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