Opinions on my approval chances for Chase Sapphire Preferred?

[AO424]

I've had my eye on the Chase Sapphire Preferred for quite some time now but I'm not sure I will get approved.

Age: 21

Annual Income: $30,000

Balance of Checking/Savings/Investment Accounts: $13000

FICO Score: 750

Credit History: 2 Years

Average Age of Accounts: 1 Year

Hard Inquiries: 4

Current Utilization: 14%

100% On-Time Payment History

Current Credit Cards and Limits in order from oldest to newest:

Capital One Secured MasterCard: $300 (02/12)

Best Buy Store Card: $3900 (03/12)

CitiBank Diamond Preferred MasterCard: $4500 --> 5800 (08/13)

Chase Freedom Visa: $1000 --> $1300 (08/13)

American Express Blue Cash Everyday: $2000 --> $4000 (08/13)

Union Bank American Express: $4700 (09/13)

Auto Loan: $15000 

I plan to use the Sapphire for travel and dining out as well as combining the points with my Freedom. I also bank with Chase and Union Bank

Based on the information I provided, do you think I have a good chance of getting approved and if not, what can I do to increase my chances? For example, how long to wait between applications, when you think the best time to apply would be, etc.

Any feedback will be greatly appreciated. Thank you.

[twist7d7]

---

@AO424 wrote:

I've had my eye on the Chase Sapphire Preferred for quite some time now but I'm not sure I will get approved.

Age: 21

Annual Income: $30,000

FICO Score: 750

Average Age of Accounts: 1 Year

Hard Inquiries: 4

Current Utilization: 30%

100% On-Time Payment History

Current Credit Cards and Limits in order from oldest to newest:

Capital One Secured MasterCard: $300 (02/12)

Best Buy Store Card: $3900 (03/12)

CitiBank Diamond Preferred MasterCard: $4500 (08/13)

Chase Freedom Visa: $1300 (08/13)

American Express Blue Cash Everyday: $4000 (08/13)

Union Bank American Express: $4700 (09/13)

Auto Loan: $15000

I plan to use the Sapphire for travel and dining out as well as combining the points with my Freedom. I also bank with Chase and Union Bank

Based on the information I provided, do you think I have a good chance of getting approved and if not, what can I do to increase my chances? For example, how long to wait between applications, when you think the best time to apply would be, etc.

Any feedback will be greatly appreciated. Thank you.

---

If you were to have one account with a limit over 5k and get your UR down a bit I would way you are in! maybe try for a CLI from amex? are you preapproved? Please update me on this i want to get that card too for my summer traveling.

[longtime_lurker]

Don't they look at DTI? If so, a 15k loan on a 30k income seems a little high

[twist7d7]

---

@longtime_lurker wrote:

Don't they look at DTI? If so, a 15k loan on a 30k income seems a little high

---

didnt even think about that! I guess they will just look at payment history and if it is good then they will approve. my vote is a GO! Chase seems to be the best with recons too.

[red259]

---

@longtime_lurker wrote:

Don't they look at DTI? If so, a 15k loan on a 30k income seems a little high

---

+1 This would be the largest concern. I think banking with chase will help, but a 15k loan given the current reported income may limit the amount of credit they are willing to issue you and you will need to be approved for at least  5k credit line to get the csp. I would get util down a bunch too before applying. I think when your freedom card hits the one year mark your chances of approval will increase even more, although you may still have to recon.  

[AO424]

---

@twist7d7 wrote:

---

@AO424 wrote:

I've had my eye on the Chase Sapphire Preferred for quite some time now but I'm not sure I will get approved.

Age: 21

Annual Income: $30,000

FICO Score: 750

Average Age of Accounts: 1 Year

Hard Inquiries: 4

Current Utilization: 30%

100% On-Time Payment History

Current Credit Cards and Limits in order from oldest to newest:

Capital One Secured MasterCard: $300 (02/12)

Best Buy Store Card: $3900 (03/12)

CitiBank Diamond Preferred MasterCard: $4500 (08/13)

Chase Freedom Visa: $1300 (08/13)

American Express Blue Cash Everyday: $4000 (08/13)

Union Bank American Express: $4700 (09/13)

Auto Loan: $15000

I plan to use the Sapphire for travel and dining out as well as combining the points with my Freedom. I also bank with Chase and Union Bank

Based on the information I provided, do you think I have a good chance of getting approved and if not, what can I do to increase my chances? For example, how long to wait between applications, when you think the best time to apply would be, etc.

Any feedback will be greatly appreciated. Thank you.

---

If you were to have one account with a limit over 5k and get your UR down a bit I would way you are in! maybe try for a CLI from amex? are you preapproved? Please update me on this i want to get that card too for my summer traveling.

---

I just requested a credit limit increase w/ a soft pull from Citi for my Diamond Preferred so that one is now at $5800. My AmEx will be eligible for a CLI in June. Also my utilization is down to 14% now. I did go into a Chase branch the other day to get a form and the banker told me I was pre-approved for the Slate but not the Sapphire Preferred. I also found out that if you apply in a Chase Branch, the minimum spend for the bonus is only $2000 instead of the $3000 advertised everywhere online. Just a heads up.

[AO424]

---

@red259 wrote:

---

@longtime_lurker wrote:

Don't they look at DTI? If so, a 15k loan on a 30k income seems a little high

---

+1 This would be the largest concern. I think banking with chase will help, but a 15k loan given the current reported income may limit the amount of credit they are willing to issue you and you will need to be approved for at least  5k credit line to get the csp. I would get util down a bunch too before applying. I think when your freedom card hits the one year mark your chances of approval will increase even more, although you may still have to recon.  

---

Do you think having $13000 in checking/savings/investment accounts would help or it doesnt really make a difference? My Diamond Preferred just got an increase to $5800 and my utilization is down to 14%. I have a hard inquiry that's supposed to be falling off by the end of this month, another one in April, and another in July so I think I'm going to wait for those to fall off first before applying. By then, my Freedom will be a year old. I'll most likely have to recon as you said anyway. Another concern is the total available credit in relation to my income and what kind of effect that has on my approval chances, if any. Thanks for the feedback!