Chase Freedom Acceptance?

Anonymous · ‎12-14-2015

Hi. I'm new to the forums. Here's my story: I'm 20 and I became an authorized user on my 18 year-old friend's Discover back in May. This kickstarted my goal of having a good credit history. I was on his Discover for about 5 months until I finally got accepted for my very own Capital One Platinum Mastercard in September (with a $2,000 SL). After about a month I had that PC'd to a Quicksilver MasterCard, and got a $150 CLI. Flash forward to November and I got my very own Discover, too! ($1,500 SL). My next goal has been to get a Chase Freedom, except I'm a bit worried as to whether or not I'll be accepted. From what I've read, Chase seems to go off of Experian. Now while my friend's Discover gave me some history with Transunion and Equifax, the only thing that's been reporting to my Experian is my personal Quicksilver for almost 3 months. He and I have been consistent with 100% on-time payments and less than 10% utilization. My Equifax and Transunion scores are 709 and 714 respectively (dropped from mid 720's because I got denied for an Amex, which I foolishly applied for out of stupidity/curiosity). I've also read, though, that Chase requires a 1 year minimum of history. This would be understandable if not for the fact that a multitude of people (not just on this site) have reported being accepted without anywhere near that long of a history. So my question is: do you think there's a chance I'll be accepted for the Chase Freedom? Thanks.

TrialByFire · ‎12-14-2015

Hi and welcome! I think you'll need a solid year of history before apping with Chase for better chance of approval. They do tend to like EX, with a side of TU from time to time. You're definitely on the right track to establishing good credit kudos on that!

Just a friendly word of caution: I don't know your friend but please be careful with the AU thing. Being young with credit can pose a certain risk. If he boo boos that account it could come back on you. Maybe now that you're getting decent cards something to consider might be to remove yourself from his account. I'm not knocking the guy by any means, just a cautionary tale from someone who has been there

Anonymous · ‎12-14-2015

Ah okay. Thanks for the advice. I planned on getting off his cards after getting a couple more cards I wanted, seeing as 5 months of history is fairly helpful.

Anonymous · ‎12-14-2015

I think 6 months of history gives someone a decent shot of being approved by chase. Heck, my sister was approved for chase freedom as her first credit card.

TrialByFire · ‎12-14-2015

@povertybrah wrote:
I think 6 months of history gives someone a decent shot of being approved by chase. Heck, my sister was approved for chase freedom as her first credit card.

OP stated he only has 3 months history with anything reporting on EX, which Chase likes to pull. Unless I'm mistaken, it takes 6 months to generate a score so they could likely go and pull another bureau. Then they'll see 5 months of history on TU/EQ, notwithstanding any other TLs reporting. In addition, factor in Chase relies heavily on their internal scoring. I'm not sure of your sister's circumstances and I'm not saying OP couldn't get in. The question to me becomes would you want to get in right now?

At OPs current rate, he's setting himself up nicely for not only a good shot at approval, but also a good shot at a fair SL by this coming summer.This is just my humble opinion on the matter

Anonymous · ‎12-14-2015

Thank you both for the help. I've decided to hold of until I have at least 6 months of EX history under my belt. Like TrialByFire said, it'll probably land me a nicer SL. Seeing as how Chase does HP for any CLI on the Freedom, a big SL after some waiting seems preferable. Thanks again.

Anonymous · ‎12-14-2015

While I'm not quite sure what your odds are, I'd venture to say about 40/60 in their favor for denial. However, you have done some good work with your credit and I think that you should continue to do so for another 6 months or so. You're really on an excellent track to building a very strong profile and if I were in your position, I'd just wait a tad longer to really boost those scores so another HP won't take a bite out of your scores. HPs have a little more sting when your history is limited, and while ultimately it won't be a big deal, it might not be a bad idea to cement your foundation.

As another member pointed out, while you have had some great success with your friend building credit, it might be time to get off the account and be on your own. No disrespect intended towards your friend, but that's the age where things can go south fast - especially when life throws curveballs. That's just my unsolicited advice. Aside from that, excellent work!

Shogun · ‎12-15-2015

I'd say a good 6 months wait would improve your odds. Good luck!

Starting Score: 504
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

Anonymous · ‎12-15-2015

I agree with the others on waiting - more good history will give you a better SL usually.

Also, when you do think you are ready to apply check Chase's prequal page first. You can app cold, but if you get something there it's a pretty solid offer (no guarantees).

drboxing · ‎12-15-2015

My daughter applied for the southwest chase visa and was approved online immediately. She's had Cap 1, Macy's for about 3-4 months, she was also approved for the AMEX Everyday card.