topic Re: Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply? in Credit Card Applications

Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

kingkai1990 — Tue, 30 May 2017 16:21:15 GMT

Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

Re: Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

sjt — Tue, 30 May 2017 16:34:26 GMT

@kingkai1990 wrote:
Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

What is your utilization. If its low then you have a good chance.

Re: Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

kingkai1990 — Tue, 30 May 2017 16:48:31 GMT

@sjt wrote:
@kingkai1990 wrote:
Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!
What is your utilization. If its low then you have a good chance.

I just made a big payment. So it went from 30% (statement date) to 7%. Not sure if Cap 1 is reporting it yet though.

Re: Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

sjt — Tue, 30 May 2017 17:21:06 GMT

@kingkai1990 wrote:
I
@sjt wrote:
@kingkai1990 wrote:
Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!
What is your utilization. If its low then you have a good chance.

I just made a big payment. So it went from 30% (statement date) to 7%. Not sure if Cap 1 is reporting it yet though.

I would wait until it reported on your CRA. they take about 5 days from the statement close to get it reported on your CRA.

Either way I think you would be approved, but the difference in utilization can effect on what your CL would be.

Good luck and keep us posted.

Re: Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

Anonymous — Tue, 30 May 2017 19:15:50 GMT

I agree with waiting. I was eager to app for the CSP before my reports updated (and unknowingly relied on a FAKO) and ended up getting a much lower starting limit than I should have. I had to take a HP a few months later for a 15K increase.

Patience will serve you better. The card isn't going anywhere.