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

You have been a huge, huge help...this 2nd Amex has really thrown me for a loop though...what I want to do is this:

 

Chase Sapphire Preferred = Used for a large purchase I have coming up ($4000) which will immediately exceed 3k min for first 3 months for $650/$500 bonus plus restraunt/fast food usage

PenFed Cash Rewards = Used for 5% cashback on Gas

Amex Blue Cash (convert to Everyday) = Used for Groceries and All Other Spending

 

Which 2nd Amex would you recommend?  And where would you throw that in my spending solution I outlined above?  I was thinking Zync since that appears to be a good one, low annual fee I can manage ($25), however I was a little unsure about it being a charge card vs credit card?  And based on your logic, I would want to do Penfed first THEN Chase/Amex on same day.  Just to dot my i's and cross my t's would I want to do all 3 on same day?  Also wouldn't 2 (or especially 3) credit pulls on same day seem suspicious?!?

 

Thanks again, you are helping out tremendously throwing out some good ideas!!!!

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
Posts: 768
Registered: ‎04-08-2011
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Re: Chase Sapphire


haulingthescoreup wrote:

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.


There's a thread or two about EX inquiry from Amex doesn't show until some days after submitting an app (http://ficoforums.myfico.com/t5/Credit-Cards/New-Card-and-No-Hard-Pull/m-p/912326/highlight/true#M26...), so it's up to the OP to decide what to do.

 

Thanks for the correction HTSU! and sorry for the mis-info about Penfed. 


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Current Score: TU08: 741
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Registered: ‎04-07-2009
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Re: Chase Sapphire

If It says No pre set spending limit and you have credit access line (credit limit) of over 5K it will not report a credit limit. Under 5K I am not sure if the No pre set spending limit option is availible.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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Registered: ‎04-08-2011
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Re: Chase Sapphire

Hai JohnB, just like haulingupthescore stated, Penfed pulls your report from Equifax, Chase/Ames pull from Experian, so Penfed won't see the 2 inquiry from Chase/Amex, and Chase/Amex won't see the inquiry from Penfed. If 2 inquiries on the same day are all the inquiry you have for a 6 months time frame then it's not at all suspicious :smileyhappy:

 

You're shooting for some very good cards but also very tough to be approved for cards. If you feel you have a solid income and clean credit profile, go with your plan!


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


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Posts: 28,098
Registered: ‎04-01-2007
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Re: Chase Sapphire


silver0187 wrote:

haulingthescoreup wrote:

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.


There's a thread or two about EX inquiry from Amex doesn't show until some days after submitting an app (http://ficoforums.myfico.com/t5/Credit-Cards/New-Card-and-No-Hard-Pull/m-p/912326/highlight/true#M26...), so it's up to the OP to decide what to do.

 

Thanks for the correction HTSU! and sorry for the mis-info about Penfed. 


I do remember seeing that about the late appearance of the AmEx pull; thanks for hunting down that thread! Maybe something is changing in how they show up these days.

 

Timing apps can be tricky, but FWIW, AmEx never seemed to be bothered by recent apps I had made before apping with them. They're definitely not as suspicious as other CCC's are.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Member
Posts: 41
Registered: ‎09-05-2011
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Re: Chase Sapphire

I got approved for the PenFed one with 8k CL, and got approved with Sapphire Preferred and they said I will receive additional info in the mail.  Thanks everyone for your help!

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

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL
New Member
Posts: 5
Registered: ‎09-06-2011
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Re: Chase Sapphire

[ Edited ]
Congrats JohnB222!

android01 wrote:

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:)  


So even though a high balance appears on your credit report, you're saying that it doesn't affect your credit utilization rate? You're sure about this?

 

Related question: also, if I had just a Sapphire and an Amex Gold, would it hurt me that I don't have a traditional card with a credit limit?

 

Thanks!

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