Chase Freedom

[OG_54]

collection- 1500 aaoa- 1yr 11 months

[Anonymous]

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@Paulfico wrote:

collection- 1500 aaoa- 1yr 11 months

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Ok.  The collection is close to what your credit limtis are.  I know you want to thicken your file but don't do it is haste.  Here is what I'd do.  Get the Chase Freedom and at least have it for 6 months showing responsible use then proceed with Discover or the Amex cards.

Based on your profile, you chances of a denial are very high unless you want to take a chance and don't care about the hardpulls.  Another alternative option to look at is to cold app. for the Amex Delta as Amex is very loose abit with the underwriting for that particular card if you really want in with Amex and can't wait.

But if you can at least for for 6 months, then I suggest you do so.

[OG_54]

Thank you for your  advice. I am not in a hurry i will wait the 6 months see how things go then. hopefullly i get approved for the freedom.

[OG_54]

Also what does the collection have to do with credit limits

[Anonymous]

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@Paulfico wrote:

Also what does the collection have to do with credit limits

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It depends on what type of collection it is.  Was the collection on a credit card?  Banks use your current limits and info. on your credit file to approve you for a new card and this is determined by the algorithm the bank has when calculating risk about the applicant.

So you have 2 Capital One cards whose limits are between $1500 - $1800.  Now depending on what limit Chase approves you at may help in future approvals hence the decision for you to wait a bit.  

But a collection for $1,500, 2 cards about the same amount is a bit high risk when looking at it from the lenders perspective.  So be very strategic about you thicken your file.  Try to see if you can get the collection removed from your file.

[OG_54]

it wasnt for a credit card. for a student apartment

[Anonymous]

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@OG_54 wrote:

it wasnt for a credit card. for a student apartment

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Ok.  But it is still a negative that some lenders might not be willing to look pass.  Some people have gotten Discover and Amex with baddies on their file but it is YMMV.

[OG_54]

thank you for all your help

[Anonymous]

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@OG_54 wrote:

thank you for all your help

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You are welcome.  Just give it sometime and the puzzles will fit together.  In the meantime, update the thread on results with the Chase Freedom.

[ddemari]

also this is a ymmv thing but if you get denied for freedom, and apply and get approved for delta amex. I think in 6 months from now if you dont apply for anything else, you could have a great chance at freedom. this is just my take on it, but I think chase is likely to approve someone who is also doing their financial dealings with Amex.