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Established Member
JohnB222
Posts: 41
Registered: ‎09-05-2011
0

Chase Sapphire

Hello,

 

I am looking at Chase Sapphire Preferred due to having no international usage fees, I was looking at the new Capital One Cash card (for Excellent Credit) but found that it may hurt my credit score since Capital One doesn't report credit limits.  In the material for the Chase Sapphire, it said no pre-set credit limit...does that mean they will not report a credit limit to the bureaus also and that will hurt my credit score as well?

 

Thanks for any insight you may be able to provide!

Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL
Established Contributor
Guava
Posts: 767
Registered: ‎04-08-2011
0

Re: Chase Sapphire

IMO, it'll hurt your score if you already have high utilizations on your other card(s), if you don't it doesnt really matter.


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Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Established Member
JohnB222
Posts: 41
Registered: ‎09-05-2011
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Re: Chase Sapphire

I have 0% utilization on my Amex Blue Cash with 15k CL (pay it off in full every single month), the only reason I am looking at a second card is to increase my credit score...I don't want to get a credit card for s**ts and giggles nor do I need a second, I am perfectly happy with just a single credit card.  I do not have a loan, do not have a mortgage, all I have is my one Amex.  I am looking to expand my credit report to try to makeup for the fact I do not have any loans/mortages, so it's important that the card I ultimately do select to expand my credit rating actually improves it instead of doing nothing for it, because that would defeat the purpose.

 

Thanks!

Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL
Valued Contributor
android01
Posts: 1,208
Registered: ‎09-22-2009
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Re: Chase Sapphire

[ Edited ]

My Chase Sapphire card does not report a credit limit, but does report the high balance.  It is listed as a "Flexible Spending Credit Card", which I actually prefer if I'm letting a high balance report becasue it won't affect my revolving utilization (except on FICO TU98 as found here at MyFico. :smileymad:)  

EQ FICO - EQ08 - 850 -9/2/14
TU FICO - TU08 - 850 - 7/18/14
EX FICO - EX08 - 850 - 7/18/14
Established Contributor
Guava
Posts: 767
Registered: ‎04-08-2011
0

Re: Chase Sapphire


JohnB222 wrote:

I have 0% utilization on my Amex Blue Cash with 15k CL (pay it off in full every single month), the only reason I am looking at a second card is to increase my credit score...I don't want to get a credit card for s**ts and giggles nor do I need a second, I am perfectly happy with just a single credit card.  I do not have a loan, do not have a mortgage, all I have is my one Amex.  I am looking to expand my credit report to try to makeup for the fact I do not have any loans/mortages, so it's important that the card I ultimately do select to expand my credit rating actually improves it instead of doing nothing for it, because that would defeat the purpose.

 

Thanks!


Sounds like you're already very careful with your credit card. Yeah, personally I would get a 2nd card sooner or later, it will help  your average age down the line. Regarding the Chase Sapphire, with your payment habit, it will be fine. Good luck!


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Established Member
JohnB222
Posts: 41
Registered: ‎09-05-2011
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Re: Chase Sapphire

Can you please explain why Flexible Spending Credit Card could be a good thing as opposed to a traditional Credit Card?  Thanks!

Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL
Established Contributor
Guava
Posts: 767
Registered: ‎04-08-2011
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Re: Chase Sapphire


JohnB222 wrote:

Can you please explain why Flexible Spending Credit Card could be a good thing as opposed to a traditional Credit Card?  Thanks!


Hai JohnB, I can't in a well-spoken manner :smileyhappy: but if I may direct your attention to a thread that other more experienced members list the pro and con of Visa Signature/World Mastercard (which are 2 flexible spending limit cart types):

 

http://ficoforums.myfico.com/t5/Credit-Cards/Pros-and-Cons-of-quot-Signature-quot-and-quot-World-quo...

 

Hope that helps


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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Established Member
JohnB222
Posts: 41
Registered: ‎09-05-2011
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Re: Chase Sapphire

Thanks, that does help.  Now if I was interested in getting a second Amex and backdating it to improve my Average Age...how long do you think I should wait until I apply for Chase Sapphire for example?  Or should I apply for Chase Sapphire first?  My ultimate goal, I think:

 

Convert legacy Blue Cash to Blue Cash Everyday, and possibly get second Amex and backdate it to improve Average Age (but which card, Zync?)

Apply for Chase Sapphire Preferred ($650/$500 bonus right now, plus great other perks including no international usage fees)

Apply for PenFed Cash Rewards for 5% rebate on gas purchases

 

How long would everyone recommend between applying for Chase Sapphire and PenFed?  Thanks!!!!!!!

Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL
Established Contributor
Guava
Posts: 767
Registered: ‎04-08-2011
0

Re: Chase Sapphire

regarding 2nd Amex and Chase, I personally would apply for them both on the same day, one right after the other. More than likely they botth will pull Experian, so they won't see each other's pull.

For Penfed, the application is a litle bit more lengthy. If you apply for Penfed after Amex and Chase, you'll have 2 fresh inquiries so I imagine that would decrease your chance of approval. Waiting a year sounds reasonable? Or you can apply for Penfed first, and then Amex/Chase. I read from the forum that Penfed is one of the strictest lender, Amex and Chase are more varied.

 

Of course, all of those depends on your credit profile (scores, any recent inquiry, derogatives, etc.)


Starting Score (08/11/11): TU08: 643
Current Score: TU08: 741
Goal Score: Stay in the 700s; keep reports clean


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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Chase Sapphire


silver0187 wrote:

regarding 2nd Amex and Chase, I personally would apply for them both on the same day, one right after the other. More than likely they botth will pull Experian, so they won't see each other's pull.

For Penfed, the application is a litle bit more lengthy. If you apply for Penfed after Amex and Chase, you'll have 2 fresh inquiries so I imagine that would decrease your chance of approval. Waiting a year sounds reasonable? Or you can apply for Penfed first, and then Amex/Chase. I read from the forum that Penfed is one of the strictest lender, Amex and Chase are more varied.

 

Of course, all of those depends on your credit profile (scores, any recent inquiry, derogatives, etc.)


Actually, the inq usually appears immediately. Back when I applied with BofA over the phone, it took forever, and the inq popped up on my Experian report while I was on hold.

 

But PenFed pulls Equifax, not Experian, so unless they decide to also pull EX, they shouldn't see the other two inqs at all. And since it tends to take forever for a new AmEx account to show up on your reports, and Chase often takes a while as well, OP might well fly under the radar on this one.

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