topic Re: Thinking on Applying for Chase Freedom in Credit Card Applications

Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:10:15 GMT

Hello, this is my first post. I've been reading the forum for a while and finally made an account. I would like to apply for a Chase Freedom but I know my chances for approval are not the best (or the worst) so I wanted to get your opinion.

-I currently have a BestBuy CC. it's a joint with my mother but it's under my name. CL is 3600. my utilization is 66% at the moment but I will lower it to 43% by January (that's when the 0% interests promo ends for the 1st buy). I've always paid on time.

-a student loan of 5500 which I will start paying soon (I'm not getting interests)

-AAoA of 1yr 2mo.

-a CK of 666 (what a number haha)
-only 1 inquiry from CapOne for the bestbuy card.

so, what are your thoughts? Thanks in advance.

Re: Thinking on Applying for Chase Freedom

chalupaman — Sun, 16 Nov 2014 17:30:01 GMT

I don't think you have anything to lose, especially if you checked to see if you had any prequalified offers. Plus Chase recon is great.

BUT.....I wanna make it clear that you should really get your utilization down first just to be safe. Right now I think that'd be too high for Chase.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:29:31 GMT

You have the history they like to see (1 yr+), however they're not keen to high utilization. I'd pay down that card as much as you can (preferably to <10%) and let it report then app and your chances will be better.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:37:30 GMT

thanks for the quick response, I did de pre app on the site but nothing came out. I've made cutting debt a priority but taking it to >10% won't happen soon and I was hoping to apply for the CC somewhere close to December.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:42:24 GMT

thanks for the quick response, so even at ~43% utilization would keep my chances low? I know 10% is the perfect ratio but it will take me some months to take it there.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:43:43 GMT

Pre-Approvals dont mean much, frankly. I've never gotten one. Just get it to as low as you possibly can before you apply. I've seen people get denied with similar stats but 35% util, so YMMV. If you get denied, remember to recon. The EO is very helpful. Backdoor Numbers - myFICO® Forums

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 17:53:50 GMT

Definitely get the UTL down first.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 16 Nov 2014 18:01:05 GMT

ok, well I'll continue to lower that utilization before applying.

Re: Thinking on Applying for Chase Freedom

newhis — Mon, 17 Nov 2014 17:17:09 GMT

I think the <10% is for score, <30% is to make the lender not worry much. So if you can get below 30% that will help you. Is good to not have any card above 30%.

If you get your card to <30% in a few months I'm sure your score will go up.

Re: Thinking on Applying for Chase Freedom

Anonymous — Mon, 17 Nov 2014 18:32:23 GMT

yeah that will be my plan, but now they're back to the $200 sign up bonus and I'm screwed. haha

Re: Thinking on Applying for Chase Freedom

Anonymous — Tue, 18 Nov 2014 14:01:41 GMT

@Anonymous wrote:
yeah that will be my plan, but now they're back to the $200 sign up bonus and I'm screwed. haha

damn chase

Re: Thinking on Applying for Chase Freedom

recruiter89 — Tue, 18 Nov 2014 14:38:18 GMT

I just closed this card due to lack of interest in it. The revolving categories and having to sign up for each one was annoying and I really did not benefit from this card.

Re: Thinking on Applying for Chase Freedom

Anonymous — Tue, 18 Nov 2014 16:38:12 GMT

why haven't they just automated that?

Re: Thinking on Applying for Chase Freedom

recruiter89 — Tue, 18 Nov 2014 17:14:33 GMT

not sure. It is the most annoying part of the card. I missed huge opportunities to save cash or receive cash back by not going in every quarter and electing these. IT is similar on Discover but much longer span and rewards are better. I just didnt like this card. Plus I never looked at this card as a premier card even though some say it is. It feels to me too much like a Cap One card and I look at those as bottom tier cards.

Re: Thinking on Applying for Chase Freedom

Ragelog — Fri, 21 Nov 2014 02:50:39 GMT

@recruiter89 wrote:
not sure. It is the most annoying part of the card. I missed huge opportunities to save cash or receive cash back by not going in every quarter and electing these. IT is similar on Discover but much longer span and rewards are better. I just didnt like this card. Plus I never looked at this card as a premier card even though some say it is. It feels to me too much like a Cap One card and I look at those as bottom tier cards.

They remind you to activate only about 100 times before the deadline the deadline runs until the quarter is nearly over and takes a whole 5 seconds.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sat, 22 Nov 2014 22:26:12 GMT

does anyone know for how much time do they extend the $200 promo? and, are they more flexible or more strict with applications in the promo period?
update: util on 51%

Re: Thinking on Applying for Chase Freedom

FinStar — Sat, 22 Nov 2014 21:14:04 GMT

@Ragelog wrote:
@recruiter89 wrote:
not sure. It is the most annoying part of the card. I missed huge opportunities to save cash or receive cash back by not going in every quarter and electing these. IT is similar on Discover but much longer span and rewards are better. I just didnt like this card. Plus I never looked at this card as a premier card even though some say it is. It feels to me too much like a Cap One card and I look at those as bottom tier cards.
They remind you to activate only about 100 times before the deadline the deadline runs until the quarter is nearly over and takes a whole 5 seconds.

If that... even with SMS option, which takes like 3 seconds.

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 23 Nov 2014 01:52:05 GMT

hey, do you know for how much time do they extend the $200 promo? and, are they more flexible or more strict with applications in the promo period?
update: util on 51%

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 23 Nov 2014 02:09:10 GMT

Ive seen them rotate it about every 2-3 months.. its usually a standard $200 which isn't bad either

Re: Thinking on Applying for Chase Freedom

Anonymous — Sun, 23 Nov 2014 02:53:12 GMT

oh, well if they do it often I wouldn't expext them to be more flexible with applications then.