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Will I get approved for Chase Sapphire Preferred?

Moderator Emerita

Re: Will I get approved for Chase Sapphire Preferred?

Valued Contributor

Re: Will I get approved for Chase Sapphire Preferred?

Why not?
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Super Contributor

Re: Will I get approved for Chase Sapphire Preferred?


Luscher wrote:
Why not?

Annual fee after first year, major value is in travel rewards that require reasonably high spend, there are other cards etc.

Valued Contributor

Re: Will I get approved for Chase Sapphire Preferred?


Luscher wrote:

Is it %100 necassary to have a 5k CL in order to get that card?


No. My sister had a Chase Freedom for about one year and was able to get approved for the Chase Sapphire Preferred with no other limits at 5000. Since you have a Chase Freedom, you stand a better chance at getting approved for the Chase Sapphire Preferred.

Valued Contributor

Re: Will I get approved for Chase Sapphire Preferred?

I now have over 5000 CL and a freedom so that should be plenty
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Moderator Emerita

Re: Will I get approved for Chase Sapphire Preferred?

Choosing a rewards based credit card should be based on spend patterns. Travel, dining, cash back etc. so, when I asked why, I wants asking how does this cc fit into your lifestyle. You can choose not to answer but it helps when suggesting if a cc is or isn't beneficial. ESP one with an AF.

By the way... It's not the total of CL's they are looking for when approving a signature cc.
Valued Contributor

Re: Will I get approved for Chase Sapphire Preferred?

What is it?
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Super Contributor

Re: Will I get approved for Chase Sapphire Preferred?


Luscher wrote:
What is it?

In most cases, a CL of $5K or greater on a single card, not total.   The idea is that this shows you have experience to handle that size CL.

Valued Member

Re: Will I get approved for Chase Sapphire Preferred?

Read some posts here and there, but I'm going to drop my own opinion. I recently acquired the CSP, but this was after I did hours upon hours, weeks of research. This isn't something you should jump into, especially when you look at the daunting AF after the first year.

 

You don't have to be making a lot of money to make the CSP worth it. With that being said, I would estimate you should be making around 40-45k to make the CSP worth it to some degree. You definitely make the AF a non-factor if you combine your Freedom card  with your CSP. Take this piece of anecdotal evidence.

 

I worked in retail last year due to trouble finding a job. I got the Freedom Card and accumulated about 16,000 points not counting the initial bonus. This was from bills, small purchases (10 + 10) and using the 5% bonus. With a 0 AF, this is a great card by itself. Thankfully, I have found a more career oriented job, and because of my salary I decided to get the CSP as my "travel" card. Now with my salary, by itself it is a dud. However, if my sole focus is to combine my freedom points with CSP points for travel, then it becomes valuable. I compared this tag team to some other solo cards like Capital One Venture Rewards and BoA Travel Rewards. Based on my spending, the tag team of Chase was better for me.

 

So all in all, just make sure you do the math, and see if CSP will really benefit you.

 

Finally, I didn't have a CC with 5,000 before applying for the CSP. But I do have a long history with Chase (7 years).

Current Cards:
AMEX Blue Cash Preferred (5/2013): CL - $9,900
Chase Sapphire Preferred (7/2013): CL - $8,700
Chase Freedom (8/2012): CL - $7,000
Chase Freedom (7/2007): CL - $1,300
US Bank Cash+ (04/2015): CL - $5,000
Valued Contributor

Re: Will I get approved for Chase Sapphire Preferred?

Yeah im not applying anytime soon. It will be atleast 2 years. Thats when i graduate and will have a better salary
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781