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Valued Contributor
Posts: 1,292
Registered: ‎08-19-2012
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Re: Really want a chase sapphire preferred


gpfirestone wrote:

Honestly if you're only making $25k a year you have 0 chance of getting a CSP.  The minimum starting credit for that card is $5,000.  At that income level you maybe have $3,000 of disposable income a year assuming you're single and have no debt.  Just get the most basic rewards card out there and build your credit until your income is higher.  Credit card reward skills are really only needed for serious spenders.  Get some basic, possibly a low intro APR card.  For you I would personally recommend getting a Discover IT card.  Another one you may want to consider is the Chase Amazon Visa since it is easy to get and you can build a reputation with Chase in order to apply for the CSP down the road.


3,000 in disposable income a year?  where are you getting that number from?  when I was making 25k a year I was spending almost 12k a year on my debit card, I feel like with 25k a year income you're annual spend could be well over 10k a year especially if you're putting a lot of your utilities as well as other house hold spends on a credit card and you don't have a huge rent/housing/car payments 

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
New Contributor
Posts: 105
Registered: ‎02-20-2013
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Re: Really want a chase sapphire preferred

I guess I assumed they would be attempting to save some money...I forget some people like to spend every dime they earn.

:Capital One Spark Business $45k:::Chase Sapphire Preferred $30k:::Chase Amazon Visa $3k:::American Express BC $10k:::Chase Ink Plus $15k:::American Express Business Plum:::American Express Business Platinum::Citi Thank You Preferred $50k:::City Simplicity $10k:::REI Visa $10k::Capital One Quicksilver $15k:::American Express EveryDay $10k:::Wells Fargo Platinum Cash Back $10k:

FIA/BOA is the plague. AVOID THEM!
Valued Contributor
Posts: 2,300
Registered: ‎01-22-2012
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Re: Really want a chase sapphire preferred

I'll agree with the others and say you have 0 chance of being approved.

 

1. Your current score is too low. Realistically you should be around 700 for a good chance of approval. Yes there have been others who were slightly under, but they also don't have your negative history with Chase.

 

2. Your existing CLs are way too low.

 

3. Your income is way too low to even consider a card with an AF. This isn't just about the CSP but in general. You simply won't be able to spend enough (because you don't earn enough) to offset the AF. Rewards cards are tilted towards heavy spenders, some moreso than others. With an income of only 25k, you should look into a 0 AF cashback card.

 

Forget about whether or not you'll be approved. With an income that low, you simply won't be able to spend enough to get any value out of it.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Established Member
Posts: 14
Registered: ‎12-26-2012
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Re: Really want a chase sapphire preferred

UPDATE:

 

I got a Chase Freedom a couple of months ago, but only a $500 limit. I also got a Discover card with $2000 limit. My income is now $40,000 (changed jobs).

 

I was going to continue to spend and pay off these cards and build a positive history. However, I was in the market for a new car and was able to get financed through Chase.

 

My question is, with the freedom card, the increase in income and now a high credit limit through Chase for the new car, am I better positioned for the CSP?

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Really want a chase sapphire preferred

[ Edited ]

Give it a year or so and you will have a shot.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Really want a chase sapphire preferred

Congrats on your Freedom approval. The auto loan will not sway an approval in your favor be caused its secured. With the initial CL of only $500 I think that's an indicator of your odds for a CSP.

Keep using your cards wisely and in time you'll get a CSP.
Established Contributor
Posts: 994
Registered: ‎07-16-2010
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Re: Really want a chase sapphire preferred

The CSP has a minumum credit limit of $5k?

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000
Valued Contributor
Posts: 1,715
Registered: ‎03-07-2013
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Re: Really want a chase sapphire preferred

+1 lexie...congrats tho op!


GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Really want a chase sapphire preferred


shane82388 wrote:

The CSP has a minumum credit limit of $5k?


yes

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 994
Registered: ‎07-16-2010
0

Re: Really want a chase sapphire preferred


Dustink wrote:

shane82388 wrote:

The CSP has a minumum credit limit of $5k?


yes


Ah never knew that. How about on the regular Chase Sapphire?

$1200 $1250 $4250 NPSL $5300 $1350 $3000

$6050 $5000 $10500 $2416 $6500 $3000
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