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@jsucool76 wrote:
@HiLine wrote:What, do we consider a Chase Freedom with a low credit limit and a Chase Freedom with a high credit limit 2 different cards now?
I wouldn't say two different cards, but a freedom with a $500 limit is very different than say, a freedom siggy with a $5000 limit....It is like the zync NPSL vs the zync with a $200/$500 hard limit...
Getting approved for even a $500 limit Freedom card requires some decent credit history, more so than for many other credit cards with limits in the thousands.
@HiLine wrote:
@jsucool76 wrote:
@HiLine wrote:What, do we consider a Chase Freedom with a low credit limit and a Chase Freedom with a high credit limit 2 different cards now?
I wouldn't say two different cards, but a freedom with a $500 limit is very different than say, a freedom siggy with a $5000 limit....It is like the zync NPSL vs the zync with a $200/$500 hard limit...
Getting approved for even a $500 limit Freedom card requires some decent credit history, more so than for many other credit cards with limits in the thousands.
I agree Chase BoA and AMEX just dont give out cards to anyone. I started out with a $500 CL with freedom 3 months later i got a $1k CLI. With BoA i started at ~$700. it took like six months but i got bumped to $1500 as well with only a SP. Discover started me at $1200 right off the bat so i am hoping for some bigger CLI's soon from them around 6 months or so
@HiLine wrote:
@jsucool76 wrote:
@HiLine wrote:What, do we consider a Chase Freedom with a low credit limit and a Chase Freedom with a high credit limit 2 different cards now?
I wouldn't say two different cards, but a freedom with a $500 limit is very different than say, a freedom siggy with a $5000 limit....It is like the zync NPSL vs the zync with a $200/$500 hard limit...
Getting approved for even a $500 limit Freedom card requires some decent credit history, more so than for many other credit cards with limits in the thousands.
Their lending requirements seem pretty relaxed to me.
@afbar1114 wrote:
@HiLine wrote:
@jsucool76 wrote:
@HiLine wrote:What, do we consider a Chase Freedom with a low credit limit and a Chase Freedom with a high credit limit 2 different cards now?
I wouldn't say two different cards, but a freedom with a $500 limit is very different than say, a freedom siggy with a $5000 limit....It is like the zync NPSL vs the zync with a $200/$500 hard limit...
Getting approved for even a $500 limit Freedom card requires some decent credit history, more so than for many other credit cards with limits in the thousands.
I agree Chase BoA and AMEX just dont give out cards to anyone. I started out with a $500 CL with freedom 3 months later i got a $1k CLI. With BoA i started at ~$700. it took like six months but i got bumped to $1500 as well with only a SP. Discover started me at $1200 right off the bat so i am hoping for some bigger CLI's soon from them around 6 months or so
And your scores were sub-prime.
yea they were all below 700 but above 650-660
@Dustink wrote:
@ccnewcc wrote:
@Dustink wrote:To me prime it also has a lot to do with the limit.
I see people on here getting approved for a Chase Freedom with a $500 limit, to me that is not prime. Whereas the Chase Freedom with a $5,000 limit would be prime.
I'd consider the Freedom to be a prime card no matter the limit.
However, I'd consider the borrower as a subprime borrower if their Freedom CL is only 500$
But then, if they were a subprime borrower. Wouldn't they be getting a subprime card? Thus that $500 limit card is sub-prime.
Banks also offer certain promotions to only certain clients. As in, a prime borrowers may get the no interest APR, whereas the a sub-prime borrower would not. Thus making the product they are getting sub-prime.
The borrower would be, not the card.
You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL. He knows just by looking at your card that is a rebuilder. You say "oh wow, you got the Chase Freedom Card!"
Little do you know that it is actually a 500$ CL too.
The borrower is subprime, not the Chase Freedom.
i got a amex BCE with a 675 EX score does that make them a sub-prime? lol threads like this are stupid
@ccnewcc wrote:
@Dustink wrote:
@ccnewcc wrote:
@Dustink wrote:To me prime it also has a lot to do with the limit.
I see people on here getting approved for a Chase Freedom with a $500 limit, to me that is not prime. Whereas the Chase Freedom with a $5,000 limit would be prime.
I'd consider the Freedom to be a prime card no matter the limit.
However, I'd consider the borrower as a subprime borrower if their Freedom CL is only 500$
But then, if they were a subprime borrower. Wouldn't they be getting a subprime card? Thus that $500 limit card is sub-prime.
Banks also offer certain promotions to only certain clients. As in, a prime borrowers may get the no interest APR, whereas the a sub-prime borrower would not. Thus making the product they are getting sub-prime.
The borrower would be, not the card.
You and your friend are at lunch, you pull out your Cap1 rebuilding card with a 500$ CL and your friend pulls out his Freedom card with a 500$ CL. He knows just by looking at your card that is a rebuilder. You say "oh wow, you got the Chase Freedom Card!"
Little do you know that it is actually a 500$ CL too.
The borrower is subprime, not the Chase Freedom.
unless it says signature or world on it...then you know its a high limit.
To me a prime borrower has a no baddies, a score over 720 with a long history and stable income. Lenders will make exceptions, but that would generally be the criteria for prime credit.
So prime cards will offer great customer service, fair rates, good rewards, and high limits.
I think my Navy Federal GoRewards card is Prime, not because of the $17,000 credit limit but because of the 7.24% Prime Plus APR (their term not mine) Usually if you have a rewards card the APR is much higher cause they have to make money back when you carry balances, but this APR with a rewards good for upto 1.7% on any purchase is quite nice.