topic Re: Chase Freedom Denial/Best Checking in Credit Cards

Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 21:22:42 GMT

So I'm a 21-year old college student fairly new to credit. Was getting a BofA account down at school from Navy Federal because I was coming into contact with a lot of cash that I needed to move around and the options in the town were BofA, Wells Fargo, BB&T, Union and DuPont Credit Union. Originally went with DuPont thinking I could just do some ACH transfers from there to Navy Federal, but apparently DuPont couldn't send the money out, could only bring it in, so that account got closed and I went to BofA. This was early October. They've been fine but I keep hearing about better options, so I suppose the first part of my question is between them and others, would you guys recommend opening a different checking account?

Second question is when I was signing up for the BofA checking, they convinced me to get a BofA Cash Rewards card that had a 0% intro APR, no fee, 1% on everything, 2% on groceries and 3% on gas which I still think is a decent offer with a $800 limit. I think my only problem with the card is the low limit and the idea that I can do better. My paychecks average $500-600 as a part-time job and I'm often getting paid back for things and I buy everything with the card, so utilization looks way higher percentage wise because the limit's so low but I'm always paying off in full multiple times. Highest it's gotten has been like $600 but EASILY and QUICKLY paid off with the app.

That brings me to today, when I applied for a Sapphire Preferred and was denied. When I called the recon department, they said I need to qualify for a $5000 limit which I don't but the guy said go ahead and apply for Freedom because it sounds like it matches my profile much more.

Well, then I was denied for Freedom and honestly called up explained everything and they said my credit profile is basically nonexistant. Was an authorized user on my mom's card in HS and my credit score as reported by BofA was 730. The BofA card isn't showing in my profile. Freedom people said try back when that account's "more estabished" but weren't able to define what that meant when I pressed them on it.

You guys have any advice? Should I try calling Freedom recon again?

Also, any advice on checking?

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 21:33:34 GMT

I have BoA's CampusEdge checking, which they don't offer anymore, unfortunately. Does your school have a credit union or do they have any sort of agreement with a bank? My school, for example, automatically gives everyone a free checking account at SunTrust bank which links to our student ID's. We also have our own credit union which gives free checking accounts to students for life. I would check into something like that.

As for Chase, it's been my experience that they like to see a year of history. I applied several times and kept getting denied; most reasons cited were inquiries and length of credit history. I eventually got in with nearly a year (it was like 10 months I think) of history. So they can be kind of hard to crack. Discover is known to be friendly to students, and from my experience Citi has been great to me, but they like to see a little bit of history before they approve. Cap1 has a student card but I'd avoid it...it will cost you 3 credit pulls and likely will never grow. You could maybe try an AMEX charge card as well...unfortunately, they no longer offer the Zync, which was PERFECT for students as it got you in the door and the annual fee was only $25. AMEX Green is the cheapest charge now with $0 for the first year but $95 after that. It's up to you.

Oh and don't dismiss that BoA card! I started out with their student card at $800...a year later and my CL is now $5000. You treat BoA right and they will return the favor.

Good luck!

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 21:56:28 GMT

Wells fargo also offers something called the college combo. Its a checking/savings account, and when i opened mine the banker at the branch told me they will basically approve anyone for their college visa card as long as they have a checking account. I applied and was approved for the college visa 2 minutes after opening my account with them, with no credit history at the time.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 22:00:36 GMT

Keep that student card with bofa as long as you are alive and ask for CLI's every 6 months....You should open another cc to help boost you score better and have more CL, I would try Discover....Or worse case, Cap One Cash rewards(green one no annual fee)- there are ways to get a CLI with them, it took me 2 years but I got it.

More established accounts usually means 6+ months additional perfect payment history ,more account age and low utilization

After a year of credit history, you should be able to get Freedom and AMEX BCE and after that you got a ticket to the prime land....

Checking wise, I would try US Bank Platinum package(if you have any branches near by) because it's free, you only need like 150$ and setup auto transfer to savings 25$ and it's all free.

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 21:59:45 GMT

I dont think OP would qualify for the no AF version of the cash rewards card. The minimum limit is 3000$ and op currently have no real history.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 22:02:37 GMT

@jsucool76 wrote:
Wells fargo also offers something called the college combo. Its a checking/savings account, and when i opened mine the banker at the branch told me they will basically approve anyone for their college visa card as long as they have a checking account. I applied and was approved for the college visa 2 minutes after opening my account with them, with no credit history at the time.

LOL, yeah that is absolutely 1000% NOT true. He probably just said that to convince you to apply since I'm sure they get some sort of benefit when they sign people up or get them to apply. I had an absolutely HORRIBLE experience with Wells Fargo involing inept, rude, and just plain stupid people. Their ineptitude caused me to drain and close all of my accounts with them.

I would not do business with Wells Fargo if they were the last bank on Earth.

Of course, this is my individual experience. The OP can do what he wishes, as I'm sure a lot of people have had a pleasant experience, but I personally do not recommend Wells Fargo. I wouldn't wipe my a** with their credit card.

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 22:04:35 GMT

Their cards arent great but the college visa is extremely mrly easy to get. Minimum income requirement of 3000 dollars, dont need any credit history, just a bank account. If you're building it is a great no AF option.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 22:14:27 GMT

@jsucool76 wrote:
Their cards arent great but the college visa is extremely mrly easy to get. Minimum income requirement of 3000 dollars, dont need any credit history, just a bank account. If you're building it is a great no AF option.

That also assumes you get competent people handling your application. I, unfortunately, had quite the opposite. The first lady told me I had a charge off on my credit report, so I was denied. That is complete and utter bull and when I tried to tell her that, she became rude and started talk down to me like I was some stupid kid who didn't know what he was talking about. After hanging up, I called again to get someone else and this idiot told me I was denied because my student loan balances were too high...uhh what? NO! Really?! My student loans, which are in deferment as I was (at the time) still enrolled, have high balances?! You don't say! What madness! I can see why you would deny me. *rolls eyes*

I took the sign after two reps were complete imbeciles that I should no longer bank with them, so I cancelled my accounts that day. I have a very low tolerance for stupid people.

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 22:17:10 GMT

Lol, only reason i applied is because i had to go to a bank to work out a fraud alert on my cap1.i felt bad for the banker and opened a checking/savings ($100 min deposit) and he said i was preapproved. Only thing i had on my reports at the time were student loans in deferment, and he did the app after i left. Sent me an email later and told me i was approved for 600.crappy limit but its still a card.

Go gators

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:32:23 GMT

My only thing with Wells Fargo is I just don't see the advantage of them vs BofA; I mean, if anything, I've had a great experience with BofA and my checking upgrades would come with something like Citi/Chase but they're not available here. Don't know...BofA aren't terribel and I really haven't had anything bad with them just know there's better options.

As for the second credit card- you really think that's something I should keep pursuing? Should I apply for an AmEx/Discover like tonight or should I wait or..?

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:37:38 GMT

Looking at a glance, the DiscoverIt card looks great! Do you guys think I should apply?

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:39:01 GMT

@Anonymous wrote:
My only thing with Wells Fargo is I just don't see the advantage of them vs BofA; I mean, if anything, I've had a great experience with BofA and my checking upgrades would come with something like Citi/Chase but they're not available here. Don't know...BofA aren't terribel and I really haven't had anything bad with them just know there's better options.

As for the second credit card- you really think that's something I should keep pursuing? Should I apply for an AmEx/Discover like tonight or should I wait or..?

How long have you had the BoA card? What kind of balance has reported? Any baddies (collections, late payments, etc.) on your credit reports?

If you've had the BoA card for 6+ months, no baddies and a low utilization, I'd say you're good for a Discover or Citi.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:41:28 GMT

Had it since October; balance throughout the month can get to the 500-600 range but it's paid off immediately before my statement; so every payment period's been no balance carried between the months I'm pretty sure. Thing is, I use it for everything and pay it off all the time so no real way to tell.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:45:45 GMT

@Anonymous wrote:
Had it since October; balance throughout the month can get to the 500-600 range but it's paid off immediately before my statement; so every payment period's been no balance carried between the months I'm pretty sure. Thing is, I use it for everything and pay it off all the time so no real way to tell.

Well then, it's up to you. I would think you'd have a pretty decent shot, but I'm hesitant to tell anyone to apply because I'll feel bad if you get denied lol.

As long as you don't have a crapload of inquiries I'd think Citi or Discover student cards would be safe bets. But at the end of the day, nobody really knows. Sometimes these companies make decisions that just baffle me, in both good and bad ways.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:47:28 GMT

But is it a definite that I need to get a second CC (it *would* lower my utilization and I'd be able to pay both off easily) at all?

DisoverIt looks nice. My ultimate wishlist would include CSP, Freedom, AmEx Blue Cash Preferred of course but looks like today's shot me down to realities of being in college.

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 23:52:05 GMT

Apply for student cards. Citi forward for students, discover it student. They're supposedly easier to get than regular cards. You might need to send proof of enrollment but that isnt an issue. Almost every lender except chase and amex have cards specifically for students.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:53:28 GMT

@Anonymous wrote:

Of course, this is my individual experience. The OP can do what he wishes, as I'm sure a lot of people have had a pleasant experience, but I personally do not recommend Wells Fargo. I wouldn't wipe my a** with their credit card.

Just out of interest, which banks produce a credit card that you feel happy wiping your a** with? This could be a new niche product!

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:53:50 GMT

@Anonymous wrote:
But is it a definite that I need to get a second CC (it *would* lower my utilization and I'd be able to pay both off easily) at all?
DisoverIt looks nice. My ultimate wishlist would include CSP, Freedom, AmEx Blue Cash Preferred of course but looks like today's shot me down to realities of being in college.

Well, I mean, it's all a matter of personal preference. There's nothing that says you NEED another credit card. It would probably help expand your credit profile, but in the end it's entirely up to you. I would say yes, but then again I'm somewhat of a credit addict.

Re: Chase Freedom Denial/Best Checking

Anonymous — Sun, 06 Jan 2013 23:55:08 GMT

@Anonymous wrote:
@Anonymous wrote:

Of course, this is my individual experience. The OP can do what he wishes, as I'm sure a lot of people have had a pleasant experience, but I personally do not recommend Wells Fargo. I wouldn't wipe my a** with their credit card.
Just out of interest, which banks produce a credit card that you feel happy wiping your a** with? This could be a new niche product!

I would maybe wipe with a Cap1 card....no Wells Fargo. My tush is better than that.

Re: Chase Freedom Denial/Best Checking

jsucool76 — Sun, 06 Jan 2013 23:57:28 GMT

Nothing wrong with cap1 at all. :-)