Shall I respond for the CHASE FREEDOM offer.. Pls advice

[amit1326]

Hi, 

Need your advice in replying for Chase FREEDOM , I got a offer when I log in to mY Chase Bank Acount.

My Experian Score is 731, FICO EQ 660 & TU 726

In Wallet BOA 5000(Secured), Capital One 3000, Amex 5500, Best Buy 5000, Discover 3000

The oldest is BOA 9 months old.

I always keep balance low, pay in full, was declined Barclays few days back.

I have 5-6 Inquiries in my credit report

Need your advice, Shall I apply for this card or reject this offer.. & try later ..

Please advice

Thanks 

[p-]

In my experience, Chase is a little sensitive if you have a lot of recent new cards.  But if you are pre-approved, that might mean something too.  The real question is do you even want another card?

[amit1326]

Thanks for the quick reply. 

Yes I want chase card as I dont have one, but  I m hesitating because it will create one more enquiry on account, 

& if I dont get approval, its not worth it, 

I m unable to decide.. you need ur experts advice as I m new to this .. 

Thanks 

[Strepthroat]

My DH was just approved for the Chase Freedom with the same amount of inquiries since April 2013.  He was approved for $20,000; didn't have preapproval offer.  My mother was jus approved for Chase Freedom over the weekend (responding to a preapproval offer) and she was approved for $1,500 with 1 inquiry on her report.  Your inquiries aren't the only thing that would determine approval.  If you have the preapproval then I say why not.  And the $200 cash back offer after $500 spending in first 3 months is pretty darn good.

[amit1326]

Thanks a lot .. 

I will go ahead & apply for the same 

I got one offer in mail from chase Business Ink

& this one Chase freedom when  log in my Chase account, 

Shall I go for freedom ? or chase Ink business

[Strepthroat]

Live on the edge, try for both, with the same inquiry if possible.  Seriously, the choice is yours.

[p-]

Well, it kind of depends on those inquiries.  If they are all scored inquiries, i.e. in the last 12 months, then I'm guessing you have several new accounts.  If you have any accounts less than 6 months old, your chances of being approved or starting with a decent limit are not good.  

On the other hand, my initial app for Chase was an Ex pull, and you have a pretty solid score there.  Look at it this way;  If your inquiries are recent, you are in poor shape for any major app like a car loan or mortgage.  Hopefully you don't have one coming up.  If not, then what's one more, even if you are rejected?

If you don't have a major app coming up and are willing to blow an inquiry on a slim chance, go for it.  If you are denied, make sure you recon.  The recon reps are very helpful in explaining why they won't approve it if they don't, and you will learn a lot from them.

If you want to make sure you are approved, show 6-12 months of good use on your current accounts before applying.

Good luck.

[missjae]

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@amit1326 wrote:

Thanks for the quick reply. 

Yes I want chase card as I dont have one, but  I m hesitating because it will create one more enquiry on account, 

& if I dont get approval, its not worth it, 

I m unable to decide.. you need ur experts advice as I m new to this .. 

Thanks 

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The good thing about Chase is that recon is easy and pretty painless.  If you don't get immediate approval, you can always recon it.  Good luck and please update us.

[p-]

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missjae wrote: The good thing about Chase is that recon is easy and pretty painless...

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That's true.  And any recon rep I've ever talked to at Chase had no problem telling me what exactly on my report made them say no.  It helped me stop focusing on 5 year old paid collections and look at my account age and usage.

But I suspect their response in this case will be "too much new credit."

[ForMyBiz]

This is anecdotal of course, but I got a pre-approval for Chase Ink in the mail when my score was hovering around 600.  I applied online and was instantly approved.  I do my business banking with them though, and had an account for several years prior to the approval.

The Freedom I had to recon and had been denied several times before.  

YMWVIS