Chase SP - Should I wait?

[stylenjen]

I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone? 

[Ysettle4]

As long as you've not applied for more than 6 cards within the previous year, you should be ok to take the hit. Any more apps than that and a denial may come.

[efranklin23]

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@stylenjen wrote:

I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone? 

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If the bankruptcy falls off in 4 or 5 months, you're better off as you may get a much higher limit and wouldn't have to worry about the denial being a Bankruptcy. Remember, Patience is a virtue at times and creditors like Chase definitely will make decicions on prior baddies from 6.5 years ago. Not to mention it can be the determining factor of getting a 5k and a 10k approval. 

[myjourney]

Wait to optimize results 

[FinStar]

I agree with myjourney, I would wait OP. CSP will still be there

[Anonymous]

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@stylenjen wrote:

I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone? 

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Wait for your bankruptcy to fall off before applying...  That will increas your chance of getting the card approved.

[SecretAzure]

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@Anonymous wrote:

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@stylenjen wrote:

I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone? 

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Wait for your bankruptcy to fall off before applying...  That will increas your chance of getting the card approved.

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This+Increases your starting credit limit if you do get approved! Too much new credit makes lenders nervous!