NOTE: Chase doesn’t publish information on card approval odds or minimum credit scores needed. This article is based on information from past successful (and unsuccessful) Chase Freedom Flex℠ applicants; your results may differ.
The Chase Freedom Flex℠ is on the easier end of Chase’s credit card lineup when it comes to approval odds. If you’re not completely new to credit, and if you’ve successfully handled one or more other credit cards for at least a year, your chances of approval will be fairly high. On the other hand, if you’ve never had a credit card before, the Chase Freedom Flex℠ probably won’t be your first.
Chase Freedom Flex Approval Odds / Credit Score Needed
You’ll probably need at least a 650 credit score to have a chance at approval for the Chase Freedom Flex℠, with the odds increasing as your credit score increases. In general, you could look at the following credit score ranges to assess your odds:
- If you have at least one year of credit history and a credit score over 750, your chances for approval with the Chase Freedom Flex℠ are very good — probably 80%-90% of applicants would be approved with those qualifications. If you have greater than two years of credit history and a 750+ score, your chances are even better.
- If you’re between a 700 and 750 credit score, your chances are still good for approval, with probably 70%-75% of such applicants being approved. Again, your chances will be better with at least a year of credit history, and even better with two years or more.
- If your FICO credit score is 650 to 700, your approval odds are probably only 50-50, and you might want to wait until you’ve achieved a 700 score before you apply.
Credit Score Is Not Everything!
While your credit score is important, it is not the only factor Chase will consider when looking at your Chase Freedom Flex℠ card application. I’ve already mentioned that having a longer credit history will improve your odds, but other factors that could make a difference include:
- Income (the higher the better)
- Credit utilization ratio (the balances on your current credit cards in relation to your total credit limits; lower is better)
- Chase’s “5/24” rule, an unofficial but well-documented standard that says Chase almost never approves people who have been approved for 5 credit cards or more in the last 24 months. (That’s 5 cards from any card issuer, not just Chase.) Even if you are “under” 5/24, Chase will still take a close look at the number of credit applications in your recent past.
Higher Credit Scores Get Higher Credit Limits (Usually)
The Chase Freedom Flex℠ is a great rewards credit card, and being approved is exciting, but your excitement will probably be a lot higher if you’re approved with a high enough credit limit to make the card something you can use regularly. Chase may approve Freedom Flex℠ cardholders with very high credit limits (for example, my limit is $24,000) but Chase may also give approval with a limit as low as $500, which is a bit more “limiting.” Either way, you’d still be able to maximize those sweet 5% categories, since the quarterly limit on the 5x categories is $1500.
Good luck on your approval for the Chase Freedom Flex℠!
Author: Adam Jusko