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Chase Freedom Chance of Approval

New Member

Chase Freedom Chance of Approval

Hello all,

 

I have set my sights on getting the Chase Freedom as my next card.  I am currently a senior in college with one personal card (Citi DC issued in 06/2016).  I've been an authorized user on my parents' Chase Sapphire since 2013 and I have both a checking and savings account with Chase.  In addition, my FICO score according to EquiFax is 721.  Currently, I am working part time making in the neighborhood of $15k.  I do not have any pending preapprovals from Chase so I was wondering if I have a good foundation to apply/get approved or should I hold off for a couple more months?  Feel free to critique, thanks for all the responses!

Message 1 of 12
11 REPLIES
Valued Contributor

Re: Chase Freedom Chance of Approval


JPYu wrote:

Hello all,

 

I have set my sights on getting the Chase Freedom as my next card.  I am currently a senior in college with one personal card (Citi DC issued in 06/2016).  I've been an authorized user on my parents' Chase Sapphire since 2013 and I have both a checking and savings account with Chase.  In addition, my FICO score according to EquiFax is 721.  Currently, I am working part time making in the neighborhood of $15k.  I do not have any pending preapprovals from Chase so I was wondering if I have a good foundation to apply/get approved or should I hold off for a couple more months?  Feel free to critique, thanks for all the responses!


Check for Preapprovals on their website.  That will give you a good idea and it is very accurate.

Message 2 of 12
Regular Contributor

Re: Chase Freedom Chance of Approval

Personally, I didn't have any prequals from Chase until after I was approved for the Ritz, which I cold apped. I'm around the same age and I reported income of 50K and my scores around that time were in that same 720- range.

What I would do in your case is get the $1 trial of CreditCheckTotal.com so that you know your 3 FICOs. I say this because I think that Chase is more likely to pull Experian. I applied for the Chase Slate in order to do a balance transfer, but they wanted me to unfreeze TU so I changed my mind. Weird thing was letter in the mail said they wanted me to unfreeze Experian (it was unfrozen at the time of the app - but was set to be re-frozen). My point is I think they are more likely to pull one of the other two bureaus. Aside from that, I think you should be good to go.

You can probably even report your parents income, so instead of $15K you can put $15K + Parents income.

Good luck.


Message 3 of 12
Established Contributor

Re: Chase Freedom Chance of Approval

Always combine incomes unless there's a very large gap. The CC companies can request tax info, but there's no requirement that you have to pony up that info. Have you considered the Freedom Unlimited?
Message 4 of 12
Senior Contributor

Re: Chase Freedom Chance of Approval


JPYu wrote:

Hello all,

 

I have set my sights on getting the Chase Freedom as my next card.  I am currently a senior in college with one personal card (Citi DC issued in 06/2016).  I've been an authorized user on my parents' Chase Sapphire since 2013 and I have both a checking and savings account with Chase.  In addition, my FICO score according to EquiFax is 721.  Currently, I am working part time making in the neighborhood of $15k.  I do not have any pending preapprovals from Chase so I was wondering if I have a good foundation to apply/get approved or should I hold off for a couple more months?  Feel free to critique, thanks for all the responses!


If I were you I'd check with your local branch manager since you are already a Chase customer and they understand (and want) student - soon to be employeed - card holders. I assume you are at least 21 y.o. because there are federal banking rules in place for those of legal age (18-20) that have changed the way lenders "toss free money" at college students. I would think that being a Chase customer with a known history, your chance for a Freedom Card would be good - it's one of the easier cards to get. One tghink I would NOT do is use your parents income as your own - the law allows you to combine income of someone else if you have regular and free access to that income, such as a married couple, but that doesn't apply as far as parents income since you don't have free and regular access to their income.  

Message 5 of 12
Established Contributor

Re: Chase Freedom Chance of Approval

He doesn't need to disclose where he gets the extra money and he can count it if he can count on his parents to pony up if he gets into a pinch. Speaking from experience here.
Message 6 of 12
Senior Contributor

Re: Chase Freedom Chance of Approval


Gardener76 wrote:
He doesn't need to disclose where he gets the extra money and he can count it if he can count on his parents to pony up if he gets into a pinch. Speaking from experience here.

Not saying you can't do that, I'm saying it won't fly if the lender comes back for "proof" - they'll shut you down in a second. You can claim income you have full and regular access to such as joint household income (shared income) - your parents income you don't "control" - won't pass the smell test or a lender actually knowing the "source" or requiring W2's, 1040's or check stubs. I can get you the actual quote from the law (Truth in Lending and CARD Act). 

 

http://www.creditcardideas.com/blog/reporting-income-for-credit-card-applications

 

http://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf

 

Message 7 of 12
Established Contributor

Re: Chase Freedom Chance of Approval

How many people fudge their income? OP has a 15k income, who's to say it's not ok to say you make 20? I combine my income with my Mum's ssi and there's no problem. Stay within a spending pattern that matches your actual income and you'll never have a problem.
Message 8 of 12
Senior Contributor

Re: Chase Freedom Chance of Approval


Gardener76 wrote:
How many people fudge their income? OP has a 15k income, who's to say it's not ok to say you make 20? I combine my income with my Mum's ssi and there's no problem. Stay within a spending pattern that matches your actual income and you'll never have a problem.

There are a lot of message treads on MyFico concerning income claimed vs actual income - some suggest "fraud" and I'm not sure I'd go that far unless someone defaults, but the general consenses is do NOT inflate your income because it'll bite you if you ever need to prove your case. If you are suggesting that the OP lie about his income to qualify, I strongly disagree. 

Message 9 of 12
New Member

Re: Chase Freedom Chance of Approval

@Gardener: I have looked into the Chase Freedom Unlimited but as I already get 2% cash back from my Citi DC, there is less of an urgency and plus the fact that I want to round up my portfolio.

 

Here is the question though, I don't turn 21 until the 2nd week of October so I do not have any intentions of applying before then.  As I make only $15k, is it worth the risk of cold applying without an offer? I have been a long time/reliable Chase customer but as I've been browsing these forums, I've seen some say you need a minimum of $25k just to get a foot in the door.  Initial credit line isn't my main concern, its a matter of physically obtaining the card.

Message 10 of 12