Chase Freedom Credit Score: Here's How to Get Approved | The Motley Fool (2024)

FAQs

Is it hard to get approved for Chase Freedom? ›

It's not hard to get a Chase Freedom card. If you're building credit, you could qualify for the Chase Freedom Rise℠ Credit Card, even if you don't have a credit score yet. The Chase Freedom Unlimited® and Chase Freedom Flex℠ are more difficult to get, as they generally require a good credit score of 670 or higher.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Based on anecdotal information, Chase generally uses credit data from Experian. However, Chase may opt to review your Equifax or TransUnion credit reports instead depending on which state you live in. That said, Chase reports account information to all three credit bureaus.

The easiest Chase credit card to get is the Chase Freedom Rise℠, as applicants can get approved for this card with limited credit. This means the odds of approval are good even for people who are new to credit, making the Chase Freedom Rise℠ much easier to get than other Chase credit cards.

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

In most cases, it's one of the following: Your credit score is too low. You don't have enough income. You have too much debt relative to your income.

The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months. Put simply, the number of cards you've opened in the previous two years will affect your approval odds with Chase.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

“Chase maintains a blacklist of thousands of people who Chase decides it does not want to do business with for any reason or no reason,” according to the complaint.

Chase Credit Journey^® uses the VantageScore^® 3.0 model, which calculates your score based on these 6 key score factors. Other models, like the Fair Isaac Corporation (FICO^®), may use different factors.

What credit score does Chase want? ›

Most Chase credit cards are intended for consumers with good to excellent credit scores (FICO® Score of 670 or higher). A score above 700 is even better and gives you a strong chance at approval.

However, these reports are generally updated every month. When you enroll in Chase Credit Journey^®, you can see updates to your credit score as frequently as once a week if you'd like.

The starting Chase credit card credit limit varies by card and it could be as low as $500 or as high as $35,000+, depending on the card and your overall credit standing. The issuer, though, only discloses the minimum credit limits for each of their cards.

The approval criteria varies

Your application could be approved for one card in minutes, but you might wait much longer for a decision on another credit card application.

On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.

Chase Freedom Rise is a card that may be available to people new to credit. Visit your local Chase branch to apply. You can also use Chase Credit Journey^® as a resource for free credit score monitoring and receive a free, personalized score improvement plan provided by Experian™.

Chase offers one card with no minimum credit score requirement. The Chase Freedom Rise℠ doesn't require a credit score or any credit history at all for approval. It's made for consumers who are building credit for the first time, but not for those who are rebuilding credit after previous issues.

Chase credit card approval odds are best for people with a credit score of 700+. That means you'll need at least good credit to be approved. Chase credit card approval odds will also be influenced by the applicants' annual income and existing debts.

An all-time favorite, the Chase Freedom Unlimited is a great card for just about anyone because it comes with solid cash back rates without tons of fees or strings attached. Plus, the card's revamped rewards, including boosted cash back during your first year, give cardholders more bang for their buck.