Q: I have about 1 year of credit history with Experian credit score of 702, do you think I can apply for the Chase Freedom credit card?
You're undoubtedly tempted by the many features the Chase Freedom Visa offers - signup bonus, cash back rewards, no interest for 15 months. This card is generally intended for people with excellent credit scores (750+). While a FICO score of 702 is quite respectable. with only a year of credit history, you're still an unknown in the eyes of most potential lenders.
If you managed to nab a high-paying job out of college (and I'm assuming you recently graduated), and it's clear you won't have a problem making your payments, that should improve your odds of getting the Chase Freedom Visa. There are so many factors that go into a credit card issuer ultimately deciding whether to take you on as a credit card user.
These factors include your employment record and salary, how much debt you already have and, most importantly, how you've you managed that debt. If you've maintained a pretty clean record for the whole year, you're in better shape than if, for instance, you've just recently been late with a payment a few times. If your credit score was 753 four months ago and now it is 702, Chase may see the downward trend as problematic.
That said, a credit score of 702 is pretty good, and before the recession, it would have been considered borderline excellent. But now, 750 is generally is typically the bottom of what's considered excellent. If you want another suggestion, I'd set your sights a bit lower. If you're looking for a rewards card, the Citi Forward Card might be a good choice for you. It's aimed at young people with good credit, paying up to 5 percent cash back on every dollar spent on eating out, books, movies and music.
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