Chase Sapphire Preferred Pre-approval

[Anonymous]

I went to the Chase pre-approval site and was pre-approved for 4 cards one of which was the Chase Sapphire Preferred which surprised me given my EX score of 623. My real goal is to get the Chase Sapphire Reserve but I have a few paid collections and lates from a year and a half ago that I think will prevent me from getting that card (and possibly this one). This is also the first time I have applied for new credit in a while. 3 years ago was my last application. I currently only have 2 credit cards (total limit 7.1k) under 30% utilization which I pay the full balance on one every month. What is the best guidance? Should I hold out or apply for the CSP and prove to Chase I will be able to handle the Reserve?

[coldfusion]

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@Anonymous wrote:

I went to the Chase pre-approval site and was pre-approved for 4 cards one of which was the Chase Sapphire Preferred which surprised me given my EX score of 623. My real goal is to get the Chase Sapphire Reserve but I have a few paid collections and lates from a year and a half ago that I think will prevent me from getting that card (and possibly this one). This is also the first time I have applied for new credit in a while. 3 years ago was my last application. I currently only have 2 credit cards (total limit 7.1k) under 30% utilization which I pay the full balance on one every month. What is the best guidance? Should I hold out or apply for the CSP and prove to Chase I will be able to handle the Reserve?

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Chase will no longer issue both a CSP and a CSR to new cardholders* although they grandfathered in those people who already held both when they put the new restriction in place a couple of months ago.  The way things now stand, unless one already holds multiple Sapphire cards they are restricted to only have 1 card in that family (CSP, CSR, or plain Sapphire).

You can always apply for the CSP and in a year PC it to to a CSR if at that time you can meet the CSR's minimum $10K CL.  Given that the standard SUB nowadays is the same for both cards and the CSP has a $5K minimum CL this is the path I'd suggest, assuming that your app was successful.  Based on your current score and your existing card count and aggregate credit limits even a prequal for the CSP may not be 100% solid.

* There is a trick where some people have reported success in applying same-day for both cards. The caveat there is that they have a minimum $8K/90 day spend in order to collect both SUB. 

[sjt]

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@Anonymous wrote:

I went to the Chase pre-approval site and was pre-approved for 4 cards one of which was the Chase Sapphire Preferred which surprised me given my EX score of 623. My real goal is to get the Chase Sapphire Reserve but I have a few paid collections and lates from a year and a half ago that I think will prevent me from getting that card (and possibly this one). This is also the first time I have applied for new credit in a while. 3 years ago was my last application. I currently only have 2 credit cards (total limit 7.1k) under 30% utilization which I pay the full balance on one every month. What is the best guidance? Should I hold out or apply for the CSP and prove to Chase I will be able to handle the Reserve?

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Congrats on the pre-approval/pre-qual offers as they are pretty solid. Like the other poster mentioned you can only have one Sapphire card and one sign up bonus within a card family. So if you got the CSP and the 50k bonus you wont be able to get the bonus for the CSR. So you can either get the CSP and product change after a year or get another card like the Freedom and then apply for the CSR after 6-12 months.

Another thing to consider, pay off the card balance before the statement cut off date. If you leave a small balance that gets you under 10% your score will increase and you would get a higher credit line.

[Anonymous]

Instead of taking the guidance here, I went ahead and just applied for the CSR. I felt good about it with the pre-approvals for the other cards. Immediately after submitting the app, Experian notified me of a hard pull on my credit report. I called the lending department today and they say it is pending verification but the verification dept is closed today, so I will have to call tomorrow. 

[Anonymous]

I have an update in the Credit Card Approvals forum 

[Jerry45]

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@coldfusion wrote:

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@Anonymous wrote:

I went to the Chase pre-approval site and was pre-approved for 4 cards one of which was the Chase Sapphire Preferred which surprised me given my EX score of 623. My real goal is to get the Chase Sapphire Reserve but I have a few paid collections and lates from a year and a half ago that I think will prevent me from getting that card (and possibly this one). This is also the first time I have applied for new credit in a while. 3 years ago was my last application. I currently only have 2 credit cards (total limit 7.1k) under 30% utilization which I pay the full balance on one every month. What is the best guidance? Should I hold out or apply for the CSP and prove to Chase I will be able to handle the Reserve?

---

Chase will no longer issue both a CSP and a CSR to new cardholders* although they grandfathered in those people who already held both when they put the new restriction in place a couple of months ago.  The way things now stand, unless one already holds multiple Sapphire cards they are restricted to only have 1 card in that family (CSP, CSR, or plain Sapphire).

You can always apply for the CSP and in a year PC it to to a CSR if at that time you can meet the CSR's minimum $10K CL.  Given that the standard SUB nowadays is the same for both cards and the CSP has a $5K minimum CL this is the path I'd suggest, assuming that your app was successful.  Based on your current score and your existing card count and aggregate credit limits even a prequal for the CSP may not be 100% solid.

* There is a trick where some people have reported success in applying same-day for both cards. The caveat there is that they have a minimum $8K/90 day spend in order to collect both SUB. 

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Great Info.

[SwiftTone]

What is this x/24 I keep reading about. Can someone please explain?

[Anonymous]

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@SwiftTone wrote:

What is this x/24 I keep reading about. Can someone please explain?

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Type 5/24 into the searchbar here and you'll find endless discussion about it.  No need to regurgitate something that has been well covered here for the past year!

[UncleB]

This thread is locked and closed to new messages.

The new thread can be found here:  http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Sapphire-Reserve-Approval/m-p/5105561