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Chase Sapphire Preferred with no CC History?

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Anonymous
Not applicable

Chase Sapphire Preferred with no CC History?

Hello,

 

I just started to build my credit, and just opened my first revolving credit line--a BoA Platinum Plus 1-2-3 with a $1000 credit line. The problem I have is that the credit line too low, as I was hoping to charge everything to that card. I want to apply for another card, and the Chase Sapphire Preferred Card looks appealing as I wanted to collect travel points. 

 

Stats: 

Fico Score: 745

Income: 40k

Credit History: Student Loans, BoA Platinum Plus 1-2-3 opened this month with $1k CL -- Never late on any payments

In Grad School

 

So basically I wanted to know if I have any chance of getting approved for the Chase Sapphire Preferred Card. My guess is clearly not due to short history with Revolving Credit Lines and/or low income. 

If you do not think I will be approved when do you think I should apply for it? And what FICO scores should be my goals, etc? Given I have only one CC, should I open another?

If I pay a card in full each month, would my credit utilization for that card be 0%?

Note I actually prefer to use cash and never want to carry a balance on any card, I just want to build up my credit, and I have no plans on applying for any type of loans for the next 4 years

 

Thanks,

Jay

 

PS: I had not idea my FICO score was so high, otherwise I would have asked for a higher CL when I opened the BoA card.

Message 1 of 28
27 REPLIES 27
eviLution
Established Contributor

Re: Chase Sapphire Preferred with no CC History?

I think Chase needs to see at least 1 year of revolving credit history and a year of experience with a 4k+ CL. I'm sure the requirements is lowered a bit if you bank with them with direct deposit and have a few thousand or so in their bank.


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Message 2 of 28
ryanbush
Valued Contributor

Re: Chase Sapphire Preferred with no CC History?

I think you have too thin of a file, but if you don't plan on apping for a mortgage in the next year it never hurts to try
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 3 of 28
sakhalin070
Frequent Contributor

Re: Chase Sapphire Preferred with no CC History?

I think the CSP is out of your reach.  The CSP has a minimum $5k credit line since it is a Visa Signature.  Chase generally does not like to give borrowers their first $5k limit card.  Also, as mentioned before, they like to see at least a year's worth or credit history.  If you want it in the near future, you probably could have someone co-sign for you.

AMEX BCE, Discover IT, Citi Forward, BoA Travel Rewards, Barclaycard Cash Forward
Message 4 of 28
thom02099
Valued Contributor

Re: Chase Sapphire Preferred with no CC History?


@Anonymous wrote:

Hello,

 

I just started to decide to build my credit, and just opened my first revolving credit line--a BoA Platinum Plus 1-2-3 with a $1000 credit line. The problem I have is that the credit line too low, as I was hoping to charge everything to that card. I want to apply for another card, and the Chase Sapphire Preferred Card looks appealing as I wanted to collect travel points. 

 

Stats: 

Fico Score: 745

Income: 40k

Credit History: Student Loans, BoA Platinum Plus 1-2-3 opened this month with $1k CL -- Never late on any payments

In Grad School

 

So basically I wanted to know if I have any chance of getting approved for the Chase Sapphire Preferred Card. My guess is clearly not due to short history with Revolving Credit Lines and/or low income. 

If you do not think I will be approved when do you think I should apply for it? And what FICO scores should be my goals, etc? Given I have only one CC, should I open another?

If I pay a card in full each month, would my credit utilization for that card be 0%?

Note I actually prefer to use cash and never want to carry a balance on any card, I just want to build up my credit, and I have no plans on applying for any type of loans for the next 4 years

 

Thanks,

Jay

 

PS: I had not idea my FICO score was so high, otherwise I would have asked for a higher CL when I opened the BoA card.


Hey Jay,

Realistically, I think you're probably about a year away from getting an approval for a CSP.  You've got the score, but it's a thin file and Chase usually (but not always) likes to see another card on the report with a $5K limit, since that's the minimum CL on a CSP. 

 

Some things to consider:  Let that BofA account age some, or if it doesn't meet your needs, perhaps look into a PC from that card to another BofA card that might work better for you.  Try perhaps for a Discover IT card, since it is being marketed very heavily right now, and you may have a chance at that card.  You probably should "garden" the account you have, let it grow some and try again in about 6-12 months for a different card.  Don't give up your aspiration for a CSP if it will fit your needs, just don't shoot for it just yet. 

Message 5 of 28
Anonymous
Not applicable

Re: Chase Sapphire Preferred with no CC History?

Are there any cards you guys would suggest I apply for, something like Discover It or amercan Express Green?

The average age of my accounts are 3 years, but those are all student loans.

 

If I always pay my card in full then the utilization for the CRAs is 0%? Is that correct. I wanted to know so I could put close to $1k a month on my CC and then pay it off every billing cycle, and hopefully BoA will increase the CL sooner.

 

Thanks

Message 6 of 28
Anonymous
Not applicable

Re: Chase Sapphire Preferred with no CC History?

Thanks for the replies guys, especially Thom for the detailed advice.

Message 7 of 28
ryanbush
Valued Contributor

Re: Chase Sapphire Preferred with no CC History?

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

 

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

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 8 of 28
longtermgardener
New Contributor

Re: Chase Sapphire Preferred with no CC History?

Don't ever risk HP by applying for CSP. I am in the same shoes as you with 10 months of credit history and salaried income of over 110K, applied for Chase Freedom  but was denied because of the short history. I called the recon thrice but to no avail. One of the analyst said wait till my oldest revolving account turn one year and apply after that. Since you have good score, apply for Discover IT and Walmart Discover card and you will get approved for sure. Use them well for 5-6 months and then go for Chase cards. Even if you get approved now, you wont get big CL.

Wallet : AMEX Costco TE 23k, BoFA 123 Visa Signature $12.5k, Marriott rewards $5k, Discover IT $1.7k, Walmart Discover $5.5k, Cap 1 Platinum $1500, Amazon $2000

Scores: EQ 712(9/28/13), EX 728 (9/28/13), TU 717 (Credit Karma 10/26/13), TU 753 Walmart (9/03/13)
Last app : 9/28/2013
Message 9 of 28
thom02099
Valued Contributor

Re: Chase Sapphire Preferred with no CC History?


@ryanbush wrote:

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

 

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX


Hey Jay,

Agree with ryanbush on this one.  I think you might have a good chance at an AMEX Green.  Green/Gold charge cards have basically the same underwriting standards, but different AF.  Green is $95/year but is waived the first year.  Good way to get in to a relationship with AMEX.  And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI. 

 

EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved

 

RE-EDIT:  Mea Culpa, Mea Culpa....Keep reading below!  Apparently my cerebral matter was having a gaseous...well...you know... Smiley Surprised

Message 10 of 28
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