New Chase SP and/or AMEX BCE approval odds

[Protypus12]

Hello All,

New to the forums here. I'm about to start a new job that requires a much longer commute and I'm looking at getting a new credit card with rewards to use on gas and dinning out. Currently I only have one card, a capital one secured with a measly $500 limit. I messed up my credit back in college and I've used this to rebuild my scores. I checked with Chase and Amex pre-qual sites and they've matched me with Chase Freedom and Saphire Preferred as well as BCE respectively.  My current credit profile is pretty small, only one account (cap one) with 28 months history, no derragatory,  zero late payments, and 6% utilization. I usually pay off my balance in full every month but lately I've been leaving a few dollars on there just to show a tiny balance. Any idea of my chances of getting approved for any of these cards? I'd rather not take a hard inquirey just to get denied. 

Current Scores: 

EQ 774, 0 inq

TU 778, 2 inq (2 realtors checked me in NOV 2014 when I moved)

EX 785, 1 inq (Aug 2014)

Zero debt with around 65k annual income

Any help is greatly appreciated!

[Anonymous]

Welcome to the forums.

From what you have described, your chances are very good at being approved for both the Chase and Amex cards.

[Anonymous]

Your scores, income and history should be fine. My one concern would be the low limit card being your only reporting trade line. Some have speculated that CSP wants you to have at least one higher limit card on your credit report before they'd be willing to approve you. But, I have no direct experience with that and would think the prequal is a good sign.

Pretty thin file with just the Cap1 card, are there other accounts (student loans etc) reporting?

If Amex and Chase prequalified you, you are probably good to go.

[Protypus12]

That was my concern too. I know the CSP min credit line is 5k so I'm not sure they would want to be the first bank to give me that much credit. I do not have any loans or other accounts reporting. I had some old cards from way back but they've since fallen off my report. 

[Anonymous]

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@Protypus12 wrote:

That was my concern too. I know the CSP min credit line is 5k so I'm not sure they would want to be the first bank to give me that much credit. I do not have any loans or other accounts reporting. I had some old cards from way back but they've since fallen off my report. 

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Normally this is true but the preapproval is usually a very good indicator with Chase.

[Creditplz]

Try BofA Cash Rewards? Normally has a nice SL and great CLI, 3% back on gas and 2% at the market. No AF, etc.. It's my everyday/gas card! Works great.

[Protypus12]

Thanks for everyones advice. I decided to go for it on the Amex BCE and I was instantly approved with $10K CL. Then for the sake of curiosity I responded to the Chase SP offer and was also instantly approved for $10,900. Chase pulled from TU and Amex from EX so I'm not even taking multiple inquirey hits. I have a few big purchases I was about to make anyway with cash so this should help me get those bonus points. No more credit cards for me now, this is way more than I need or expected. 

[newhis]

Congrats OP, nice cards and great SL.

[Protypus12]

Thanks for the advice. I've had a checking and savings account with BofA for years and they've always been good to me. I decided to go with Chase and Amex this time to try and build relationships with different banks. If in the future I look for another card I'll certainly try the BofA cash rewards as I've heard good things about it.

[Anonymous]

Congrats OP!