App for Freedom w/o credit history w/ high income

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softwaredude
 
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App for Freedom w/o credit history w/ high income

Postby softwaredude » Sun Sep 07, 2014 12:53 pm

I've been wanting to get a Chase Freedom, but I have no credit history at all (AFAIK -- CreditKarma said it couldn't find anything for me). The plus side is that I am about to start a job making ~$160k/yr gross income. How likely is it that they'll approve me?

More details:
- 24 years old
- I've been a student up until now, and never needed a credit card or any kind of credit before. I only recently realized that I've been missing out on cash back & bonuses, and also building a credit history.
- Since I was a student with not much income, I have virtually no money saved up (only less than $5k).

I called a Chase rep using the number on their website, but she avoided my questions and said I would need to apply to be considered. I'm worried about applying because of the hard pull, especially since they might reject me for having no credit history. I'm considering applying anyway, and then going through a reconsideration (based on this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Freedom-card-reconsideration/td-p/2501207 which is somewhat similar to my situation), but I really have no experience with this so I don't know what to expect. One of the things I'm wondering, too, is if they will ask for proof of income of some kind? Because as of now, I've signed the job offer, but I haven't started work yet, so I don't have any kind of payroll record.

Any help/recommended courses of action would be much appreciated.


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djrez4
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Postby djrez4 » Sun Sep 07, 2014 9:32 pm

0.01% chance of approval.

Income is irrelevant, especially if you haven't started the job yet.

Put $500 of your first paycheck into a secured card and start building your credit from there. With 6-12 months of good history, you should be able to get the Freedom.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

popamode72
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Postby popamode72 » Sun Sep 07, 2014 9:36 pm

Yeah. Chase is pretty strict on having at least a year's worth of credit history before you can qualify for their cards.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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sicasun
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Postby sicasun » Mon Sep 08, 2014 2:03 am

The only more likely way I think that you can get a Chase CC without credit history is as an authorized user on a card. Chase seems more lenient with customers who bank with them. That's how I got the Chase Sapphire as my 'first' CC, through my parents.

If applying on your own, I agree with the above advice. Start out with a 'beginning' credit card and wait for a bit.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

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PlyrStar93
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Postby PlyrStar93 » Mon Sep 08, 2014 9:59 am

You can get Freedom as your first credit card, without any credit history. It can be pretty hard and if you are lucky enough you may be approved.
One of my friends has Freedom as first card. Other people online may also describe how they got the card and so on which may or may not work for you. It's very YMMV, but generally seems hard. Discover could be easier.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
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takeshi
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Postby takeshi » Mon Sep 08, 2014 12:52 pm

softwaredude wrote:More details:
- 24 years old
- I've been a student up until now, and never needed a credit card or any kind of credit before. I only recently realized that I've been missing out on cash back & bonuses, and also building a credit history.
- Since I was a student with not much income, I have virtually no money saved up (only less than $5k).

The only thing that matters out of all this is your lack of credit history.

softwaredude wrote:How likely is it that they'll approve me?

No idea. I'm not a Chase underwriter and I wouldn't be posting here if I was one.

If they don't approve then go with the standard recommendation: secured and/or credit unions with more lax approval criteria.

softwaredude wrote:One of the things I'm wondering, too, is if they will ask for proof of income of some kind?

Again, no idea. In some cases income verification is requested. If you can't verify then apply again when you can.

darkguy2
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Postby darkguy2 » Mon Sep 08, 2014 8:33 pm

The funny thing is that you had a better chance when you were in college then you do now. You can get the student versions of some premium cards that are almost exactly the same pretty easily when you are a student. That is how I got my first card from Discover.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

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sicasun
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Postby sicasun » Tue Sep 09, 2014 9:51 am

darkguy2 wrote:The funny thing is that you had a better chance when you were in college then you do now. You can get the student versions of some premium cards that are almost exactly the same pretty easily when you are a student. That is how I got my first card from Discover.

I have heard the saying that from when you start college, the longer you wait to apply for a cc, the harder it'll be to get. Being out of school and with no credit history might make it slightly harder...

Tbh I would just go and try for it. See what you get. I don't think one hard pull is going to hurt you much since you don't have history to begin with. Everyone has to start applying somewhere, and that always involves a hard pull. If Chase denies, just go apply for a cc that is almost certain to approve and work your way up.

Also, from my experience, Chase does ask for you to enter your annual income in the online app, but has never requested verification for it from me.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Sep 09, 2014 12:09 pm

Freedom was my first card, and first credit of any kind. I was never an AU. Each credit report showed one hard pull for another card I was declined for, and nothing else. I was out of college when I applied for both cards.

My Freedom started with a $600 limit.

I had been, however, a Chase checking customer for several years keeping a few thousand in checking.

The lack of a current income may be a problem. I did have an income when I applied.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Omarperez48
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Postby Omarperez48 » Fri Oct 10, 2014 3:55 pm

Yeah I don't think they will approve you. Not to mention you don't even have a job history so that is not going to help you at all. Secured card is the way to go.
AMEX PRG (Npsl)

CitiPreferred ThankYou $3000

CapOne QuickSilver $4000

CapOne Platinum $5000

CapOne Yamaha $10,500

Macy's $3000

PayPal $1500

1St Financial Bank $900 (have had it for 6 years)

Credit One Bank $1000 (don't use this card)

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