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Member
Razb0yn1k23
Posts: 16
Registered: ‎12-30-2012

Will I get approved? Chase Sapphire Preferred

[ Edited ]

Hey guys, I am new to the forum and need some help. I want to apply for the Chase Sapphire Preferred card but not sure if I will get approved. Really want a Credit card with a high limit that I can actually use. I have never taken out car loan or any type of loans. I have a feeling I will be declined due to that.  My reported income is $60k.  

 

I have 2 Capital One cards with total $1250 limit, Macys for $1k and Best buy for $750. I owe $0 on all accounts. I have not used these cards for a year because of the small limits. I pay cash for everything.

 

My scores Equifax-745,  TransUnion-754, Experian 761.

 

Credit History Length is 3 years 2 Months.

Average Account Age 2 years 7 Months.

 

Have one recent inquiry in October from Equifax Mortgage services. (Was trying to buy a house but it was sold to someone else)

 

Any help is greatly appreciated.

Thanks

 

Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012

Re: Will I get approved? Chase Sapphire Preferred

[ Edited ]

Razb0yn1k23 wrote:

Hey guys, I am new to the forum and need some help. I want to apply for the Chase Sapphire Preferred card but not sure if I will get approved. Really want a Credit card with a high limit that I can actually use. I haver never taken out car loan or any type of loans. I have a feeling i will be declined due to that.  My reported income is $60k.  

 

I have 2 Capital One cards with total $1250 limit, Macys for $1k and Best buy for $750. I owe $0 on all acounts. I have not used these cards for a year becuase of the small limits. I pay cash for everything.

 

My scores Equifax-745,  TransUnion-754, Experian 761.

 

Credit History Length is 3 years 2 Months.

Average Account Age 2 years 7 Months.

 

Have one recent inquiry in October from Equifax Morrage services. (Was trying to buy a house but it was sold to someone else)

 

Any help is greatly appreciated.

Thanks

 


With that information I would probably say declined. The reason is that you don't have a high limit card comparable to a $5,000 minimum that they issue with the CSP. If you had even 1 card with a higher limit. Also if you haven't used that credit in the past year they will see no current activity. I think you would have a very good chance of approval if you use these cards and get 1 higher limit one first. 

Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007

Re: Will I get approved? Chase Sapphire Preferred

Cant he app for the freedom than grow that credit line and then change product?

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Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012

Re: Will I get approved? Chase Sapphire Preferred

[ Edited ]

dodgeball wrote:

Cant he app for the freedom than grow that credit line and then change product?


He can but Chase Limits grow quite slow when they start you out slow and each one is a Hard Pull. So if he applied for a Freedom and they give him a Matching limit or even a bit higher he still has a bit to go. He will have to hard pull each time he tries to get an Increase +  he would probably have to wait at least a year since the CSP has an Annual Fee. So combined Chase might take quite some time for the Freedom to grow then the wait period. Then again he may get lucky and get a high limit approval even without having a comparable Credit Line now. 

Member
Razb0yn1k23
Posts: 16
Registered: ‎12-30-2012

Re: Will I get approved? Chase Sapphire Preferred

Thanks for the quick replies!

 

How about the AMEX Gold Card? I get applications in the mail for that one almost every week. I know there is no pre-set limit , but think I will be able to charge at least $5k on it?  I never carry balances so that would be a good card for me as well. Also does the AMEX Gold charge card help credit score as well? Or is it not reported?

 
Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: Will I get approved? Chase Sapphire Preferred

I would say it's likely for chase to deny you right now. You need a card with aprox 5k cl so they don't risk their money being the first ones giving that limit to you.

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Frequent Contributor
CreditWorld2013
Posts: 346
Registered: ‎02-01-2012

Re: Will I get approved? Chase Sapphire Preferred


Razb0yn1k23 wrote:

Thanks for the quick replies!

 

How about the AMEX Gold Card? I get applications in the mail for that one almost every week. I know there is no pre-set limit , but think I will be able to charge at least $5k on it?  I never carry balances so that would be a good card for me as well. Also does the AMEX Gold charge card help credit score as well? Or is it not reported?

 

Well, since AMEX Gold is a charge card and usually NPSL they don't report the Credit Line(at least I don't believe it gets posted on your credit report) only the balance when the statement cuts. So even if your internal limit were over $5,000 with AMEX...Chase wouldn't find out. AMEX Charge Cards(and any card that doesn't report a hard limit) will neither help nor hurt your score. The reason is that it doesn't get factored into Utilization. Some people do claim that having an AMEX on their report has "helped" getting into Chase but I wouldn't put much thought into that. If you were to get an AMEX Revolver (even with a small limit) you will have a better shot at the CSP. The reason is that when you hit the 61 day mark with AMEX you can always submit a CLI 3X your limit. So if you got one with a CL of $2,000 at 61 days request x3 (and approved) you would be past the $5,000 mark. 

Regular Contributor
GeneralCucumbre
Posts: 153
Registered: ‎05-16-2012

Re: Will I get approved? Chase Sapphire Preferred

Honestly, I would give it a shot.  Even though you may not have utilized credit that much, your scores and income are decent and one inquiry will not kill your score.  Even though if your application gets turned down, you can always call Chase and ask them to reconsider your application.  I am a big believer of "the answer is always no until you ask".


Chase Sapphire Preferred Visa Signature - $22,000 | Chase Freedom Visa Signature - $11,300
Chase United MileagePlus Explorer Visa Signature - $10,000 | Chase Slate Visa - $15,000
Citi AT&T Universal MC - $13,600 | Best Buy (Citi) Card - $8,000
USAA Platinum MC - $16,000 | AMEX Everyday - $17,000
GM BuyPower World Elite MC (Capital One) - $7,500 | Amazon Store Card - $3,800
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011

Re: Will I get approved? Chase Sapphire Preferred


Razb0yn1k23 wrote:

Hey guys, I am new to the forum and need some help. I want to apply for the Chase Sapphire Preferred card but not sure if I will get approved. Really want a Credit card with a high limit that I can actually use. I have never taken out car loan or any type of loans. I have a feeling I will be declined due to that.  My reported income is $60k.  

 

I have 2 Capital One cards with total $1250 limit, Macys for $1k and Best buy for $750. I owe $0 on all accounts. I have not used these cards for a year because of the small limits. I pay cash for everything.

 

My scores Equifax-745,  TransUnion-754, Experian 761.

 

Credit History Length is 3 years 2 Months.

Average Account Age 2 years 7 Months.

 

Have one recent inquiry in October from Equifax Mortgage services. (Was trying to buy a house but it was sold to someone else)

 

Any help is greatly appreciated.

Thanks

 


I would say to app for Amex. Many here like the prg vs regular gold. Here's a webpage with a comparison. There is a sign up bonus for the prg. http://www.nerdwallet.com/blog/credit-cards/american-express-gold-card-review/

 

you can take a look and see which would suit your needs better. The Amex charge cards are easier to qualify for than their revolvers. Though you would probably be approved for a revolver. As someone posted, if you even start at $2k, you can request  a CLI at 61 days for 3x the CL. 

 

The only problem with apping for a revolver first is that if you aren't approved, you can't app for another credit product with them for a month. Assuming your cr is clean, no baddies, I think you could get either (or both, if you wanted). 

 

I don't think you would be approved for CSP. They have high criteria for approval and like to see other high limits on your cr. you could app for Freedom and PC, but you'd need to CLI your Freedom to $5k first. Here's a thread on it http://ficoforums.myfico.com/t5/Credit-Cards/Anybody-PC-from-Chase-Freedom-to-Sapphire-Preferred/td-...

 

Another benefit of Amex is that any Amex you get in the future will automatically be backdated to when you got your first Amex. So, you can add a card in the future and boost your AAoA and FICO, instead of taking a hit, like we usually do.

 

Good luck!

 

 

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Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Member
Razb0yn1k23
Posts: 16
Registered: ‎12-30-2012

Re: Will I get approved? Chase Sapphire Preferred

Thanks for the info. I guess i will apply for an AMEX revolver and build up from there. Maybe the blue cash preferred. What you think? Easy approval?

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