Credit approval odds

[Anonymous]

Hello all,

I was wondering if anyone had any thoughts on my current credit situation.

I want to apply for the freedom card, i am in the process of rebuilding my credit.

My Fico is 643

my inq are pretty high, only 3 in the last 6-12 months.

2 secured CC accounts and 1 car loan

3 collections on Equifax (1 collection account is $70, $105 and another for 850 which is being paid down) and the $850 on TransUnion and Experian.

My AAoA is 11 months

my current ULT is 26% but should go down to less than 10% next month

Should I wait or go for it?

[Anonymous]

Hello and welcome. I’d say you have a 0% chance. Best wishes!

[Anonymous]

I would pay off the two smaller collections, get the utilization under 10%, and let AAoA grow to more than a year. Let all of that report and you'll probably be 675- 700.

Then you'll have a much better chance. Right now, probably close to 0% chance.

[Anonymous]

Not a shot in hell I’d app for another Chase card with anything not above 700 and preferably 720+. Very few I’ve seen get approved with 670-700 and I’ve researched Chase approvals extensively.

Try the prequal and see what happens OP.

[Priory_Man]

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@Anonymous wrote:

Hello all,

I was wondering if anyone had any thoughts on my current credit situation.

I want to apply for the freedom card, i am in the process of rebuilding my credit.

My Fico is 643

my inq are pretty high, only 3 in the last 6-12 months.

2 secured CC accounts and 1 car loan

3 collections on Equifax (1 collection account is $70, $105 and another for 850 which is being paid down) and the $850 on TransUnion and Experian.

My AAoA is 11 months

my current ULT is 26% but should go down to less than 10% next month

Should I wait or go for it?

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I would say wait, I'm not sure your profile is strong enough just yet.

Keep paying down what you have, give it 3 months or so and see where you are at.

[Anonymous]

I would say wait. Work on getting those collections off your report & your utilization down. You should be in a lot better shape in 3-6 months.

[CreditInspired]

Welcome OP

In my heart, I believe you already know the answer.

So, I suggest you go to the garden and work on things in this order:

1. Immediately STOP applying for credit.

2. Take care of ALL your collections, whether paying them off, pay for delete, do goodwill letters, or wait for them to fall off.

3. Get your UT down to less than 8.9%

4. And please STAY in the garden until you have successfully satisfied 1-3.

[Remedios]

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@Anonymous wrote:
Not a shot in hell I’d app for another Chase card with anything not above 700 and preferably 720+. Very few I’ve seen get approved with 670-700 and I’ve researched Chase approvals extensively.

Try the prequal and see what happens OP.

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While OP may not have the greatest chance at the moment,  Chase Freedom is not  700-720+ club. 

Somebody needs to pay the interest. 

[Pikaboo-icu]

Welcome to My Fico..

I know the advice can seem rather harsh but please understand it's for your own good.

Nobody wants to see you take a HP for a card you have nearly no chance in being approved for, further lowering your score.

Hang in there..

Credit is a marathon not a race. Follow the advice of paying off collections, letting credit age, getting uti under 9%.

Those things will help a LOT and before you know it you'll be in good shape for a Chase card!

[Anonymous]

@Remedios - I know what my eyes have seen on this forum - many, many, many times.