Chase CO Presidential Plus Application

[CreditScholar]

Hi Everyone,

I've been reading these forums for a month now and finally decided to take the plunge and register.

Does anyone know what the rough requirements are for the Chase CO Presidential Plus card? From what I understand so far, it seems to be one of Chase's most difficult cards to obtain. I will lose my Star Alliance status next month, and I wanted a card that would help me maintain some benefits while travelling. I only travel a few times a year, but when I do I don't mind paying for a better experience (business class on international, lounge access, priority boarding/check-in, something that grants mid-tier hotel status for late check-out, etc). I'm in a United hub city, and the status given through Hyatt (my preferred hotel chain) and Avis made this seem like a good match. I don't mind paying the annual fee just to hold the card as I'm primarily interested in convenience. Most of my spending will still go through the Sapphire Preferred card anyways.

The major concern I have is that I was approved for a Chase Sapphire Preferred in August. I'm debating whether I should wait a bit longer or if it's safe to try now. I know some banks are picky when it comes to applying again too quickly. My credit profile is below:

* My EX, EQ and TU are all 790-800.

* I've never had any baddies of any kind

* My balances are always paid off in full every month

* I normally charge $3000-4000 per month on my Chase Sapphire Preferred, with October/November/December being $6000-9000 per month. My other cards are hardly used (monthly subscriptions for $15)

* I only have 1 inq over the past 4 years (for the CSP)

* My annual income is $125,000

* Total credit available is $35,900 over 3 cards.

     - BofA US Airways Visa Signature - $18,200 CL (opened 2007)

     - BofA Visa Signature - $5,000 CL (opened 2002)

     - Chase Sapphire Preferred - $12,700 CL (opened August 2011)

Any ideas or comments on when is the best time to pull the trigger? I know the United/Continental merger will be completed later this year, and I'm not sure if they'll "grandfather" old CO card holders or issue everyone a new product (with United's name).

[tntexans72]

IMO ...it has been 6 months since you apped for CSP, I believe your credit profile and score will get you a very nice CL. That card generally have $20k plus CL. I would definitely give it a shot. GL ....

[Mickey11]

http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Palladium-Anyone-Call-to-Apply-yet/m-p/1150393/hi...

[CreditScholar]

I doubt my income is high enough for the palladium... And I'm pretty sure my net worth won't measure up to what they're looking for.

[TM82]

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@Mickey11 wrote:
http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Palladium-Anyone-Call-to-Apply-yet/m-p/1150393/hi...

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Seems like the OP is more concerned with maintaining some of the benefits of his status, which the Palladium does not offer.  It does not offer a bag waiver, it does not offer PP/RCC access.  Even more, his spending doesn't really benefit from the Palladium as the big perk comes when you hit 100k spend (the bonus points).  So in this case, the Palladium is not a good suggestion.

OP, do you have a local Chase branch to you?  I would just pop in and see if you have any special offers.  I know someone who has a very similar profile to you (high FICO, 100k+ income, losing status on SA, etc) and she was offered the Presidential Plus in the branch with a first year fee waiver.  So if you do have a branch local to you, it might be worth a quick 5 minute sitdown with a banker to see if you qualify.  The one thing with her was that there were a lot of Continental purchases on her various Chase cards so maybe that triggered it.

[hshearer]

I had a chase continental card ( I think it was a world card). I just called customer service and asked about the presidential card. They told me I was eligible for an upgrade and had the card in a couple days. I used to use my platinum Amex to get into the lounges but now that I can't I needed a new card. My FICO scores are 785.

I will say it is the only card I have received comments on. The numbers are on the back.

[Anonymous]

Hi CreditScholar!

I just wanted to welcome you to the myFICO forums, and congratulate you on your excellent credit history! Bravo!

[Anonymous]

If that credit score/history/income can't get approved I fear for the rest of us lowly souls 

I'm just kidding, but you have some great numbers. I wouldn't sweat the recent inquiry on the Sapphire. 1 recent inquiry is quite insignificant in the bigger picture of your credit history.

The only objection I can forsee them raising is your % utilization. It is quite arbitrary, but do you pay your bill in full before or after the statement cuts? For example, you mentioned charging $9000 in December. If you pay after the statement cuts, your outstanding balance gets reported to the credit bureaus and it seems like you are maxing out your available credit: 9000/12700 = 71%, DESPITE paying in full.

For the purposes of applying, your % utilization should ideally be below 10%. If its high, what you can do is wait 1 more month and pay nearly the entire balance off before the next statement cuts. Let a small balance report and the % utilization will drop (it has no memory). Then apply.

But in all honesty I think you are good to go. Any bank that turns you away from giving them more $ is crazy

[CreditScholar]

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@TM82 wrote:

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@Mickey11 wrote:
http://ficoforums.myfico.com/t5/Credit-Cards/Chase-Palladium-Anyone-Call-to-Apply-yet/m-p/1150393/hi...

---

Seems like the OP is more concerned with maintaining some of the benefits of his status, which the Palladium does not offer.  It does not offer a bag waiver, it does not offer PP/RCC access.  Even more, his spending doesn't really benefit from the Palladium as the big perk comes when you hit 100k spend (the bonus points).  So in this case, the Palladium is not a good suggestion.

OP, do you have a local Chase branch to you?  I would just pop in and see if you have any special offers.  I know someone who has a very similar profile to you (high FICO, 100k+ income, losing status on SA, etc) and she was offered the Presidential Plus in the branch with a first year fee waiver.  So if you do have a branch local to you, it might be worth a quick 5 minute sitdown with a banker to see if you qualify.  The one thing with her was that there were a lot of Continental purchases on her various Chase cards so maybe that triggered it.

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I do actually, so I'll drop in during the next week or two. I haven't made any purchases to CO on the CSP, so I don't think that will help me there. I also know they gave similar fee-waiver offers to Amex platinum holders who transferred points to CO, and that's not me either. It doesn't hurt giving it a try, I suppose.

[CreditScholar]

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@Anonymous wrote:

If that credit score/history/income can't get approved I fear for the rest of us lowly souls 

I'm just kidding, but you have some great numbers. I wouldn't sweat the recent inquiry on the Sapphire. 1 recent inquiry is quite insignificant in the bigger picture of your credit history.

The only objection I can forsee them raising is your % utilization. It is quite arbitrary, but do you pay your bill in full before or after the statement cuts? For example, you mentioned charging $9000 in December. If you pay after the statement cuts, your outstanding balance gets reported to the credit bureaus and it seems like you are maxing out your available credit: 9000/12700 = 71%, DESPITE paying in full.

For the purposes of applying, your % utilization should ideally be below 10%. If its high, what you can do is wait 1 more month and pay nearly the entire balance off before the next statement cuts. Let a small balance report and the % utilization will drop (it has no memory). Then apply.

But in all honesty I think you are good to go. Any bank that turns you away from giving them more $ is crazy

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I just paid the $9000 off a few days ago, and this is after the statement cut. You're right in that currently my util% is fairly high on the CSP, so I'll take your advice and wait until that drops off.

Do you think it's better to just wait until later this year and see what the new card offered by Chase/United is like? Or should I just apply for the CO PP in the next month or so? I'd hate to apply for one thing and then be forced into a product change to something else with different benefits.