Advice on Applying for Chase Freedom

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jrmsu
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Location: Mississippi

Advice on Applying for Chase Freedom

Postby jrmsu » Sun May 04, 2014 10:32 am

Hello Everyone,

I'm fairly new to credit cards, and I could use some advice. I want to apply for the Chase Freedom credit card, but I was just approved for a card with Bank of America. I do not want to freak BoA out by applying for another card so soon. Really, I would rather get the Chase Sapphire card, but I figured I shouldn't apply if the card is not shown in my pre-qualified offers. I figured I could use the Freedom card responsibly for 1 year and them apply for the Sapphire.

Should I wait 6 months to apply for the Chase Freedom or go ahead and try now? I'm just asking for opinions unless one of you is psychic and can tell me for sure if I will get approved.

My Current Cards
*Discover It $4,250 - Opened 9/13
*Bank of America Cash Rewards $5,000 - Opened 4/14 (I mainly opened this account because it gives money back to my alma mater and the 2% cash back on gas. The Alumni Association supposedly makes a lot of money on these cards.)

My credit score according to my last Discover statement is 745. My annual income is $40,000. I keep my utilization rate below 30% with it usually being no more than 10%. I have no baddies on my credit report.

I have two loans.
*A car loan that is a year old and should be paid off in two years although the loan has four more years.
*A two year old small computer loan that will be paid off next month.

Thanks!
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)



CredAddct101
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Location: USA

Postby CredAddct101 » Sun May 04, 2014 9:20 pm

jrmsu wrote:Hello Everyone,

I'm fairly new to credit cards, and I could use some advice. I want to apply for the Chase Freedom credit card, but I was just approved for a card with Bank of America. I do not want to freak BoA out by applying for another card so soon. Really, I would rather get the Chase Sapphire card, but I figured I shouldn't apply if the card is not shown in my pre-qualified offers. I figured I could use the Freedom card responsibly for 1 year and them apply for the Sapphire.

Should I wait 6 months to apply for the Chase Freedom or go ahead and try now? I'm just asking for opinions unless one of you is psychic and can tell me for sure if I will get approved.

My Current Cards
*Discover It $4,250 - Opened 9/13
*Bank of America Cash Rewards $5,000 - Opened 4/14 (I mainly opened this account because it gives money back to my alma mater and the 2% cash back on gas. The Alumni Association supposedly makes a lot of money on these cards.)

My credit score according to my last Discover statement is 745. My annual income is $40,000. I keep my utilization rate below 30% with it usually being no more than 10%. I have no baddies on my credit report.

I have two loans.
*A car loan that is a year old and should be paid off in two years although the loan has four more years.
*A two year old small computer loan that will be paid off next month.

Thanks!

,
I don't see why you should wait. I was approved for a Citi Thankyou Card, BOA Cash Rewards on the same day. Two days later I was approved for a Chase Freedom Card. They will use their own internal scoring system. Your results may vary, and there is a chance you can get a low credit limit. My goal is also to build up a good history with Chase. Hope that helps!

takeshi
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Location: US

Postby takeshi » Mon May 05, 2014 1:22 pm

jrmsu wrote:Really, I would rather get the Chase Sapphire card, but I figured I shouldn't apply if the card is not shown in my pre-qualified offers.

Why? They're just marketing. If I used that approach I wouldn't have any cards.

jrmsu wrote:Should I wait 6 months to apply for the Chase Freedom or go ahead and try now? I'm just asking for opinions unless one of you is psychic and can tell me for sure if I will get approved.

We can't tell you if you need to app now or in 6 months either. Do you expect your credit to significantly improve in 6 months?

jrmsu
Platinum Member
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Posts: 79
Joined: Sun May 04, 2014 9:53 am
Location: Mississippi

Thank Y'all

Postby jrmsu » Mon May 05, 2014 3:07 pm

Thanks CredAddct101 and takeshi!

I thought about waiting 6 months in order to build some payment history with the second card. I went ahead and applied for the Chase Freedom today and got instructed to call Chase. The customer service rep said I would need to mail them proof of residence before making a decision on my application. Not sure if that means my app will likely be denied. I guess I will send them the info and hope for the best.
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)


jrmsu
Platinum Member
Platinum Member
 
Posts: 79
Joined: Sun May 04, 2014 9:53 am
Location: Mississippi

Postby jrmsu » Mon May 05, 2014 4:47 pm

Nevermind, I called Chase and spoke to another representative about the proof of residence and copy of my social security card. I told them I didn't feel comfortable sending a copy of my SSN. The representative just asked me a few security questions and approved me for $3,000. That is better than waiting 7 to 10 business days to receive the letter to send the requested documents and 7 to 10 business days to get a reply!
My Cards:

Discover It - $8,450 (9/13)
BankAmericard Cash Rewards Visa Signature - $5,000 (4/14)
Chase Freedom - $3,000 (5/14)
AMEX Hilton HHonors - $16,500 (6/14)




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