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Chase freedom or capital one platinum?

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Chase freedom or capital one platinum?

Looking to apply for another credit card , my Experian score is a 664 I currently have 2 opened accounts (OpenSky $75 / $500 ) (kay jewelers genesis $1999 / $3000). 100% payment history 3 inquiries from a couple years ago. Which card is more likely a better approval? I currently have banked with chase for 7 years with a college and liquid debit account if that helps the process with going with chase. How accurate is chase pre qualify site or through mobile app?
8 REPLIES 8
Community Leader
Super Contributor

Re: Chase freedom or capital one platinum?

Chase doesn't care about relationships unless you have buku bucks with them. I would probably hold off on the Chase until your scores are better. CLIs are a HP and if you get approved at a low starting limit, it could be hard to grow. The prequal page will prequalify you even if you're over 5/24, so that should show how reliable it is. On the other hand, if you log in and it's in your offers as pre-approved, it's basically gauranteed. The only way to be more sure is to go into a branch and ask if they have any offers for you. I'm currently pre-approved for the CFU while being at least 9/24. I just won't apply because I don't need another $1k limit. I'll wait until my profile is in better shape.







Message 2 of 9
Valued Member

Re: Chase freedom or capital one platinum?

I cannot state if Chase's prequal is more accurate than CapOne, however IMO no value apping the Premier with the Savor1 or QS1 SUB'g $150 or more (similar credit guidelines as Premier).

Message 3 of 9
Frequent Contributor

Re: Chase freedom or capital one platinum?

I'm bias. With that said, I believe this is a comparison of apples to a Turkey dinner. I will be the advocate to go for the Freedom card- which retains an actual value vs a builder card that is often bucketed before you apply. If I'm to consider each card for growth, the answer is obvious. Perhaps, not without effort, but anything worth something takes work.


Message 4 of 9
Community Leader
Mega Contributor

Re: Chase freedom or capital one platinum?


@Fico_like_Geico wrote:
Looking to apply for another credit card , my Experian score is a 664 I currently have 2 opened accounts (OpenSky $75 / $500 ) (kay jewelers genesis $1999 / $3000). 100% payment history 3 inquiries from a couple years ago. Which card is more likely a better approval? I currently have banked with chase for 7 years with a college and liquid debit account if that helps the process with going with chase. How accurate is chase pre qualify site or through mobile app?

If you bank with Chase, go to the branch and see if you have a preapproval there 

Based on your current situation (scores and types of accounts you have), I would wait, but if you don't care about SL or approval terms, check in branch 

 

Message 5 of 9
New Contributor

Re: Chase freedom or capital one platinum?

You can't compare the Chase Freedom to the Cap One Platinum. The platinum is purely a starter card just to get your foot in the door and start building a score. The Freedom is a much more useful (and thus more difficult to aquire) card. The Freedom is more comparable to the Capital One Quicksilver, or better yet the Discover It cash rewards card. Those two are pretty easy to obtain and both have pre-qualify pages that are reasonably accurate. 

Message 6 of 9
Established Contributor

Re: Chase freedom or capital one platinum?

IMO... I would go the Chase route for your future growth, but would suggest you wait until your scores are higher. That way, you would benefit from better starting terms and a higher SL. Once you start getting away from sub-prime cards, your options continue to grow... good luck!!!   Smiley Happy

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Message 7 of 9
Community Leader
Valued Contributor

Re: Chase freedom or capital one platinum?

How long is your credit history overall? I know you’ve banked with Chase for several years, but how long have you had CREDIT accounts? If it’s been a year or more, you MIGHT be okay going with the Freedom. If not, I wouldn’t bother. 

 

I agree with some of the others that the Freedom is a better card long-term. If you think you have enough history, and decide to app for the Freedom, know that you may still be denied. This is Chase after all. However, it sounds like you don’t have many inquiries, so you could always try for the Plat if you don’t get the Freedom. 

 

Good luck!

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Message 8 of 9
Moderator Emeritus

Re: Chase freedom or capital one platinum?

To follow on the other posters, the Capital One Platinum is more of a starter/credit builder card with minimum benefits and no real long term rewards. Often Cap1 buckets people with this card and to take three Hard Inquiry hits in the credit bureaus can be a hard pill to swallow. All that being said, Cap1 has given many of the posters on the MyFico Forum a new beginning.

 

The problem may come later when you are ready for the regular credit cards. Cap1 often will offer better cards but not always. One of those YMMV things. Started with the Cap1 Platinum in the steps program (three steps) and after several years (eight years to be exact) of being stuck at $750 credit limit and no options to move to other Cap1 Cards, I shut Cap1 down and never looked back. Smiley Frustrated

 

Good luck on your choices.

 

Will add the JP Morgan Chase Freedom and other Chase Cards offer Ultimate Rewards that are at the top of the heap in value ... there real competitor is the American Express Membership Rewards.

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