Will a Chase checking account help qualify me for credit?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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andy1088
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Will a Chase checking account help qualify me for credit?

Postby andy1088 » Thu Dec 29, 2011 9:24 am

I applied for a freedom last night. My scores are in the high 600's around 670. I have a Chase checking account and rarely is my account under $2,000. Does this factor into my decision at all? If I get rejected I will call the backdoor number and explain this to them, but I don't see why banking with them and having a decent amount of cash in my bank account at all times wouldn't help me. Any advice to get the card is also welcome, thanks.
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500


namvet
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Postby namvet » Thu Dec 29, 2011 1:14 pm

Freedom is a great card but i don't think the amount you have in your Chase checking will have any positive effect on your application status. Your scores but other factors willl be considered in the approval process i.e. length of credit history, credit limits and balances open etc.

ivotedale
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Postby ivotedale » Sat Dec 31, 2011 1:30 am

I don't think the amount in your bank account will be considered for this card, though if it is, I'm sure you'll be approved- unlike you, I seldom have more than $300 at any time in my checking (I'd rather have as much as I can in my high yield savings than checking). Come bill time however, I always do have the cash available in checking to pay bills.

Another thing in my experience- I wasn't immediately approved (applied and approved around November of this year), but called the application status line a couple days after applying, and was told by an automated message that I was approved with $1,000 limit, though with a high APR. I don't carry balances month-to-month anyway, so it's not necessarily relevant to me.

@Namvet is correct in saying "Your scores but other factors willl be considered in the approval process i.e. length of credit history, credit limits and balances open etc."

So with that said, best of luck with the app. I believe I have scores around the 670's, give or take a few points, as well.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF


andy1088
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Postby andy1088 » Sat Dec 31, 2011 11:18 am

No I did not get approved. Oh well
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

ivotedale
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Postby ivotedale » Sat Dec 31, 2011 1:06 pm

What were the reason(s) in particular if you don't mind sharing?

I tried about two times in the course of two years before getting approved, but was denied immediately, mainly because I was only working part-time when I applied. Obviously working as a PT cashier in retail at the time didn't equate to much income, and I had only one credit card under my belt- so they gave me reasons of "too thin a credit history," and "not enough income" or similar, circa 2008-09.

So though I've heard stories of the most recent Chase Freedom card being awarded to those who had little to no credit, and we don't know what your immediate credit history is within this post, this card is definitely a slightly more difficult card to obtain these days it seems.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

andy1088
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Postby andy1088 » Sun Jan 01, 2012 10:53 pm

too many pulls.. I asked even for a small credit line and she said no.. oh well..
My cards
Chase-Sapphire-$5,000 Freedom-$3,000, Amazon rewards-$700, Slate-$600
Citi- Diamond Preferred-$4,000, Thank you-$2,500
Discover IT-$2,500
Bank of America cash rewards-$2,000
Capital one newcomer rewards-$500

FutureBillionaire
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Postby FutureBillionaire » Wed Jan 18, 2012 3:47 pm

How many pulls did you have?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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