cancel
Showing results for 
Search instead for 
Did you mean: 

What are my odds.. ?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
Valued Member

What are my odds.. ?

Hello,

 

I have FICO scores of 741 EF, 741 TU, and 766 EXP respectively. I currently have a cc with a CL of 2k (through my credit union - first cc). I have never been late on a payment and utilize an avg of 8-9%. I have 2 installment accts (student and auto loan - never been late on those also) and have had the cc for about 5 1/2 mo. I'm not looking to apply for a new credit card right away but I will be soon due to me moving states and I want to up my overal credit limit and in turn, lower my credit utilization even further (aside from boosting my score) -- and the fact that my bank doesnt have branches where I'm moving so I want to move to a more mainstream network with more flexibility, (Chase, Citi, Discover etc.) and I want to start earning rewards (I drive and dine out a lot). I'll still obviously keep my current acct open and use it once in a while but I dont want it to be my main one for the reasons I stated above. 

 

I gross about $38k a year from a couple sources, and I'm reletivily young (23).

 

The only neg factor in my reports is a short history (avg 2 1/2 years). and my student loan is a bit high according to the reports ($16k). Everything else looks good. No collections, no late payments. Nothing 

 

I was looking at the Chase Freedom Ultimate, and Discover it. What do you think my odds are? And could you tell me your experience with either card (if you have it), or company? Thank you! 

Message 1 of 39
38 REPLIES 38
Established Contributor

Re: What are my odds.. ?

You have an excellent shot my friend, try the Chase pre approval on their site if you're iffy, but I'd say you have 99% approval rate


FICO EQ: 720 EX: 713 TU 721

Apple $6.5k, Citi Diamond $9.5k, Citi Double Cash $10k, Citizens Bank Cashback Plus $7.2k, Chase Amazon $3k, Chase Hyatt $16k, Chase CSP $13.6k, Chase IHG $16k, Amex Hilton $25k, Chase Freedom $10.5k, Amex Cash Magnet $5k, NFCU Plat $31k, NFCU Cash $20k, Discover IT $26.5kk, Discover Miles $6k, Barclays rewards $7.5k, Wells Fargo Cash $6.3k, PenFed Promise $15k

Message 2 of 39
Valued Member

Re: What are my odds.. ?

Thank you sir. Yeah I did that a couple nights ago and got matched with Freedom, Sapphire Preferred, and a couple others I cant remember the name of. 

Message 3 of 39
Valued Member

Re: What are my odds.. ?

Correction: It was Slate, Freedom, and Sapphire Preferred. No Freedom Ultimate, but thats no big deal right?

Message 4 of 39
Frequent Contributor

Re: What are my odds.. ?

If your main purchases are dining out, you might be better off looking at the CSP (or even CSR for that matter, though your income could be a little low for the CSR, not sure).

 

It would give you more rewards on dining purchases, plus they have a pretty good sign up bonus right now i think 50,000 points....


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (11/2017): EQ-671. TU-665. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Message 5 of 39
Valued Member

Re: What are my odds.. ?

Yeah I got preapproved for the CSP so..
Most of my spending is on dining out, and gas anyway. I'm really big on Traveling me and my girl are planning to do a lot more of it when I move there and finances and time allows.
Message 6 of 39
Valued Member

Re: What are my odds.. ?

But then again I don't blow huge amounts of money on that stuff (yet) so is it justifiable having the card? I don't know
Message 7 of 39
Valued Contributor

Re: What are my odds.. ?


@translucent wrote:

Hello,

 

I have FICO scores of 741 EF, 741 TU, and 766 EXP respectively. I currently have a cc with a CL of 2k (through my credit union - first cc). I have never been late on a payment and utilize an avg of 8-9%. I have 2 installment accts (student and auto loan - never been late on those also) and have had the cc for about 5 1/2 mo. I'm not looking to apply for a new credit card right away but I will be soon due to me moving states and I want to up my overal credit limit and in turn, lower my credit utilization even further (aside from boosting my score) -- and the fact that my bank doesnt have branches where I'm moving so I want to move to a more mainstream network with more flexibility, (Chase, Citi, Discover etc.) and I want to start earning rewards (I drive and dine out a lot). I'll still obviously keep my current acct open and use it once in a while but I dont want it to be my main one for the reasons I stated above. 

 

I gross about $38k a year from a couple sources, and I'm reletivily young (23).

 

The only neg factor in my reports is a short history (avg 2 1/2 years). and my student loan is a bit high according to the reports ($16k). Everything else looks good. No collections, no late payments. Nothing 

 

I was looking at the Chase Freedom Ultimate, and Discover it. What do you think my odds are? And could you tell me your experience with either card (if you have it), or company? Thank you! 


First of all your CU probably does what is called shared branching.  This allows you to walk into a local CU of a different name and do transactions as if you were standing in your home CU.  http://sharedbranching.org/

 

Mainstream network....  So, here's the deal... You should really check out www.depositaccounts.com go under checking / reward checking.... .This will show you checking options paying north of 2% APY up to about 5% if you hit the bonus requirements with places like www.myconsumers.org

 

I wouldn't worry about the student loan since it's an installment account like a mortgage or auto loan.  They're supposed to be reproting high to balance since they're long terms.

 

With a clean report and your scores I would looking to AMEX / Discover as you're 99% good for an approval with everything you've listed here so far.

 

AMEX has a couple of flavors to deal with:

ED/EDP have Member Rewards

BCE/BCP have cash back

 

Depending on what you're into for redemptions is going to determine which way you go with them.  They will grow significantly if AMEX likes you using the 3X CLI methods every 6 months after your first CLI at 61 days.

 

Disco has a couple of options both of which include double rewards at the end of year 1.

discover IT - cashback w/o points to deal with

discover Miles - 1.5% per dollar

 

Discover has an online portal for shopping where you can also gain 5-10% back on top of your catagory spending for retailers listed in there.  They may start "low" since they're conservative but, given some time and history the moon is the limit for your CL.

 

Both AMEX / Disco do SP CLI's which is nice while you're building up your arsenal of CL's.  There's a very good chance you would be approved for both if you're approved for one of them.  With your scores it shouldn't be an issue with either but, there's always that chance of a decline as we don't work for them and the computer makes the decision.

Message 8 of 39
Valued Contributor

Re: What are my odds.. ?

+1, Amex and Discover are the perfect cards for young files, both will grow fast with SP CLI.

 

I think if you are pre-approved for Chase Sapphire Preferred, you can try that too. The SL on that is $5,000.

 

If you want the Chase Freedom Unlimited, it is better to apply in branch, they offer a $300 = 30,000 points for $500 (online is only $150 = 15,000 UR), and may get a lower limit. Good luck.

Message 9 of 39
Valued Member

Re: What are my odds.. ?

Excuse the noob-mess. But SP? SL? Can't recall what those stand for, haha. (As you can probably tell I'm not a seasoned credit pro yet also I'm very tired tonight)
Message 10 of 39
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.