topic Re: Freedom Unlimited and Credit Karma? in Credit Card Applications

Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 03:59:05 GMT

So, interesting. I received an email today from CK, announcing that they have exclusive early access to Freedom Unlimited, and encouraging me to apply. CK, which is using FAKO scores that are 50-80 pts lower than my FICO 8s, and which pretty much NEVER lists cards as a good chance of approval, is encouraging me to apply for the hot, new Chase card?

So, I am wondering if this means (more than anything) that Chase isn't enforcing their 5/24 rule on the new card.

Just offering up the data point, and wondering if everyone else and their brother is getting this email, or if CK actually has targeted this to highly-likely approvals.

Re: Freedom Unlimited and Credit Karma?

creditguy — Fri, 01 Apr 2016 04:03:19 GMT

I would tend to think it's a general email since everything with CK is marketing, that's how they make their money and provide all that free info.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 04:34:44 GMT

They even admit in the email that it's marketing. My question is, is this at least as reliable as the usual pre-qual? I mean, if CK is just sending these out willy-nilly, is Chase going to quickly grow tired of their shenanigans?

Re: Freedom Unlimited and Credit Karma?

creditguy — Fri, 01 Apr 2016 04:37:02 GMT

Hard to say. I'm sure CK bases it somewhat on a persons profile since they have access, but seeing how Chase has its own standards i.e. 5/24 who can say for sure. Hopefully some data points start rolling in the near future.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 05:02:12 GMT

@creditguy wrote:
Hard to say. I'm sure CK bases it somewhat on a persons profile since they have access, but seeing how Chase has its own standards i.e. 5/24 who can say for sure. Hopefully some data points start rolling in the near future.

Yeah, better someone else provide those data points, than me

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 05:39:03 GMT

I just checked out their website. (I'm NOT going to apply...at least not tonight....which is technically not in the next 24 mintues )

5% BT fee?? Yikes!

3% foreign transacton fee? Double yikes!!

$10 min fee on cash advances....well, I'd NEVER take a cash advance on a Chase card (and hopefully never need to on ANY card), so I can live with that.

Wasn't this supposed to be the next big card? What's everyone excited about? Seems pretty underwhelming to me. What am I missing?

Re: Freedom Unlimited and Credit Karma?

redpat — Fri, 01 Apr 2016 08:58:30 GMT

@Anonymous wrote:
I just checked out their website. (I'm NOT going to apply...at least not tonight....which is technically not in the next 24 mintues )

5% BT fee?? Yikes!

3% foreign transacton fee? Double yikes!!

$10 min fee on cash advances....well, I'd NEVER take a cash advance on a Chase card (and hopefully never need to on ANY card), so I can live with that.

Wasn't this supposed to be the next big card? What's everyone excited about? Seems pretty underwhelming to me. What am I missing?

It is underwhelming if you don't have CSP or Ink+.

If if you do have one of those FU becomes a 3% card beating others that offer 2% like citi DC.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 09:53:04 GMT

@Anonymous wrote:
They even admit in the email that it's marketing. My question is, is this at least as reliable as the usual pre-qual? I mean, if CK is just sending these out willy-nilly, is Chase going to quickly grow tired of their shenanigans?

I'd think it makes more sense that CK's marketing PARTNER requested some BUZZ in launching their new product....this is about CHASE

getting apps to launch their product.....

No different than a moive studio launching a movie or a record company pushing an upcoming album....

CK exist FOR it's vendors....if vendors don't get apps and accounts WHY would they work with and PAY

CK well enough for CK to do what they do for FREE?

C'mon now the marketing campaign is at Chase's request NOT CK's 'shenanigans'.......the 'odds' scale used by CK are tweeked to CREATE app

traffic FOR their 'paying' advertisors whom will absolutely 'play' loose with the numbers to ATTRACT more apps looking for 'diamnds-in-te-rough'

tweeners it's BUSINESS

From the vendors POV they make find a few tweeners on the cheap ( vs TV, radio etc) plus they have fixed cost in app processing so they want/need X amount

of apping no matter what....so YES vendors wil entice 100 extra apps knowing darn well 'some' folks are wasting their time...just like Standford and Yale are going to entice 30k tudents to app up at $100 bucks a pop knowing darn well no matter what 95% are gonna get a 'no' and they only have space for 2% of them anyway.

But how else can you say 5% acceptance rate if you don't pull in enough apps, same concept ..place bread crumbs, leave candy, send emails entice 1000, choose

your few....

Re: Freedom Unlimited and Credit Karma?

driftless — Fri, 01 Apr 2016 12:02:52 GMT

FYI - at the bottom of the email that I received there is the following: "1We looked at your TransUnion credit report from 03/31/16 and how your credit profile compares to other Credit Karma members who were approved for similar products". Obviously it is marketing but they did do a little pre-screening.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 13:18:42 GMT

I got this email as well but I not apping any time soon so into the virtual shredder it goes.

Re: Freedom Unlimited and Credit Karma?

SecretAzure — Fri, 01 Apr 2016 13:59:00 GMT

@Anonymous wrote:
I got this email as well but I not apping any time soon so into the virtual shredder it goes.

If this is anything like how I got my Amex BCE pre-screening way back when, it might even be without a HP. However, nothing CK can do would eliminate or overwrite Chase's 5/24 (or whatever it's called) policy. You can get all the screeners and pre-quals in the world but that won't bypass a lenders' policies. I'd jump at this if I wasn't looking at applying for a mortgage in the next few months.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 14:56:29 GMT

I am good. I have a what I think is a soild 12 month plan which does not include any apps until Aug. at a min.. My truck lease is up in Feb 2017 so working on getting my score in the best position I can until then. My AAoA is my current biggest problem so new apps dont help me. Hoping Ford does not clown with the Raptor prices otherwise a TRD Pro Tundra could be in my future. In the garden for now. After I get my truck situation sorted it will be time to work on getting the Ring card and a non Corp AMEX of some sort.

Re: Freedom Unlimited and Credit Karma?

Anonymous — Fri, 01 Apr 2016 15:54:07 GMT

@driftless wrote:
FYI - at the bottom of the email that I received there is the following: "1We looked at your TransUnion credit report from 03/31/16 and how your credit profile compares to other Credit Karma members who were approved for similar products". Obviously it is marketing but they did do a little pre-screening.

That's the ENTIRE business model of the CK, period

There is a reason they ask some ppl about BK's and others about auto refi's

Some folks are Credit One's wheel house while others are pushed to app Cap-1

That's the point I was making the point is to do just ENOUGH of a pre-screen to get apps

but not enough to pre-APPROVE...........they cast a wide net, then narrow it down from those that bite.

There isn't a problem with what they are doing, it's just that humans many times OVER-VALUE an invite

to apply, as a job OFFER.

It's basic bare minimum screening, period...

1st off if the advertsers says send me anybody over a 625

1) CK is using a Vantage Score #1

2) The vendor will pull Fico AND whichever model they choose, even depending on where the applicants lives etc

3) Plus even if the applicants meets the credit score theshold (which is all the pre-screen looks for)....said vendor might

not like the length of history or high util or baddies on the individual report....things the lender would not see untill an actual report were pulled,

the applicant may have just gone BK on that lender....

I get prescreened for cards I own because it's just basic profiling nothing more...now when you're re-directed to a lenders actual pre-qual site

depending on the company it's much more 'real'...

Re: Freedom Unlimited and Credit Karma?

BD9 — Fri, 01 Apr 2016 17:47:57 GMT

@redpat wrote:
@Anonymous wrote:
I just checked out their website. (I'm NOT going to apply...at least not tonight....which is technically not in the next 24 mintues )

5% BT fee?? Yikes!

3% foreign transacton fee? Double yikes!!

$10 min fee on cash advances....well, I'd NEVER take a cash advance on a Chase card (and hopefully never need to on ANY card), so I can live with that.

Wasn't this supposed to be the next big card? What's everyone excited about? Seems pretty underwhelming to me. What am I missing?

It is underwhelming if you don't have CSP or Ink+.

If if you do have one of those FU becomes a 3% card beating others that offer 2% like citi DC.

This.

The Freedom Unlimited is best as a supplement for anyone with a CSP or Ink+ (as well as a regular Freedom, really), so that you can continue adding to your Ultimate Rewards Points, where the points are worth much more than 1.5%.