First things first: Chase does not publish information on card approval odds or credit scores needed to qualify for Chase credit cards. This article is based on information from past successful (and unsuccessful) applicants, and is therefore only an educated guess!
That said, the Chase Freedom Unlimited® is one of the easier cards to be approved for in Chase’s credit card lineup. However, that does not mean it is an easy card to be approved for overall. Chase generally prefers its cardholders to have at least some credit history, so your chances for approval will be much worse if you’re a beginner looking for your first starter credit card. Usually you will want to have at least a year of credit history with a different credit card issuer before trying to be approved for the Chase Freedom Unlimited®. If you have more history than that, read on…
Chase Freedom Unlimited® Approval Odds / Credit Score Needed
Your chances of approval for the Chase Freedom Unlimited® will obviously be higher if your credit score is higher. How high? Well, you’ll probably need at least a 650 credit score to have a chance at approval, and in most cases an approved cardholder will have at least a 700 credit score.
- If you have at least one year of credit history and a credit score over 750, your chances for approval with the Chase Freedom Unlimited® are high. 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 over two years of credit history beforehand.
- If your score is 650 to 700, your approval odds are only 50-50, and you might want to wait until you’ve achieved a 700 score before you apply.
Note that your credit score is not the only factor in determining your odds of being approved for the Chase Freedom Unlimited®. Factors such as income, the number of recent new card accounts opened, credit card utilization ratio (the balances on your current credit cards in relation to your overall available credit), and other measures could be looked at more closely in deciding on your application. Note also that Chase has an unspoken “5/24 rule” that says Chase almost never approves applicants who have already been approved for 5 credit cards or more in the last 24 months. (That’s 5 cards from any card issuer, not just Chase.)
Lower Credit Scores Get Lower Credit Lines
While Chase has many desirable credit cards, including the Chase Freedom Unlimited®, your happiness with the card may depend to some extent on how large of a credit line you are given with the card. Chase says they may approve some cardholders with credit lines as low as $500. If you are approved at that level, you might find it difficult to use the card on a regular basis without hitting the top of that limit, and a smaller credit line would also limit your ability to take advantage of the nice rewards the card offers.
Good luck on your approval for the Chase Freedom Unlimited®!
Author: Adam Jusko