Should I apply for Chase Sapphire or wait?

[Nyru]

Hi everyone,

I'm planning a couple big trips and wanted to know if based on my situation you think it would be a good idea to apply. TU- 706, EQ- 673, EX- 678 (FAKO). TU shows 4 inq, EX shows 5, EQ shows 6. Some of those inquiries were really stupid on my part (applying for 0% cards from dell, newegg, and national tire and battery, although they were worth it at the time).

My latest TU says I have revolving debt of $4k, although truly I'm actually at $1900 total, all on a chase freedom w/ 0% APR til Oct, so I've slowly been paying off, but in no rush really. All my other CC's have $0 balance. I have two $5k plus cards (although one I'm an authorized user on for $6k), and the other one is a chase Hyatt card $5k. My total credit available is $20k.

AAoA = 4yrs. Oldest acct. 9yrs 11mo.

The three things that worry most are:

1- Too many inquiries

2- The nearly maxed out freedom card ($1900 on a $2K)

3- Two 30 days late payments for over 3 years ago.

I've read other forums, and still can't make up my mind. Thoughts?

[Bobert22]

I would pay off that Chase Freedom account to 0 balance or to 10% of the 2K credit limit and then apply. You should get instant approval, if not I'm sure Chase will approve on recon. Good luck!

[enharu]

are your inquiries in the past year or past 2 years? how many were in the past year?

i don't think you should apply right now in general. The sole reason being your maxed out freedom card.

You can explain the # of inquiries during recon, and two late payments from 3 years ago can be considered as non-recent, so those won't be issues.

However, a maxed out card is very very bad.

On that card alone you're at >90% utilization.

Most credit companies will give you an instant denial, and it will be hard to explain this during recon as well, even though you have a legit reason.

When you owe a lot on a card (esp during 0% APR), it just means this isn't the right time for you to be applying for more lines of credit. It'll look as if you're desperate in the eyes of the lender, even though you really are not.

Can you pay that down more? If you can get that to <50% util on that card alone, I'd say you have a decent chance of explaining that during recon to get approved. It won't be a high limit though most likely.

[JP82]

Wait, while there are some exceptions, Sapphire tends to like a credit score in the solid 700's, 720 or so should be good.

[toppers555]

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@Nyru wrote:

Hi everyone,

I'm planning a couple big trips and wanted to know if based on my situation you think it would be a good idea to apply. TU- 706, EQ- 673, EX- 678 (FAKO). TU shows 4 inq, EX shows 5, EQ shows 6. Some of those inquiries were really stupid on my part (applying for 0% cards from dell, newegg, and national tire and battery, although they were worth it at the time).

My latest TU says I have revolving debt of $4k, although truly I'm actually at $1900 total, all on a chase freedom w/ 0% APR til Oct, so I've slowly been paying off, but in no rush really. All my other CC's have $0 balance. I have two $5k plus cards (although one I'm an authorized user on for $6k), and the other one is a chase Hyatt card $5k. My total credit available is $20k.

AAoA = 4yrs. Oldest acct. 9yrs 11mo.

The three things that worry most are:

1- Too many inquiries

2- The nearly maxed out freedom card ($1900 on a $2K)

3- Two 30 days late payments for over 3 years ago.

I've read other forums, and still can't make up my mind. Thoughts?

---

you need to pay off freedom or wait.

[FocusedAndDetermined]

I agree with the others, who state you should pay down your Freedom first.  If you can't do it all at once, that's fine.  By the time you have it paid down your inquiries and baddies will have aged a little more, which will also help.

[LS2982]

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@Nyru wrote:

Hi everyone,

I'm planning a couple big trips and wanted to know if based on my situation you think it would be a good idea to apply. TU- 706, EQ- 673, EX- 678 (FAKO). TU shows 4 inq, EX shows 5, EQ shows 6. Some of those inquiries were really stupid on my part (applying for 0% cards from dell, newegg, and national tire and battery, although they were worth it at the time).

My latest TU says I have revolving debt of $4k, although truly I'm actually at $1900 total, all on a chase freedom w/ 0% APR til Oct, so I've slowly been paying off, but in no rush really. All my other CC's have $0 balance. I have two $5k plus cards (although one I'm an authorized user on for $6k), and the other one is a chase Hyatt card $5k. My total credit available is $20k.

AAoA = 4yrs. Oldest acct. 9yrs 11mo.

The three things that worry most are:

1- Too many inquiries This can be an issue but resolvable through a recon if denied. 

2- The nearly maxed out freedom card ($1900 on a $2K) This is big. Do not waste an INQ apping right now with high util. on this card!

3- Two 30 days late payments for over 3 years ago They will let this go, your recent payment hisotry matters most.

I've read other forums, and still can't make up my mind. Thoughts?

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IMO I would wait it out 6 months and PIF the freedom debt. You should be OK for the CSP then.

[nfs_mw]

+1

[Nyru]

Thank you for all the advice. I didn't realize that having 1 card maxed would have such an impact, even though i have 6 others with no balance. I'll pay off the freedom by end of May, and lay low for a few more months before applying. Thanks again!

[enharu]

if possible, pay it off before your statement cuts. Once statement cuts, wait about a wek for it to be updated with the credit bureaus, and you're good to apply. No eed to wait 2 months