What credit score is necessary to qualify for the Chase Freedom Flex and Freedom Unlimited cards?

Your credit score significantly impacts your financial situation. At TPG, we stress the importance of maintaining a high score, as it increases your chances of being approved for the best credit cards. Generally, a score of 750 or above will help you qualify for nearly any credit card available. However, excellent credit isn’t a strict requirement to get approved for a solid rewards credit card.

For beginners, two popular options are the Chase Freedom Flex® and Chase Freedom Unlimited®. Both are credit cards without an annual fee that allow you to earn cash back — which can be converted into Ultimate Rewards points if you also possess a Chase Sapphire Preferred Card®, Chase Sapphire Reserve®, or Ink Business Preferred® Credit Card. This enables you to take advantage of the Chase Trifecta, maximizing your spending across categories for optimal redemption value.

What credit score is necessary to obtain the Chase Freedom Flex and Freedom Unlimited cards?

While these two cards have no annual fees and are regarded as entry-level options, it's still advisable to have good credit when applying. TPG suggests aiming for a credit score of at least 670 to improve your chances of approval. However, there are anecdotal instances where scores in the low to mid-600s have successfully qualified for both cards.

Your credit score is indeed crucial, and you should always aim to enhance it by practicing responsible credit habits. However, a score in the 600s shouldn't deter you from applying for a card you desire, especially if you have demonstrated reliability in other ways.

How to monitor your credit score

You should never incur charges to check your credit score, as there are numerous free and reliable options available for doing so.

Three credit reporting agencies generate your credit score, but their scores may differ. The two most prevalent scores used for credit card approvals are Experian's FICO score and TransUnion's VantageScore. You can obtain a full credit report for free once a year from each of the three bureaus (Experian, TransUnion, and Equifax).

American Express, Discover, USAA, and Wells Fargo all provide access to your Experian FICO score. Additionally, Amex, Bank of America, Barclays, Capital One, Chase, and U.S. Bank allow you to view your TransUnion VantageScore. You can also utilize several third-party websites, like Credit Karma.

Elements that contribute to your credit score

Although each credit bureau assesses your score in slightly different ways, there are several common factors that affect your score regardless of the agency.

• Payment history: This is the most significant factor in your FICO score, as all three credit bureaus will evaluate your payment records. Lenders are keen to see you as a low-risk borrower, which entails demonstrating timely bill payments.
• Debt-to-credit ratio: This indicates the proportion of your available credit that you utilize across different accounts. A good practice is to maintain this ratio under 30% for an optimal credit score.
• Age of accounts: A longer credit history is advantageous — which is why we usually recommend switching unused cards to no-annual-fee versions instead of canceling them outright.
• New credit: If you've recently opened several credit accounts, this could negatively affect your score, as it may suggest financial instability to lenders. However, this doesn’t imply you should avoid opening new accounts entirely; just be mindful of the timing.
• Credit mix: Lenders prefer to see a variety of credit accounts, such as mortgages and car loans. Avoid taking on unnecessary loans for the sake of variety, but bear in mind that well-managed loans like a car loan or mortgage can enhance your credit score.

What are the consequences of a rejection?

Facing a rejection for a credit card can be disappointing, but it’s not the end of the road. Many TPGers have experienced credit card rejections at least once in their lives. TPG contributor Ethan Steinberg has faced rejection for 12 different credit cards yet maintains a score around 780.

Generally, a credit card rejection won’t cause any lasting harm to your credit profile. Although the "hard inquiry" from your application may lower your score slightly, it should recover over time. It's advisable not to reapply for the same card immediately; instead, consider waiting three to six months before trying again.

If you find yourself rejected, there’s still a chance to overturn that decision. You can reach out to the bank's reconsideration line to initiate an appeal (make sure you’re aware of the reason for the rejection beforehand). If you articulate your reasons for wanting the card and how you intend to use it, the representative might consider approving your request. While success isn’t guaranteed, it’s worth asking politely.

Key takeaways

Both the Chase Freedom Flex and Chase Freedom Unlimited are outstanding credit card options, whether you’re just starting out or you’re a seasoned points-and-miles expert. This guide aims to provide a baseline for the credit score you should aim for when applying for these cards, but keep in mind that there are no strict rules regarding the score needed for approval.