Advice on Sapphire Preferred

[duckfan4life]

Hi,

I'm preparing to for a trip to Europe, and am in the process of rebuilding my credit. My credit profile is below. I'm trying to choose between the Barclay Cards Arrival or the Chase Sapphire Preferred, or perhaps my chances for either of these aren't that great. On the CSP, I'm worried that I don't have a credit card with a 5K limit already. On the Arrival, I'm worried about number of inquiries. Any advice? Here's my profile:

TU Score: 679 ( should go above 700 in next few days as I just paid a couple cards off. Have 4 INQ - 10/2012, 12/2012, 4/2013, 11/2013)

EXP Score: 728  2 INQ (4/2013, 11/2013)

Equifax FICO: 740 5  INQ (8/2012, 3/2013, 7/2013, 9/2013, 11/2013)

BofA Travel Rewards Visa - $1800 CL

Discover IT - $2000 CL

Cap One Quick Silver - $3000 CL

GE Retail - $4500 CL

Barclay Apple - $2000 CL

I also have student loans around 45K, but my debt to income is only around 7%. My credit utilization is 5%. My income is 123K.

What do you think? Wait it out, or go for one or both of the two I'm considering?

Thanks!

[indiolatino61]

---

@duckfan4life wrote:

Hi,

I'm preparing to for a trip to Europe, and am in the process of rebuilding my credit. My credit profile is below. I'm trying to choose between the Barclay Cards Arrival or the Chase Sapphire Preferred, or perhaps my chances for either of these aren't that great. On the CSP, I'm worried that I don't have a credit card with a 5K limit already. On the Arrival, I'm worried about number of inquiries. Any advice? Here's my profile:

TU Score: 679 ( should go above 700 in next few days as I just paid a couple cards off. Have 4 INQ - 10/2012, 12/2012, 4/2013, 11/2013)

EXP Score: 728  2 INQ (4/2013, 11/2013)

Equifax FICO: 740 5  INQ (8/2012, 3/2013, 7/2013, 9/2013, 11/2013)

BofA Travel Rewards Visa - $1800 CL

Discover IT - $2000 CL

Cap One Quick Silver - $3000 CL

GE Retail - $4500 CL

Barclay Apple - $2000 CL

I also have student loans around 45K, but my debt to income is only around 7%. My credit utilization is 5%. My income is 123K.

What do you think? Wait it out, or go for one or both of the two I'm considering?

Thanks!

---

Welcome to myFICO. YMMV with both the CSP and Arrival cards. There have been posts where the CSP has been approved without experience with a $5K CL, and there have been posts where Barclay cards have been approved with several inquiries. Your income is fine, as is your utilization. If you have no derogatories showing on your CR's, I say you have a decent shot at being approved for either. The best of luck to you.

[Purdue-BearsFan]

I would try really hard to get that GE card to a 5k limit with a soft pull... Let that new limit report and try for the CSP.

[GeneralCucumbre]

I say go for the CSP once your score on your TU report goes up.  You have a pretty good profile and I think you will get approved.  You also have to think of it from Chase's perspective, if the money they could make from you using the card (annual fee, interest, merchant fees, etc.) outweighs your risk (which seems to be minimal), they will approve you.

Also, Chase has a very good reputation with application reconsiderations...so if you are denied, you can call them and ask them to reconsider.  Good luck!

[Transmogrifying_Bee]

I agree that your chances for either card are pretty good.  I know that both Barclays and Chase are reputed to be "inquiry sensitive."  I can't personally attest to Barclays, but I had FIVE inquiries on my record when I applied for the Chase Sapphire card last Fall, and was approved.  Go for either card, and Good Luck!

[Networth]

You Do Not need a current 5k limit card to get a CSP. Where did this rumor come from, I swear I see it in every thread. Maybe before the qualifcations were lowered and the underwriting changed, but not now. Between friends/family members/co workers I have probably seen 10 approvals for the CSP without the indivdiual having a 5k limit prior. If you looking to get points for a flight to Europe your best best would probably be Ultimate Rewards points transfered to United. Best of luck with whatever you choose.

[370Z]

---

@Networth wrote:

You Do Not need a current 5k limit card to get a CSP. Where did this rumor come from, I swear I see it in every thread. Maybe before the qualifcations were lowered and the underwriting changed, but not now. Between friends/family members/co workers I have probably seen 10 approvals for the CSP without the indivdiual having a 5k limit prior. If you looking to get points for a flight to Europe your best best would probably be Ultimate Rewards points transfered to United. Best of luck with whatever you choose.

---

Actually, there were a couple denials a few months back where the only reason given was lack of a 5k line.

[newUser0]

You mention that "You are rebuilding credit", Does this mean you had any baddies in your report?

My suggestion would be get into chase with Freedom, use for atleast one month, PIF and then Apply for CSP

[duckfan4life]

WOW!!!Thank you all so much for the advice. I've been reading these forums for a while now, and they've been really helpful. I really appreciate the feedback.

Regarding my credit, I am in rebuilding. I have 2-4 baddies on my credit from 2008/2009, depending on the reporting agency. All are paid and closed....just waiting for them to fall off. Started this mess at a credit score of about 565...feels so nice to be able to get qualified for credit now

I think I'm going to go for the CSP and try the recon line. If I don't get it, I'll garden for a while and try to get my CLIs up. Good thought on the GE line...I'll check on that. Trying to get CLIs with a soft pull so I don't take another hard pull hit.

Thanks again. Will report back how this works out.

[ak_7vytr0]

---

@duckfan4life wrote:

WOW!!!Thank you all so much for the advice. I've been reading these forums for a while now, and they've been really helpful. I really appreciate the feedback.

Regarding my credit, I am in rebuilding. I have 2-4 baddies on my credit from 2008/2009, depending on the reporting agency. All are paid and closed....just waiting for them to fall off. Started this mess at a credit score of about 565...feels so nice to be able to get qualified for credit now

I think I'm going to go for the CSP and try the recon line. If I don't get it, I'll garden for a while and try to get my CLIs up. Good thought on the GE line...I'll check on that. Trying to get CLIs with a soft pull so I don't take another hard pull hit.

Thanks again. Will report back how this works out.

---

I think u will get the csp no problem.  I applied on 2-7 amd was approved after calling in to verify id. My high limit card at the time was my freedom card at 3.5k ur profile is better than mine and ur income is higher.. think ur good to go on the csp