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Chase Sapphire: Good or bad idea to apply?

New Member

Chase Sapphire: Good or bad idea to apply?

Hi all:  

 

I'm in need of some opinions.  I'm 25 years old with a salary of about $70,000.  My first card was a crappy Capital One Platium that I opened in August of 2011 with a $500 limit (now $750!).  I got a Discover It card in January and they gave me a $6,000 start limit.  

 

Now, I'm wanting to get a "big name" visa/MC to compliment the Discover and keep them as my main two cards.  The Chase Sapphire looks very appealing (not sure if I want preferred yet).  However, I'm nervous about applying having just opened my discover 3 months ago.  My EQ and TU FICOs are 728 and 745, respectively.  I'm also nervous about them pulling my EQ report because it has 6 inquiries on it (one from the Cap One Platinum, 1 from apartment applications [approved], 2 from car loan shopping, one from Discover, and one from Chase last year when I applied for the Freedom and was denied (I wouldn't have applied had I known what I know now abotu how credit works).

 

I have no collections or negatives on any of my reports.  

 

Could you guys weigh in on whether to apply or not?

 

Thank you!

Message 1 of 21
20 REPLIES
Valued Contributor

Re: Chase Sapphire: Good or bad idea to apply?

If no baddies and UTL is low like less than 20% (10% would be better) and no cards are more than 80% UTL

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 2 of 21
Moderator Emerita

Re: Chase Sapphire: Good or bad idea to apply?

Welcome to the Forum!

Congratulations on your credit profile thus far. Having the Discover with the $5k+ limit is a bonus. I just don't know if its been long enough - since your only other card is at $750. Chase can be quirky but their recons are really good. You might be approved but I think your chances at the Freedom are even better.
Chase and that internal scoring really gets under my skin.

AFAIK, they pull EX
Message 3 of 21
Valued Contributor

Re: Chase Sapphire: Good or bad idea to apply?

I think you would be fine for CSP, let us know your limit once approved.

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Message 4 of 21
Senior Contributor

Re: Chase Sapphire: Good or bad idea to apply?

I think you would be approved!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 21
Regular Contributor

Re: Chase Sapphire: Good or bad idea to apply?

I was approved with slightly higher income, but lower scores than you.  I also have 1 baddie on there from 6 years ago.  I believe I had 7 inquiries at the time and util on my Freedom was at 80% at time of my app(overall util only about 20% and I am set up to auto PIF)....  I doubt you would have any trouble being approved if you keep your util below 10% when applying.

 

Go for the CSP.  Why wouldnt you go with that sign up bonus? 

Starting Score: 580 2/03/12
Current Score: 810 EQ // 829 TU(Walmart)
Goal Score: Achieved!

Wallet: Citi Forward(13.5k), Ink plus(18k), CSP(13.5k), Freedom(6k), BoA123(13k), Alliant CU(5k), Walmart(2k), Kohls(1.4k), QuickSIlver(7.5k) Amex Simplycash Business(46.5k)
Message 6 of 21
Regular Contributor

Re: Chase Sapphire: Good or bad idea to apply?

I would apply - I was approved for the no AF CS card with 35K annual income (no idea what exactly my EX score was but somewhere between 714 - 776; probably about 740-750s since I had other inquiries on my EX report). 3 INQ on report at the time.


Last app 5/7/2014

No apps until 3/31/2016!
Message 7 of 21
Super Contributor

Re: Chase Sapphire: Good or bad idea to apply?

Welcome to the forum I think you have a high chance of success. Good luck!

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 21
Frequent Contributor

Re: Chase Sapphire: Good or bad idea to apply?

I'd apply if my utility was below 15%. If you get denied see if they'll recon you for a freedom.
Cards: CSP $5k, Capital One Cash Rewards VS $3100, Discover it $3k Capital One MasterCard $600, Orchard Bank $3k, Barclays Rewards MC $1250 Gapcard $900, BR $300, Neiman Marcus $1k, Macys $1200 Walmart $500
In the garden until I can get a BCP

Starting Score: 534
Current Score: 682 EQ SW 660 TU 636 EX 3/26/13
Goal Score: 720


Take the myFICO Fitness Challenge
Message 9 of 21
Senior Contributor

Re: Chase Sapphire: Good or bad idea to apply?

@honky. Did you have to recon?
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 10 of 21