How to Increase Your Approval Odds for a Credit Card | Chase (2024)

It can feel intimidating to apply for a credit card, especially if you're unsure of the qualifying factors that lenders use to approve or decline someone. Perhaps you're also unsure of your credit score at the moment. If you've closed old credit cards or paid off debt in recent months, your credit score may have fluctuated.

» More: Starting to build credit? Freedom Rise℠ offers cash back on each purchase.

In this article, we'll share some ways to increase your odds of getting approved for a credit card. You'll learn:

  • How to increase your odds of getting approved for a Chase credit card
  • How to know if you'll qualify for a credit card
  • How to find out your credit score
  • What information you'll be asked to provide on a credit card application

Do I qualify for a Chase credit card?

Chase often sends credit card offers in the mail to prequalified or preapproved candidates. If you've received one of those offers, it's a good sign you could qualify for a Chase credit card. A lack of card offers in your mailbox doesn't mean you don't qualify though. Preapproval offers can also be delivered by email or you may receive a phone call from the credit card issuer with an offer.

A preapproval offer suggests you've passed the first step in the screening process. But remember—you can't actually be approved for the card unless you continue with the application process.

How to increase approval odds for a Chase credit card

It's easy to doubt your credit card approval odds when you don't have information about your credit health. Following a few simple steps can help you understand your credit and how lenders use it to make decisions. Knowing this information may help you to better understand which cards you're more likely to be approved for.

Here are a few tips to increase your odds of being approved for a Chase credit card.

Enroll in Chase Credit Journey®

Credit Journey is a free resource offered by Chase for understanding your credit score. It's a way to assist you on your journey to building and maintaining good credit—and you don't need to have a current relationship with Chase to get started. Here are a few benefits you'll get with Credit Journey:

  • Monitor your credit score without impacting your credit.
  • Get alerts when there are changes to your credit report.
  • Monitor your identity and receive alerts if your data is breached.
  • Get round-the-clock support.
  • Create a personalized action plan, provided by Experian™, to increase your credit score.

Learn more and enroll in Credit Journey® today.

Open a checking account

There are several reasons why opening a checking account is a beneficial step to take before applying for a credit card. Not only does it make paying your bills much easier, but the account statements provide a record of activity during a certain time prior, so you can review your spending.

Furthermore, because a checking account is often required to make credit card payments, having an account before you apply may help your odds of approval. If you have a checking account, you may be more likely to receive prequalified offers for credit cards. A prequalified offer is based on a simple review of your information, called a soft inquiry, and therefore doesn't affect your credit. Keep in mind that having a prequalified offer does not mean you'll be automatically approved.

Sign up for direct deposit

Besides being a convenient way to receive your paychecks, direct deposit also creates a record of your employment income. This is a great way to show lenders you have a steady stream of income and may pose less of a risk for defaulting on your credit card payments.

Having direct deposit is not a requirement for credit card approval, but giving the card issuer access to the information may help.

How do I know if I'll qualify for a credit card?

When credit card issuers review a credit card application, they're looking at an applicant's credit profile and history. They're attempting to assess your creditworthiness, or reliability as a borrower. Before applying, you may want to find out your credit score to estimate the odds of being approved for a card.

Credit score ranges

Your credit score is one of the most important factors that a lender will consider before approving someone for a credit card. It's a descriptive indicator of your credit health. Scoring models vary, but for example VantageScore® uses the following ranges:

  • Excellent: 750 to 850
  • Good: 700 to 749
  • Fair: 650 to 699
  • Poor: 550 to 649
  • Very Poor: 300 to 549

When your credit score falls into one of the higher ranges, your odds may be higher for being approved for a credit card.

Factors that affect credit score

There are several factors that make up your credit score, each with slightly different weights. These include:

  • Payment history
  • Age of credit accounts and types of credit
  • Percentage of credit used
  • Total balances and debt
  • Recent credit applications
  • Available credit

For a deeper dive into how each of these factors affect your credit score and tips on how to improve your score, sign up for Credit Journey®.

What information do I have to provide on a credit card application?

Curious what you'll be asked on an application? Card issuers want to get a full picture of your financial health before lending you credit. In addition to reviewing your credit history, most credit card applications will want the answers to the following questions:

  • Your full legal name. This is the name you use on your official government documentation, like your driver's license and passport.
  • Your Social Security number and/or ITIN. The Social Security Administration provides SSNs, while the Internal Revenue Service issues ITINs. A credit card application typically requires only one or the other.
  • Your physical address. This is the address where you expect to receive your credit card statements.
  • Your gross annual income. "Gross" refers to your income before taxes. Card issuers use this information toestimate your ability to pay your card debt and determine what your credit line will be.
  • Your employment status.This identifies whether you are employed, unemployed or self-employed. You may need to provide your employer's phone number (or, if you are self-employed, a tax document) for verification purposes.
  • Your housing costs. Your application may ask if you rent or pay a mortgage and if so, how much you pay each month.

Being clear on the answers to all these questions will help you feel more prepared when you fill out your application.

In conclusion

There are several ways to help increase your odds of being approved for a Chase credit card. Improving your credit health is a big one. Enroll in Credit Journey, a free service, to better understand your credit and how to improve it over time. Knowing where you stand may empower you to take control of your credit health and confidently apply for the credit card you want.

How to Increase Your Approval Odds for a Credit Card | Chase (2024)

FAQs

How to Increase Your Approval Odds for a Credit Card | Chase? ›

Knowing your credit score and maintaining a low credit utilization ratio can greatly increase your chance of approval for a credit card. You'll find many cards designed for different credit score ranges. Narrow down choices to those that you're positioned to be approved for.

How can I increase my chances of getting approved for a credit card? ›

Knowing your credit score and maintaining a low credit utilization ratio can greatly increase your chance of approval for a credit card. You'll find many cards designed for different credit score ranges. Narrow down choices to those that you're positioned to be approved for.

What is the 5 24 rule for Chase? ›

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

What increases your chances of getting a credit card? ›

A good credit score will increase your odds of being approved for a credit card as lenders like to see that you can manage an additional line of credit and make monthly payments on what you charge. You should always pay your credit card bills on time each month and try to pay them in full if you can.

Which bank approves a credit card easily? ›

Comparing the easiest cards to get
Card NameAnnual feeFICO score required
Bank of America® Unlimited Cash Rewards Secured credit card$0No credit history
Capital One Platinum Secured Credit Card$0No credit history
Indigo® Mastercard®$0-$99 depending on creditworthiness300 to 670
Capital One Platinum Credit Card$0580 to 740
3 more rows
Jun 28, 2024

How do I increase my chances of getting a credit card? ›

Here are a few steps you can take:
  1. Check your credit. It can be important to know where you stand, so check your credit report and a credit score before applying. ...
  2. Pay off debts. ...
  3. Increase your income. ...
  4. Search for insights about lenders' policies. ...
  5. Take the opportunity to shop around. ...
  6. Try to get preapproved.
Oct 9, 2023

Is Credit Karma approval odds accurate? ›

Approval Odds are guidelines — not guarantees

Even if your Approval Odds are “outstanding,” “excellent” or “very good,” remember that the issuer — not Credit Karma — always has the final say in whether you'll actually be approved.

What is churning credit cards? ›

Credit card churning is when you repeatedly open credit cards to game the system and earn multiple intro bonuses. This is a risky behavior and can jeopardize your accounts and credit.

Is there a way to bypass Chase 5 24 rule? ›

How to bypass the Chase 5/24 rule? If you've been approved for five cards in the past 24 months, you will not be approved for another Chase card thanks to the 5/24 rule. There have been reports of “Selected for you” and “Just for you” offers being exempt from the 5/24 rule.

What is the 2 30 rule for Chase? ›

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

How to speed up credit card approval? ›

Applicants with a lengthier credit history have a better chance of being approved. Start building credit early (but maybe not too early), and be careful when you close other cards, especially if you've had them for a long time. Your credit score will be higher if you have several open accounts in good standing.

What increases credit score most? ›

Ways to improve your credit score

Paying your loans on time. Not getting too close to your credit limit. Having a long credit history. Making sure your credit report doesn't have errors.

What credit card is the easiest to get? ›

Easiest credit cards to get approved for
  • Best for unsecured card: Capital One Platinum Credit Card.
  • Best for students: Discover it® Student Cash Back.
  • Best for no annual fee: Citi Double Cash® Card.
  • Best student dining card: Capital One SavorOne Student Cash Rewards Credit Card.

What is the #1 credit card to have? ›

The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card in 2024 gives about 1% back. Cardholders can also earn an initial bonus of $200 cash rewards after spending $500...

What Bank is the hardest to get a credit card from? ›

Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.

Which company gives fastest credit card? ›

Side-by-side comparison of the best credit cards for instant approval
Credit CardsOur RatingsAnnual Fee
OpenSky® Secured Visa® Credit Card Apply Now on Capital Bank, N.A.'s secure site2.3 No credit check$35
Chase Freedom Unlimited® Apply Now on Chase's secure site4.6 High credit limit$0
1 more row
3 days ago

How do I guarantee a credit limit increase? ›

Paying your credit card and other bills on time every month. Making more than the minimum monthly payment and paying down existing balances where possible. Lowering your credit utilization rate. Settling any existing collections accounts.

What factors determine credit card approval? ›

Credit score
  • Payment history.
  • Credit utilization rate.
  • Length of credit history.
  • New credit.
  • Credit mix.

How can I speed up my credit card approval? ›

If you're thinking of applying for a credit card, here are 10 tips to increase your chances of getting your application approved.
  1. Don't apply for too many cards at once. ...
  2. Know what's in your credit reports. ...
  3. Apply for cards that fit your credit score. ...
  4. Pay your bills on time. ...
  5. Watch your credit utilization.
5 days ago

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