Chase Freedom?

[Anonymous]

I'm wanting to apply for a Chase Freedom card, but I'm not sure if I would qualify and I don't ward a hard inquiry on my report, so I was wondering if you guys could give me some advice.

A little about me:

Age- 20

Income- $32,000 salaried (I'm a cop [it's my passion], only went to school for 1 year for the academy so Student cards don't apply to me)

Credit Cards: Capital One QuicksilverOne Rewards- limit $300. (I just got it upgraded to this from a Platinum that I applied for at the beginning of the month, & I just asked for a CLI)

Other Loans/Bills: I have a Auto Loan that I got last November through a local credit union of $19,900 that I pay about $400 a month for. Other than that, my rent is $400 a month even, so I don't have a lot of outgoing funds.

My credit score: According to Credit Karma and Capital One (And I believe they both us TransUnion), is a 624, but should go up to a 642 at least with the new card on my report next month. but that could go up  a few points depending on my credit limit.

Inquiries: I've only have two within the past year. One from my auto loan and one for Capital One(both approved). But, altogether, I've had 7 but 5 of those were before had any credit history at all.

Late Payments: None

I'd like to have a Chase Freedom or a similar card so that I can have a nice, solid go-to card with good benefits. My goal is to have a credit score above the 700s and a nice card with great benefits like AmEx or Chase Sapphire. Do you think I could get a Chase Freedom? Or do you have another card you could reference me to? I don't want a secure card, because you have to pay your limit up front, which I don't like. I don't really care too much about APR because I intend to pay the balance off each month.

[Kenny]

I don't think a Freedom right now is the best timing for you. Chase usually likes to see how you do with 1 year of credit history under your belt with a CC. The good news is that you have a GREAT card right now... looks like they have placed you in the credit steps program, which makes perfect sense. How that works is they regularly review your account each 6 months for the first year to determine if you need a larger credit limit and will adjust as they see fit. You are entitled to request a credit limit increase each 6 months. (That is 6 months after a successful credit limit increase has been made.) Capital One is a great card to start with because they operate on soft pulls -- meaning it doesn't hard pull your credit for a credit limit increase.

My advice is use this card for everything you can think of and in 6 months to 1 year it will have grown quite well, and then you can think about your Freedom application. (1 year being the optimal time period.)

[lg8302ch]

Welcome to the forum!

I agree with Kenny and also recommend not to apply for the Freedom until next year. Chase likes to see 1 yr history first and from what I understand you have 1 card right now that is about a month old?  Use the card responsibly (same way as a debit card), always pay on time and in full and next year you will be ready for that Freedom.

QS1 is a nice card with 1,5% cash back to start with. Enjoy your new card

[Anonymous]

Thanks for the responses guys. I appreciate it! 

But even next year, should I go for the Chase Freedom? Or should I look at a different card? I mean, what do you guys think would be a good "next tier" card?

[r34dy2fly]

I'll have to agree with everyone else as well. 

Even with my credit scores, Chase has been a pain in the butt to get my foot into. The only other creditor that I had more trouble than Chase was PenFed and Citibank. 

[r34dy2fly]

I'd start off with the Freedom. Its significantly easier to grab the Freedom over the Sapphire. Anything that they over that is strictly a "Visa Signature" card generally requires a minimum of $5000 credit limit and they usually only like to give you that amount if you have another card around that credit limit. 

[lg8302ch]

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@Anonymous wrote:

Thanks for the responses guys. I appreciate it! 

But even next year, should I go for the Chase Freedom? Or should I look at a different card? I mean, what do you guys think would be a good "next tier" card?

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Next year I would apply for 2 cards at the same time.  Sallie Mae is one of my favorite cards with 5% gas, groceries and bookstores (Amazon), Freedom as your dreamcard or  Discover IT (5% categories similar to Freedom and ShopDiscover for online shopping). Once approved I would wait another 6 months and add 1 more card to your collection.  I am on a plan to add 1 card every 6 months and it has worked great for me. (no denials yet)  I do not like these large sprees on a thin files since I have done this once and ended up with 22,99% APR on my Chase Freedom. I am pretty sure if I had sticked to my plan adding slowly 1 card every 6 months I would have been able to get better terms.

Also depending on your Fico scores it would be a good idea to try to get in with Amex (backdating purpose on subsequent cards later on in your life)

Let's see where you stand in 1 year and look at the options again.

[Anonymous]

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@Anonymous wrote:

Thanks for the responses guys. I appreciate it! 

But even next year, should I go for the Chase Freedom? Or should I look at a different card? I mean, what do you guys think would be a good "next tier" card?

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What about the Freedom makes you want it? Answering that may help you answer your other questions. You already have a good cashback card, if I understand correctly.

Also, I agree with lg8302ch about the AMEX. If possible, try to get one as early as you can for back-dating purposes, perhaps, in lieu of the Freedom.

[jamesdwi]

I'm going to go against the crowd on this one, go ahead and apply for the Freedom card, chase likes young people that have clean credit reports. They may surprise you with how generous they are with a CL. 

[chalupaman]

I've heard of some people who have gotten Chase cards with less than a year of credit history, like say 8-11 months but with me, they've been very strict on how much credit history they want to see with me. Basically over a year in my case. My Amex cards I was able to get with less than a year of credit history (over 6 months). Those are very good because of the ability to backdate as people have said here thus far. Maybe look into some other card choices just in case you don't get the Freedom that have the kinds of stuff you're looking for.