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Apply for a new card or not apply for a new card

JWILLIAMS632
New Visitor

Apply for a new card or not apply for a new card

So, I have a 713 FICO score through Experian and a 705 through TransUnion. I want to apply for a Chase Freedom or the AMEX Gold card, however, I do have 5 late payments in my credit history, the most recent being almost 3 years ago. It says I’ve made 255 payments of which 5 were 30 days late. I have no deragatory marks. My credit utilization currently is at 24%. Should I wait to apply? Or is my credit good enough for these cards?! Thanks in advance!
7 REPLIES 7
Caardvark
Frequent Contributor

Re: Apply for a new card or not apply for a new card

I have no experience with Chase but for the PRG I'd say you have very good odds. I recently got the Amex Gold with lower scores than you (690 Experian, 706 TU) and a LOT more late payments (none more recent than two years ago). 

 

As always YMMV


Message 2 of 8
FireMedic1
Super Contributor

Re: Apply for a new card or not apply for a new card

I'd go with paying everything down to <8.99% util and in turn you'll get a higher score which may lead to a higher SL and lower APR. GL!

Message 3 of 8
JWILLIAMS632
New Visitor

Re: Apply for a new card or not apply for a new card

Thank you so much for the information! I appreciate it a lot. I’ve been holding off while building my credit up after making some minor mistakes in my youth. I probably will apply earlier than I originally was now!
Message 4 of 8
JWILLIAMS632
New Visitor

Re: Apply for a new card or not apply for a new card

That’s my next goal. I should be below 10% utilization by February! Thanks for the input! I appreciate the help!
Message 5 of 8
StartingOver2018
Frequent Contributor

Re: Apply for a new card or not apply for a new card

How many cards do you currently have? What's your utilization? I'd attempt Chase first then Amex. Scores seem fine as I was high 600's-700's when I got my freedom and Amex Ed card in 2014.
BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa CLOSED by me May 2020!! :-)($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000 now $2500) Jan. 2019
Target RedCard ($500 at 4 months $800 six months later $1900) April 2019
Venus Comenity ($500 now $1500) May 2019 no HP
Ann Taylor Loft MC ($1000) June 2020 no HP
Overstock ($350 now $2350) June 2020 no HP


FICO 8 SCORES: 06-04-2020633 TU656 EX652 EQ
Message 6 of 8
JWILLIAMS632
New Visitor

Re: Apply for a new card or not apply for a new card

Currently I have 2 cards and I’m an authorized user on an additional 1 card and my utilization is 24%
Message 7 of 8
awakening16
Contributor

Re: Apply for a new card or not apply for a new card

get in with chase first before 5/24 time period (5 CCs / 24 years), then go for amex Smiley Happy. You have good odds Smiley Very Happy

Fico8 Scores: EX: 753 (3 Inq) TU: 745 (7 Inq) EQ: 745(3 Inq) (As of: 9/13/2018)
Message 8 of 8
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