topic Re: Credit approval odds in Credit Card Applications

Credit approval odds

Anonymous — Sat, 22 Dec 2018 15:08:30 GMT

Hello all,

I was wondering if anyone had any thoughts on my current credit situation.

I want to apply for the freedom card, i am in the process of rebuilding my credit.

My Fico is 643

my inq are pretty high, only 3 in the last 6-12 months.

2 secured CC accounts and 1 car loan

3 collections on Equifax (1 collection account is $70, $105 and another for 850 which is being paid down) and the $850 on TransUnion and Experian.

My AAoA is 11 months

my current ULT is 26% but should go down to less than 10% next month

Should I wait or go for it?

Re: Credit approval odds

Anonymous — Sat, 22 Dec 2018 15:32:13 GMT

Hello and welcome. I’d say you have a 0% chance. Best wishes!

Re: Credit approval odds

Anonymous — Sat, 22 Dec 2018 15:39:41 GMT

I would pay off the two smaller collections, get the utilization under 10%, and let AAoA grow to more than a year. Let all of that report and you'll probably be 675- 700.

Then you'll have a much better chance. Right now, probably close to 0% chance.

Re: Credit approval odds

Anonymous — Sat, 22 Dec 2018 15:47:58 GMT

Not a shot in hell I’d app for another Chase card with anything not above 700 and preferably 720+. Very few I’ve seen get approved with 670-700 and I’ve researched Chase approvals extensively.

Try the prequal and see what happens OP.

Re: Credit approval odds

Priory_Man — Sat, 22 Dec 2018 17:35:58 GMT

@Anonymous wrote:
Hello all,

I was wondering if anyone had any thoughts on my current credit situation.

I want to apply for the freedom card, i am in the process of rebuilding my credit.

My Fico is 643
my inq are pretty high, only 3 in the last 6-12 months.
2 secured CC accounts and 1 car loan
3 collections on Equifax (1 collection account is $70, $105 and another for 850 which is being paid down) and the $850 on TransUnion and Experian.
My AAoA is 11 months
my current ULT is 26% but should go down to less than 10% next month

Should I wait or go for it?

I would say wait, I'm not sure your profile is strong enough just yet.

Keep paying down what you have, give it 3 months or so and see where you are at.

Re: Credit approval odds

Anonymous — Sat, 22 Dec 2018 18:56:32 GMT

I would say wait. Work on getting those collections off your report & your utilization down. You should be in a lot better shape in 3-6 months.

Re: Credit approval odds

CreditInspired — Sat, 22 Dec 2018 19:02:21 GMT

Welcome OP

In my heart, I believe you already know the answer.

So, I suggest you go to the garden and work on things in this order:

1. Immediately STOP applying for credit.

2. Take care of ALL your collections, whether paying them off, pay for delete, do goodwill letters, or wait for them to fall off.

3. Get your UT down to less than 8.9%

4. And please STAY in the garden until you have successfully satisfied 1-3.

Re: Credit approval odds

Remedios — Sat, 22 Dec 2018 19:25:08 GMT

@Anonymous wrote:
Not a shot in hell I’d app for another Chase card with anything not above 700 and preferably 720+. Very few I’ve seen get approved with 670-700 and I’ve researched Chase approvals extensively.

Try the prequal and see what happens OP.

While OP may not have the greatest chance at the moment, Chase Freedom is not 700-720+ club.

Somebody needs to pay the interest.

Re: Credit approval odds

Pikaboo-icu — Sat, 22 Dec 2018 20:32:58 GMT

Welcome to My Fico..

I know the advice can seem rather harsh but please understand it's for your own good.

Nobody wants to see you take a HP for a card you have nearly no chance in being approved for, further lowering your score.

Hang in there..

Credit is a marathon not a race. Follow the advice of paying off collections, letting credit age, getting uti under 9%.

Those things will help a LOT and before you know it you'll be in good shape for a Chase card!

Re: Credit approval odds

Anonymous — Sat, 22 Dec 2018 21:11:48 GMT

@Remedios - I know what my eyes have seen on this forum - many, many, many times.

Re: Credit approval odds

marcforza1 — Sun, 27 Jan 2019 17:43:12 GMT

I would definitely wait awhile and try to pay off the collections as soon as you can and get the AAoA well over a year. Your scores will go up eventually, but it will take patience. As far as Chase cards for the 700+ club, I was fortunate two years ago to get approved for both the Freedom Unlimited and Slate cards back to back with a 625 score directly through the bank. I was even preapproved for the CSP surprisingly during that time but didn't pull the trigger (thank god). You may have a better chance getting approved with a Cap1 card if you give it about six months or so after you pay off most of the debts.

Re: Credit approval odds

Anonymous — Mon, 28 Jan 2019 08:16:43 GMT

Don't waste the hard inquiry. I would wait a year or two and build up my credit score with the cards at hand. At this point, like everyone else is saying, you have a 0% chance at getting a card issued by chase. They abhor collections on an account. Most, if not all get insta denied and I've even heard some get the same treatment way past paying it off, Somthing like 4-5 years. Chase is very picky like that. Stick with capital one or discover until the collections fall off your records.