Recon: Chase SP

[Anonymous]

Credit newbie here, slightly less of a newbie on the forums (finally registered). A little background:

Undergrad biology student, developmental neuroscience researcher;

Course Developer/Student Administrator for the University - income about 16.7k.;

Checking/savings accounts with Wells Fargo.

Applied and was able to pick up an American Express BCE with a 1.5k limit about a month and a half ago.

I like the BCE, no annual fee, intro APR; going AMEX as a first card was pretty amazing.

But, I needed to up my credit game. I'm planning on pulling a 3x CLI on my BCE on the 61st day of membership, and tried for a CS and CSP. 

My original game plan was being accepted for both, and then transferring the CL from CS>CSP, and having them cancel the CS.

Denied, for both. Called recon and they cited low income. 

I'm not planning on taking no for an answer. I just need to get the right explanation, and stammer much, much less when talking to the reps. 

Anyone have a similar success story?

[Closingracer99]

They also don't like giving you credit if you never had it and would like a year before they approve you typically.  You can just recon them again as much as you want. Just make sure it is a Different person

I personally had no experience reconning Chase cards. I had to recon my Marriott card but that was because I need to verify stuff.    I have Reconed Bank of America card and after getting cited for new accounts and to many inqs I just told them I simply wanted a Mastercard and they offered a good one.

GL 

[navigatethis12]

With 16.7 income I wouldn't imagine youqualify for a 5000 limit and why do you want the Sapphire Preferred if you can't spend enough to make it worth it? Even if you do endup getting one, there's no way they will give you both and they both need to be approved with at least a 5000 limit. I don't see low incomebeing something you can persuade them on. I suggestapplying for the Freedom since credit limits on that can go pretty low.

[Anonymous]

I mean, the idea is to establish and maintain credit. With an AMEX and Signature Visa, I'm essentially set for at least 24-36 months, if not longer. You're right - I don't tend to spend much, but considering I'm still in college, I can charge certain consistent purchases that will make it worth it for me to manage both cards (housing, books, lab materials, supplies, etc.) that I would prefer to use credit over my debit account. 

I know what I can spend - I know that it's not $5K. But I also know that you don't need to max out a credit card every month to be a member. Blueprint and rewards make it worth it - as well as the possibility of being both a BCE and CSP cardholder. They're both pretty decent cards, and if those accounts age, I basically have my foot in the door for bigger and better as years pass.

[navigatethis12]

You'd have to spend at least 9500 in regular spending to cover the fee, and even then it doesn't make much sense unless you get a lot of value out of transferring to airlines or hotels. What I'm saying is that it's a stretch for them to lend 5000 to someone with 16.7 income. Yes everyone wants high limits but that isn't really realistic. If you get the Freedom you'll still be building credit history, still be getting in good with Chase, and still get rewards for using the credit card over a debit card. I really think you'd be able to get the Freedom with at least a 500 or 1000 limit that you can be building history with. After a few years if you're income goes up, you'll have a much better chance at getting the Sapphire Preferred since you're already a customer.

[sean23]

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@Anonymous wrote:

I mean, the idea is to establish and maintain credit. With an AMEX and Signature Visa, I'm essentially set for at least 24-36 months, if not longer. You're right - I don't tend to spend much, but considering I'm still in college, I can charge certain consistent purchases that will make it worth it for me to manage both cards (housing, books, lab materials, supplies, etc.) that I would prefer to use credit over my debit account. 

I know what I can spend - I know that it's not $5K. But I also know that you don't need to max out a credit card every month to be a member. Blueprint and rewards make it worth it - as well as the possibility of being both a BCE and CSP cardholder. They're both pretty decent cards, and if those accounts age, I basically have my foot in the door for bigger and better as years pass.

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You said it! Bigger and better as YEARS pass. Take no as the answer. You gotta prove you can walk before you can run. If they said your income was the problem, then just wait it out until your income increases, and you have developed a longer history. Larger limits will tempt you to charge more, and you havent proven you can handle the credit you have now. Just slow down and wait awhile.. you'll be good to go before you know it. 

[Creditaddict]

Freedom would probably get you way more rewards while in school.

Sallie Mae may even be better!

[Anonymous]

Interesting thread! I was considering apping for the Chase Sapphire (non-preferred version), but I'm not sure I would get accepted due to low income, mainly!

I would suggest perhaps the Sallie Mae...I got approved for a $3,300 CL and used $12k as my annual income (college student here as well...). I would suspect you could get a larger limit then me if they go by annual income.

[Anonymous]

The reason I shrink from other cards is because the CSP is currently one of the best general-purpose cards out there. Yes, it's got a great signup bonus I will likely not be able to take advantage of, and will likely cost me an AF that will be a pain to pay for at some point - but I'd imagine that by then, my income would be larger, too. I'm trying hard not to open multiple accounts in vain: I don't want to pick up the Freedom if I'm trying to go for the CSP, because I'd have to either combine or cancel the Freedom at once I am approved for CSP. That'll be a hit to my credit score. 

With CSP and AMEX, I should be okay as far as spending power goes. 1.5k initial limit with AMEX as a first card was more than I expected, and more than usual. With a 3x credit increase, I would be at 4.5k, which is pretty close to the CSP's 5k minimum limit. 

I know that thin file (or no file altogether, as AMEX isn't reporting yet) is also a factor, but how do recon agents overturn decisions? Is it subjective? Do they have to justify their decisions? 

[Creditaddict]

the combine of freedom and csp can be great though and with the 5% categories.