topic Re: Thinking about applying for Chase Sapphire Reserve... in Credit Card Applications

Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 17:42:24 GMT

So I'm looking to get my first *real* credit card. I currently have two capital one cards opened in 2014 (one secured with a credit limit of 600 and one regular with a credit limit of 1700) I recently paid down a lot of debt and got my FICO scores which are:

781 - Equifax, 759 - Experian, and 708 - TransUnion (they haven't updated my balance and I still have a high utilization with them)

My annual income is $200k+

Do you guys think I'll get approved for CSR? My income and most of my scores seem ok (minus TU) but as this will be my first high end card I'm not sure.

Thoughts?

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 17:51:43 GMT

Main concern is the limits you have on your current cards. Since the CSR is going to be at minimum a $10k SL they typically like to see some experience with those types of limits. Have you by any chance checked the Chase prequal to see what popped up?

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 17:57:43 GMT

I did check the pre-qual for chase and nothing popped, however I also confirmed their prequal checks transunion which is my worst score. But after doing some research it looks like Chase checks Experian in NY (then TU secondary) When I do cardmatch I got matched for CSP.

I'm hoping I can apply for CSR, probably get denied and call the reconsideration line and talk my way in. (Household income with my wife is $300k+) If they still balk I'm hoping they'll offer me CSP (I've never called a reconsideration line so I'm not sure if its possible for them to offer me an alternative product there)

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 18:02:07 GMT

@Anonymouswrote:
I did check the pre-qual for chase and nothing popped, however I also confirmed their prequal checks transunion which is my worst score. But after doing some research it looks like Chase checks Experian in NY (then TU secondary) When I do cardmatch I got matched for CSP.

I'm hoping I can apply for CSR, probably get denied and call the reconsideration line and talk my way in. (Household income with my wife is $300k+) If they still balk I'm hoping they'll offer me CSP (I've never called a reconsideration line so I'm not sure if its possible for them to offer me an alternative product there)

Was the cardmatch an official prequalification or one of those "we think you'll like this card" kind of deals? Been awhile since I've checked that out. If you call same day you're declined and decide to go with the CSP they'll more than likely use the same HP to process the application but I would double check with the rep if it came down to that unless you're okay with it. And income won't be the issue I assure you. Just the slightly dirty TU score and limit experience.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 18:49:01 GMT

There are some "pre-quals" but the Chase didn't say pre-qual but it was at the top of the list for recomended cards.

I sounds like I should just wait for TU to update my balance to the correct amount. When I simulate that in myFico TU shows a score of 800 (but realistically probably more like 780) It just seems like TU is dragging their feet and taking forever.

Side Note: Is the criteria similar for AMEX platinum? That's another one I've been eyeing.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 18:54:00 GMT

Whoa! I literally just got a notification that my TU balance updated. I think I'm gonna pull the trigger on the CSR now.

TU: 797

Equifax: 781

Exp: 759

Thoughts?

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 18:55:39 GMT

Sounds like a plan especially if you're not in any rush at the moment.

AMEX Platinum is normally an EX pull with some odd ball double pulls on occasion. With your EX score and income alone they'll happily give you a Plat card. You should have no worries applying for that card now if you want.

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 18:56:36 GMT

@Anonymouswrote:
Whoa! I literally just got a notification that my TU balance updated. I think I'm gonna pull the trigger on the CSR now.
TU: 797
Equifax: 781
Exp: 759

Thoughts?

Yeah, go for it and see what Chase says. AMEX Plat too if you're still wanting that card.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 19:09:54 GMT

Ok I applied online and got the:

"We need to review your request a little longer. We will let you know of our decision by U.S. mail. This could take up to 30 days."

I called the application status line and the recording said "We're reviewing your application and you'll be notified within 30 days"

My understanding is this is a good sign yes? (7-10 days being a bad sign)

Do I just sit and wait now?

Also if I'm interested in AMEX Platinum as well should I apply for that now? Would that potentially cause my Chase app to be denied if it was on the fence? (I'm nowhere near 5/24 btw)

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 19:15:17 GMT

@Anonymouswrote:
Ok I applied online and got the:

"We need to review your request a little longer. We will let you know of our decision by U.S. mail. This could take up to 30 days."
I called the application status line and the recording said "We're reviewing your application and you'll be notified within 30 days"
My understanding is this is a good sign yes? (7-10 days being a bad sign)

Do I just sit and wait now?

Also if I'm interested in AMEX Platinum as well should I apply for that now? Would that potentially cause my Chase app to be denied if it was on the fence? (I'm nowhere near 5/24 btw)

Yeah, that's a good sign. Means that haven't processed your application yet; might be idenity verification to simply needing time to look at the app but yes that's good news. Keep calling back til the status message changes and go from there. And as long as no other Chase products interest you at this time I would go ahead and do it if you want. Hit the AMEX prequal to be safe. You see preapprovals you're good.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 19:20:18 GMT

Weird I just pre-qualified for the Gold Delta SkyMiles Card. No other products were listed.

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 19:21:39 GMT

@Anonymouswrote:
Weird I just pre-qualified for the Gold Delta SkyMiles Card. No other products were listed.

Huh, that's weird. I still think you're solid to get the Plat but that choice is ultimately up to you.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 23 Feb 2018 21:24:02 GMT

Called AMEX on the phone and applied for the Platinum card. Was instantly approved via phone (felt good as my score was in the 5's not too long ago) card should arrive Tuesday or Wednesday. I was surprised as I heard they give you your number right away for online purchases but I didn't receive anything.

Re: Thinking about applying for Chase Sapphire Reserve...

simplynoir — Fri, 23 Feb 2018 23:06:29 GMT

@Anonymouswrote:
Called AMEX on the phone and applied for the Platinum card. Was instantly approved via phone (felt good as my score was in the 5's not too long ago) card should arrive Tuesday or Wednesday. I was surprised as I heard they give you your number right away for online purchases but I didn't receive anything.

Awesome congrats! And no worries they'll be overnighting that card free of charge. You should have the card in your possession by no later than Tuesday.

Re: Thinking about applying for Chase Sapphire Reserve...

RicHowe — Sat, 24 Feb 2018 00:15:59 GMT

Call and talk to CSR at Chase. Ask for underwriting - as you will be more than happy to help them verify your credit card application with them to expedite things.

Should be an approval. Don't wait.

Re: Thinking about applying for Chase Sapphire Reserve...

Shadowfactor — Sat, 24 Feb 2018 01:40:52 GMT

I second calling and talking to someone.
They will use the same hardpull if you app for the CSR and are denied then decide to app for the CSP. This must be done the same day though.

My fiancé just did the exact same thing. She was right at 5/24 so she tried the CSR. Called a bunch they said no because of 5/24 so she app’d for the CSP since she was Prequalified for it the same day. Instant approval.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Mon, 26 Feb 2018 15:25:28 GMT

It's strange, I applied on Friday. Called Saturday to check status (still technically business hours for credit cards apparnetly) Still got the 30 days update. I asked to speak to an underwriter. The lender said this application is still processing and we have no updates for you. You'll receive an update from us within 30 days.

Should I just wait now? Call back later in the week when they've had more time? I called this morning and the automated line still said 30 days.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Wed, 28 Feb 2018 19:32:44 GMT

The plot thickens... I called the automated status line today and it changed to "Thank you for applying we'll let you know in 7-10 business days" Which from my understanding is a rejection. I called the reconsideration line and the rep said "I looked into it and the note on your account says its being handled by another department and they'll let you know in writing within 1-2 weeks" .

So now it seems I'm getting conflicting information from Chase. I have 7-10 day rejection and a 1-2 week approval. We'll see what happens.

Re: Thinking about applying for Chase Sapphire Reserve...

Anonymous — Fri, 02 Mar 2018 21:53:06 GMT

Ok, I got the official rejection from chase. They said it was due to age of my accounts (4 years total average 2) and the fact that I haven't had any limits above $1500.

I called the reconsideration line twice and talked to two different reps both weren't able to approve me as "they didn't see any information to support that I'd be able to handle the card"

It's really unfortunate, I'm not sure what to do about this now? I did just open a bank account with Chase, perhaps I go in the branch and see if my guy and pull some strings?

Re: Thinking about applying for Chase Sapphire Reserve...

JuliusC — Sat, 03 Mar 2018 01:06:22 GMT

That’s a biggy for Chase. They don’t like to be the first lender to give high limits unfortunately. Being a Chase member, you might see prequalifications pop up. Don’t feel defeated. You have a great profile, but you need another bank to get you a high limit so that Chase doesn’t consider you such a risk.