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I recently applied for a Chase Freedom. I currently have a Capital One with a $500 CL and a Bank of America with a CL of $1000. I applied online and got the 30 day message. Which is not unusual for me since I have a fraud alert and usually have to call in to verify information after I get the letter. Just wondering what my chances are here is my info:
myfico score for equifax is 656 because I've had like 7 inquires recently applying for cap one and boa while also applying and getting declined with other cards like Amex and Discover. I have 2 mortgages over 5 years old (one with BOA) I make about 80k a year and I have a car note with the above mentioned CL's I'm currently using 15% of my credit and always pay off my balances each month and have never had a BK or even a late payment ever.
Any ideas on what my chances are since my credit score is so low?
Thanks
@laboi_22 wrote:I recently applied for a Chase Freedom. I currently have a Capital One with a $500 CL and a Bank of America with a CL of $1000. I applied online and got the 30 day message. Which is not unusual for me since I have a fraud alert and usually have to call in to verify information after I get the letter. Just wondering what my chances are here is my info:
myfico score for equifax is 656 because I've had like 7 inquires recently applying for cap one and boa while also applying and getting declined with other cards like Amex and Discover. I have 2 mortgages over 5 years old (one with BOA) I make about 80k a year and I have a car note with the above mentioned CL's I'm currently using 15% of my credit and always pay off my balances each month and have never had a BK or even a late payment ever.
Any ideas on what my chances are since my credit score is so low?
Thanks
So no baddies = good
15% util = good
7 inquiries = bad
AAoA = ???
Because Amex & Discover declined you...I would say more than likely, Chase will declined you also. Have you try to recon with Amex & Discover? At this point, I wouldn't app for any new CC. I would wait 6 months, maybe 1yr, get your score up to 680 than try again. Good luck as I would try to recon with Amex & Discover if you haven't done so already.
Do you know how long they hold old applications? I can try to recon with both but it's been since May since I applied. Will they still have my app on file?
Venturing an educated guess I'd say it's a denial. Likely too many recent inquiries. I had one one month old inquiry when I applied for the Freedom and was declined. Then, eight months later, I re-applied and instantly approved. Chase seems to be very inquiry sensitive.
Well I would say the best route is to call the backdoor number and see what you can do. I had significant inquires on my credit report, and after a little wheeling and dealing I was apporved for a $2000 credit limit. But that also was based on prior business with Chase through their auto finance department. One concern I would have though is your lower fico eq score... But give the backdoor number a shot, and worst case scenario, wait 6 months to a year and try again. I know it can be frustrating, but the Chase Freedom card is a great one to have. I love it already.
727 score and 8 inquiries got me $500 It's a start hope for some nice cli.