topic Re: Chase Freedom Approval Odds? in Credit Cards

Chase Freedom Approval Odds?

Anonymous — Tue, 30 Jan 2018 06:30:38 GMT

So my girlfriend just started establishing her credit and I want to get her a Chase Freedom to get her foot in the door with Chase and prepare for the Sapphire in the future with the UR point merging. Wanted to know based off of her credit profile, what her odds of approval for the Freedom was.

1) Schools First FCU Secured Card - $500 CL Opened June 2017

2) Discover it Chrome Student Card - $1,500 CL Opened November 2017.

She also has a Student Loan from Navient/Dept of Ed for around $3,000, opened in September of 2016. Payment Deferred

FICO is 718 TU, 715 EX, 710 EQ

She only has income from allowance from her parents (college students are broke) so she'll likely have to get a job before applying for the CF but her plan was to wait until April/May of 2018 before applying. What do you think her odds are? If/when she gets a part time job, income will probably be in the low teens (<15K). Also, she opened a college checking account with Chase recently - hopefully it might help.

Thanks everyone!

Re: Chase Freedom Approval Odds?

HeavenOhio — Tue, 30 Jan 2018 10:35:21 GMT

I think her plan is pretty good. Chase likes to see a year of history, which she technically has with her student loan. But a year of card history and waiting until about July 1 might be better. A period of gardening is also good before applying as Chase is sensitive to too many new accounts. With her last card being opened in November, she'll have plenty of gardening under her belt.

Re: Chase Freedom Approval Odds?

Anonymous — Tue, 30 Jan 2018 13:19:43 GMT

wrote:
So my girlfriend just started establishing her credit and I want to get her a Chase Freedom to get her foot in the door with Chase and prepare for the Sapphire in the future with the UR point merging. Wanted to know based off of her credit profile, what her odds of approval for the Freedom was.

1) Schools First FCU Secured Card - $500 CL Opened June 2017
2) Discover it Chrome Student Card - $1,500 CL Opened November 2017.

She also has a Student Loan from Navient/Dept of Ed for around $3,000, opened in September of 2016. Payment Deferred

FICO is 718 TU, 715 EX, 710 EQ

She only has income from allowance from her parents (college students are broke) so she'll likely have to get a job before applying for the CF but her plan was to wait until April/May of 2018 before applying. What do you think her odds are? If/when she gets a part time job, income will probably be in the low teens (<15K). Also, she opened a college checking account with Chase recently - hopefully it might help.

Thanks everyone!

Less than $15,000? You're looking at maybe a $500 credit line if she gets approved, which there's a good chance she won't be. Her AAoA also doesn't support getting a Chase card. Debt: income ratio, lack of credit history (< one year), lack of large credit lines, and lack of income does not look favorable for an approval. I agree with the other commenter... Wait until at least July.

I might add that your GF may qualify for an Amazon Prime or Disney card much more than one of their main UR cards, so try one of those to establish a relationship with Chase first.

Re: Chase Freedom Approval Odds?

Shadowfactor — Tue, 30 Jan 2018 15:26:31 GMT

Her chances for approval at this time aren’t very good. I agree with the last 2 comments.

Chase likes to see a year of history before they start extending credit even in small amounts.

Have her check the Prequalified site in June/July or see if anything pops up in her checking account offers.

Chase Co-Branded is much more likely.

Look at Amex once she has a year of history. They are more friendly to thin profiles then chase is.

Re: Chase Freedom Approval Odds?

Anonymous — Tue, 30 Jan 2018 15:56:13 GMT

Thanks for the advice everyone! I think ill tell her to wait until July.

Regarding income, I referred friend to apply for the card and he stated 14,000 as income and was approved for a 2.5K SL with only one card previously with a $300 limit - secured, so I’m not too worried about her SL and $500 is fine as long as she is approved.

Re: Chase Freedom Approval Odds?

Anonymous — Tue, 30 Jan 2018 16:51:08 GMT

I think you wold be good. I app'd for it after only a few months of credit history and no limit over $500 and was instantly approved for a SL of $2,500. If the scores are good, I think Chase is a little easier than some are saying. (Unrelated but I was approved the same day for CSP with a $5k SL as well).

Re: Chase Freedom Approval Odds?

Anonymous — Tue, 30 Jan 2018 17:07:55 GMT

Wow! Sounds like you got lucky with them extending you 7.5K in one day and 2 new cards! Congrats on that.