08-17-2013 09:40 AM - edited 08-17-2013 09:51 AM
Hi! I am new here and this is my first post. I've found this site really helpful. Would appreciate if someone could help me with my question.
I am targeting Chase Sapphire Preferred but don't know if I should wait for a couple of months to apply. Here is my background:
Latest FICO score 71x (was as high as 73x several weeks ago), no late payments. Utilization ~= 15%
Got my first BOA secured credit card 2 years ago (2011 Aug), CL = 1k
This year I started to apply for some rewards CC (all successful)
Capital one cash back in Mar, CL = 2k
Chase UA in Jul, CL = 8k
BOA 123 cash rewards in Jul, CL = 1k
Discover it in Aug, CL = 1k
AMEX SPG in Aug, CL = 2.5k
These 5 are all the inquries this year. I know it's not a small number -- so should I go ahead for CSP? If not, how long should I wait? I am not committed to other new cards at this moment...
08-17-2013 09:49 AM
Welcome to the forum!
Looks like you are doing well. I would give it a few months as it looks like you have been busy lately with 2 cards in July and 2 cards in August. Chase will show you some love but give it a little rest so you have 90 days or so before your next card application.
You already have a card with a limit above $5K so that's good. Would be nice to see the scores mid 700's as well. Use your UA card and pay it off every month, that will show Chase responsible usage. Don't sweat the INQ at that level. In my experience the worry comes in when you have 10+ across all reports. Even then as long as you have very low UTL and a strong history with the bank you should be fine.
08-17-2013 09:50 AM
You have added several cards in the last few months, what is your AAOA and income? Chase can sometimes be picky when it comes to new trade lines, and since you have added multiple cards since acquiring the Chase UA they might now want to grant an additional $5000 limit card so soon. I would say wait a few months and let these account age a bit and maybe pay down utilization to 10% or under.
08-17-2013 09:51 AM
I would wait until at least January only because the Chase account you have is new and they typically like to see you using it for at least 6 months first. I'm sure others can chime in but other than that everything looks ok. Don't forget to do the 61 day CLI on your AMEX and that will help out as well.
Any bad items on the CR? I know you said no lates. Your scores are good. What is your income?
08-17-2013 10:00 AM
08-17-2013 10:06 AM
Yes the minimum credit limit is $5000 because it is a visa signature card, there is no stupid questions!!
08-17-2013 10:10 AM
If in 6 months you try and they deny you based on income try sacrificing some ofyour CL from your current account for a CSP and see if they budge. maybe they can take it down to $5k and approve the CSP for $5k as well. but thats worst case scenario
08-17-2013 10:19 AM
As others have stated already, definitely wait 6 months before applying. You'd have an even better chance waiting 12 months.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.