Kicker wrote:Thanks for the reply jdauria. The loan is to be paid off after I graduate which will be in a year or two so it's definitely not a burden financially. I've been researching online for some good cards that have a decent approval rate so I thought the Freedom card would be good.
Do you recommend that I look at another card? And I like rewards programs but it's not too crucial.
jdauria wrote:From the reviews I've read and peoples comments, they love Chase Freedom. I actually applied for Chase Freedom, and still waiting for approval from them. The 5% back on rotating categories is a great rewards program. I applied for Citi Forward and was immediately approved with $6k credit limit, you get 5 pts per $1 spent at restaurants, bookstores, music stores etc. I haven't received the Citi card yet, but I am excited to start the rewards program with them.
I am young just like you (23), and just starting out, trying to build some creditworthiness. If you eat out a lot at school (or bars), the rewards program can only benefit you if your pay it off every month. As for Amex, it's more of a protection thing if someone makes fraudlent charges, you lose the card etc.
Vermonster wrote:I think the biggest draw of the Freedom is Ultimate Rewards. Shopdiscover is the only one that people seem to like more. I've heard people say the Citi version is the worst. YMMV
When I was researching the Freedom I found someone that had a very similar credit file to mine, 4years AoAA, no baddies, Student loans, and about a 710 score. He put $10k on the app for income and Chase gave him a card with a $500 CL. I had been hired, but hadn't started working at my new job at the time so I was told to estimate my income this year. I put a conservative $12k and was given a CL over $2,500.
So yes a higher income helps, but at the same time lying about it could get you into trouble later down the line. $12k was an estimation for me but I can back it up by showing I earned $10k between Jan and Aug.
I hope that helps.
Snowman wrote:Kicker, what are your scores, and what does your history look like? I too am a college student with about the same income as vermonster (about 400-500$ off, but it's a small bump, so I put 12,000 on there since they wanted rounded numbers and it's my projected income as well.) In my area Chase pulled EX, and they denied me because this is there for denial for me ( I applied November 24th, with a credit hisotry of about 6-7 months)
"Thank you for your interest in our CHASE FREEDOM Visa Platinum credit card. Your application was given thoughtful consideration by CHASE BANK USA N.A.. After reviewing the information provided in your application and your credit report, we regret that we are unable to approve your application at this time. Our decision was based on the following specific reasons: Not enough accounts opened long enough to establish a credit history".
Also they look at Utilization and making sure everything else is clean. And I think it is best what you put down what was on your tax return or list your projected income and see what happens. I applied for 4 cards and got approved for 3. Good luck.