topic Re: Chase Freedom Approval Odds? in Credit Card Applications

Chase Freedom Approval Odds?

Anonymous — Fri, 26 Jul 2019 19:07:01 GMT

Hello! I am 24 and started my credit history about a year ago. I have a Discover It card (14 statements) with $5,200 credit limit. Also, have a Fidelity Visa (4 statements) with a $5,000 credit limit. My uiltization is 1% as I always pay in full. No Student loan or any other kind of debt. Like I said these two cards are the only things on my credit report as I have a thin file. My scores: Discover Ex: 730 Discover Transunion: 731 2 inquiries on all my reports in last 12 months. My income roughly 70k. What do you guys think?

Re: Chase Freedom Approval Odds?

Remedios — Fri, 26 Jul 2019 19:09:24 GMT

With such young and thin file, I'd wait considerably longer, unless you dont mind low(ish) SL and high APR if approved.

Re: Chase Freedom Approval Odds?

CramEiko — Fri, 26 Jul 2019 20:35:00 GMT

@Remedios wrote:
With such young and thin file, I'd wait considerably longer, unless you dont mind low(ish) SL and high APR if approved.

+1 Let your current profile age a bit longer. You can't rush this part.

Good Luck!

Re: Chase Freedom Approval Odds?

joltdude — Sat, 27 Jul 2019 02:41:01 GMT

Just repeating what others have said.. I was in a similar situation with more time involved and chase only gave me slightly over what my CU did at the time... 5,200 CL... and it hasn't moved since I got the card in mid 2016... You do not want this... Let your other cards marinate a bit and possibly grow in CLI because chase will try to compete slightly on the limit... At least they did for me...

-J

Re: Chase Freedom Approval Odds?

CreditInspired — Sun, 28 Jul 2019 16:24:53 GMT

@Anonymous wrote:
Hello! I am 24 and started my credit history about a year ago. I have a Discover It card (14 statements) with $5,200 credit limit. Also, have a Fidelity Visa (4 statements) with a $5,000 credit limit. My uiltization is 1% as I always pay in full. No Student loan or any other kind of debt. Like I said these two cards are the only things on my credit report as I have a thin file. My scores: Discover Ex: 730 Discover Transunion: 731 2 inquiries on all my reports in last 12 months. My income roughly 70k. What do you guys think?

Kudos to you for starting out on the right path to building an excellent credit profile. From your DPs, it appears your AAOA is 9 months. So I agree with everyone else to wait before applying for the CF. I suggest waiting until your Fidelity VISA is 12 months (~Mar 2020).

Now if you want to try for AmX, IMHO I think do so when Fidelity is 6 mos (~September 2019). But do prequal first.

So by the time you apply for CF, you’ll still be under 5/24.

Again kudos to you!!!!

Re: Chase Freedom Approval Odds?

Anonymous — Sun, 04 Aug 2019 02:38:49 GMT

Hello, and thank you for your input! The reason I am applying is because I want to have multiple accounts, because I want to build my credit history to the point where I can buy a house in the next 18 months. I plan on applying for the Chase Freedom and WF Propel in the next few months and being done with credit cards for a long time (prob ever). I find the cards useful for my rewards needs and believe being with these banks will help with that mortgage app down the line. I do not really care about my APR or credit line that much compared to the actual odds of getting approved as I know those terms will improve over time. I would rather do it now so in 18 months my AAOA is higher so I can qualify for the best mortage rates.

Re: Chase Freedom Approval Odds?

CreditInspired — Sun, 04 Aug 2019 03:50:18 GMT

Well of course you have to do what you feel is best for you but the advice you have already been given is “as good as it gets.” 😁

Getting to where you want to be is a marathon, not a race. You keep saying you want to build your credit profile to buy a house. Well, slow and steady will get you to that point.

GL2U

Re: Chase Freedom Approval Odds?

mikesonthemend — Mon, 05 Aug 2019 03:42:05 GMT

After the 3rd card your score will start to suffer from new accounts. Frankly, 2 cards a no knew inquiries or accounts is the last year is the best possible position you can put yourself in to app for a mortgage in 18 months.