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Chase Freedom Unlimited *unexpected approval

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New Member

Chase Freedom Unlimited *unexpected approval

My credit has been crap for sometime now due to mistakes I made almost 5 years ago now. But after turning things around and paying things on time for the past few years I decided to apply for a few cards on April 4th even though my credit wasn't great means my income is up. I still have tax liens showing on my report which i pay monthly to the IRS but of course there is no payment history shown on credit. I applied with Chase for the Freedom Unlimited and to no surprise was given the notification online that "We have received your request for a card. We'll let you know our decision by U.S. Mail..this could take up to 30 days". So I took that as about a 90% chance I was denied. But then what seems like a miracle happened, 6 days later I got an email saying "Welcome to Freedom Unlimited"!Smiley Surprised

 

This was definitely borderline miraculous means I had just closed a secured card and it pulled my score down even more on literally the day I had applied in which I didn't find out until later. They pulled my Equifax score (599) and Experian (587). I had no other open revolving or installment accounts either, not to mention the tax liens and one small medical collection on my credit that I had disputed for like $200. I will say that I have busted my arse since having to start over completely from scratch at the bottom with nothing going on 5 years ago now and my income last year was $507k. But they didn't even ask me to verify my income which was surprising to, but I was more than ready to do. My initial credit line I was given is $2k, which isn't even enough to cover some of the client dinners i have in a night....but beggars can't be chosers and I will just have to continue on the path for a bit until they see a CLI fit for me. ( I am assuming that asking for one now wouldn't sit to well? Unless maybe I could send income verification to help me case...)

 

Side Note, I had also applied for a Citi AAdvantage and Wells Fargo Cash Wise Card (who I actually bank with currently and even sees the large direct deposits I receive each month) the same day but was instantly declined by both. Considering trying to recon but not sure if it is even worth it now that my score has dropped a few points lower due to multiple inquiries from that day?

 

Hope this helps someone else out there considering giving Chase a go as I was very pleased and will most definitely be a loyal customer for giving me an opportunity when others would not.

 

 

9 REPLIES 9
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Valued Contributor

Re: Chase Freedom Unlimited *unexpected approval

Congrats on your approval!! Keep grinding to get where you want to be!!...Good Luck!

American Express Business Gold(NPSL 10k) Chase CSP (25k) Pier 1(23.5k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until Aug 2020

FICO 8 Scores EX 702 EQ 705 TU(1) 718
AAOA 4.6yrs TCL=300,700
Message 2 of 10
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Super Contributor

Re: Chase Freedom Unlimited *unexpected approval


@mak9177 wrote:

My credit has been crap for sometime now due to mistakes I made almost 5 years ago now. But after turning things around and paying things on time for the past few years I decided to apply for a few cards on April 4th even though my credit wasn't great means my income is up. I still have tax liens showing on my report which i pay monthly to the IRS but of course there is no payment history shown on credit. I applied with Chase for the Freedom Unlimited and to no surprise was given the notification online that "We have received your request for a card. We'll let you know our decision by U.S. Mail..this could take up to 30 days". So I took that as about a 90% chance I was denied. But then what seems like a miracle happened, 6 days later I got an email saying "Welcome to Freedom Unlimited"!Smiley Surprised

 

This was definitely borderline miraculous means I had just closed a secured card and it pulled my score down even more on literally the day I had applied in which I didn't find out until later. They pulled my Equifax score (599) and Experian (587). I had no other open revolving or installment accounts either, not to mention the tax liens and one small medical collection on my credit that I had disputed for like $200. I will say that I have busted my arse since having to start over completely from scratch at the bottom with nothing going on 5 years ago now and my income last year was $507k. But they didn't even ask me to verify my income which was surprising to, but I was more than ready to do. My initial credit line I was given is $2k, which isn't even enough to cover some of the client dinners i have in a night....but beggars can't be chosers and I will just have to continue on the path for a bit until they see a CLI fit for me. ( I am assuming that asking for one now wouldn't sit to well? Unless maybe I could send income verification to help me case...)

 

Side Note, I had also applied for a Citi AAdvantage and Wells Fargo Cash Wise Card (who I actually bank with currently and even sees the large direct deposits I receive each month) the same day but was instantly declined by both. Considering trying to recon but not sure if it is even worth it now that my score has dropped a few points lower due to multiple inquiries from that day?

 

Hope this helps someone else out there considering giving Chase a go as I was very pleased and will most definitely be a loyal customer for giving me an opportunity when others would not.

 

 


Congratulations mak!

 

I'm curious as to whether the 5/24 rule was in place on this. Did you have 5 new accounts opened with the past 2 years?


Total revolving limits 653000 (575000 reporting)

Message 3 of 10
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Contributor

Re: Chase Freedom Unlimited *unexpected approval

I'd bank w/ chase then 6 months after app for one of their high tier cc's 

Equifax: 704 TransUnion: 710 Experian: 706
Message 4 of 10
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New Member

Re: Chase Freedom Unlimited *unexpected approval

No I have no had any cards opened with Chase in the past 5 years and only 2 other cards period...both with Capital One.

Message 5 of 10
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Super Contributor

Re: Chase Freedom Unlimited *unexpected approval


@mak9177 wrote:

No I have no had any cards opened with Chase in the past 5 years and only 2 other cards period...both with Capital One.


Thanks mak.

 

Chase is a smart company.

 

You're going to be a good customer for them Smiley Happy


Total revolving limits 653000 (575000 reporting)

Message 6 of 10
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Valued Contributor

Re: Chase Freedom Unlimited *unexpected approval

Congrats on the card.  I have been in a similar situation as you in the past, high income, terrible credit scores and IRS liens and collections.  One of the mistakes I made was applying for cards before I had the scores to support the application and running up my inquires.  Income doesn't mean much to these lenders because your score is the indicator to them of your williness to pay them back.  I have seen people with 70k of income and 200k in CC limits because they had solid scores and a track record.  If your making payments to the IRS on your liens you should look into having the liens withdrawn, the IRS under certain circumstances will withdraw the lien if you are making payments for x number of months and haven't defaulted on an installment agreeement.  That alone would be a huge impact.  I would suggest you spend some time in the rebuiding section to strategize on improving those scores so you can get the credit you need.  I started at low the mid 500's and should be over 700 in a month.  Did it by following the advice of the fine folks here, paying off collections, getting my lien withdrawn and establishing positive tradelines strategically.  Finally some of those inquires I wasted early on are falling off but that was my biggest misake.  

Message 7 of 10
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Valued Contributor

Re: Chase Freedom Unlimited *unexpected approval

Also, consider joining Alliant credit union, put a deposit in and do a share secured loan and pay 95% of it back in the first or second payment and you will have a postiive installement loan reporting, that will bump your scores nicely. Because of my troubles years ago I stopped using credit totally for 5 years so not having any postive tradelines killed me, I suspect that is your primary isssue also.

Message 8 of 10
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New Member

Re: Chase Freedom Unlimited *unexpected approval

Thanks @workingfor850. That is all good advice and I will defintiely check into this. Even when you are making good money without decnet credit behind it you always seemed to get shuned on every corner lol. Insurance is higher, deposit for everything, renting anything is a pain, etc. I'm sure you know that life though! I'm looking forward to getting my credit back on track and glad i joined this community as it will prove a huge benfit. Smiley Happy

Message 9 of 10
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Valued Contributor

Re: Chase Freedom Unlimited *unexpected approval


@mak9177 wrote:

@Thanks @workingfor850. That is all good advice and I will defintiely check into this. Even when you are making good money without decnet credit behind it you always seemed to get shuned on every corner lol. Insurance is higher, deposit for everything, renting anything is a pain, etc. I'm sure you know that life though! I'm looking forward to getting my credit back on track and glad i joined this community as it will prove a huge benfit. Smiley Happy


You can do it, getting our credit back has really changed our lives for the better.  It took less effort that I thought it would, I lived for years thinking I would never have decent credit again and when I finally came here life changed quickly.  In 6 months to a year you can have a totally different credit profile.   As things age off it only gets better.  I think just having a positive trade line CC and installment loan will help you tremendously.  Keep the utlization low and in a few months go after other cards.  Look into joining a good credit union also, they are the best resource, Penfed, Alliant and NFCU are all excellent, NFCU is the most generous to those who have challenged credit histories.

Message 10 of 10
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