Re: Advice on Applying for Sapphire

lobsterfordinner · ‎08-14-2014

Hello, I'm relatively new on this forum, thanks in advnace for all the help!

So, here's my situation: I'm holding a Chase Amazon card but I want a sapphire card. My Amazon card is currently 13 months old. I know they will pull Experian in my area and there's only one inquiry (3 months ago) on this credit report. However, the thing that concerns me is that I have two credit cards opened in June and July so I'm afraid that I'll get denied for "too many new accounts". My credit utilization is relatively low (less than 10% of total credit limit).

Another thing that worries me is that I'm an authorized user of a couple cards (my parents) that have very high credit limit. Would the banks take into the account the credit limit of these cards? Will I get rejected because that I have "too many available credit" (the credit limit of one of their card is > my total credit limit)?

Should I wait for like 6 months to app for this card? or a year?

Thanks again!

Currently a grad student, and in my wallet there exists my only 4 credit cards: Barclay Arrival+ 56k / Chase Sapphire Pref 68.2k / Citi Prestige 45k / Merrill Accolades 175k ; my student id card and a couple two-dollar bills.

notfancy · ‎08-14-2014

@lobsterfordinner wrote:
Hello, I'm relatively new on this forum, thanks in advnace for all the help!

So, here's my situation: I'm holding a Chase Amazon card but I want a sapphire card. My Amazon card is currently 13 months old. I know they will pull Experian in my area and there's only one inquiry (3 months ago) on this credit report. However, the thing that concerns me is that I have two credit cards opened in June and July so I'm afraid that I'll get denied for "too many new accounts". My credit utilization is relatively low (less than 10% of total credit limit).

Another thing that worries me is that I'm an authorized user of a couple cards (my parents) that have very high credit limit. Would the banks take into the account the credit limit of these cards? Will I get rejected because that I have "too many available credit" (the credit limit of one of their card is > my total credit limit)?

Should I wait for like 6 months to app for this card? or a year?

Thanks again!

Do you have any credit cards with a $5k limit or higher? While there is evidence that this isn't a strict requirement, it does help. What are your credit scores? Is your report clean?

Chase seems to like people with prior relationships, and you seem to have established that with your Amazon card. What is your limit on that card now?

Another question would be what is your income. I think they like so see income over 35k but I could be wrong on that data point.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700 Seedling again as of 07/29/14

H14 · ‎08-14-2014

What's the limit on your Amazon card?

If you can hold off and don't absolutely need it, I would say wait 6 months.

lobsterfordinner · ‎08-14-2014

My credit score's around 730. My report is clean from any negative stuff. My Amazon Visa current has a limit of 4.3K. I've never asked for a credit limit increase.

Currently a grad student, and in my wallet there exists my only 4 credit cards: Barclay Arrival+ 56k / Chase Sapphire Pref 68.2k / Citi Prestige 45k / Merrill Accolades 175k ; my student id card and a couple two-dollar bills.

notfancy · ‎08-15-2014

@lobsterfordinner wrote:
My credit score's around 730. My report is clean from any negative stuff. My Amazon Visa current has a limit of 4.3K. I've never asked for a credit limit increase.

I think you have a good shot then, but still, if you can wait 6 months to a year, I would do that.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700 Seedling again as of 07/29/14

2000ExplorerXLS · ‎08-15-2014

I was just approved for the chase slate 4800 and chase saphire prefered 5000 two days ago. I applied for the chase slate and within 10 minutes applied for the saphire.

720 is the credit score they said I have

home depot and lowes card with 5000 limits

One public record from 4 years ago

4% utilization

22 inquiries

No clue how I was approved. Didnt have to recon or anything, just instantly approved.

Current 8-15-2014 EX 642(MyFico) // EQ 676MyFico) // TU 702(WalMart) //
Starting 6-1-2011 EX 452 /// TU 472 /// MyFico.com score

CSP $5k - Chase Slate $4.8k - Trek $4k - Home Depot $3.8k - Fingerhut $2.3k - Ebay Mastercard $1.5k - Chase Freedom $1k - Sams Club $1k - CFNA(Expert Tire) $1.2k - Bloomingdales 1.2k - Amazon $1.5k - Lowes $4.8k - TJMaxx $.5k - Walmart $.5 - Capital One Quicksilver One $1.5k - Capital One Quicksilver One $1k - CreditOne $.4k - Macy's $1.5k - Express $.3k - Buckle $.3k - Kohls $.3k

ezdoesit · ‎08-15-2014

Don't worrying about being an AU Chase doesn't factor that when applying.

Also what Chase card? CS or CSP?

Closingracer99 · ‎08-15-2014

@ezdoesit wrote:
Don't worrying about being an AU Chase doesn't factor that when applying.

Also what Chase card? CS or CSP?

I believe the CS and CSP had the same underwriting no? The only differences in the cards is the AF and the point ernings as in 2% on travel.

My Cards: Amex BCE: $9,000, Amex Hilton HHonors: $2,000, Amex ED: $12,000, Barclays NFL extra points: $3,000, Bank of America MLB cash rewards: $17,000, BBVA compass NBA Amex triple double rewards: $17,000, Chase Amazon: $1,000, Chase Freedom: $9,000, Chase Sapphire: $5,000, Chase Slate: $5,000, Chase Disney: $4,000, Citi Double Cash: $5,400, Citi AA plat: $5,500, Citi Simplicity: $3,000, Citi Thank you preferred: $8,800, Capital one GM: $2,000, Capital one PlayStation: $3,000, Gamestop: $1,150, Amazon Store: $5,000, Ebay MasterCard: $5,000, American Eagle Storecard: $750, Macy's: $500
EX: 744, TU:750, EQ: 740

noobody · ‎08-15-2014

Do not wait! Life is short, you have excellent chance been approved.
if not instant, call to recon, move some CL arould.
I seriously doubt recon is necessary.

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841

ezdoesit · ‎08-15-2014

@Closingracer99 wrote:
@ezdoesit wrote:
Don't worrying about being an AU Chase doesn't factor that when applying.

Also what Chase card? CS or CSP?
I believe the CS and CSP had the same underwriting no? The only differences in the cards is the AF and the point ernings as in 2% on travel.

Their are more differences than that.

https://creditcards.chase.com/sapphire/credit-card-benefits/compare-chase-sapphire-cards/

Just look at the differences before you make a decision on what better serves your needs.

Advice on Applying for Sapphire

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Advice on Applying for Sapphire