One of the biggest banks in the country, Chase, provides its clients with a selection of credit cards. Chase utilizes Equifax, Experian, and TransUnion, the three major credit reporting companies. This implies that when you apply for a Chase credit card, any information on your credit report from these organizations will be taken into account.
There is a 5/24 regulation that you should be aware of if you plan to apply for a Chase credit card. This means that you won’t be accepted for a new Chase credit card if you’ve opened five or more credit card accounts in the previous 24 months. There are ways to get around this rule, though. Applying for a business credit card from Chase is one possibility because these cards do not violate the 5/24 guideline. Adding yourself as an authorized user on someone else’s account is also an option, as these actions do not count against the 5/24 rule.
The FICO 8 credit score model is used by all three credit reporting agencies by American Express. A popular model that considers elements like payment history, credit utilization, and length of credit history is the FICO 8 model. The score you see on one credit report might not match the number a lender sees since different lenders may employ different credit score models. This is crucial to keep in mind.
The amount of time it takes to raise your credit score to 700 if you’re aiming to do so will vary depending on your unique situation. Payment history, credit use, duration of credit history, and types of credit used are all elements that can affect your credit score. Generally speaking, raising your credit score to 700 or above can take a few months to a few years. Make on-time payments, keep credit card balances low, and have a variety of credit accounts open in order to raise your credit score.
In conclusion, Chase evaluates applications for its credit cards using data from all three main credit reporting companies. Be aware of the Chase 5/24 regulation if you’re interested in applying for a credit card and think about how to get around it. It can take several months to a few years to raise your credit score to 700 or above, and American Express employs the FICO 8 credit score model from all three credit reporting agencies.