Should I apply?

[bsl]

Hello All!

Up until the last 3 months my credit score was 567, I had a car repossesed 2.5 years ago.

I am 23 now and have learned to value my credit, I started working to on my credit in late january, I applied for capital one secured and was approved, I have a 401 limit,

I I have also been added to my husband discover it card wich has a 200 limit.

Both are reporting on all 3 credit bureaus... At this point my TU fico is 639... my EQ Fico is 627

I would like to get another credit to build my portfolio, not because of need of credit, just seeking to improve the look of my report.

So far I use my cap one card to 300-350 then pay it, and start again, I let it report no more than 15% util ..

I would love to have CSP (but i know im day dreaming,lol) but realistically, I like the Freedom, do you guys think I have a shot at this point?

Thanks!!!

[DrZoidberg]

I honestly don't think you have a chance at a Chase Freedom. You might try a Barclay Rewards for "average" credit. Or a BoA better balance or BoA secured card. Even those are stretching it. I would wait until at least 6 months if not more.

[azguy13]

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@DrZoiberg wrote:

I honestly don't think you have a chance at a Chase Freedom. You might try a Barclay Rewards for "average" credit. Or a BoA better balance or BoA secured card. Even those are stretching it. I would wait until at least 6 months if not more.

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+1

I don't think you have a good chance at all. Honestly, you need to let that repo age more and establish at least a year of good payment history on all revolving accounts. 

[bsl]

wow, I was really hoping to hear better news! Thanks for the feedback.

[azguy13]

Sorry you did not get the news you were hoping for. You are just so new in your credit journey that a major bank like Chase may not approve you. Chase really likes to see other large banks take a chance first, and then when you prove yourself with them, Chase will approve. In the mean time, I suggest you start sending GW letters/emails/phone calls to any creditor that is reporting anything negative.

[Ghoshida]

I would also suggest going to your neighborhood credit union and opening an account with them. They will offer a credit card with decent limits and APR. Within a year, Chase and other big banks should have good enough reports on hand.