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Update: APPROVED! Applied for Chase Freedom!

New Contributor

Update: APPROVED! Applied for Chase Freedom!

I'm helping my brother establish credit. He has a very thin profile so far. He has 2 credit cards and 1 auto loan reporting on his reports. That is all. We narrowed it down to the Chase Freedom or Citi DC to build his foundation. He would have use for both cards. We did prequal for Chase and Citi, but nothing came up. His CR were frozen and he just did a temporary lift yesterday. Maybe that's why there weren't any prequals? We checked for prequal after the freeze lift btw. Does he have a chance doing cold apps with either Chase or Citi? Should he wait until there are prequals available before he applies? Can he apply for both or break up apps 6 months apart? Below are his DP. Please ask if there is any other information you need to determine his chances of approval. Thanks for all your help!

Age: 28
Auto loan: Joint; Paid 61% of the original amount
Discover: $2/$5,800
Amex BCE: $0/$18,000
TU FICO 8: 790
EX FICO 8: 776
CK TU: 754
CK EQ: 754
INQ: TU - 0, EQ - 2, EX - 0 (last 12 months)
AoOA: 1 year 10 months (Discover)
AoYA: 1 year 1 month (AMEX BCE)
AAoA: 1 year 7 months
Revolving utilization: less than 1%
Missed payments: 0
Derogs/Collections: 0
5/24 Rule: 2/24 (not including auto loan)
Message 1 of 28
27 REPLIES
Community Leader
Senior Contributor

Re: Are the chances good? Considering apping...

I think his chances for both cards are pretty good.
I'd space apps 3-6 months apart, with Chase being first. Cold app is fine, prequal is not a guarantee anyway.


Message 2 of 28
Regular Contributor

Re: Are the chances good? Considering apping...

Agree with above. Definitely apply with chase first. Although I doubt he will have to recon it would be easy as chase likes to see 6 months to a year of credit age. Good luck look foward to approval story in the approval section of this forum 😁.
Message 3 of 28
Frequent Contributor

Re: Are the chances good? Considering apping...

I honestly cannot see any reason Chase or Citi would not give him the card he is looking for.
As has been mentioned space the apps, go for the Chase card first.


Message 4 of 28
New Contributor

Re: Are the chances good? Considering apping...

Thank you all for reviewing his DP and suggesting how to proceed!

So he went ahead and applied for the Chase Freedom. No instant approval, unfortunately. Got a message stating the following:

"Thank you for your request. We need to review your request a little longer. We will let you know of our decision as soon as possible. Thank you for choosing the Chase Freedom Credit Card."

Does anyone know what the outcome typically could be? Should he call a backdoor number or wait it out?
Message 5 of 28
Community Leader
Senior Contributor

Re: Are the chances good? Considering apping...

Wait it out, dont try talking to humans unless it's denied

 

He can use the automated line to check status 800-524-3880

Message 6 of 28
New Contributor

Re: Are the chances good? Considering apping...

So he called the automated status line. He told me it said "You'll be notified in writing of our decision within 30 days of us receiving your application."

Is there a chance?

Message 7 of 28
Community Leader
Senior Contributor

Re: Are the chances good? Considering apping...


@TruthHurts87 wrote:
So he called the automated status line. He told me it said "You'll be notified in writing of our decision within 30 days of us receiving your application."

Is there a chance?


 

Yes. I think he will be approved 

Sometimes it takes them a day, sometimes a few weeks 

It's probably verification, they are not shy about auto denials. 

 

Message 8 of 28
New Contributor

Re: Are the chances good? Considering apping...

Thanks for walking us through this process!

You think he should call and talk to a human in case it's for verification?
Message 9 of 28
Community Leader
Senior Contributor

Re: Are the chances good? Considering apping...


@TruthHurts87 wrote:
Thanks for walking us through this process!

You think he should call and talk to a human in case it's for verification?

If he wants to call and ask if something else is needed from him, he can

I'd still let the process play itself, but that's just me

 

I got transferred to underwriter once (I thought it was verification,  it was not), and it was like a really bad blind date that turned into interrogation.  

 

If he's that impatient, call. 

 

 

 

 

Message 10 of 28