INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!.This rule applies to all Chase bank credit cards, as well as a goodly number of Chase co-branded credit cards. Known as the 5/24 Rule, Chase will automatically deny any applicant that has opened five or more credit accounts in the past 24 months, regardless of issuer or creditworthiness. Of course, no matter what your credit score, if you have too many recent accounts, you’ll typically be instantly rejected. Applicants with less than one year of verifiable credit history are often asked to reapply at a later time.Īdditionally, if you have a previous black mark on your history like a defaulted loan or bankruptcy, Chase recommends that your credit history shows at least three squeaky-clean years. In this case, you are essentially an unknown to the credit card companies - and unknowns are risky. If you’re new to building credit, you may not have a very significant credit history. Rejections seem to fall into one of two camps: too little overall history, or too much recent history. When researching common rejection responses, it seems that account history is the most frequently reported cause for denial. This will likely increase your credit scores, potentially increasing your likelihood of acceptance. If you pay down your current balances, your utilization will decrease once those updated balance are reported to the credit bureaus.
In some ways, your credit utilization may be one of the easiest denial factors to change - or at least the quickest. While this isn’t a hard-and-fast limit, the higher your utilization rate, the less likely you are to be approved for new credit. Your ideal utilization rate should be no greater than 30% - within the shaded blue area.Īs a general rule of thumb, most experts recommend keeping your utilization rate below 30% to avoid credit score damage. So, if you have a total credit limit of $10,000 and you have a total balance of $2,500, your utilization rate is 25%. Your utilization rate is essentially the ratio of your total credit card balances - what you owe - and your total available credit - what you have available. Which credit report (or reports) they pull will depend mostly on your location, as it seems to vary by state. Chase may pull from any one - or more - of the three major credit reporting agencies, Equifax, Experian, or TransUnion. The Chase Freedom Flex℠ is mainly for those in the “Good” (700+) to “Excellent” (750+) credit ranges, but there are reports of people being accepted with credit scores as low as 645.Īn important note thing to note about your credit score: It can vary depending on the source. Thankfully, it also happens to be one of the factors with the most leeway. While not the end-all-be-all of your application, your credit score is an important factor. 1. Good Credit Score Required - At least 645, According to Reviews Here are the three main impediments to approval for Chase Freedom Flex℠ applicants. While most of these variables have some wiggle room, others are often treated as hard-and-fast rules. There are many factors that go into determining your credit card eligibility. Possible Roadblocks | Current Offers | Denial Options | Reconsideration In the following article, we’ll take an up-close look at the Chase Freedom - credit score range, potential roadblocks, current Chase Freedom offers, and some options to consider if you don’t qualify for the Chase Freedom card. While not for those with poor credit, the Chase Freedom Flex℠ is a solid rewards card choice if your credit report is in good condition. One of the best cash back rewards cards on the market is the Chase Freedom Flex℠ credit card, which combines flat rate unlimited cash back, with bonus rewards that are available in a different category each quarter - including gas stations, restaurants, and wholesale clubs. Who doesn’t want what amounts to a discount on, well, everything? During a recent conversation about the ever-evolving payments landscape, my friend posed a question that made me think: With so many other ways to pay for things now, what’s the best reason to use a credit card? It took me a few minutes to find an answer, and when I did, I wasn’t sure why it hadn’t been immediately obvious - the credit card rewards.