preferred MC $1K. The only thing missing from my wallet is a Chase Freedom. Chase seems to have the best lineup of Visa/MC cards; while the Freedom is at the top of my list now, they also have a bunch of other good cards that I might want to add/PC down the road.
Here's the thing: I had a Providian Visa that got sold to WaMu that then got sold to Chase... I was carrying a big balance--$7500 or so--when the financial crisis hit in 2008. Chase charged off the account in late 2009/early 2010, and I ended up paying the CA later in 2010. When I started cleaning up my credit last year, one of the first items on my agenda was to send a GW letter to Chase; I ended up getting the whole TL removed. I also took out a car loan with Chase auto finance last April.
I was unsure where I stood with Chase's credit card department though; I know they blacklist people with unpaid COs, but I wasn't sure how they'd treat someone who'd paid the CA. So, in July, after my then-current round of credit hunting was complete, I dropped an app for a Chase CC. I got the 7-10 day message. I noticed that they pulled TU the same day; I took this as a sign that I wasn't blacklisted. So, I called in and found out I was declined because of the CO. I confirmed with the rep that I wasn't blacklisted, and that the account had been paid; the CO merely outweighed the positives on my CR. Fair enough.
Fast forward 6 months, and I'm at the end of another round of credit hunting. I figured I'd try Chase again. My overall score is higher than it was in July--684 v. 674--but my util is higher--22% plus a couple thousand on my Zync vs. 2%. This time they pulled TU and EX. But I'm denied again, still because of the CO. The recon analyst tells me all the same things I heard back in July. I'd like to think that the double pull is a sign that I'm at least getting close to borderline.
When do you think Chase will let me back in? By July, it will have been 3 years since I paid the CO, nearly 2 years of clean history on all accounts, and over 1 year of history on my Chase auto loan; my FICO will hopefully be above 700 with low util, and I hope to have one CC reporting a CL of over $5k. Will that be enough to overcome the CO? Or will I have to wait even longer?
It took me 6.5 years to get back in with them after a CO for 400$ that was PAID... it also took a 700+ credit score under 10% utilization, and perfect paymeny history on 20+ accounts and 2 recon attempts... so it's difficult to say the least but it is not impossible by any means
I was in a very similar situation last year with Chase. I had an old CO (2006) that I had paid, GW'd, and had removed from my reports.
I applied for the Chase Freedom card last March. My FICO's were in the 670-680 range at the time. My util was under 5%.
I had to recon the app, but they did approve me for 4K. I've been auto CLI'd to 4.5K since.
From my experience Chase seems more likely to approve folks for the Freedom card expecially if you have a Discover More card already.
I also tried applying for the Chase Slate last month but was told I was denied due to the old charge off with them. I was a little disappointed, in the past year I've done a lot to increase my FICO scores and credit portfolio. I think you'll be approved for the Freedom with 6 months of waiting, but don't get your hopes up too much beyond that. As always, YMMV.
I wouldn't get too stuck on Chase, not with cards like the Discover It and AMEX Blue Cash Everyday (AMEX will back date) out there. Just something to think about.
Np! I know the feeling. Cool, I didn't know about that one. I have a 2011 Legacy.
Cool... my auto loan with Chase is for a 2012 Impreza, so I'd definitely get use out of the Subaru rewards it offers (FYI, it's at: https://www.chase.com/online/Credit-Cards/subaru.htm). Interestingly, the poster who first brought it to my attention had burned a couple Chase CCs in bankruptcy, but was approved for this card just a couple years later.
It's strange that they would approve you for a Freedom with a nice limit, give you a CLI on top of that, but then deny you for a Slate because of the CO. From what I've read on here, if you apply for a new card but they don't want to give you more credit, Chase (among others) will let you move some of the CL on your existing card to a new card. I don't know why a CO would change that, especially after 9 months of good history with your Freedom. I guess lenders move in mysterious ways.