What is the likelihood of me being approved?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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What is the likelihood of me being approved?

Postby marissa » Fri Sep 28, 2012 7:59 pm

Hi all! I am new to this forum, and very excited to learn about credit from you guys.

I am looking to apply for my first credit card, and am particularly interested in the Chase Freedom card. I am eager to apply but want to make sure I am making a smart decision in doing so.

I am 25, with an annual income of 40k. I have never had a credit card before, but do have a car loan. My credit score was 690 as of last month.

I have been reading this forum (and others) and feel like I have about a 50/50 chance of being approved? Will having no past credit cards strongly hurt my chances? I've read some people's stories of being denied, then calling and getting approved for a small credit limit. That sounds ok, but I'd like to apply for a card that I have a strong shot of being approved for.

Any suggestions for other first good cards? I'd like to stay away from secured cards if possible, rewards would be nice but not really necessary. I am looking for a nice card, preferably with no annual fee, that I can use minimally each month and pay off in full, so that I can start improving my credit!

Thanks for any advice

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Postby Robrus1 » Thu Oct 04, 2012 12:54 pm

Hi, I'd go ahead and apply for it. If you don't get it, I'd suggest going to a local credit union or bank, preferably the one you use, and try to get a card with them, which may or may not have a rewards program, but you'd be more likely to get a card. If you get one that way, keep the balance low and make payments on time for about 6 months or so, then apply for the chase freedom card you want. That's what I'd do, anyway.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

Money card
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Postby Money card » Sat Oct 06, 2012 8:28 pm

well Marissa for your first card it doesn't have to be good it has to be approiapate for you. First of all do you travel on business?
how about a citizens bank, M&T bank, TD Bank or key bank these are very nice cards. you metioned that your 25 and you make 40K
these are very nice starters. if you were Brian cushing a pro Football player in your 2nd year and you were looking for a good card
then we might suggest something more executive. But for your situation these are good to startout.

what about the bank where you have a checking account do they offer any credit cards or your local bank?

you could try Orchard this bank may have low limits like 500.00 but it's for people who are starting out like you. you have to start somewhere.

if you shop at any particular store like JC Pennys, Kohls, Lord&Taylor you might want to look into 1 of these cards.

these are good to start out any of these. then after you build your credit we can talk about some good cards like citibank, Chase or capital1, American Express or even Discover.

CC Deville
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Postby CC Deville » Sun Oct 07, 2012 10:22 am

Welcome to the forum. Are you by any chance a hairdresser? Anyway...if you have never had a credit card, you might have to start small before going for the big league's like Chase Freedom.

Firstly, which bank do you bank (checking/savings) with? If you bank with Chase, I would suggest stepping into a branch and speaking with a Personal Banker to see if they would be able to help you get approved for the card. I would not suggest this route if you are with any of the other boring Denver banks (US Bank, Wells Fargo, Key, Bank of The West) as their cards are pretty blah and they are also hard to get right off the bat.

Money card offered some suggestions from Citizens, M&T and TD Bank: these are not Colorado area banks and will likley not approve a Colorado resident for one of their cards.

Like Money card, I would suggest a Capital One Platinum card. You will probably have an annual fee, a high APR and a low credit line, but Capital One is a good stepping stone towards better cards. After 6 months to a year with Capital One, you will likely be approved for better cards from Chase, Citibank, Bank of America, Discover and Amex. Don't invest too much time and effort into the Capital One card; Capital One has a sell-by date. They are good to start out with but you will be disappointed if you expect the card to grow (upgrades, credit line increases, APR reductions). Keep your balance low (less than 20% of the credit line) and always pay on time and you will see your FICO score increase and you will not have any trouble being approved for better cards.

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