Income Needed for the Chase Freedom Unlimited Card (2024)

FAQs

Income Needed for the Chase Freedom Unlimited Card? ›

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

There is no official income requirement for Chase cards, but you need enough income to afford monthly bill payments. Chase does not disclose specific minimum income requirements for its credit cards, but the higher your income is, the more likely you are to be approved.

Getting approved for a Chase Freedom card

To recap, good credit (a FICO® Score of 670 or higher) is recommended to get the Chase Freedom Unlimited® or the Chase Freedom Flex®, as those are some of Chase's best credit cards.

Anyone applying to a sought-after Chase card like Chase Freedom Unlimited will likely have a better chance of approval with a score of at least 670, but higher is always better. Just as a score of 670 or above doesn't guarantee approval, having a score lower than 670 doesn't guarantee a rejection.

You will need to provide a check stub and any forms showing duration of payments. Dividends. Brokerage statements for the last 2 years or previous two year's income tax returns Schedule B-Interest and Dividend Income (most current statement to ensure underlying deposits still exist and earning at the same level).

A good annual income for a credit card is more than $39,000 for a single individual or $63,000 for a household. Anything lower than that is below the median yearly earnings for Americans. However, there's no official minimum income amount required for credit card approval in general.

To figure out your DTI, simply divide your total monthly debt by your gross monthly income—the lower your percentage, the better. Many lenders prefer a DTI below 36%. A lower DTI paired with solid income could unlock a higher credit limit.

The Chase Freedom Unlimited® card gives high credit limits to people with good-to-excellent credit, a lot of income, and relatively little debt. The minimum credit limit is $500, and some cardholders report having limits as high as $14,000.

You Chase Freedom Unlimited® could be denied because of a low credit score (below 700), not enough annual income, or too many recent credit inquiries. Other grounds for denial could be incomplete or inaccurate information on the application, or a pending bankruptcy on your credit report.

Consider Chase Freedom Rise℠ and start using Credit Journey

Chase Freedom Rise is a card that may be available to people new to credit. Visit your local Chase branch to apply.

Which Chase card is hardest to get? ›

Chase Sapphire Reserve®

A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: Chase Sapphire Reserve® is one of the hardest credit cards to get approved for by virtue of the fact that it is one of the best rewards cards on the market.

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.

Cardholders who like to maximize rewards value across a number of cards may need to look elsewhere for long-term value on categories like groceries, but the Chase Freedom Unlimited® is worth a look for anyone who wants to maximize cash back value without putting in too much effort.

While there isn't a specific income requirement for a card, evaluating your access to income allows a bank to determine your credit health and whether or not they want to lend you money based on their confidence in your ability to make your payments.

Keeping your income up to date helps us evaluate your account for future needs and special offers such as credit limit increases, balance transfers and lower APR loans.

In addition to your contact information and household bills, credit card applications ask for your annual or monthly income. Card issuers use this information, along with your credit reports and credit scores, to decide whether to approve your application.

Here's why: The Chase Freedom Unlimited® offers a $500 minimum credit limit, but the limit is at least $5,000 if you're approved for the Visa Signature® version of the card. Beyond those minimum limits, this card offers plenty of opportunities to earn cash back.

Chase doesn't publicly disclose any income requirements, but personal data points indicate you usually need an annual income of at least $30,000 to have good approval odds. You can include your taxable and non-taxable income to have an easier time qualifying for the card and getting a higher credit limit.

The Chase Freedom minimum payment is $40 or 1% of your revolving balance, plus interest and fees – whichever is greater. If your balance is less than $40, the entire amount is your minimum payment. All Chase credit cards have the same minimum payment policies.

The Chase Freedom Unlimited® could be worth it if you're looking to earn more Ultimate Rewards, don't want to pay an annual fee and can take advantage of the earnings structure, welcome bonus and intro APR.