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What Credit Score Does Chase Freedom Use?

A credit score is a crucial aspect when you want to apply for credit cards, and an excellent score is not always required. There are two cards from JPMorgan Chase Bank that are suitable for beginners in the financial world – Chase Freedom and Chase Freedom Unlimited. Find out what credit score does Chase Freedom use?

For both Chase Freedom and Chase Freedom Unlimited, one needs to officially have a credit score of at least 670 or higher. However, there have been reports that individuals with mid-600s or low-600 have been accepted for Chase cards.

Numbers on a blue credit card

Before you apply, you should work on building your credit score to secure approval. Now, let’s discuss the factors for getting approved and the types of cards.

What Credit Score Does Chase Freedom Use?

On the Chase website, you won’t be able to find any credit score recommendations. In fact, the Chase Freedom card has been discontinued, and they don’t issue it to new applicants. Individuals who still have this card can continue to use it or ask for a different card. Now, Chase Freedom Unlimited and Chase Freedom Flex have become the main credit cards applicants can receive.

The credit score that was acceptable for Chase Freedom is now acceptable for Chase Freedom Unlimited and Chase Freedom Flex. Applicants who want to be sure that they will be approved for these credit cards should have a credit score of 670 or higher. But, there were instances when applicants with lower credit scores still received the cards.

What Type of Score Do They Consider?

Once you apply for a Freedom card, Chase will take a look at your credit score. For this type of application, they use a specific type of scoring known as the FICO score. So when you’re checking your eligibility to apply for the Freedom card, make sure you use an online tool that shows FICO scores and not Vantage Scores.

Apart From Credit Score, What’s Important For Getting a Chase Card?

The fact that you have a score that is in the low-600s shouldn’t discourage you from applying for one of the Chase cards. Actually, the bank takes several factors into consideration. Here is a list of factors that can also determine whether you get approved for the card or not:

  • Income level,
  • Age of the credit accounts,
  • Payment history,
  • The relationship with the bank,
  • Ownership of other Chase cards.

It’s necessary to be careful about your credit score and seek every opportunity to make it even better by taking responsibility for your financial habits. In case you’ve become a trustworthy and reliable Chase customer, you should still try to apply for Chase Freedom Unlimited or Chase Freedom Flex.

Person in front of a bubble with credit cards

How Can You Check What Your Credit Score Is?

How can you find out whether your credit score is good enough for Chase Freedom Unlimited or Chase Freedom Flex? First, check to see what your current credit score is.

One can turn to three different agencies that can determine your credit score. The typical metrics for getting approval for a credit card are TransUnion’s VantageScore and the FICO Score of Experian. An entire report on your credit score can be requested from three different bureaus (TransUnion, Equifax, and TransUnion).

Other banks can allow you to check your score as well, such as Wells Fargo, Discover, American Express, and USAA. When it comes to Bank of America and JPMorgan Chase Bank, one can expect to have all three bureaus determine the score. They use Experian, TransUnion, and Equifax.

A person sitting next to a laptop and writing

What Factors Contribute to Your Credit Score?

It’s important to remember that every bureau will calculate your score a bit differently. You will get different results, but they shouldn’t vary significantly. However, there are several factors that have an impact on your score that you can count on. Here is what one should pay attention to:

  • Debt-to-credit ratio – if you manage to keep the debt-to-credit ratio below 30%, you can be sure that you’ll be rewarded with a higher credit score. Bear in mind that rent is not considered debt.
  • Payment history – Do you pay your bills regularly? This factor is essential to determining how high your score is. When you manage to pay your bills on time every month, you will get a high credit score.
  • New Credit – Individuals who have opened new credit accounts recently will have problems with their credit score since the creditors view this as financial distress.
  • Age of your accounts – The longer you have certain accounts, the more reliable you seem. It’s best to have a long credit history.
  • Credit mix – Creditors need to have proof that you have a mix of different credit accounts, and this can include that you have car loans and mortgages. High credit scores are given to individuals who properly manage their mortgage as well as car loans. If you are a student, you can still get a mortgage, so don’t worry that this can be a problem for your credit score. One can also mortgage a foreclosure. It’s best to read a couple of the best mortgage books before deciding to apply.

How to Prepare Before the Application

If we look at the reports different Chase clients have made, there are several steps you can take to ensure your application for Freedom cards is approved. If you’ve never used any type of credit before, it’s recommended that you have at least some prior credit history. In essence, it means you should have some type of credit card for at least one year and that you have no late payments.

In truth, JPMorgan Chase Bank could deny you simply because your credit history file is too thin. Keep in mind that you’ll have better chances of getting approved if you open an account in this bank, and use it regularly. If you are a renter, keep in mind that rent isn’t considered debt, and can not help you build your credit score.

A woman paying with a card

Here’s More Information About Chase Freedom Unlimited Card

The great aspect of Chase Freedom Unlimited is that there are no annual fees. The cardholders can rely on cashback for numerous services and products. Also, an additional cashback of 1.5% is available for purchases that cost up to $20,000. This benefit is available during the first year. Check the table below for more information.

The preferred credit bureauExperian but in some states, TransUnion and Equifax can be used
Benefits of the credit cardProtection against identity theft, fraud monitoring, and access to credit score information via Chase Credit Journey
Annual Fee$0
APRDuring the first year, it’s 0%
Required Credit ScoreGood and Excellent

Here’s More Information About Chase Freedom Flex

Similarly to Chase Freedom Unlimited, there are no annual fees. A great benefit is that the cardholders will receive a bonus of $200 in case they pay $500 during the initial three months. Also, there is a 5% cashback via a rewards program.

The credit bureau that is preferredIn Nebraska and Nevada, TransUnion is used, and in other states, any of the three
Benefits of the credit cardProtection against identity theft, fraud monitoring, and access to credit score information via Chase Credit Journey
Annual Fee$0
APRDuring the first year, it’s 0%
Required Credit ScoreGood and Excellent

Other Freedom Credit Cards That Chase Offers

Besides the Freedom Unlimited cards, Chase also offers some other convenient options. I’ve listed them in the table below.

Type of cardThe offerAt a glanceAPRAnnual fees
Chase Freedom FlexUp to $800 in total cash back with a $200 incentive and a 5% grocery store promotionEarn cashback on each transaction, and on cumulative purchases of up to $1,500, you can earn 5% cashback15 months from account opening, balance transfers, and purchases are subject to a 0% introductory APR$0
Chase Freedom StudentThe first purchase made during the first three months of account opening will receive a $50 bonusReceive a $50 bonus offer and 1% back on all transactions18.7% variable APR$0
Slate EdgeLow initial APR plus initial 18-month My Chase Plan after account openingReduce your interest rate by approximately 2% each year, and receive an evaluation for a higher credit limit automatically18 months from account opening, balance transfers, and purchases are subject to a 0% introductory APR$0

Check Your Credit Score and Apply for a Chase Card

If you have an excellent credit score of 800-850, you can be sure that you will get approved for Chase Freedom cards. A good credit score of 740-799 is acceptable too. A credit score of 650-600 can be accepted since other factors, such as income level and payment history, play an important role as well. With lower scores, you might struggle, but you shouldn’t back down from applying for the card.