topic Re: Chase Sapphire Preferred Approval With Thin Credit File? in Credit Card Approvals

Chase Sapphire Preferred Approval With Thin Credit File?

Anonymous — Fri, 12 Jun 2020 01:47:18 GMT

Hi there everyone! This is my first post. I'm posting because I found very little helpful information about someone in my credit scenario being approved for this particular card, so I want to help others with some information. First, I'll share some info from my credit report, along with my credit scores.

Mortgage loans: None ever

Auto loans: None ever

Installment loans/payments: None ever

Revolving accounts: One ever - First Premier Bank credit card with only a $300 limit; still active.

Closed accounts of any kind: None ever

Hard inquiries in the last two years: None

Late payments: None ever

Derogatory accounts: None

Total debt (according to Experian): $54

Credit utilization: 2% (I can never get 0% because my annual fee is charged on a monthly basis)

Average age of credit: 5 years, 2 months (from my only credit card)

FICO 8 scores prior to application: Experian - 801; Equifax - 800; Transunion - 802

VantageScore 3.0 scores prior to application: Experian - ???; Equifax - 742 ; Transunion - 742

I called a local Chase bank in my city yesterday and explained my credit situation. I was assured this would be a "slam dunk approval" due to my credit score and all the things I mentioned above. Of course, the caveat was that she can't "guarantee approval," which is understandable. On Chase's website, I was NOT pre-qualified for ANY credit card when I checked over the last few days. I was not pre-qualified for any Capital One credit cards. I was pre-qualified for a Discover card - a secured card with a $200 limit. AMEX was more hopeful, I was pre-qualified for the AMEX Gold Card, along with two other AMEX cards. I was not pre-qualified for any personal loans recently online as well. Some personal loan denials were due to having a thin credit file. I've read elsewhere that you're unlikely to get approved for a higher-tier Chase credit card with a thin credit file, or if you otherwise only have one credit card. I assume the chance of approval is even less when your current credit limit is only $300. Because of this, I was reluctant to even try, even though the Chase banker all but guaranteed I'd get approved. I'll list the application details below:

Gross income: $50,000 per year, none of which is non-taxable

Monthly housing expense: $308 (split rent)

Application location: Central Kentucky. I applied in-person at a Chase bank.

Current Chase account: None. I told them I previously had a Chase account 6-7 years ago.

Bureaus pulled: Experian and Transunion

I applied and I was instantly approved! No 7-10 day waiting period, no “we’ll let you know within 30 days” – instant approval for the standard credit limit of $5,000. The APR range for the Chase Sapphire Preferred, according to their website, is currently 15.99% - 22.99% variable APR. My APR is 16.74% plus the prime rate of (currently) 3.25% equaling an effective APR of 19.99%. So, I got approved on the low end of the APR range as well. There is no way to know WHY I was approved, but since they pulled Experian AND Transunion, I credit Experian Boost for my success. On Experian, I have three accounts: my one credit card and two self-reported utility accounts (one is around $20 and the other is around $30). Experian boost scans for and allows you to self-report certain accounts to help boost your file with that bureau. Equifax and Transunion would still only report my one credit card account.

FICO 8 score after application: Experian – 797 (decrease of 4); Equifax – 800; Transunion - ???

VantageScore 3.0 after application: Experian - ???; Equifax – 742; Transunion – 729 (decrease of 13)

I expect my scores to drop slightly once my Chase Sapphire Preferred account gets reported to my file. The inquiries were reported, but my total accounts did not increase, nor did my credit utilization. My average age of accounts should drop from 5 years, 2 months to 2 years, 7 months and my credit utilization should go to 0% (of course will go up once I use it)

If you’ve been thinking of applying for Chase Sapphire Preferred, have exceptional FICO scores (800+), but are otherwise reluctant due to having a thin credit file or receiving no pre-qualified offers from any of the major banks, consider my situation and how I was instantly approved. Also, make sure you’re up to date with your Experian Boost. I’m not sure if that is why I was approved, but I believe it at least helped. Keep in mind that Chase checks different bureaus depending on which state you live in (from what I’ve read online). Each case is different, but at least be cautiously hopeful if you’re in a similar credit situation as I was. I guess I can consider this an early birthday present since my birthday is tomorrow.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

sourpuss29 — Thu, 25 Jun 2020 08:11:48 GMT

Congrats on your approval!

Re: Chase Sapphire Preferred Approval With Thin Credit File

Anonymous — Thu, 25 Jun 2020 08:29:48 GMT

Congrats on your approval!

Re: Chase Sapphire Preferred Approval With Thin Credit File?

randomguy1 — Thu, 25 Jun 2020 15:38:23 GMT

Congrats on the approval and happy birthday!

Re: Chase Sapphire Preferred Approval With Thin Credit File?

blindambition — Thu, 25 Jun 2020 15:50:06 GMT

@Anonymous wrote:
Hi there everyone! This is my first post. I'm posting because I found very little helpful information about someone in my credit scenario being approved for this particular card, so I want to help others with some information. First, I'll share some info from my credit report, along with my credit scores.

Mortgage loans: None ever

Auto loans: None ever

Installment loans/payments: None ever

Revolving accounts: One ever - First Premier Bank credit card with only a $300 limit; still active.

Closed accounts of any kind: None ever

Hard inquiries in the last two years: None

Late payments: None ever

Derogatory accounts: None

Total debt (according to Experian): $54

Credit utilization: 2% (I can never get 0% because my annual fee is charged on a monthly basis)

Average age of credit: 5 years, 2 months (from my only credit card)

FICO 8 scores prior to application: Experian - 801; Equifax - 800; Transunion - 802
VantageScore 3.0 scores prior to application: Experian - ???; Equifax - 742 ; Transunion - 742

I called a local Chase bank in my city yesterday and explained my credit situation. I was assured this would be a "slam dunk approval" due to my credit score and all the things I mentioned above. Of course, the caveat was that she can't "guarantee approval," which is understandable. On Chase's website, I was NOT pre-qualified for ANY credit card when I checked over the last few days. I was not pre-qualified for any Capital One credit cards. I was pre-qualified for a Discover card - a secured card with a $200 limit. AMEX was more hopeful, I was pre-qualified for the AMEX Gold Card, along with two other AMEX cards. I was not pre-qualified for any personal loans recently online as well. Some personal loan denials were due to having a thin credit file. I've read elsewhere that you're unlikely to get approved for a higher-tier Chase credit card with a thin credit file, or if you otherwise only have one credit card. I assume the chance of approval is even less when your current credit limit is only $300. Because of this, I was reluctant to even try, even though the Chase banker all but guaranteed I'd get approved. I'll list the application details below:

Gross income: $50,000 per year, none of which is non-taxable

Monthly housing expense: $308 (split rent)

Application location: Central Kentucky. I applied in-person at a Chase bank.

Current Chase account: None. I told them I previously had a Chase account 6-7 years ago.

Bureaus pulled: Experian and Transunion

I applied and I was instantly approved! No 7-10 day waiting period, no “we’ll let you know within 30 days” – instant approval for the standard credit limit of $5,000. The APR range for the Chase Sapphire Preferred, according to their website, is currently 15.99% - 22.99% variable APR. My APR is 16.74% plus the prime rate of (currently) 3.25% equaling an effective APR of 19.99%. So, I got approved on the low end of the APR range as well. There is no way to know WHY I was approved, but since they pulled Experian AND Transunion, I credit Experian Boost for my success. On Experian, I have three accounts: my one credit card and two self-reported utility accounts (one is around $20 and the other is around $30). Experian boost scans for and allows you to self-report certain accounts to help boost your file with that bureau. Equifax and Transunion would still only report my one credit card account.

FICO 8 score after application: Experian – 797 (decrease of 4); Equifax – 800; Transunion - ???
VantageScore 3.0 after application: Experian - ???; Equifax – 742; Transunion – 729 (decrease of 13)

I expect my scores to drop slightly once my Chase Sapphire Preferred account gets reported to my file. The inquiries were reported, but my total accounts did not increase, nor did my credit utilization. My average age of accounts should drop from 5 years, 2 months to 2 years, 7 months and my credit utilization should go to 0% (of course will go up once I use it)

If you’ve been thinking of applying for Chase Sapphire Preferred, have exceptional FICO scores (800+), but are otherwise reluctant due to having a thin credit file or receiving no pre-qualified offers from any of the major banks, consider my situation and how I was instantly approved. Also, make sure you’re up to date with your Experian Boost. I’m not sure if that is why I was approved, but I believe it at least helped. Keep in mind that Chase checks different bureaus depending on which state you live in (from what I’ve read online). Each case is different, but at least be cautiously hopeful if you’re in a similar credit situation as I was. I guess I can consider this an early birthday present since my birthday is tomorrow.

Welcome to the forums OP!! Congrats on the approval. Not being a credit seeker and age of single card Is what got the approval. IMO

Re: Chase Sapphire Preferred Approval With Thin Credit File?

Brian_Earl_Spilner — Thu, 25 Jun 2020 15:55:32 GMT

Congrats, and thanks for the thorough datapoints.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

Anonymous — Thu, 25 Jun 2020 16:21:41 GMT

woot woot congrats. I want to add chase sapphire preferred too but I'm gardening 😂. Great scores by the way!!

Re: Chase Sapphire Preferred Approval With Thin Credit File?

stonedog23 — Fri, 26 Jun 2020 04:31:28 GMT

Congrats and I'd get rid of that First Premier now.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

nuohlac — Sun, 28 Jun 2020 23:51:08 GMT

Congratulations on your approval!!! Thanks for the DP's and welcome to the forums.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

AllZero — Sun, 28 Jun 2020 23:54:52 GMT

Congratulations on your approval!

Re: Chase Sapphire Preferred Approval With Thin Credit File?

nuohlac — Sun, 28 Jun 2020 23:57:09 GMT

@AllZero wrote:
Congratulations on your approval!

Did you take a sick day on 6/11?

Re: Chase Sapphire Preferred Approval With Thin Credit File?

AllZero — Mon, 29 Jun 2020 00:11:59 GMT

@nuohlac wrote:
@AllZero wrote:
Congratulations on your approval!
Did you take a sick day on 6/11?

@nuohlac .lolz. That was what I was trying to figure out. How did Iet this one slip past me? 😝

Re: Chase Sapphire Preferred Approval With Thin Credit File?

AllZero — Mon, 29 Jun 2020 00:13:13 GMT

Hmmm. Must have been in applications forum then moved here.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

M_Smart007 — Mon, 29 Jun 2020 01:00:30 GMT

@AllZero wrote:
Hmmm. Must have been in applications forum then moved here.

Watching to many approvals from the garden

Re: Chase Sapphire Preferred Approval With Thin Credit File?

M_Smart007 — Mon, 29 Jun 2020 01:01:44 GMT

Re: Chase Sapphire Preferred Approval With Thin Credit File?

AllZero — Mon, 29 Jun 2020 01:03:10 GMT

@M_Smart007 wrote:
@AllZero wrote:
Hmmm. Must have been in applications forum then moved here.
Watching to many approvals from the garden

Weeds growing pretty high. I'll need to borrow your lawn mower.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

Anonymous — Mon, 29 Jun 2020 01:39:56 GMT

@AllZero wrote:
Hmmm. Must have been in applications forum then moved here.

I believe I posted it in approvals originally. I don't think it's been moved, but not sure. Would it give me an alert if it had been moved?

Re: Chase Sapphire Preferred Approval With Thin Credit File?

Anonymous — Mon, 29 Jun 2020 01:41:59 GMT

@nuohlac wrote:
@AllZero wrote:
Congratulations on your approval!
Did you take a sick day on 6/11?

I did not. Living the unemployment "dream" currently lol.

Re: Chase Sapphire Preferred Approval With Thin Credit File?

creatorprime — Mon, 29 Jun 2020 04:43:50 GMT

Congrats on approval 👍

Re: Chase Sapphire Preferred Approval With Thin Credit File?

ChargedUp — Mon, 29 Jun 2020 06:15:16 GMT

Congrats on the approval! 5 years is a looong time to hold onto a 1st Premier card, but it paid off for you!

Keep up the great work!