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Chase Sapphire Preferred

Contributor

Chase Sapphire Preferred

Is this card as difficult to get as many community members have mentioned? I wanna app so bad but I'm concerned I'll be rejected. So, I guess I have some questions:

 

 

1. How sensative is Chase towards accounts closed in good standing but with a few 30 day lates?

 

2. Is a CL over $5k really a requirement?

 

3. I've read many people reporting denied initially but approved on recon?

 

4. Does it help to already bank with Chase?

 

5. Oh sweet is the Metal card?

BofA Amex $7500| Discover IT- $10K| Chase Sapphire Preferred $10k | Cap One $2000| Citi Hilton Reserve $10k
Message 1 of 8
7 REPLIES
Established Contributor

Re: Chase Sapphire Preferred

From what I hear you need excellent card and established 5k cl with another cc

Message 2 of 8
Contributor

Re: Chase Sapphire Preferred

I received this card ($5k) with only two other cards ($500 USAA MC and $1200 BoA Platinum Plus, both 5+ years with no negatives) and a car loan (40% on $8500, cosigned, 3+ years with no negatives). No prior relation with Chase. I don't know if having a $8500 car loan is comparable to having a $5k card.

 

The $5k limit is an absolute, as it is the minimum allowed for a World Mastercard (what I got) or a Visa Signature. They will not budge on this, i.e. they will not issue a non World MC or Visa Signature. I decided I would try my luck at getting a Freedom too and they told me a) we don't know you b) we can't transfer any limit away from the World MC.

 

The metal card is pretty nice (lots of comments on how heavy it is), but it scratches really easily. There are pretty big chunks missing out of the World MC logo on the back due to rubbing against other cards in my wallet and lots of scratches from where it swipes. It's definitely not as durable as a plastic card (or maybe it just mars uglier).

Message 3 of 8
Regular Contributor

Re: Chase Sapphire Preferred

op i got approved for the CSP with a 650 EXP score but I think Chase uses their own scoring system to chase i got a 739 score mabe vantage still pretty low score but i think what help me out is having established account with cc limits over 20k just my thoughts. just navyfed alone i have 80K available oh yes i was just approved just last month also got the Chase Freedom. hope this helps

 

Message 4 of 8
Frequent Contributor

Re: Chase Sapphire Preferred


kekrre wrote:

I received this card ($5k) with only two other cards ($500 USAA MC and $1200 BoA Platinum Plus, both 5+ years with no negatives) and a car loan (40% on $8500, cosigned, 3+ years with no negatives). No prior relation with Chase. I don't know if having a $8500 car loan is comparable to having a $5k card.

 

The $5k limit is an absolute, as it is the minimum allowed for a World Mastercard (what I got) or a Visa Signature. They will not budge on this, i.e. they will not issue a non World MC or Visa Signature. I decided I would try my luck at getting a Freedom too and they told me a) we don't know you b) we can't transfer any limit away from the World MC.

 

The metal card is pretty nice (lots of comments on how heavy it is), but it scratches really easily. There are pretty big chunks missing out of the World MC logo on the back due to rubbing against other cards in my wallet and lots of scratches from where it swipes. It's definitely not as durable as a plastic card (or maybe it just mars uglier).


Had a recent experience with chase I thought I should share. I have 3 total chase cards, csp, select, and freedom. I callEd the # on the back of my csp and talked to a nice CSR. I asked her about closing my select and transferring the credit limit to my csp. She said she could absolutely help me out but since I had a balance (small, around $200) she wouldn't  be able to close the card and transfer the entire limit. Furthermore, if that's what I wanted to do, the system wouldn't allow her to transfer the entire limit until the card had no activity for 90 days. She did say that if I wanted to shift some of the credit over I could as long as I left 1000 on the select. So, while the 5k rule is absolute for opening the card it wasn't for keeping it open. I could have transferred as much credit over as I wanted as long as I left 1k (plus the balance of 200) so a total of 1.2k on the select.


Starting Score: 617 EQ 10-17-11
Current Score: EQ 767 TU 769 EX 749 (all FICO but who really knows?)
Goal Score: 800


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Message 5 of 8
Valued Contributor

Re: Chase Sapphire Preferred


ElMayimbe wrote:

 

1. How sensative is Chase towards accounts closed in good standing but with a few 30 day lates?

Define few. I imagine anything over 3 will be a deal breaker.

 

2. Is a CL over $5k really a requirement?

Yes, Chase will not issue CSP with CL lower than $5,000.

 

3. I've read many people reporting denied initially but approved on recon?

Yes a lot of people have done that.

 

4. Does it help to already bank with Chase?

No.

 

5. Oh sweet is the Metal card?

Yes.


 

 

Message 6 of 8
Member

Re: Chase Sapphire Preferred

Maybe my story will give you some thought.  I just turned 20 (in august) and on my birthday applied for the Chase Sapphire card, and was approved with the 5k limit.  Up until then, I had 3 Credit Cards.  A Capital One Journey card 750 CL, that was open for like 1.5 years.  Then a Discover More with 1000 CL open for 9 months, and then a BoA Cash Rewards card with a 700 also open for 9 months.  I had no baddies, no missed payments and my util was pretty high, I wanna say 30%.  So basically, AAoA 1.2 years, 30% util, no baddies and I got approved.  Oh, and I had like 7 inq....lol.  Also on the same day I got approved for a Citi Premier card with 4.3k CL.  It doesn't seem toooo hard to get.

EX FICO - 714 - 8/20/12
TU FICO - 704 - 12/16/12

Chase Sapphire 5000 | Citi Dividend 4300 | Discover More 1000 | CapitalOne Journey 750 | BoA Cash Rewards 700 CL
Message 7 of 8
Highlighted
Contributor

Re: Chase Sapphire Preferred


Jake0215 wrote:

kekrre wrote:

I received this card ($5k) with only two other cards ($500 USAA MC and $1200 BoA Platinum Plus, both 5+ years with no negatives) and a car loan (40% on $8500, cosigned, 3+ years with no negatives). No prior relation with Chase. I don't know if having a $8500 car loan is comparable to having a $5k card.

 

The $5k limit is an absolute, as it is the minimum allowed for a World Mastercard (what I got) or a Visa Signature. They will not budge on this, i.e. they will not issue a non World MC or Visa Signature. I decided I would try my luck at getting a Freedom too and they told me a) we don't know you b) we can't transfer any limit away from the World MC.

 

The metal card is pretty nice (lots of comments on how heavy it is), but it scratches really easily. There are pretty big chunks missing out of the World MC logo on the back due to rubbing against other cards in my wallet and lots of scratches from where it swipes. It's definitely not as durable as a plastic card (or maybe it just mars uglier).


Had a recent experience with chase I thought I should share. I have 3 total chase cards, csp, select, and freedom. I callEd the # on the back of my csp and talked to a nice CSR. I asked her about closing my select and transferring the credit limit to my csp. She said she could absolutely help me out but since I had a balance (small, around $200) she wouldn't  be able to close the card and transfer the entire limit. Furthermore, if that's what I wanted to do, the system wouldn't allow her to transfer the entire limit until the card had no activity for 90 days. She did say that if I wanted to shift some of the credit over I could as long as I left 1000 on the select. So, while the 5k rule is absolute for opening the card it wasn't for keeping it open. I could have transferred as much credit over as I wanted as long as I left 1k (plus the balance of 200) so a total of 1.2k on the select.


It's possible it's just for new accounts, possible it's because you were trying to close the account, possible it's different for the Select than the CSP, possible you have more pull with Chase, or just that you had a nice CSR (or some combination thereof). As far as it relates to the OPs concerns, I was told that if I had been approved for a higher limit, they would have had no problem shifting limits to open a Freedom for me, but that they would not drop the limit on the CSP below $5k. But nice to know regardless.

Message 8 of 8