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About LinkBacksFor the Chase Freedom what is the minimum credit score required to get approved?
My second question is I see there is both a Visa and a Mastercard version. When it comes to credit reports and what is best is there any advantage of choosing a Visa over a Mastercard or vice-versa at all?
Thank you!
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Credit score required for Chase Freedom?
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Awesome I was wondering these same questions. Subscribed to this thread.
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I've read that a minimum of Fico 706 will get your foot in the door if you have a short AAoA. I've seen ppl in the high 690s get approved, but they have HHI, long AAoA and no baddies.
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What does aaoa mean? And is experian score similar to fico?
Originally Posted by tntexan72
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AAoA = Average Age of Account. An AAoA of 6+ yrs is considered good-very good in the eyes of lenders.
Experian sells Plus scores for TU, EQ, EX
Equifax, Myfico.com sells Fico score for TU/EQ
Transunion sells Vantage scores for TU, EQ, EX
From my experience, most lenders, utility companies now days tend to pull Fico scores from EQ.
Amex tend to pull all 3 scores but mostly EX
Citi, Chase, Discover likes to pull EQ score
Barclays tend to pull TU scores for new applicants
It's important to research the CC you are planning to apply for. Than go over your CR to determine which CC you are most likely to be approved for base on your score. You don't want to go on an app spree cause hard inquiries (trying to obtain new credit) make up 10% of the Fico scoring system. The hard inquiries will be factor into your Fico scoring system for 1 full yr. So choose wisely.
Sorry if I bla, bla, bla, too much...just thought I add my .02.
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tntexan- that's not bla bla bla, that's VERY useful info!! I like the bla, bla, bla like that so keep it up, alright?
About the Chase Freedom's credit score requirements, there was a guy on here that was 18 or 19 posting a couple months ago about how he was able to get approved with almost no credit history. Initially he was declined and then he called them up and pleaded for them to give him a chance, even if it was with a low limit of $500 and that is what Chase did.
If you are newer to credit and don't have any negatives, I would say your chances are fair. If you have a credit history with some negatives than it might be tougher.
There is no benefit to your credit score in choosing Visa over MasterCard or vice versa.
Here is the review of the Chase Freedom card that goes over it in detail.Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
Current Cards: American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Citi Thank You Premier
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To answer your question, I JUST received this card in the mail today. I have a FICO of 704. I believe they have gotten a little more lienient on scoring since I have always been denied from Chase in the past. Right now it looks as if they are just wanting to open up new accounts. I got a weak $600 credit limit. I have a Bank Of America cash rewards card with a $9,000 limit and one from my credit union for $13,000. I am calling for a human analyst review tomorrow to see if this can be increased.
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What kind of credit score would you need to get a bofa cash rewards btw, and how's that card?
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I received the BOFA Visa signature cash rewards card with a score in the 720s. I was given a 12,500 limit. It is a solid card for rewards.
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Do you think it's smart to get that card just because I should have a good credit limit with it even if I didn't Realy use it? Because I have above 700s credit sore but my highest limit right now is 1k only. Another words, would getting a card with a higher credit limit such as that higher my credit score just from having it?
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