Credit Cards

[toiletbowl69er]

So I applied for the Amex blue sky on 10/28. Got instantly denied but on 11/16 I got an email saying I was approved. My question is how long should I wait before applying for the chase sapphire preferred? Does chase not like giving cc approvals if they see a recent account was just opened? Should I wait 3 months or something?

[distantarray]

they don't like to be the first one to give you a $5,000 limit for the CSP but you never know.. personally would wait til 61 days for CLI to Amex to get it beyond $5,000 then apply you'll have a better chance.

[toiletbowl69er]

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distantarray wrote:

they don't like to be the first one to give you a $5,000 limit for the CSP but you never know.. personally would wait til 61 days for CLI to Amex to get it beyond $5,000 then apply you'll have a better chance.

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That's what I was thinking. But I do have a chase checking account, my freedom card is a year old this month and my local chase agent told me he could have some leverage in me getting approved (of course he could have just been saying that so I would apply)

[HiLine]

If you've been banking with Chase for a while and have significant assets with them (say totaling 10k or so), you'd have a really good chance. In this case the personal banker can definitely help, by putting a note in your application that you're a preferred customer. The Amex credit limit doesn't matter much, since it's not reported.

[Revelate]

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HiLine wrote:

If you've been banking with Chase for a while and have significant assets with them (say totaling 10k or so), you'd have a really good chance. In this case the personal banker can definitely help, by putting a note in your application that you're a preferred customer. The Amex credit limit doesn't matter much, since it's not reported.

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That's specific to their charge cards; blue sky is a revolver in this case and does have the CL reported.

Beyond that I definitely agree with you; though I'd add that it appears Chase and Amex are both scrambling for customers and that includes taking ones from each other.  Normally I'd say apply now, but I think if the CSP is the goal, trying for the CLI and then applying with the tradeline reporting would likely lead to a higher approval chance.

[toiletbowl69er]

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Revelate wrote:

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HiLine wrote:

If you've been banking with Chase for a while and have significant assets with them (say totaling 10k or so), you'd have a really good chance. In this case the personal banker can definitely help, by putting a note in your application that you're a preferred customer. The Amex credit limit doesn't matter much, since it's not reported.

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That's specific to their charge cards; blue sky is a revolver in this case and does have the CL reported.

Beyond that I definitely agree with you; though I'd add that it appears Chase and Amex are both scrambling for customers and that includes taking ones from each other.  Normally I'd say apply now, but I think if the CSP is the goal, trying for the CLI and then applying with the tradeline reporting would likely lead to a higher approval chance.

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That's what I figured. Ill most likely wait the 2 months I've had a number of inquiries these last two months from cli and Amex. But if I decided to apply now would it hurt my chances that I just opened the Amex account?

[HiLine]

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toiletbowl69er wrote:

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Revelate wrote:

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HiLine wrote:

If you've been banking with Chase for a while and have significant assets with them (say totaling 10k or so), you'd have a really good chance. In this case the personal banker can definitely help, by putting a note in your application that you're a preferred customer. The Amex credit limit doesn't matter much, since it's not reported.

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That's specific to their charge cards; blue sky is a revolver in this case and does have the CL reported.

Beyond that I definitely agree with you; though I'd add that it appears Chase and Amex are both scrambling for customers and that includes taking ones from each other.  Normally I'd say apply now, but I think if the CSP is the goal, trying for the CLI and then applying with the tradeline reporting would likely lead to a higher approval chance.

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That's what I figured. Ill most likely wait the 2 months I've had a number of inquiries these last two months from cli and Amex. But if I decided to apply now would it hurt my chances that I just opened the Amex account?

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I opened a new credit card with BofA in late November, and just got approved for my first Amex: http://ficoforums.myfico.com/t5/Credit-Cards/Opened-2-accounts-recently-how-long-to-wait-to-apply-fo...

Not sure how much forecasting power my anecdote has.