Chase Freedom Approval with 4 Cards and one Auto Loan in last 24 months?

[Anonymous]

So I am looking forward towards applying my first Chase Card (Freedom) for which I was once denied back in Feb 2015 for short history and once in Nov 2015 for having more than 5 cards in last 24 months. After that I have waited and did not apply anything except one auto loan in Dec 2015.

In Nov 2015 I had 6 cards one of which completed 24 months in March and another one on Friday 06/24. So as of today I have 4 cards (one of which is Store - Macy's).

I have very good FICO score ~750 accross all Credit Bureaus - EX, EQ, TU and pretty decent salary 63K in KY.

My total credit limit is $28700 - Discover $5800, Citi ATT Access More $5200, AMEX Blue Cash $15000, BOfA Cash Rewards $1700 and Macy's $1000. Utilization as of today is pretty low ~1.5-2%. AAOA 1 Year 2 Months

Do you guys think I should give it a shot for Chase? I don't want a rejection this time, so need some expert advice.

BTW do they consider Auto Loan in their 05/24 rule?

[Anonymous]

An auto loan is not a credit card by any stretch of the imagination, so no.

Do you need another card?

[Anonymous]

@wanderingbuilder Yes I am looking for a new card, and before I apply for another card I would like to apply Chase because of 5/24 rule. Moreover sometimes I do need 0% APR on atleast one of my card. APRs on my other cards have ended last month. What do you suggest? Should I go ahead and apply for Chase?

[Anonymous]

Yes, try the chase. If they give you bad news try quicksilver, they have 0% too. If you grab that one by winter time you will be back in at 5/24 as one aged right?

The way youre posting it sounds like you are carrying a bunch of balances. if you have too many of them and your new credit card will go through, but not a good limit to transfer balances or do whatever you want with them. piling on small debts is still a big debt

[Anonymous]

@fordguy89 I do not want a Capital One card becuase of their creepy credit limit and given that they hit all three bureaus. I am not carrying any balance at all. My current utilization is just ~1.5% ($500 out of my $28500 credit limit)

I am just concerned if they will approve me with 4 accounts in last 24 months (fifth one just completed 24 months on last Friday 06/24) and with one auto loan. I have no baddies on my credit report, FICO scores are good, salary is good.

[RonM21]

Welcome to the forums Klad! To me, with your scores, I think you should give it a shot. With your scores and income, I'd be a bit surprised if you were not approved, and for a decent limit.

[Anonymous]

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@RM21 wrote:
Welcome to the forums Klad! To me, with your scores, I think you should give it a shot. With your scores and income, I'd be a bit surprised if you were not approved, and for a decent limit.

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+1

Go for it, OP! Also, as wanderingbuilder stated above, an auto loan does not fall under the 5/24 rule, so no worries there.

Do you travel much? If you do, you might consider trying for the Sapphire Preferred as well - it pairs up very nicely with the Freedom and/or the Freedom Unlimited. There's a chance that the Chase internal system might not register you as falling under the 5/24 rule until your Freedom reports to the bureaus.

But if not, and if you prefer cash back, then a standalone Freedom works just fine!

Also, before  you apply, be sure to check the Chase prequal, which is very solid.

[Anonymous]

Thanks guys, applied in Branch and awaiting the response. Banker did not provide Application/reference No. I will probably give a call to backdoor number to check the status.

[Anonymous]

Good luck! If you call the automated number, a 2 weeks or 30 day message is anecdotally a positive sign (for people on these boards), while a 7-10 day message is anecdotally a negative sign, but this could also be verification.

[Anonymous]

Keep us posted!! Good luck!!