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This will get wordy. It's just the way I am sometimes.
Yesterday, I applied for one of Citi's Hilton HHonors card. I was declined. My personal banker buddy said that the travel rewards cards can be hard to get, even though I have two lines of credit with Citi, plus a checking and savings but, whatever.
This morning I went online and applied for a Chase Sapphire (not preferred) and was instantly approved for $5000. (WTH Citi???). What I would have really liked to have had was a Chase Sapphire Preferred or one of the United Airlines cards instead, but, stupid me, I thought that they would be harder to get based on what my banker buddy told me. I know, I know, every lender is different, but I am not always the sharpest tool in shed. So I grab the phone and called Chase up and spoke to a guy who said that Chase's approval criteria is EXACTLY the same, regardless of which card I applied for, so I would have been approved for any card. Well, damn, I thought. The guy said I could cancel the Sapphire and reapply for a card I wanted. Yes, I replied, but that would produce a "ding" to my credit (for another inquiry) and perhaps that would be just the negative thing that might reject my next application. He agreed that there is that chance. That would have put me back to square one. I asked the guy how many Chase cards a person can have and he said it depends on the individual's credit status. I don't really want two Chase cards so I don't want to do that.
I am thinking of holding this card for a year (six months?) use it and pay it off every month and then apply for a card I want. Assuming all things remaining the same, I should (at least theoretically) get one I actually want; a United card or Sapphire Preferred.
If anyone would like to throw an opinion or suggestion at me based on an experience or whatever, please do. Don't get me wrong, I am delighted to have the Chase card I have been approved for, but you get the idea.
PLUS: it may be nice for people who use this site to know that Chase's approval criteria is the same regardless of which card you apply for.
@randeman wrote:This will get wordy. It's just the way I am sometimes.
Yesterday, I applied for one of Citi's Hilton HHonors card. I was declined. My personal banker buddy said that the travel rewards cards can be hard to get, even though I have two lines of credit with Citi, plus a checking and savings but, whatever.
This morning I went online and applied for a Chase Sapphire (not preferred) and was instantly approved for $5000. (WTH Citi???). What I would have really liked to have had was a Chase Sapphire Preferred or one of the United Airlines cards instead, but, stupid me, I thought that they would be harder to get based on what my banker buddy told me. I know, I know, every lender is different, but I am not always the sharpest tool in shed. So I grab the phone and called Chase up and spoke to a guy who said that Chase's approval criteria is EXACTLY the same, regardless of which card I applied for, so I would have been approved for any card. Well, damn, I thought. The guy said I could cancel the Sapphire and reapply for a card I wanted. Yes, I replied, but that would produce a "ding" to my credit (for another inquiry) and perhaps that would be just the negative thing that might reject my next application. He agreed that there is that chance. That would have put me back to square one. I asked the guy how many Chase cards a person can have and he said it depends on the individual's credit status. I don't really want two Chase cards so I don't want to do that.
I am thinking of holding this card for a year (six months?) use it and pay it off every month and then apply for a card I want. Assuming all things remaining the same, I should (at least theoretically) get one I actually want; a United card or Sapphire Preferred.
If anyone would like to throw an opinion or suggestion at me based on an experience or whatever, please do. Don't get me wrong, I am delighted to have the Chase card I have been approved for, but you get the idea.
PLUS: it may be nice for people who use this site to know that Chase's approval criteria is the same regardless of which card you apply for.
Holding on to the card sounds like a good idea to me. You've already beaten yourself up (needlessly!), based on some aparently faulty advise from your banker buddy. You've got the HP on the standard Sapphire, so may as well take advantage of the situation. You've got the "In" with Chase now, 6 months (or more) of history such as you suggest can only be a benefit to you. Making the most of a not-so-great situation seems to be advantageous to you now!
ONWARD AND UPWARD !
First off, I recommend you getting to know your finances a little better. What kind of spending do you do each year and what kind of rewards would benefit you the most. Then take a look at the credit cards and see if the CSP will be worth it to you for the annual fee. It is easy to apply for credit cards but sometimes impossible to reverse a bad decision. That kind of guys for all things credit in fact.
If you do decide that the CSP would be worth it to you, you could call and ask to have the card PCed over to the AF version. You would lose the great sign up bonus which is a great advantage of the card.
Otherwise I don't think it would be unreasonable for you to cancel the one you have and reapply for the CSP. You would take a ding for the HP but it would be from Chase so I think it would count less. Even if you were declined I think you could call and recon and be approved by explaining you applied for the wrong card.
Actually, I would prefer to have one of the United cards over the CSP. I think both the United and the CSP have a $95 AF but I believe that a United card would have more value to me because of the one free checked bag and the two Club passes. They easily offset the fee. I know that the CSP has a lot of great perks, but, honestly, my Escape by Discover is essentially a signature card with many of the same perks with an (I think) $60 AF.
As far as airline cards go, I would prefer a Delta SkyMiles Amex since I fly Delta more than any others. But, based on my experience with Amex last year, they can stuff their gold card. There is, however, a cloud to a potential United card silver lining in that Newark Liberty is my closest airport and since it is a United fortress hub the fares can be exorbitant.
I would apply for the United RIGHT NOW if that's the card you want.... you got an instant $5k on Sapphire... Chase is often known for approvoing 2 apps instantly and sometimes needing recon on a 3rd or sometimes recon on 2nd and if you don't get instant on 2nd, you just call monday and recon.... IF they really have issue giving you a full 2nd card at that point you will be on the phone with someone that can move some or all the CL from this new saphire to the united to open it... but I bet you get both!!!
and never listen to a "banker" in branch... it's SO rare you run into one that actually knows credit and policy of the bank they work for let alone credit in general (no offense to any that do... I have not met one yet, which is probably why I try to always bank from home online!)
@randeman wrote:Actually, I would prefer to have one of the United cards over the CSP. I think both the United and the CSP have a $95 AF but I believe that a United card would have more value to me because of the one free checked bag and the two Club passes. They easily offset the fee. I know that the CSP has a lot of great perks, but, honestly, my Escape by Discover is essentially a signature card with many of the same perks with an (I think) $60 AF.
As far as airline cards go, I would prefer a Delta SkyMiles Amex since I fly Delta more than any others. But, based on my experience with Amex last year, they can stuff their gold card. There is, however, a cloud to a potential United card silver lining in that Newark Liberty is my closest airport and since it is a United fortress hub the fares can be exorbitant.
Go for the United then. I just assumed since you went for the regular Sapphire that is what you would prefer. If the United is that valuable to you then go ahead and apply for it. My point was I don't think it will be that big of a deal applying for a second Chase card even if you have to explain to recon your situation. You should be able to get approved.
Creditaddict did have a good point about not just closing the regular sapphire account but asking to combine limits. That is something Chase is good about and you would then get some benefit for this application rather than just a wasted HP.
@emptypockets wrote:
I would keep the card for 6 months to a year, app for The United card and then after they approve it move the credit line over from the regular Sapphire to the United. Or, if you decide to app for both United and another chase card, move the credit line over to the new card. Just don't cancel the card you have until you get approved for a new one from Chase. They will gladly consolidate lines on their cards, and you will still get your sign up bonuses. Also, the CSP and the United (I think) waive the AF the first year anyway, so you are not going to have to pay it when you app. If you PC the card, you lose the bonus AND pay the AF.
+1
Never PC a card if you can qualify to apply for it. You want the bonus and the first year fee free. Also do take advantage of transferring credit lines to new cards as mentioned above.
I am going to bite the bullet and apply for the United card. What the heck, it's only another ding and maybe it won't have that much of an effect. Here goes...