topic Re: Applying for the Chase Freedom Card in Credit Card Applications

Applying for the Chase Freedom Card

Anonymous — Wed, 08 Mar 2017 17:02:23 GMT

Hey everyone,

I have only had a credit history for about a year and my first card was a PNC point’s credit card. I started with a $1,000 credit limit. After having the card for almost 11 months, I called and got approved for a $2,500 credit limit. I've done a lot of research and I really like the Chase Credit Cards. I applied for the Chase Freedom Unlimited a few days ago and was approved with a $2,500 credit limit. So now my combined CL is $5,000. My goal is to get the Chase Freedom (for the 5% rotating categories), and the ultimately the Chase Sapphire Preferred when I have enough credit history and a higher FICO score. I have a reported 25k income since I am a full time grad student and work on the weekends. In terms of hard pulls, I have one from asking PNC to raise my CL and one a few days ago from getting the Chase Freedom Unlimited. My credit utilization is around 25% and I pay off my bill multiple times during the month and always pay in full. I believe my Fico score is a 683 and my TransUnion is 715. I'm not sure of my other scores. Lastly, I have 0 student loans and have no payments on housing, etc.

So my question: How soon should I apply for the Chase Freedom Card? I know those few hard pulls will hurt me a little but I want to make sure I do not get denied for this card. Also, would you recommend applying for the Chase Sapphire Preferred Card in a year if I get can my credit score up near 750? Thank you.

Re: Applying for the Chase Freedom Card

SecretAzure — Wed, 08 Mar 2017 17:50:32 GMT

@Anonymous wrote:

Hey everyone,

I have only had a credit history for about a year and my first card was a PNC point’s credit card. I started with a $1,000 credit limit. After having the card for almost 11 months, I called and got approved for a $2,500 credit limit. I've done a lot of research and I really like the Chase Credit Cards. I applied for the Chase Freedom Unlimited a few days ago and was approved with a $2,500 credit limit. So now my combined CL is $5,000. My goal is to get the Chase Freedom (for the 5% rotating categories), and the ultimately the Chase Sapphire Preferred when I have enough credit history and a higher FICO score. I have a reported 25k income since I am a full time grad student and work on the weekends. In terms of hard pulls, I have one from asking PNC to raise my CL and one a few days ago from getting the Chase Freedom Unlimited. My credit utilization is around 25% and I pay off my bill multiple times during the month and always pay in full. I believe my Fico score is a 683 and my TransUnion is 715. I'm not sure of my other scores. Lastly, I have 0 student loans and have no payments on housing, etc.

So my question: How soon should I apply for the Chase Freedom Card? I know those few hard pulls will hurt me a little but I want to make sure I do not get denied for this card. Also, would you recommend applying for the Chase Sapphire Preferred Card in a year if I get can my credit score up near 750? Thank you.

Don't apply. Chase is difficult to get credit limit increases. They just approved you for $2,500 and there's a high probability that you won't get much more than that for a while (unless your income is high and supports larger limits). For this reason, I would wait...a long while. In fact, I would apply for another card that grows fast to build your total credit worthiness and then a year after that other card apply for Chase Freedom. This is a really good card and I get a LOT of benefit out of it but if I had been approved at such a low limit I would hardly find it useful.

My Plan for you:

1. Apply to either Amex BCE or Amex ED (which ever one you think better suits your needs)

2. Wait 61 days (some debate exists about this) and ask for a credit limit increase...up to 3 times your initial credit limit

3) Wait 6 months after day 61 and apply for another credit limit increase

By this time you should be knocking around $12,000 credit limit on this card (provided you continue to make under 20% utizilation on your cards and make all payments on time)

4) Wait until your Amex ages 1 full year (this lets your Amex and Freedom Unlimited inquiries age past 1 year) and apply for Chase Freedom

With this strategy your initial limit will be much higher on the Freedom and you'll have a thicker profile with solid history. Amex is, in my opinion, the best way to build your total credit limits fast.

*Still, wait for feedback from others here before jumping on my plan* YMMV

Re: Applying for the Chase Freedom Card

Anonymous — Wed, 08 Mar 2017 17:58:08 GMT

Thanks for the info. I'm still pretty young and new to this so it helps hearing about other people's opinions.