Chase Freedom

[Anonymous]

Hello all, I would like some advice from someone. I am 40 years old, but new to credit, my AAoA is a whopping 5 months. I do not even have a FICO score yet, my FAKO from CK is 657. I have acquired 7 active accounts in the last few months, Credit One ($500) Capital One (2 cards $800 and $300) Discover It secured ($2,000) Personal Loan ($10,000 (for taxes lol)) Chase Amazon ($1,000) and a secured line of credit with my bank ($1,600). Hope that is enough information to give some good advice on! Now, to the point, I really really really want the Chase Freedom card, I am very hesitant to apply because of my very short history. I would like some advice from someone with a similar profile who might have had some luck with this card? I am afraid they will deny me, can't say I would really blame them either, but I really want it, if I apply and get denied, does anyone think I would be successful with a recon? Possibly offer to split my Amazon card in half to get the Freedom with ($500)? Any advice will be appreciated.

[Anonymous]

Typo!! My AAoA is 2 months, oldest card is 5 months!

[tcbofade]

You're a bit too early for the Freedom, you'll get denied.

Wait at least six months from whatever date you opened the Chase Amazon account.  (That means six statements, not literally six months)  Then check the Chase prequalifier page and see what it offers you.

Patience grasshopper.  This works much, MUCH better if you take your time. 

[Anonymous]

Ty tcbo!! Makes sense, I was kind of thinking I may be trying for too much in just a few months, but they keep giving me accounts! Lol giving the allusion that I could keep getting them. I should just consider myself lucky i obtained all that with no history and garden for awhile. Will be looking at that prequalifier in about 90 more days though!

[The_Gazelle12]

I see that you have 7 new accounts with the oldest being 5 months old. Even with a thin profile, you'd most likely get denied due to Chase's 5/24 rule. This means you cannot have opened 5 accounts in 24 months. So, Jan/Feb 2018 would be the time to pull the trigger on the Freedom. Not only will your accounts have aged, but the inquiries will have fallen off as well. Good luck in your credit journey and welcome!

[RonM21]

Garden a little longer with what you have. The new accounts combined with the short age won't.help you right now. Once this all grows a bit, you'll be in better position.

[takeshi74]

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@Anonymous wrote:
Hello all, I would like some advice from someone. I am 40 years old, but new to credit, my AAoA is a whopping 5 months. I do not even have a FICO score yet, my FAKO from CK is 657. I have acquired 7 active accounts in the last few months

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That's a lot of activity even for someone with much more credit history than you.  Cool your jets before applying for anything else.  Let the new accounts age.

CK doesn't provide just one score but CK's scores are only relevant to creditors that use a TU or EQ VantageScore 3.0.  Neither are relevant to Chase.

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@Anonymous wrote:
I am afraid they will deny me, can't say I would really blame them either, but I really want it, if I apply and get denied, does anyone think I would be successful with a recon? 

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I would seriously doubt it.  Recon isn't magic.  Your profile is thin and very young with a lot of new activity.  All of those are major red flags.

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@Anonymous wrote:
Possibly offer to split my Amazon card in half to get the Freedom with ($500)? 

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It doesn't work that way.  You don't get $X credit to allocate among your creditors.  Each creditor/product has its own underwriting criteria and primarily your credit profile and income are compared to that criteria to determine if you qualify and fow what limit, APR, etc.  You could cut your Amazon limit and still get denied.  You need to allow the new accounts to age off.  You should have limited yourself to just a few new accounts with your profile.

Building credit is a long, slow process.  Don't expect quick fixes and be prepared to be in it for the long haul.

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@Anonymous wrote:
Ty tcbo!! Makes sense, I was kind of thinking I may be trying for too much in just a few months, but they keep giving me accounts! Lol giving the allusion that I could keep getting them. I should just consider myself lucky i obtained all that with no history and garden for awhile. Will be looking at that prequalifier in about 90 more days though!

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You need to look at more than just the approvals.  The low limits indicate serious concerns with your credit profile.  Don't just app until denied.

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@The_Gazelle12 wrote:
you'd most likely get denied due to Chase's 5/24 rule.

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I didn't even think of this but, yes, this.

[Revelate]

Yeah well Chase underwote my Freedom back in Jan 2013 on EX Vantagescore 3.0 so it's not like it's utterly irrelevant but I think they've switched to their internal score for Freedom UW now so all bets are off anyway.

OP if you bank at Chase, wait the six months and then go into a branch and ask; if you don't, the 5/24 rule will probably strike you but maybe not.... you're still very early in the credit game and taking a flier application isn't going to hurt you in the long run if you really want that card.

[Anonymous]

I was just recently approved for a chase freedom card with a SL of $2500. My AAoA was at 5 months at the time and has been cut down significantly because of a recent app spree. My only accounts reporting were a Vs card for $150, Cap One secured $201,and overstock $2000. I was shocked they approved me. I use CK and CS fako reports to go by for now. I still had a target card on my report but noted as a closed account. CK and CS had my AAoA at 11yrs because that closed account. I don't know if that matters. I also have no FICO according to my new Discover It card that gives me my FICO score free.