Chase Credit Cards

[Mike1014805]

So, I need some opinions/experience from others.

I want to apply for the Chase Freedom Unlimited Visa. Credit Karma and Experian both say if I apply for a Credit Card, my score should increase between 10-14 points (if approved) or go down (1-2) points if denied. I've always wanted a Chase Credit Card, so I figured why not. I'm currently at 3/24 for their 5/24 Rule.

(I froze my Equifax because it's my lowest score)

FICO 8 SCORES

• Experian: 687

• Equifax: 664

• Transunion: 700

CREDIT KARMA/VANTAGE 3.0 SCORES

• Experian: 709

• Equifax: 704

• Transunion: 714

I also have the following Credit Cards (w/limits and age):

- Discover It Chrome: 3000 (3 Years)
- BofA Cash Rewards Visa: 2000 (8 Years)
- Verve: 1800 (1 Year 8 Months)
- Dell Financial Services: 1500 (9 years)
- Kohls: 1500 (8 Years)
- Surge: 1350 (1 Year 8 Months)
- Avant: 1000 (1 Year 9 months)
- Capital One: 750 (3 Years 1 Month)

As for my credit History:

• I have 6 inquiries on Transunion and 5 Inquiries on Experian. They're from 3 Credit Cards and 3 Loans (all of which I was approved).

• I have C/O reported on several closed accounts, but that's because of a debt management program, that I finished 16 months ago. I was able to pay off 50,000 in credit card debt in 4 years.

• I have 3 Student Loans: 1 Private (that I refinanced in July that isn't reported yet on my Credit Report) and 2 Government Loans.

• I have 1 Car Loan and 1 Personal Loan ($3300) to establish a positive payment history.

Credit Karma Says my odds for approval for the Chase Southwest Card are Good. Along with a few other Chase 3rd Party Cards being Very Good. But I don't want any of those cards. I want a "normal" Chase Visa.

If I do get denied, do you also think the reconsideration line would work if I explain about the debt management program? Or should I wait a little while longer? (Also, if you think of another/better card, than those recommendations would be greatly appreciated...even if it isn't from Chase)

[Brian_Earl_Spilner]

Take credit karma recommendations with a grain of salt, they get paid when you app through them. In addition, any scoring changes they're talking about would be speculative at best as well as directed at VantageScore, not FICO.

For reference, Chase pulls EX and EQ so they may ask you to unlock EQ to continue. While on the subject, discussion of locking/freezing a bureau in order to force a lender to use different ones is not permitted here.

[Anonymous]

The difference e between your EX and EQ scores is only 5 points. I'd unfreeze EQ, not worth the hassle

Good luck

[Michizane]

You are better off checking with Chase's pre-qualify system than Credit Karma, etc. and even that should be taken with a grain of salt.

[coldfusion]

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@Michizane wrote:

You are better off checking with Chase's pre-qualify system than Credit Karma, etc. and even that should be taken with a grain of salt.

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True, but at least the Chase prequal process is going to be based upon a soft pull of one's own credit report.  CK relies on general demographic information to predict approval odds.

[Taurus22]

In addition, Chase's PreQual is hit or miss of even being active.  Checked just now and I do not see it.

[arunkumarmm]

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@Taurus22 wrote:

In addition, Chase's PreQual is hit or miss of even being active.  Checked just now and I do not see it.

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Chase prequal was taken down a couple of weeks ago I guess

[Anonymous]

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@arunkumarmm wrote:

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@Taurus22 wrote:

In addition, Chase's PreQual is hit or miss of even being active.  Checked just now and I do not see it.

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Chase prequal was taken down a couple of weeks ago I guess

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[Aim_High]

Hi @Mike1014805, and welcome to My Fico Forums! 

You've gotten good advice so far. 

Credit Karma (and other third-party website) "preapprovals" are more marketing-driven than reliable.'

Question:  You don't have to give us all the numbers, but consider what your monthly minimum debt repayments on the (5) loans ... personal loan, student loans, and auto loan ... are as a proportion of your monthly income.  Then factor in your monthly housing payment and see what is left.  High debt-to-income ratio in your situation could be a major concern, regardless of credit score or profile. 

Chase is picky.  With a clean profile, I personally think your FICO 8's would have some odds of success (664-700's.)   They are on the edge of what I estimate Chase will accept for a marginal approval, in most cases.   However, you may have a deal-breaker:  "I have C/O reported on several closed accounts, but that's because of a debt management program ... "  I read that as several separate charge-offs, one per account.  Is that correct?  Chase won't like that at all.   Even though it started 5(?) years ago (16 months + 4 years?), I think it may take more time for them to feel comfortable with your profile.  I suggest that you wait.

If you do decide to apply anyway, apply for the card you want.  Again, those highlighted card choices on CK are marketing.  Good luck. 

[JLRDC909]

Your scores should be good for a Chase Freedom Flex or Unlimited. Freezing/locking CRs will not force the issuer to use another one. They mostly use EX and EQ, so locking one in hopes they use TU will only decline the application or they will contact you to unfreeze/thaw the other. 

Chase Sapphire Reserve and CSP come with $10/$5 minimum SLs so go low for your first card