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® offers - signup bonus, cash back rewards and more. This card is generally intended for people with excellent credit scores (750+) Chase is currently considering people with good credit as well. 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. 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.
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