Chase Freedom Approval Odds?

[Anonymous]

Hello! I am 24 and started my credit history about a year ago. I have a Discover It card (14 statements) with $5,200 credit limit. Also, have a Fidelity Visa (4 statements) with a $5,000 credit limit. My uiltization is 1% as I always pay in full. No Student loan or any other kind of debt. Like I said these two cards are the only things on my credit report as I have a thin file. My scores: Discover Ex: 730 Discover Transunion: 731 2 inquiries on all my reports in last 12 months. My income roughly 70k. What do you guys think?

[Remedios]

With such young and thin file, I'd wait considerably longer, unless you dont mind low(ish) SL and high APR if approved. 

[CramEiko]

---

@Remedios wrote:

With such young and thin file, I'd wait considerably longer, unless you dont mind low(ish) SL and high APR if approved. 

---

+1 Let your current profile age a bit longer. You can't rush this part. 

Good Luck!

[joltdude]

Just repeating what others have said..  I was in a similar situation with more time involved and chase only gave me slightly over what my CU did at the time... 5,200 CL... and it hasn't moved since I got the card in mid 2016... You do not want this... Let your other cards marinate a bit and possibly grow in CLI because chase will try to compete slightly on the limit... At least they did for me... 

-J

[CreditInspired]

---

@Anonymous wrote:

Hello! I am 24 and started my credit history about a year ago. I have a Discover It card (14 statements) with $5,200 credit limit. Also, have a Fidelity Visa (4 statements) with a $5,000 credit limit. My uiltization is 1% as I always pay in full. No Student loan or any other kind of debt. Like I said these two cards are the only things on my credit report as I have a thin file. My scores: Discover Ex: 730 Discover Transunion: 731 2 inquiries on all my reports in last 12 months. My income roughly 70k. What do you guys think?

---

Kudos to you for starting out on the right path to building an excellent credit profile. From your DPs, it appears your AAOA is 9 months. So I agree with everyone else to wait before applying for the CF. I suggest waiting until your Fidelity VISA is 12 months (~Mar 2020). 

Now if you want to try for AmX, IMHO I think do so when Fidelity is 6 mos (~September 2019). But do prequal first.

So by the time you apply for CF, you’ll still be under 5/24. 

Again kudos to you!!!!

[Anonymous]

Hello, and thank you for your input! The reason I am applying is because I want to have multiple accounts, because I want to build my credit history to the point where I can buy a house in the next 18 months. I plan on applying for the Chase Freedom and WF Propel in the next few months and being done with credit cards for a long time (prob ever). I find the cards useful for my rewards needs and believe being with these banks will help with that mortgage app down the line. I do not really care about my APR or credit line that much compared to the actual odds of getting approved as I know those terms will improve over time. I would rather do it now so in 18 months my AAOA is higher so I can qualify for the best mortage rates. 

[CreditInspired]

Well of course you have to do what you feel is best for you but the advice you have already been given is “as good as it gets.” 😁

Getting to where you want to be is a marathon, not a race. You keep saying you want to build your credit profile to buy a house. Well, slow and steady will get you to that point.

GL2U

[mikesonthemend]

After the 3rd card your score will start to suffer from new accounts. Frankly, 2 cards a no knew inquiries or accounts is the last year is the best possible position you can put yourself in to app for a mortgage in 18 months.