Thinking on Applying for Chase Freedom

[Anonymous]

Hello, this is my first post. I've been reading the forum for a while and finally made an account. I would like to apply for a Chase Freedom but I know my chances for approval are not the best (or the worst) so I wanted to get your opinion.

-I currently have a BestBuy CC. it's a joint with my mother but it's under my name. CL is 3600. my utilization is 66% at the moment but I will lower it to 43% by January (that's when the 0% interests promo ends for the 1st buy). I've always paid on time. 

-a student loan of 5500 which I will start paying soon (I'm not getting interests)

-AAoA of 1yr 2mo.

-a CK of 666 (what a number haha)
-only 1 inquiry from CapOne for the bestbuy card.

so, what are your thoughts? Thanks in advance.

[chalupaman]

I don't think you have anything to lose, especially if you checked to see if you had any prequalified offers. Plus Chase recon is great.

BUT.....I wanna make it clear that you should really get your utilization down first just to be safe. Right now I think that'd be too high for Chase.

[Anonymous]

You have the history they like to see (1 yr+), however they're not keen to high utilization. I'd pay down that card as much as you can (preferably to <10%) and let it report then app and your chances will be better.

[Anonymous]

thanks for the quick response, I did de pre app on the site but nothing came out. I've made cutting debt a priority but taking it to >10% won't happen soon and I was hoping to apply for the CC somewhere close to December.

[Anonymous]

thanks for the quick response, so even at ~43% utilization would keep my chances low? I know 10% is the perfect ratio but it will take me some months to take it there.

[Anonymous]

Pre-Approvals dont mean much, frankly. I've never gotten one. Just get it to as low as you possibly can before you apply. I've seen people get denied with similar stats but 35% util, so YMMV. If you get denied, remember to recon. The EO is very helpful. Backdoor Numbers - myFICO® Forums

[Anonymous]

Definitely get the UTL down first.

[Anonymous]

ok, well I'll continue to lower that utilization before applying.

[newhis]

I think the <10% is for score, <30% is to make the lender not worry much. So if you can get below 30% that will help you. Is good to not have any card above 30%.

If you get your card to <30% in a few months I'm sure your score will go up.

[Anonymous]

yeah that will be my plan, but now they're back to the $200 sign up bonus and I'm screwed. haha