Chase Freedom Unlimited Application - Do I have a shot?

[Anonymous]

Hey guys, I am wondering if I should roll the dice and try to apply for the Chase Freedom Unlimited card. I recently applied, (2 weeks ago) to the Chase Sapphire Preffered, and was denied mainly because I didn't have any other cards with a high enough credit limit. I really would like to start building a credit relationship with Chase because they offer really good cards, and I already bank with them. I am a college student with a part time job (income ~7200) and I currently have two credit cards, a Discover IT (CL $1500) student card and a BankAmericard Platinum Plus (CL $900) card. According to the monthly Discover credit report, my credit score is a 724, but since I had a hard pull that has gone down to 708 (CreditKarma).

I always pay my bills in full, and I never allow my statement balance to exceed ~30% of my total credit limit. If Chase doesn't count other companies in their 5/24 rule, then this would be the 2nd application that falls under that rule. If they do count other companies, then I believe this would be the 4th or 5th application.

Do you guys think I have a shot of being accepted for this card? Or should I not even risk another creditscore hit?

[Anonymous]

Did you check the pre-qualifier?  Yes 5/24 counts all companies, not just chase cards.

Also, don't put much value in Credit Karma scores, they aren't FICO scores.  Your Discover is a true Transunion FICO score, but Chase pulls Experian.  Either way, if your reports are clean your Experian shouldn't be too far behind.  One thing Chase likes is at least 1 year of history with another lender.

[Anonymous]

I had checked that when I applied for the Sapphire Preferred, and I believe it told me that there were no offers available. I believe that is due to the fact that I might've opted out of pre-screened offers, however I can't remember if i did or not.

[Anonymous]

Become an AU on a parent or friend's card with a high limit, wait for it to report, then apply for the Chase card.

Also, your personal income of 7.2k might not be enough, but if you are over 21, Chase's applications state that you can include the income of others that are available to you (your parents' or family member).

[Anonymous]

Hmm.. Okay I'll see if I can do that. Thanks guys

[Anonymous]

+1 to all the advice so far in this thread.

OP I think you actually do have a shot at this card. In my experience, banking with Chase is quite a plus, and the Freedom/Freedom Unlimited is a good way to get in the door with Chase.

That said, depending on how much you would mind a (possibly) lower starting limit (that Chase anecdotally is often slow to raise) and a (possibly) higher APR (that Chase anecdotally always refuses to lower), you might want to wait a little bit. I applied for the Chase Freedom last month (with about 10 months of history), and I got a low starting limit of $600 and the highest APR of 23.24%. I didn't really care about that because I was just happy to get in with Chase, but I could see how someone who cares more about CL and APR might have regretted that decision to apply.

[Samac]

Chase's 5/24 rule isn't for applications, but rather for new accounts on your reports, just an FYI.

[Anonymous]

Yea with chase 5/24 rules it's for new credit accounts. Chase like ppl with somewhere close to 1 year of credit history. U will probably have a higher chance with the freedom/unlimited. Remember though chase is a HP every time u request for a CLI. I myself prefer capital one and Amex. I want discover BT can't get it if my life depend on it

[RonM21]

Good points to consider with the HP for the CLI. Chase is okay if you can handle possibly getting a low SL and it growing slowly, like others stated.