topic Re: Enough history to apply for Chase Freedom? in Credit Cards

Enough history to apply for Chase Freedom?

Anonymous — Sun, 10 Feb 2019 11:57:01 GMT

I am new to myFico Forums, but I will try my best to explain. I’m 19 years old and a sophomore in college. I was looking to apply for the Chase Freedom card because I want to take advantage of the rotating 5% cash back and I can easily hit the SUB with books I have to purchase. I have three credit cards at the moment. Discover It Student with a $1,100 limit opened March 2018, Southwest Plus with a $2,000 limit opened September 2018 and finally a Chase Sapphire Preferred with a $5,400 limit opened November 2018. I’d love to pair the Freedom with the Preferred and earn more UR points and eventually get to the trifecta. My current FICO score is 723. I am seeking some form of advice on if it is wise to apply because I would also like to set a good foundation of no annual fee cards. My biggest concerns are if Chase will deny me because my oldest credit card account is a little less than a year old and that I might look “risky” as I have opened 3 cards within a year. I do have some federal student loans opened around the same time I turned 18. Any help would be greatly appreciated!

Re: Enough history to apply for Chase Freedom?

CramEiko — Sun, 10 Feb 2019 14:16:19 GMT

@Anonymous wrote:
I am new to myFico Forums, but I will try my best to explain. I’m 19 years old and a sophomore in college. I was looking to apply for the Chase Freedom card because I want to take advantage of the rotating 5% cash back and I can easily hit the SUB with books I have to purchase. I have three credit cards at the moment. Discover It Student with a $1,100 limit opened March 2018, Southwest Plus with a $2,000 limit opened September 2018 and finally a Chase Sapphire Preferred with a $5,400 limit opened November 2018. I’d love to pair the Freedom with the Preferred and earn more UR points and eventually get to the trifecta. My current FICO score is 723. I am seeking some form of advice on if it is wise to apply because I would also like to set a good foundation of no annual fee cards. My biggest concerns are if Chase will deny me because my oldest credit card account is a little less than a year old and that I might look “risky” as I have opened 3 cards within a year. I do have some federal student loans opened around the same time I turned 18. Any help would be greatly appreciated!

Sounds like you are doing well so far. IMHO, I would let the dust settle and go for at least a minimum of 6 mo if not a full year from your newest account opening.

Good Luck!

Re: Enough history to apply for Chase Freedom?

Remedios — Sun, 10 Feb 2019 14:20:32 GMT

I'd wait till CSP is at least 6 months old.
You did not mention income, but for 19 year old student, you have plenty of credit for now

Good luck with whatever you chose to do.

Re: Enough history to apply for Chase Freedom?

Anonymous — Sun, 10 Feb 2019 15:15:37 GMT

Your exposure with Chase may be too high relative to your income since you are a sophomore.

Re: Enough history to apply for Chase Freedom?

HeavenOhio — Sun, 10 Feb 2019 16:03:04 GMT

Welcome, @Anonymous.

The usual advice for Chase is to wait until one's oldest card has reached a year in age. But you haven't reached that point yet, and you already have two Chase cards.

I'd go with the advice above to wait until your newest card is six months old. Also, consider your income. Chase doesn't usually want to give out more than 50% of one's income in limits. Maybe you want to think in terms of 40% to be safe. You didn't mention your income, but if you have room for higher Chase limits, you're probably OK.

Keep in mind that a denial isn't the worst thing in the world as long as you're not "aggressively seeking credit" and haven't been abusing your inquiries. You don't mention your inquiry situation, but it's something that you should consider.

Generally, the presence of new accounts is much more important than inquiries. You should be fine there if you wait until your newest account is six months old.

Re: Enough history to apply for Chase Freedom?

Anonymous — Sun, 10 Feb 2019 20:25:52 GMT

Interesting how you have a southwest card with less than a year of credit history. Are you an AU on a parent's card? Also, the amount of credit you have with chase is quite a bit for a sophomore in college, if you are including financial aid or scholarships that go towards tuition and not into your bank account, that doesn't count as income.

I'm a grad student and was told by chase account that those do not count, just be careful about that and since you are under 21, you cannot include parental support. There are quite a few missing information in your post that makes me question some approvals.

Re: Enough history to apply for Chase Freedom?

Anonymous — Sun, 10 Feb 2019 21:28:31 GMT

I am not an AU on any of my parents card because they don’t have any. I do not include financial aid that goes towards tuition as income. I was approved for both Chase cards with income I make from my job and extra money I make such as work study and donating plasma.

Re: Enough history to apply for Chase Freedom?

Anonymous — Mon, 11 Feb 2019 00:55:58 GMT

It is interesting that Chase approved you for the SW card with less than a year and since you do have the CSP, i would wait since your oldest account is relatively new in the scope of what you want. As many have suggested, wait 6 months cuz all that is going to happen is one of two things: 1. you either get denied or 2. Chase will be on high alert with approving someone with 3 cards with less than 1 year history with them. There is however a very slim third option in that you get approved and nothing happens, i.e. no alert but this would mean that you have a checking/savings/CD with Chase for a while. In their eyes, they like customers with established history with them.

My recommendation is wait 6 months.