topic Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history? in Credit Cards

Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Mon, 30 Mar 2020 19:33:04 GMT

I'll make this short - I want in with Chase. I am at 4/24 currently, and I want the Chase Freedom card as my next card and to start building history with Chase. I hear that Chase pulls Experian - I have a 753 FICO 8 score directly from the Experian website. Income is $36k. Longest account history is 8 months. I have a checking account that I have opened with Chase last month to become a Chase customer and have deposited $3k so far. I do not have any pre-qual offers from Chase.

I am hearing theories that credit cards will become harder and harder to get as the economy continues to go downhill with an unknown future. Do I chance a hard inquiry and apply for the Freedom now, or do I wait until my one year mark (July) and try then? Would love any and all opinions. Thanks!

UPDATE: APPROVED! See post: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Freedom-approval-with-8-months-of-credit-history/m-p/5967907

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

mkhan1093 — Tue, 24 Mar 2020 19:13:23 GMT

I don't think that the pandemic going on right now is going to affect credit card applications very much - maybe APRs offered but I do believe Chase isn't going to back down extending credit as long as your history looks good. With that said, having an AoOA of 8 months (which means AAoA would be even less than that) can look a little scary. If you're not in a huge rush to get the most out of the specific 5x categories, I'd maybe wait until you have the oldest one for a year. But your chances of getting approved now aren't 0, since you have a great EXP score.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Girlzilla88 — Tue, 24 Mar 2020 19:37:05 GMT

I agree let that bad boy hit a 1 year and your chances will improve not that they are horrid now but if you want a better shot the 1 year mark will help!

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Tue, 24 Mar 2020 20:57:20 GMT

@Girlzilla88 wrote:
I agree let that bad boy hit a 1 year and your chances will improve not that they are horrid now but if you want a better shot the 1 year mark will help!

Well, you guys can both say, "I told you so!" I decided to chance it and apply, got denied. I'm calling recon now, but I accepted denial as a potential outcome when I applied. I'll be fine if I don't get accepted, the "emotional effects" of being denied are the greatest thing I'll suffer.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Girlzilla88 — Tue, 24 Mar 2020 20:58:09 GMT

LOL nah I'll just say this you live you learn and now we have DP's lolololol XD

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

blindambition — Tue, 24 Mar 2020 21:03:24 GMT

It would have been better to check preapproval in branch, especially with less than year of history. GL on recon.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Tue, 24 Mar 2020 21:04:57 GMT

@blindambition wrote:
It would have been better to check preapproval in branch, especially with less than year of history. GL on recon.

There's not a branch very close to me, but I actually had to go in branch to verify my ID and open the checking account. I asked the banker, and he said that while I didn't have any pre-qual offers, he thought I had a good chance at getting it based on my income and credit score. I decided to pass on applying in-branch to wait a few weeks, deposit some money, and show some activity on the checking account.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

AllZero — Tue, 24 Mar 2020 21:11:02 GMT

Good luck on your reconsideration!

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Tue, 24 Mar 2020 22:54:48 GMT

@AllZero wrote:
Good luck on your reconsideration!

Thanks! So I called and I wasn't denied, but I wasn't approved either. I was told that my "reconsideration application moved on to a secondary review to make sure the information I provided all makes sense" and that I'll know a final decision in 7-10 days. I have no idea if this is a good sign or a bad sign, but I'm sure not getting my hopes up.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Tue, 24 Mar 2020 23:13:27 GMT

My analogy for these types of situations is do you want to try a 52 yard FG now or try a 35 yard FG later.

You went for the longer one now and missed. But maybe there will be a retry? Lol.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

tcbofade — Tue, 24 Mar 2020 23:22:41 GMT

@Anonymous wrote:
@AllZero wrote:
Good luck on your reconsideration!
Thanks! So I called and I wasn't denied, but I wasn't approved either. I was told that my "reconsideration application moved on to a secondary review to make sure the information I provided all makes sense" and that I'll know a final decision in 7-10 days. I have no idea if this is a good sign or a bad sign, but I'm sure not getting my hopes up.

A definite maybe is better than a no!

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

mrfufoppss — Tue, 24 Mar 2020 23:31:48 GMT

You going to Get approved Because you had that Bank Account..I got My Chase card Well Under a Year and My Checking was the Desiding Factor and i went in branch when i was told to contact the (Fraud Department)

and do to My recent experience with Reconns For the Prefered that Second review dont take long at all unless they are over whelm..but i do know if they send it to a second manual Review means chase is trying hard to give you that Card..imma Roll the Dice and Say you got it..I hope im not wrong 😄

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

blindambition — Tue, 24 Mar 2020 23:45:49 GMT

Keep checking your online account. You'll know!!

@Anonymous wrote:
@AllZero wrote:
Good luck on your reconsideration!
Thanks! So I called and I wasn't denied, but I wasn't approved either. I was told that my "reconsideration application moved on to a secondary review to make sure the information I provided all makes sense" and that I'll know a final decision in 7-10 days. I have no idea if this is a good sign or a bad sign, but I'm sure not getting my hopes up.

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Wed, 25 Mar 2020 00:55:32 GMT

@blindambition wrote:
Keep checking your online account. You'll know!!
@Anonymous wrote:
@AllZero wrote:
Good luck on your reconsideration!
Thanks! So I called and I wasn't denied, but I wasn't approved either. I was told that my "reconsideration application moved on to a secondary review to make sure the information I provided all makes sense" and that I'll know a final decision in 7-10 days. I have no idea if this is a good sign or a bad sign, but I'm sure not getting my hopes up.

I can't seem to get the status online. It's not showing any applications under "Application Status." When I call the automated line, it says that I'll get a decision in writing within 30 days. We'll see...

Re: Apply for Chase Freedom early due to unknown economy, or wait for 1 year of history?

Anonymous — Mon, 30 Mar 2020 19:32:40 GMT

UPDATE: APPROVED! See more info here: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Freedom-approval-with-8-months-of-credit-history/m-p/5967907

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