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

FAQs

How hard is it to get approved for a Chase Freedom credit card? ›

To recap, good credit (a FICO® Score of 670 or higher) is recommended to get the Chase Freedom Unlimited® or the Chase Freedom Flex®, as those are some of Chase's best credit cards. You'll also need to pass Chase's 5/24 rule, and it helps if you've been using credit for at least a year, too.

Anyone applying to a sought-after Chase card like Chase Freedom Unlimited will likely have a better chance of approval with a score of at least 670, but higher is always better. Just as a score of 670 or above doesn't guarantee approval, having a score lower than 670 doesn't guarantee a rejection.

Your card approval odds are good if you have a credit score of 700+, which is considered good credit. Approval odds for the Chase Freedom Unlimited card will also be influenced by your annual income and existing debts. Applicants will need to be 18+ years old with a U.S. mailing address and an SSN or ITIN, as well.

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.

Why it's one of the hardest credit cards to get: Chase Sapphire Reserve® is one of the hardest credit cards to get approved for by virtue of the fact that it is one of the best rewards cards on the market. From its initial bonus of 60,000 points to the ...

The Chase Freedom Rise® card is the easiest Chase credit card to get. But you still need good credit to get approved for the Chase Freedom Rise.

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.

The Chase Freedom Unlimited Card has a minimum credit limit of $500, which you may receive if you get approved for the Visa Platinum version of the card. If you get approved for the Visa Signature version, based on factors such as your credit history, income and debt, the minimum credit limit will be $5,000.

Begin your credit story with Chase: No prior credit history is required to qualify. Chase does not require a prior credit history to qualify for a Freedom Rise card. Something else that may help is opening a Chase checking account and depositing at least $250 within three days of submitting the credit card application.

You Chase Freedom Unlimited® could be denied because of a low credit score (below 700), not enough annual income, or too many recent credit inquiries. Other grounds for denial could be incomplete or inaccurate information on the application, or a pending bankruptcy on your credit report.

Which bank approves a credit card easily? ›

How long does it take for an application decision to be made? Generally within 14 days of submitting your credit card application, you should receive a decision or a follow-up on your application. It can also take as little as an hour.

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.

There isn't a formal, consistent policy that limits the number or timing of your applications with Chase. The general rule of thumb is to limit applications to no more than one personal and one business card within 90 days. Still, I've also read reports of applicants being approved for two personal cards in a month.

2/30 Rule. The 2/30 rule says that you can only have two applications every 30 days or else you'll automatically be rejected.

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.

While the terms and conditions of the Chase Freedom Unlimited® card do not disclose a specific minimum income requirement, the higher your income is, the more likely you are to be approved. Your income will also play a big part in determining your credit limit, with higher incomes generally leading to higher limits.