topic Re: Chase Sapphire Reserve (CSR) Approval Odds? in Credit Card Applications

Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 15:23:14 GMT

Hi everyone,

I just realized that I was supposed to post this onto this thread.

I am trying to rack up travel points since I will be traveling a lot in my upcoming military duty (reserves). I would like to use these points for the charity that I am part of (deliver medicine and food for people persecuted for their beliefs). I am wondering about my approval odds for the Chase Sapphire Reserve? I was at 550 last year.

FICO Score: 705

Transunion and Equifax Score: 716

Internal Bank Score: 790. Preapproved for AMEX Platinum by my bank.

Income: $110,000

Number of credit cards: 3 (authorized user for 1 of them)

Lines of Credit:

AMEX (2 years) - $8000

Care Credit (4.5 yars) - $2600

Chase Freedom Unlimited (3 years, authorized user) - $2000

Loans: None. I paid off my car loan of $10,000 in 6 months. Currently paying my wife's old student loans since I got promoted.

Own or rent: Own a house. No mortgage.

Credit utilization: Averages at 2-3% per month.

Number of Inquiries: 4 from June 2017 for car loan.

Concerns: I was late for 2 payments back in Jan 2017. I switched banks due to a identity theft. I was stupid enough to forget to switch my new account information for Care Credit (autopay). To this day, I want to slap my 2017 self.

What else can I do to improve my odds? Also, any other card that you would recommend?

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 19:43:38 GMT

Since you already have a credit relationship with Chase as an authorized user, you'd be best advised by going to a branch location and asking a personal banker if you have any in-branch preapprovals. At first glance, the initial concern would be the relative lack of revolving accounts, and minimal use of credit.

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 20:04:38 GMT

Nice job on getting your score back on track over a year! You might be OK to apply - I don't think your late payments from over 2 years ago will factor so much. The bigger issue here is that you only have 2 accounts to your own name and since you don't yet have a credit card that is over $10K (the minimum SL for CSR), there might be a little hesitation there from Chase. Your income looks solid.

Have you checked your prequalified offers? I also agree that going in branch is the safest approach. If you're already prequalified for CSP, I'd say it's worth a shot at the CSR.

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 21:19:31 GMT

That makes sense. I think that is what's blocking me from scoring higher as well (too few accounts).

I thought that 1-10% is the sweet spot for credit utilization? I may be wrong? Or do you mean I do not have enough loans/accounts?

Thanks for the reply by the way. I'm still learning how this works.

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 21:26:32 GMT

Thank you!

That's a very good point that you made about the credit limit. I should call my bank (USAA) as to why I only got $8000 for my credit limit. Possibly because of the APR?

I have not yet. I'll head to a Chase Bank to see what are my option.

Thank you for the advice!

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Thu, 09 May 2019 23:56:55 GMT

@Anonymous wrote:
That makes sense. I think that is what's blocking me from scoring higher as well (too few accounts).

I thought that 1-10% is the sweet spot for credit utilization? I may be wrong? Or do you mean I do not have enough loans/accounts?

Thanks for the reply by the way. I'm still learning how this works.

The accepted wisdom is that your FICO scores are optimized with 3 revolving credit accounts in your own name, and an installment credit account paid down to 8.9% or less of the outstanding balance.

8.9% or less aggregate utilization of revolving credit optimizes your FICO score but think about it from the perspective of a bank. Would you extend credit to an applicant who appears to barely use the credit he/she currently has?

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Sun, 12 May 2019 14:50:55 GMT

I have a pretty similar profile and have been denied 4 times. One difference is I've had 2 $500 Chase cards for 12-13 years (non-AU), one with a 30+60 from 5 years ago. My oldest Amex is like yours, 3 years old and $8k. Also had a 6 year old $50 medical collection and a 5 year old credit union charge off ($6k).

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Sun, 12 May 2019 16:16:35 GMT

It's nice to see someone doing something positive like being in the Reserves and Donating as well on top of it.

The CSP has points and is travel related, the platinum would be an easy grab if you want to pay the $550 AF for the 60K points.

Is it the perks that come with the card like TSA/upgrades/etc.?

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Sun, 12 May 2019 18:27:59 GMT

You have a point. I just got back from Chase Bank. The Personal Bankers there said I was preapproved for the Sapphire Preferred, but have a pretty good chance at the Sapphire Reserve. We will have to see.

Re: Chase Sapphire Reserve (CSR) Approval Odds?

NaaryalHead — Tue, 14 May 2019 10:28:41 GMT

Don't keep us hanging

let us know how it goes whenever you're ready to take the leap!

Re: Chase Sapphire Reserve (CSR) Approval Odds?

Anonymous — Tue, 25 Jun 2019 20:17:23 GMT

Hey everyone,

My apologies for the delay. I had a busy summer with a new job and promotion. I decided to apply for the AMEX Platinum since I can link the points to my Charles Schwab account.

But I got denied! I posted my denial reasons. I think it's mainly because of short history with AMEX. The Chase Representative thought I would've had a good chance.

Re: Chase Sapphire Reserve (CSR) Approval Odds?

TheConstant — Thu, 27 Jun 2019 15:47:09 GMT

If you are interested in CSR still, I think you'd have a good chance at getting approved. You still have low enough inqs with a good overall credit profile, that I don't think it'd be concerning factor