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Chase sapphire approval odds

New Visitor

Chase sapphire approval odds

So I am pretty new to all of this, but I really would like to get the Chase Sapphire or preffered credit card. I have limited credit history consisting of a Barclays card of 1 year at 2300 CL and a Chase freedom for 6 months at 500 CL. I got my TU(736) and EQ(741) from myfico but have no clue what my EX fico is. I have 2 checking accounts with chase for 6 months as well and make an annual income of $35,000. What are my chances of getting approved, or how long should I wait? Thanks.

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Valued Contributor

Re: Chase sapphire approval odds

If Chase starts you at $500 that means you are borderline on your credit. Because you have limited credit history your credit score means nothing. High credit score cannot cover the fact that you have thin file. One reason why you should never get too in love with credit score, because it can be biased/skewed.

 

I suggest you wait for 6 more months. Sapphire lineup is even harder to get than Freedom. In the mean time get that Freedom some CLI.

Message 2 of 5
Valued Contributor

Re: Chase sapphire approval odds


trumpet-205 wrote:

If Chase starts you at $500 that means you are borderline on your credit. Because you have limited credit history your credit score means nothing. High credit score cannot cover the fact that you have thin file. One reason why you should never get too in love with credit score, because it can be biased/skewed.

 

I suggest you wait for 6 more months. Sapphire lineup is even harder to get than Freedom. In the mean time get that Freedom some CLI.


+1.

 

A $500 CL and a low income are going to work against you here. In the meantime you'll need to garden, use your Freedom regularly and PIF, and try for a CLI after 6 months. A Sapphire may be 9-12 months out for you at this point.

 

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 3 of 5
Established Contributor

Re: Chase sapphire approval odds

Chase loves to see activity. Use your current card, pay in full and get a year or more of history behind you. One mistake a lot of people make is that they try to achieve good credit too fast. It takes time with the scoring alogrithm and time with the CC Company to see your payment trends/history internally as well. I have a Chase Airlines card opened for 8k and four months later got approved for 25k. My Freedom card had about eighteen months of history. The remainder of my file is no collections, co's, and two accounts with lates, last being nearly three years ago and the other late now past four years.As always, YMMV, good luck.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 4 of 5
Established Member

Re: Chase sapphire approval odds

I just got my CSP, I have there feedom card for 1 year with $ 3500 line and a free chase checking and savings acount  that I have to keep a mini. of $15000 a month or get charge 25 a month. The branch rep. told me that they like to see some credit line with $5000 or more are a strong histroy with them.I think the guys on the forum are on point, ....wait ... time can be your friend.. I made sure to wait a year ,got a line increase from discover for $ 6500 an spend 14000 on freedom, 35000 on amex gold(now plat.) an 16000 on discover in one year and always pay before month end close ...zero bal.always and when I did the app.on line, I was still praying. it took 19 seconds and got approved with $9600 line

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