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Chase Sapphire Preferred and/or AMEX Platinum

Valued Member

Chase Sapphire Preferred and/or AMEX Platinum

I know this is a topic that has beaten the poverbial dead horse. I wanted to get some experiences applying for these two cards. I am considering both but don't know if my odds of getting approved for either are too good. Credit profile is as follows:

 

TU(myFICO): 718-758*

EQ(myFICO): 680-720*

EX(PlusScore): 706

*based on simulation. Currently available report does not reflect lower credit utilization from current billing cycle yet which is currently 7%. I'll refresh Thursday when the new reports are available

 

6 student loans carrying balances totaling less than 10K

1 revolving credit card from Capital One ($300 CL)

1 open credit on bank account (OD protection: $500 limit)

 

One deliquency 2 years ago (30 days) reflected in TU and EQ but not EX.

My income is over 97,000 per year but I have a short history (Total of 4 years but AAoC is 2 years)

Do I have a chance on getting approval for either one of these cards?


Starting Score: TU (myFICO) , EQ (myFICO) 620 , EX (PlusScore) 661 [1/1/13]
Current Score:font> TU (myFICO) 678 , EQ (myFICO) 660 , EX (PlusScore) 706 [6/11/13]
Goal Score: 750+ All Three


Take the myFICO Fitness Challenge

Message 1 of 27
26 REPLIES
Moderator Emerita

Re: Chase Sapphire Preferred and/or AMEX Platinum

Welcome to the forum. CSP usually requires some cc history with a CL close to $5k. Stranger approvals have happened but the likelihood is not in your favor. Basically, your cr shows 1Cap 1 with a $300 CL- Chase will not look at SL or the bank account. Do you have a banking relationship with Chase?

Amex Plat is also iffy. Even though the UW req are the same for all charge cards - the $300 CL is still your only rev cc.

May I ask, why these 2 cc's? Travel, dining?
Message 2 of 27
Valued Member

Re: Chase Sapphire Preferred and/or AMEX Platinum

Travel rewards for sure. I work in the oil industry and I tend to travel for two weeks a month. I'd like start getting some of the rewards from it. To give a little more description: September of last year I didn't even have enough credit history to generate an actual score. I had applied for an AMEX Green and got denied. I chose to go for a "bad credit" type credit card so that I could get a score with hopes of applying for a beneficial card about this time. That is why my limit is so low on the Capital One. I don't have a relationship with Chase though.


Starting Score: TU (myFICO) , EQ (myFICO) 620 , EX (PlusScore) 661 [1/1/13]
Current Score:font> TU (myFICO) 678 , EQ (myFICO) 660 , EX (PlusScore) 706 [6/11/13]
Goal Score: 750+ All Three


Take the myFICO Fitness Challenge

Message 3 of 27
Valued Contributor

Re: Chase Sapphire Preferred and/or AMEX Platinum


jgbishop wrote:

I know this is a topic that has beaten the poverbial dead horse. I wanted to get some experiences applying for these two cards. I am considering both but don't know if my odds of getting approved for either are too good. Credit profile is as follows:

 

TU(myFICO): 718-758*

EQ(myFICO): 680-720*

EX(PlusScore): 706

*based on simulation. Currently available report does not reflect lower credit utilization from current billing cycle yet which is currently 7%. I'll refresh Thursday when the new reports are available

 

6 student loans carrying balances totaling less than 10K

1 revolving credit card from Capital One ($300 CL)

1 open credit on bank account (OD protection: $500 limit)

 

One deliquency 2 years ago (30 days) reflected in TU and EQ but not EX.

My income is over 97,000 per year but I have a short history (Total of 4 years but AAoC is 2 years)

Do I have a chance on getting approval for either one of these cards?


I would think you would more likely be approved for AMEX Plat than CSP. AMEX charge cards seem to be approved at lower (680-700) scores. The CSP is probably a no go, due to the fairly recent (2 yrs ago)  30 day lates, your short history, and your limited credit history (only 1 CC open). Chas also has been doing alot of double pulls (EX/TU) lately, so the fact that something appears on one bureau and not another may not help alot in this case.

 

I will also say that depending on FAKO scores is probably not the best thing to do when trying to decide where to apply. It is always better to have a real FICO in hand before making a decision.

 

 


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 4 of 27
Moderator Emerita

Re: Chase Sapphire Preferred and/or AMEX Platinum

Then I would start with the PRG, lower AF. Get your foot in the door with Chase with their Freedom. After 6 mos and you think you need the CSP- then go for it.
Message 5 of 27
Valued Member

Re: Chase Sapphire Preferred and/or AMEX Platinum

Would the fact I currently carry a corporate AMEX help me out at all? Also, would applying in person be of any benefit?


Starting Score: TU (myFICO) , EQ (myFICO) 620 , EX (PlusScore) 661 [1/1/13]
Current Score:font> TU (myFICO) 678 , EQ (myFICO) 660 , EX (PlusScore) 706 [6/11/13]
Goal Score: 750+ All Three


Take the myFICO Fitness Challenge

Message 6 of 27
Contributor

Re: Chase Sapphire Preferred and/or AMEX Platinum

Is this a case where you may have to get a say GE backed card maybe a walmart or a sams club hope they give you a decent CL then wait after 4th statement cuts request increase, get one close to 4k-5k then in a year apply for a CSP? Does your job have a credit union? maybe they can be a lot more generous and give you a good credit limit to begin with?

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 7 of 27
Valued Member

Re: Chase Sapphire Preferred and/or AMEX Platinum

Try capital one secure rewards card .If you can put $3k down which is the Max that would show you can handle a higher limit card than in 6 month try for one of those cards you prefer ....Just my opinion 

Message 8 of 27
Contributor

Re: Chase Sapphire Preferred and/or AMEX Platinum

it should help with maybe backdating when your approved for your own.. not sure if that works but i think ive read it does in some threads..

Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Message 9 of 27
Valued Contributor

Re: Chase Sapphire Preferred and/or AMEX Platinum


jgbishop wrote:

Would the fact I currently carry a corporate AMEX help me out at all? Also, would applying in person be of any benefit?


I doubt it. If it is not in your name, it has no bearing on you being approved.


CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (4), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 801; TU MyFico: 799; EX (My Fico): 797
Message 10 of 27