topic Re: Chase Sapphire Preferred Approved with a Bad Score in Credit Card Approvals

Chase Sapphire Preferred Approved with a Bad Score

dhop08 — Tue, 05 Mar 2024 04:45:33 GMT

Hey All, I just wanted to make a post about an anomaly. I've been banking with Chase bank for about 3 or 4 years now. I make about 65k a year depending on my bonuses at work. My credit score is very low due to carrying high balances on my cards. (90% utlization) I know its not smart at ALL to carry balances this high. However, I haven't missed a payment on anything in about 5 years. So my payment history is 100% ontime. My score is about 590.

I logged into my chase account to check my account balance over the weekend. There was a notification on the page that said I was preaproved for the chase freedom flex, freedom unlimted, and the chase sapphire preferred. I decided to give it a try and I WAS APPROVED for the chase sapphire preferred with a $5000.00 limit. I keep thinking that this has to be a glitch or something. Previously after a year when I got with chase banking, I applied for the chase sapphire preferred with my score was a 667 and very low credit utilization (<10%) and I was denied in 2022. I just figured that I would try again once I pay my debt off.

Its crazy that I was approved with a bad score and high utlization rate. The only reason I can guess that I was approved was for my income that is direct deposited in my chase account and my payment history.

So if you want a good chase card and your score is low. Just use the checking account consistently at least 3 or 4 years and you might get a suprise one day like I did.

Don't beat up on me regarding my score, I plan on start back paying my cards off this year.

Re: Chase Sapphire Preferred Approved with a Bad Score

Horseshoez — Mon, 04 Mar 2024 18:17:37 GMT

@dhop08 wrote:

Don't beat up on me regarding my score, I plan on start back paying my cards off this year.

No beating up on anyone, many (most?) of us have been down the high utilization road; contratulations on the approval and paying off your cards.

Re: Chase Sapphire Preferred Approved with a Bad Score

Creditwiser — Mon, 04 Mar 2024 20:20:09 GMT

Very nice approval , Congratulations on you CSP !

Re: Chase Sapphire Preferred Approved with a Bad Score

SouthJamaica — Mon, 04 Mar 2024 20:21:22 GMT

@dhop08 wrote:
Hey All, I just wanted to make a post about an anomaly. I've been banking with Chase bank for about 3 or 4 years now. I make about 65k a year depending on my bonuses at work. My credit score is very low due to carrying high balances on my cards. (90% utlization) I know its not smart at ALL to carry balances this high. However, I haven't missed a payment on anything in about 5 years. So my payment history is 100% ontime. My score is about 590.

I logged into my chase account to check my account balance over the weekend. There was a notification on the page that said I was preaproved for the chase freedom flex, freedom unlimted, and the chase sapphire preferred. I decided to give it a try and I WAS APPROVED for the chase sapphire preferred with a $5000.00 limit. I keep thinking that this has to be a glitch or something. After a year when I got with chase, I applied for the chase sapphire preferred with my score was a 667 and very low credit utilization (<10%) and I was denied in 2022. I just figured that I would try again once I pay my debt off.

Its crazy that I was approved with a bad score and high utlization rate. The only reason I can guess that I was approved was for my income that is direct deposited in my chase account and my payment history.

So if you want a good chase card and your score is low. Just use the checking account consistently at least 3 or 4 years and you might get a suprise one day like I did.

Don't beat up on me regarding my score, I plan on start back paying my cards off this year.

Congratulations on the approval, and thanks for the background data. I must say that it gives me hope

Re: Chase Sapphire Preferred Approved with a Bad Score

gorgon — Mon, 04 Mar 2024 21:08:39 GMT

Wow! Congrats on your approval.

Re: Chase Sapphire Preferred Approved with a Bad Score

coreyb80 — Mon, 04 Mar 2024 22:46:51 GMT

@SouthJamaica wrote:
@dhop08 wrote:
Hey All, I just wanted to make a post about an anomaly. I've been banking with Chase bank for about 3 or 4 years now. I make about 65k a year depending on my bonuses at work. My credit score is very low due to carrying high balances on my cards. (90% utlization) I know its not smart at ALL to carry balances this high. However, I haven't missed a payment on anything in about 5 years. So my payment history is 100% ontime. My score is about 590.

I logged into my chase account to check my account balance over the weekend. There was a notification on the page that said I was preaproved for the chase freedom flex, freedom unlimted, and the chase sapphire preferred. I decided to give it a try and I WAS APPROVED for the chase sapphire preferred with a $5000.00 limit. I keep thinking that this has to be a glitch or something. After a year when I got with chase, I applied for the chase sapphire preferred with my score was a 667 and very low credit utilization (<10%) and I was denied in 2022. I just figured that I would try again once I pay my debt off.

Its crazy that I was approved with a bad score and high utlization rate. The only reason I can guess that I was approved was for my income that is direct deposited in my chase account and my payment history.

So if you want a good chase card and your score is low. Just use the checking account consistently at least 3 or 4 years and you might get a suprise one day like I did.

Don't beat up on me regarding my score, I plan on start back paying my cards off this year.
Congratulations on the approval, and thanks for the background data. I must say that it gives me hope

I definitely agree with this sentiment of giving me hope in the coming years. Congrats on the approval OP!

Re: Chase Sapphire Preferred Approved with a Bad Score

TSlop — Tue, 05 Mar 2024 00:55:00 GMT

Congrats on your approval!

Re: Chase Sapphire Preferred Approved with a Bad Score

CorpCrMgr1 — Tue, 05 Mar 2024 01:58:36 GMT

Congratulations on your approval! Good luck!!

Re: Chase Sapphire Preferred Approved with a Bad Score

nytokyobred79 — Tue, 05 Mar 2024 06:43:18 GMT

A big congrats on your approval and success story.

Re: Chase Sapphire Preferred Approved with a Bad Score

BigBS — Tue, 05 Mar 2024 23:00:37 GMT

Congrats on the approval!

Re: Chase Sapphire Preferred Approved with a Bad Score

keluric — Tue, 05 Mar 2024 23:27:04 GMT

Been there, done that on the high utilization. Enjoy your new CSP!

Re: Chase Sapphire Preferred Approved with a Bad Score

alextercero — Wed, 06 Mar 2024 15:20:16 GMT

Congrats on your approval!

Re: Chase Sapphire Preferred Approved with a Bad Score

Legal_Girl — Thu, 07 Mar 2024 01:59:01 GMT

Congratulations on the 5k approval.

I have found Chase to be a little unusual, not as unusual as Cap 1, however. I have a Chase Freedom Unlimited that has been at $1,500 for I don't know how long. I don't ask for increases as I would rather credit card companies/banks just surprise me with an increase. I went on the Chase website this weekend to pay my CFU and noticed every card was preapproved. I thought, oh well, why not. I filled in the little bit of info the site asked for and it came back in several seconds as approved with $20,500. I would have have rather had that amount on my CFU, but I guess Chase knows best, LOL.

Re: Chase Sapphire Preferred Approved with a Bad Score

Horseshoez — Thu, 07 Mar 2024 02:04:42 GMT

@Legal_Girl wrote:
Congratulations on the 5k approval.
I have found Chase to be a little unusual, not as unusual as Cap 1, however. I have a Chase Freedom Unlimited that has been at $1,500 for I don't know how long. I don't ask for increases as I would rather credit card companies/banks just surprise me with an increase. I went on the Chase website this weekend to pay my CFU and noticed every card was preapproved. I thought, oh well, why not. I filled in the little bit of info the site asked for and it came back in several seconds as approved with $20,500. I would have have rather had that amount on my CFU, but I guess Chase knows best, LOL.

Based upon what I've read here and what I've experienced myself, Chase is inclined to bestow much higher limits for the second card you get from them. I started with a CSP at $11,700 and six months later was approved for a CFU with a limit of $23,600.

Re: Chase Sapphire Preferred Approved with a Bad Score

Linnaea — Thu, 07 Mar 2024 02:13:04 GMT

Interesting data points. Thank you for the share and inspirational story.

Re: Chase Sapphire Preferred Approved with a Bad Score

Hex — Thu, 07 Mar 2024 13:17:21 GMT

@dhop08 Where did you get the 590 score from?

Re: Chase Sapphire Preferred Approved with a Bad Score

youngandcreditwrthy — Thu, 07 Mar 2024 20:16:24 GMT

you sound like my mom bro lol @dhop08

Re: Chase Sapphire Preferred Approved with a Bad Score

youngandcreditwrthy — Thu, 07 Mar 2024 20:17:22 GMT

Congrats!!! We've all been there LOL at least you're learning your lesson. I know I learned mine paying off 150k in cc debt (and my score was at its highest with that much debt LOL!

Re: Chase Sapphire Preferred Approved with a Bad Score

Legal_Girl — Thu, 07 Mar 2024 22:27:26 GMT

That is definitely good to know! Thank you.

Re: Chase Sapphire Preferred Approved with a Bad Score

Zoostation1 — Fri, 08 Mar 2024 04:11:06 GMT

@dhop08Congrats on the approval! Was that score a Vantage or FICO score? If you don't have any late payments on your report, I don't think you could get down to 590 in FICO 8 or most (if not all) models. VantageScore 3.0 is used a VERY small number of lenders. 4.0 isn't used by a many either, but moreso than 3.0 (notably Synchrony uses it, and it along with FICO 10T has been approved for future mortgage usage - transition to these has not started yet as far as I know).