Chase Sapphire

[ezdoesit]

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@Anonymous wrote:

Hi, I'm a 20 year old college student and was wondering if you could help me figure out whether I have a possibility of being approved for the Chase Sapphire Preferred. I really want this card because I travel a lot and would love the rewards. Here's my information.

Credit Cards:

Citi Forward: $3000 CL, 1 Year

First National Bank Secured Credit: $4000 CL, 1 Year

Authorized User on American Express Platinum: No Limit, 4 Years

Credit Scores:

TransUnion: 725

Equifax: 714

Experian: 710

Income:

$19,400

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Did you go on the Chase prequal site to check if they hav any offers for you? In my experience they are pretty accurate and if the freedom comes up check the APR that they are offering that will be an indicator of how they feel about your credit report.  13.99-22.99

[bigblue7722]

I would personally go for it if thats the card you really want. Your scores are solid but i might say go for the freedom first because of you income. The freedom works really well with the csp so you should get it anyways or else your costing yourself money. Do you pay rent or do you live at home? That could be a big difference with your DTI ratio.  Its just a HP you wont lose that much if you get denied. Chase is also good with recons so even if you do get denied you still have a fighting chance, unlike amex or discover. 

[-Cal-]

I think there is a high probability that you would be denied because of your income. I was initially denied because too low income. In reality, I made a typo on my income which indicated $24,000 annual gross. If I were you, I would not apply for this card. 

[milkshakes]

datapoint: i was about 22 and had a 3 year credit history with an AAoA of 1 year (3 years with an Amex Macys store card, 1 year with BofA, no history with Chase). I was also an AU for a Discover card (slightly irrelevant since I dont think Chase factors that heavily) and was only making 40k. Credit score was slightly higher than yours and i got approved without having to recon.

I think if you really want it, you might as well go for it. ive seen people with 700 or even a couple rare instances of folks with as low as 680 or so get approved. so if you really want it, id take a chance. the majority of us here don't really apply for credit cards unless we're fairly certain we can get them, but we're usually more risk averse because we don't really need the card. no one really ever NEEDS a particular card, but in your case it looks like you'll be making it your daily card so the usage is much higher than for a single category or for a signup bonus, so maybe it's worth taking the risk right now. but i think you have a 30-40% of getting approved; if you get rejected it'd definitely be worth reconning.

[Closingracer99]

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@robbulous wrote:

I'm going to say your chances aren't good at this moment simply because Chase wants to see experience with a $5k or higher CL before approving for the Sapphire cards that have a minimum CL of $5k. 

I would recommend going for a Freedom. You'll probably get a 3-4k CL, and then in 6 months you may get a CL on one of your cards to over $5k. At that time you will have history with Chase, and can possibly move some of your Freedom CL to the Sapphire to make being approved for it even easier.

I had my Chase Amazon for 6 months before they approved me for the Sapphire. My Discover and AMEX were at $6k at the time too.

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I Got the regular Chase Sapphire card with an AAoA around 8 months with my Discover at 1 Year longest. my Scores were a bit worse then his and my Credit avaliable to me at the time with 4 Credit cards at the time was $3,200. Got approved for the Freedom and Chase Sapphire on the same day. Looking at his scores and everything I think he has a very good chance at being accepted for the CSP.

[robbulous]

Wow that is surprising. Did you have a Chase checking or savings account at the time with a good amount of money in it? I've heard this can also help you get approved for Chase cards that you wouldn't normally qualify for.

[-Cal-]

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@Closingracer99 wrote:

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@robbulous wrote:

I'm going to say your chances aren't good at this moment simply because Chase wants to see experience with a $5k or higher CL before approving for the Sapphire cards that have a minimum CL of $5k. 

I would recommend going for a Freedom. You'll probably get a 3-4k CL, and then in 6 months you may get a CL on one of your cards to over $5k. At that time you will have history with Chase, and can possibly move some of your Freedom CL to the Sapphire to make being approved for it even easier.

I had my Chase Amazon for 6 months before they approved me for the Sapphire. My Discover and AMEX were at $6k at the time too.

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I Got the regular Chase Sapphire card with an AAoA around 8 months with my Discover at 1 Year longest. my Scores were a bit worse then his and my Credit avaliable to me at the time with 4 Credit cards at the time was $3,200. Got approved for the Freedom and Chase Sapphire on the same day. Looking at his scores and everything I think he has a very good chance at being accepted for the CSP.

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What about your annual income? That seems to be a factor with this card from personal experience.

[Pat94108]

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@Closingracer99 wrote:

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@robbulous wrote:

I'm going to say your chances aren't good at this moment simply because Chase wants to see experience with a $5k or higher CL before approving for the Sapphire cards that have a minimum CL of $5k. 

I would recommend going for a Freedom. You'll probably get a 3-4k CL, and then in 6 months you may get a CL on one of your cards to over $5k. At that time you will have history with Chase, and can possibly move some of your Freedom CL to the Sapphire to make being approved for it even easier.

I had my Chase Amazon for 6 months before they approved me for the Sapphire. My Discover and AMEX were at $6k at the time too.

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I Got the regular Chase Sapphire card with an AAoA around 8 months with my Discover at 1 Year longest. my Scores were a bit worse then his and my Credit avaliable to me at the time with 4 Credit cards at the time was $3,200. Got approved for the Freedom and Chase Sapphire on the same day. Looking at his scores and everything I think he has a very good chance at being accepted for the CSP.

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I would think the regular Sapphire is a bit easier to qualify for than the CSP, no? I think he has good chances for the regular Sapphire or Freedom but his income is low for the CSP.

[elim]

curiouser and curiouser... please keep us posted. thanks and good luck!

[Closingracer99]

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@Pat94108 wrote:

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@Closingracer99 wrote:

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@robbulous wrote:

I'm going to say your chances aren't good at this moment simply because Chase wants to see experience with a $5k or higher CL before approving for the Sapphire cards that have a minimum CL of $5k. 

I would recommend going for a Freedom. You'll probably get a 3-4k CL, and then in 6 months you may get a CL on one of your cards to over $5k. At that time you will have history with Chase, and can possibly move some of your Freedom CL to the Sapphire to make being approved for it even easier.

I had my Chase Amazon for 6 months before they approved me for the Sapphire. My Discover and AMEX were at $6k at the time too.

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I Got the regular Chase Sapphire card with an AAoA around 8 months with my Discover at 1 Year longest. my Scores were a bit worse then his and my Credit avaliable to me at the time with 4 Credit cards at the time was $3,200. Got approved for the Freedom and Chase Sapphire on the same day. Looking at his scores and everything I think he has a very good chance at being accepted for the CSP.

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I would think the regular Sapphire is a bit easier to qualify for than the CSP, no? I think he has good chances for the regular Sapphire or Freedom but his income is low for the CSP.

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From What I have read CS and CSP would be based off the same approval chances ...