Chase Freedom Chances?

[ChargedUp]

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@Anonymous wrote:

@ chargedup 

I understand I have a thin file but when considering my AU status (which chase doesn't I understand) I have a 36 year credit card history (older than I am lol). I prequalify for the Venture and that card makes a lot more sense for me than the Discover IT miles as I outlined above. Why couldn't I build with the Venture and Double Cash versus the discover? I would prefer the Venture due to Global Entry and nicer signup bonus and I prequalify. 

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A lot of lenders will disregard AU accounts either to an extent, or all together. Not just Chase. If the Capital One Pre-Qual page is showing Venture as one of your options, I'd say jump on it. Ideally you want at least 3 credit card accounts of your own for optimal Fico scoring. Using Citi and Cap one will work just as well as Citi and Discover would towards your Chase or Amex goals.

[Anonymous]

@highachiever

Should've asked this before but I'm unsure what SL means. Just googled it and it appears to mean "starting limit". That actually makes sense to get discover then because that would propably boost my score since my utiliazation would be lower. I could try and pay off my cards before I apply to Chase too. My income is going from 15.5K last year to on pace for 50K with my internship this summer to above that come september... Should I'm hoping I get a good SL from that major bump of income. I'm also going to ask Citi to bump up my credit limit with hopefully no hard pull on their end. I'm a citigold client maybe that will help. 

[Anonymous]

@brian

Yea I'm going to have to decide on what point system I want to run long term. It's going to be either Chase or Amex. I obviously can't get there now but I would like to get there in the upcoming year. I wouldn't get the platinum for a bit if I went Amex, however, the gold card by itself would give me huge value. Most of my expenses are dining / travel / supermarkets. Amex covers supermarkets / dining with the gold card but things like trains I will be better off with CSP / CSR. 

So for now I'm looking to add a second starter card (with my double cash) to help me get to either Chase or Amex (haven't decided on which one yet). I guess the benefit of the Discover IT miles would be a higher limit and the Venture card would give me more perks. Also looking at some other stuff like the JetBlue card since I like the airline but I don't think they will fly to Africa. Being that I haven't picked a point system the ability of the Venture card to erase my travel purschase is nice. The point matching on Discover IT Miles is nice but the Venture card's signup bonus will give me more value. 

[Duke_Nukem]

The Discover card will probably give you a higher starting limit and may even grow well for you in the next year.  So getting a Discover IT would be a strong option for you (especially for next quarter when they include restaurants in the 5% category, essentially a 10% catergory for the first year).  The IT loses a bit of its luster after that first year match, but is a great starter card nonetheless.

However, is Discover accepted in Africa as readily as Visa or Mastercard?  If you plan on using a card in Africa, then the Venture option would also be a great one.  I'm not sure that CapOne would offer as great of a SL, but you may be able to grow it with a nice CLI in 6 months after receiving it.

Either of those paths would work well in your situation IMO.  But I think you definitely should hold off applying until you start getting that higher pay this summer, that way you can maximize the SL for either/both cards.

Good luck!

[SoCalifornia]

☝🏽best advice thus far ☝🏽

[Anonymous]

@Duke

I will defintetly going to wait until June to apply for a credit card. My income going from 15K to on pace for 50K (prorating my summer salary to a year) should help alievate my credit limit problem. I also anticapte starting a full time position while I finish my master's degree in the fall. My salary will probably go up at that point too. 

I kind of regretting getting the Double Cash since I really rather get points.  So just trying to get into the points game now and figuring out how to best do that! I'm also considering waiting until September and trying to get the Amex Gold as my third option. I would like mutipliers on travel (trains) / supermarkets / dining. If I got the Venture / Discover / something else? next month then I would try for a Sapphire card in a year and work on the Chase points system otherwise I might try and get the Amex Gold in september and work with the Amex system. 

[Anonymous]

See if you are pre qualified for the Amex Gold. I am also a college student. I have 7 months of history and just got approved.

[Anonymous]

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@Anonymous 

It's great that you're planning and making a mental road map of where you want to be but, this isn't a game where you can just jump in head first and place your piece on the board where you want it as if you have been doing it already for several years.  It's a marathon and there's no way you're going from the starting line to a 10K CL with Chase CSR w/ just an AU account and a DC that's 2 months old.

The other recommendations mentioned Cap1 / Disco / etc. are viable for your situation that you have provided details on so far.  You have to start some seeds in the ground of your own other than the artificial AU score.  Being strategic and picking up a couple of cards now will prop you up on your own w/o the AU being taken into account if a lender does a spot check secondary review of your file before issuing a card.

You mention your internship will bump your income to the 50K range in the summer and that will allow your DC to age a bit and qualify you for your 6 month CLI with Citi where you get a SP option and if you want to ask for more beyond that you can take an additional HP for a manual review.  In my experience of 2 cards with Ciit the HP can be worthwhile at opening it has net me an additional 5K/ea.  Considering you're going to have reportable income that is 2.5 times what your initial app was for you should be able to push Citi upwards significantly at that time.  Wait for it to report on your CR's and you should be in a better position to pick up 2-3 of those recommended cards fairly easily.

The whole points / travel and general wishful thinking though isn't going to happen in your time frame though for paying for your trip to Africa.  I could be completely wrong but, history and observations lean more towards it not happening.  However if you follow the path and advice given you shall be in the position to take many trips in the future by using your points optimized wallet.  It just takes TIME.