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Chase Freedom Unlimited Application Odds

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Anonymous
Not applicable

Chase Freedom Unlimited Application Odds

Hello all, I would like to know what are my chances of approval for the chase freedom unlimited. 

My goal is to eventually get the chase sapphire preferred/reserve, I will save all the rewards from the FU and transfer them to the preferred once it's open to maximize value. 

Below are some details of my current credit profile, let me know what you think, also does getting a pre-approval from a branch helps? I tried using the website but it wont load for me.

 

Credit Score Fico 8:   EX: 682    EQ: 676   TU: 688

Credit Cards: Capital One Platinum, $500 CL, 11 months old (all pymts on time)

Loans: 4 month old car loan and a 9 year old student loan. I also have a credit builder loan that has been open for 4 months (all pymts on time)

Negatives: I have one charge off from navient that has aged over two years. 

 

The charge off is my biggest concern, has anybody gotten approved with a charge off on their report? I am planning to apply next month after my CC ages a full year, plus myfico simulator tells me that my scores will increase by 10 points next month. Any help is appreciated thanks everyone!

 

9 REPLIES 9
K-in-Boston
Credit Mentor

Re: Chase Freedom Unlimited Application Odds

Welcome to the forums!  If you have an option to go into the branch to check for a preapproval, I would definitely suggest it.  Your profile has a few things going on that a cold app is kind of guesswork.  People certainly get approved with previous collections; since yours is for a student loan and not with Chase that softens the blow a little bit.  Your 9 year-old loan is definitely helping you a lot, but you have very limited revolving credit history with a newer small limit credit card and a couple of new loans.  The worst that can happen is one or two hard pulls and they say no if you cold apped, but definitely try to check in branch.  Good luck!

 

Is there a reason for the credit builder loan I am missing?   With the older student loan still open and an auto loan, I am not sure if there are really any gains there.

Message 2 of 10
Citylights18
Valued Contributor

Re: Chase Freedom Unlimited Application Odds

Scores to me look marginal for getting approved but have a chance. Going in branch will help.

 

Overall profile isn't too mature yet. If the average age of accounts was north of 3 years it would help.

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 3 of 10
Anonymous
Not applicable

Re: Chase Freedom Unlimited Application Odds

Thanks so much for responding! Yes my revolving credit history is kinda short which is why I waiting to age it to a full year.

I opened a credit builder to get me a little boost in my credit score (which it did). I'm paying around $50 a month for a year.

I have some pre-approved offers from Discover which would be my backup, but I would much rather start working towards the chase trifecta.

Message 4 of 10
Remedios
Credit Mentor

Re: Chase Freedom Unlimited Application Odds

As far as credit card lending, Chase won't care about your loans or how old they are. They will care about negatives on them if somewhat recent (two years or under). 

Your credit history is short, and you have one card with low limit.

I really think you should postpone your Chase aspirations at this time, and try getting an approval or two from lenders who do not mind young/thin files. 

Discover is probably your best bet.

If you are approved, let it age for 6 months to a year, then give Chase a call. 

I really do not think you would get approved right now.. and if you do, it will be under poor terms.  

Message 5 of 10
Citylights18
Valued Contributor

Re: Chase Freedom Unlimited Application Odds


@Anonymous wrote:

Thanks so much for responding! Yes my revolving credit history is kinda short which is why I waiting to age it to a full year.

I opened a credit builder to get me a little boost in my credit score (which it did). I'm paying around $50 a month for a year.

I have some pre-approved offers from Discover which would be my backup, but I would much rather start working towards the chase trifecta.


Keep in mind its tricky. If you apply you will get a HP and that credit will take a 5 point hit.

 

I picked up Discover a month before I landed the first card in my trifecta, the CFU and did alright with that. The CFU offer comes with 0% APR for 15 months, something useful more to a borrower in the 680-720 range so they have to take some chances. But there system too is very much income driven to secure the nice SLs. CSP is a minimum 5,000 SL so you'll need enough income to support a line of that size.

 

Definitely consider taking advantage of a 0% APR card while you are making payments elsewhere. I didn't and to a degree wish I had while it was still relavent as a perk to my situation.

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 6 of 10
Anonymous
Not applicable

Re: Chase Freedom Unlimited Application Odds

ok so after some thoughts I decided to go with a pre-approved offer from Discover Cashback.

 

I was approved immediately with a surprising CL of $7,000! I was very surprised. 

 

I will apply for the CFU in six months, but if my scores improve above 740 I might go for one of the sapphire cards.

 

Thanks to everyone for your input! 

Message 7 of 10
addicted_to_credit
Established Contributor

Re: Chase Freedom Unlimited Application Odds


@Anonymous wrote:

ok so after some thoughts I decided to go with a pre-approved offer from Discover Cashback.

 

I was approved immediately with a surprising CL of $7,000! I was very surprised. 

 

I will apply for the CFU in six months, but if my scores improve above 740 I might go for one of the sapphire cards.

 

Thanks to everyone for your input! 


Wow! Congrats!


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Message 8 of 10
Anonymous
Not applicable

Re: Chase Freedom Unlimited Application Odds

Congrats on Discover! Smiley Happy Very nice SL 

Message 9 of 10
Remedios
Credit Mentor

Re: Chase Freedom Unlimited Application Odds

Congrats.

Since you've indicated an approval, this thread is now closed for additional messages. 

Feel free to start an approval thread if you wish to do so. 

 

Message 10 of 10
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