I just got approved for two new chase credit cards yesterday, and I want to make this post to share with you how I did it, how you can do it, and if it is something that I would do again. I have made over 150 daily personal finance and credit card related youtube posts aimed at the high school and college students looking to get ahead upon their finances.
I got approved for two new chase credit cards
I have given lectures for hundreds of college students, and I have a podcast called young smart money over on iTunes, and today I want to share with you how I got approved for two new chase credit cards, the Chase Freedom Card and the Chase to freedom unlimited credit card. Yesterday evening I applied cards got approved for both of them, let me tell you this story.
What did I do well I applied for the Chase Freedom and the Chase Freedom unlimited credit cards? Yesterday I got approved for both of them with a 2.5 thousand dollar limit on each, that's five thousand dollar credit limits total. Let me tell you my background, what I had done in the past to get proof of these cards.
What happened after I was actually rejected at first
At first, I was actually rejected for both of these cards and had to call into the reconsideration line to get my case straight and to actually argue my case for why I should be proof for both of these cards, and it went through on both. Let me tell you what happened.
First, my background. My background is right now before I applied for both these cards I got two credit cards. I got the US bank cash plus card and I have the fidelity visas signature card. My first credit was actually u.s. bank platinum card, which I upgraded to the cash plus, and then they got the fidelity about three months ago.
My total credit limit is high
I've had my US bank card for about a year and a month now. I've got a little bit of credit history built up not too much, but I was able to prove for both the chase freedom and the chase freedom unlimited cards with just this much history, and my total credit limit without these two new cards is about six thousand dollars, a little bit over six thousand.
With these new ones, it's about eleven thousand, additionally, I do have a student loan that is actually helping to build my credit. So I've got a student loan, I've had that for about nine months because I just finished my freshman year at college. I've got that working for me as well, won't be too keen to pay that off, but it's working for me now.
That's great, I'm also a student and I am employed, I make about fifteen thousand dollars yearly including my investment income. I also get some support from my parents, through a 529 plan the dan set up for me. That is helping me pay for my school and my housing right now which is also great.
The factors that helped me get approved for these cards
My total income without that is about fifteen thousand dollars yearly, I work as a server and a couple of side gigs as well, so that's how I'm able to make that as a student, and additionally, I do have about ten thousand dollars in a chase savings account.
Now that is to get this bonus that you get for signing up, and putting a bunch of money in a chase account, but it was also to help out with getting approved for these cards. Because I don't have a previous relationship with the Chase except for this savings account that I've only had open for about a month now.
But that was a beneficial factor that helped me get approved for these cards, so that's all the relevant information that I think applies with me getting approved for this card.
What I did for getting approved
Now let's talk about what I did. so I decided it was time to apply it for some more credit cards, and I had these two in mind that I was going to apply for four months, now these were the next two in my list. I've got a whole list of credit cards that I'm planning on applying for in a certain order all strategically.
I can share them for you if you'd like, if you're interested in that I'll send it over to you or I posted my comments or something. These two were next on the list because I want to start building a relationship with Chase, while I don't have very many credit cards because of their 5:24 rule.
Essentially if you get a lot of credit cards you can't get some chase cards for a while, you have to wait a while to get those cards. I'm like get them early but rather than waiting and not being able to get them.
I call the number after they send me a letter
First, I applied for the freedom card because I was like if I could only have one, I'd rather have the freedom, so I applied to the freedom card and I got rejected. What I did is I googled their reconsideration line which I recommend you always do if you were rejected for a card, because in my case it really made sense for me to do this.
Because what happened was with my information they flagged it, as they basically put a red flag on my thing and they're basically going to send me a letter saying 'we need more information from you, call this number. ' So I just excavated the process, called the number right away, and they were confused for a couple of reasons with the information that I provided.
My information make confused
Firstly, they were confused because I put my housing payment as $0, and the reason I did that was that it's getting paid for through my 529 plan. It was my parents set up for me, and that's not coming from my income.
The housing payment they all subtract that from your income to see where your debt to income ratio is or what your housing payment to income ratio is, and mine is zero because it's not coming out of my income, so I put that at zero.
And they also flagged my application, because I listed an employer, I listed an income that I was making, but then it's my occupation. I also listed that I was a student, so that brought up a red flag for them because they're like you're a student but you have a job, you're making money, what does all this mean?
Clarified all that information with them
I just clarified all that with them, also the name of my employer is tiny diner which they also didn't understand, they were like what does this mean. I just had to clarify all this information with them and didn't the Recon line and then they were like all right, sounds good, you are approved now. So that was great.
Then the same thing happened with the freedom unlimited. After I got approved for the freedom, I applied for the unlimited, and then they flagged the same stuff. I just called him again, I was like sorry, I just did this one spin. I'll do it again. So I explained to them all my information and they're like approved, sounds good, we'll send you the card.
Call in the Recon line if they deny you
That's what I did, it was pretty straightforward, I mean there was not a lot to it, you basically just fill an application, it's really easy, and then they either approve you that it's not or they deny you, and you call in the Recon line if they deny you. If you think you have a valid reason why you should be proof of this card because I didn't see any reason why it shouldn't have been approved.
I had over your credit history which changed likes to see I have a banking history with Chase, so I was like I don't see any reason why I should be rejected for this card. That is why I call it into the Recon line and just confirm with them my information.
What did I learn from this experience? I learned that you need to call the Recon line, that's moral, is a story, I probably should have done that. I made a post that is the biggest vid on my channel so far, it's why I rejected for the Amazon Prime card, and in hindsight, I shouldn't have applied for the card, I didn't have enough credit history.
Call the Recon line there might have been a chance
But if I would have called the Recon line there might have been a chance that I could have worked something out or been able to get approved, this card probably not for the Amazon card, because I hadn't had a credit history for that long, and it's kind of an upper card. I think now like if I get approved for it if I still wanted that much.
But I think I probably should have called the Recon line, then but who knows. I always think you should call the Recon line though just because you want to get a second chance. If you get rejected by an algorithm just didn't understand your information like it for me, I think it just makes sense to call in just clarify what your information means, and then have them give you a second consideration.
Call them sure you're nice to them
But when you do call them sure you're nice to them, they're real people, they are living their own lives too. They're just trying to go to work and make some money and provide for their family, so like be nice to them, treat them like human beings, don't just like treat them as an obstacle.
You have to get past to get this credit card like be real with them, ask them how their day is going, like be a genuine human being with these guys, because they are real people. Give them some respect, and also don't put you're a student but also you have an employer and also you're making money, because that confuses them and then you'll just have to call into recon and because there's going to flag your application as weird.
Apply for the chase United card
Make sure that you're filling out the application correctly, and if you are a student it's also making money, be sure you clarify where the money's coming from, and that you're also a student, just because it can be a bit confusing for this algorithm to see that you're student and you're also making money. What's never be in the credit card realm.
As I said, I think my next credit card move is going to be the chase United card, just because it's got a pretty sweet signup bonus. I'm going to hit that and then after a calendar year, I'm going to downgrade it to the free one, so I don't have to pay an annual fee and then after that, I'll probably wait until my 5:24 is up.
Because that'll be my fifth credit card and once I've had my US banker for full two years, then I'll probably apply for the Chase Sapphire Preferred in order to complete the chase trifecta. I was thinking about the reserve and we'll see where I'm at in about a year's time, that's what I'll apply for this one, but I don't know if I get enough use out of that.
Get enough use out of that
I don't really travel a lot as a college student, it is a travel credit card and the annual fee is actually four hundred and fifty dollars. You do get a three hundred travel credit though, so it frees really only about one hundred and fifty dollars, but I just don't know if I would get enough use out of it too.
If $150 annual fee card, the preferred on the other hand is only $95 fee, so I think that's a little bit more justifiable, and I am looking to get one of those before I got finish out my or while I'm still under 524. I'm still able to get to one of these 524 cards from Chase.
Other web page resource
Applied the same day for 2 credit cards from chase: applied-the-same-day-for-2-credit-cards-from-chase