Will I be approved?

Anonymous · ‎09-15-2016

I want to apply to a Chase Sapphire Preffered card but I'm not sure if I will be approved.

My FICO score is 703, but that was before I paid off 100% of my Wells Fargo secured credit card outstanding balance. The thing is that I only have 1 year and 7 months of credit history, my current salary is $30,000 plus bonus and other benefits. I have never been late on any of my payments and I have no hard inquiries. Most of the time I have kept my credit utilization below 70%, and I don't have any other credit cards.

I don't know what my credit score really is now, after paying off my balance, but it should be higher (I guess it takes time for the score to be updated).

The Chase Sapphire is probably a long shot since I don't have a lot of credit history, but I've read people who earn 25K right out of college, getting approved, so I don't know, maybe I can get approved (I am 23).

What about Capital One Quicksilver or Venture? I will be traveling abroad so the Chase Freedom is not a good choice since it has a foreign transaction fee. I should mention I will be traveling a lot due to the nature of my job, so I would prefer a Travel Rewards credit card over a cash back card, but maybe I have to settle for cash back only since my credit history is not enough.

Thank you.

Scupra · ‎09-15-2016

It's hard to tell but I'd lean towards no. Have you checked the pre qual site?

Cap 1 would definitely be easier.

Anonymous · ‎09-15-2016

Sorry but I don't think so.

In order to qualify for the Chase Sapphire Reserve, you need to be approved with at least a $16,000 credit line.

Your income and credit portfolio does not support a $16,000+ credit line as it is a Visa Infinite.

Key factors for the denial would probably be insufficient income, lack of credit history (only one credit card ever), lack of credit length, and a credit score that's too low. Although YMMV on the credit score, but I believe with your income and history, Chase would look for a higher credit score to approve you with the minimum credit limit. Income isn't the sole factor for determining credit lines, so a solid profile will very much help you there.

If you want the CSR, you're going to have to build your history some more with card that's "prime", but not at the high level the CSR sits at. I believe you're a good candidate for a Citi Double Cash card, which would be great to use while you build your credit history.

Capital One Venture isn't worth it. $59 annual fee for "miles" at the same redemption as a Citi Double Cash would get you with no annual fee. Unless you spend heavily when you travel abroad, Citi DC > Any Capital One card. You MAY be able to get approved for the Chase Sapphire Preferred, which has no foreign transaction fee and doesn't have the $16,000+ requirement and it's better than any Capital One card by a million miles.

Anonymous · ‎09-15-2016

Credit Unions. Big limits. One card from there. Grow it over 15K. Go. Research them. PenFed, Alliant, NFCU, NASA etc. Best place to obtain a future BT card with a high limit.

creditguy · ‎09-15-2016

Chase likes to see history with high limit cards before issuing cards like CSP. Keep in mind the CSP has a minimum SL of $5k and the CSR has a minimum SL of $10k. A Cap One venture is the best shot at a high SL with your file, but of course everything is YMMV. If you want to shoot for high end chase cards down the road, it might be a good bet to start with a freedom and build up some nice history while building your file as well.

Anonymous · ‎09-15-2016

@creditguy wrote:
Chase likes to see history with high limit cards before issuing cards like CSP. Keep in mind the CSP has a minimum SL of $5k and the CSR has a minimum SL of $10k. A Cap One venture is the best shot at a high SL with your file, but of course everything is YMMV. If you want to shoot for high end chase cards down the road, it might be a good bet to start with a freedom and build up some nice history while building your file as well.

You're right, it's $10,000, not sure why I thought $16,000.

Anonymous · ‎09-15-2016

Thanks for the replies!

Moutaindew, thanks for the in depth response but I was thinking about the Sapphire Preferred not the Sapphire Reserved, I probably wouldn't be approved either way.
So, you mentioned the Citi Double Cash, but wouldn't I get more money's worth with a Capital One Venture? I would rather get miles or points that I can use for hotels or plane tickets than cash.

Do you think I can get approved for a Capital One Venture? Or what other cards do you recommend?

Anonymous · ‎09-15-2016

@Anonymous wrote:
Thanks for the replies!
Moutaindew, thanks for the in depth response but I was thinking about the Sapphire Preferred not the Sapphire Reserved, I probably wouldn't be approved either way.
So, you mentioned the Citi Double Cash, but wouldn't I get more money's worth with a Capital One Venture? I would rather get miles or points that I can use for hotels or plane tickets than cash.

Do you think I can get approved for a Capital One Venture? Or what other cards do you recommend?

I got this.

"Miles" is a misnomer. Your earned "miles" can only be reedemed for Travel related purchases whereas the Cash back card is redeemed for anything.

IMO a true "Miles" card definition is towards a point system not cash such as MR, TY, UR.

creditguy · ‎09-15-2016

Citi DC has been known to hand out stingy SL's, it can grow but can take time. If you want to start big then DC probably won't suit your needs. Try cap one's pre qual page for offers, keep in mind Cap One will do a triple pull so if all your scores are 700 plus you've probably got a good shot of approval, best of luck.

Anonymous · ‎09-15-2016

Oh I am aware miles can only be redeemed for travel purchases, that's exactly what I want. Usually the cost of a ticket or hotel nights you can get with miles/points is more than the money you get with cash back for the same amount of credit used, right? (Sapphire vs Freedom for example).