topic Re: Chase Sapphire Preferred - Should I go for it? in Credit Card Applications

Update! Chase Sapphire Preferred - Should I go for it?

Mnk1 — Fri, 17 May 2019 19:06:18 GMT

Wanting to app for the CSP. Don't have any pre-approvals on Chase site or Chase Credit Journey. I don't have a relationship with Chase. I have a squeaky clean credit report (BK fell off back in September 2018, but I did burn Chase). I've currently got solid pre-qualification for basically any AMEX card, Discover online and received pre-qualification for Wells Fargo Cash Wise and Propel, Citizens Cash Back Plus and Clear Value and 5/3 Truly Simple.

The CSP and AMEX BCP are the card that make the most sense to me right now considering the amount I spend on travel and groceries.

Thanks!

Opened CL Balance
Good Year 9/4/2015 2000.00 0

Best Buy V 12/30/2012 2300.00 0

QS MC 5/12/2011 750.00 0

QS1 V 7/29/2011 2750.00 0

QS V 12/30/2013 10500.00 0

Citi DC MC 12/7/2018 11400.00 999

AMEX Cash Magnet 12/7/2018 12500.00 2000

42200.00 Total

PayPal Credit 4170.00

Citi FICO Score 806 (say they get it from EQ)

Experian FICO8 759
5 inquiries last 2 years: 2 for the AMEX and Citi new accounts
AMEX 6-Dec-18 Bank Credit Cards
CAP ONE NA 18-Dec-18 Bank Credit Cards
CITI CARDS CBNA 6-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
MSU FCU 25-Jul-18 Checking account

TU Vantage 3 745
CAP ONE NA 18-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
AM RENT 25-Oct-17 Real Estate/Public Accommodations

EQ Vantage 3 747
CAP ONE NA 18-Dec-18 Bank Credit Cards
FRONTIER 17-Oct-17 Telephone Companies
CREDIT PLUS 16-Sep-17 Mortgage Reporters

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Sun, 12 May 2019 21:06:45 GMT

5 INQ last two years? So thats a big NO. You're 5/24.

@Mnk1 wrote:
Wanting to app for the CSP. Don't have any pre-approvals on Chase site or Chase Credit Journey. I don't have a relationship with Chase. I have a squeaky clean credit report (BK fell off back in September 2018, but I did burn Chase). I've currently got solid pre-qualification for basically any AMEX card, Discover online and received pre-qualification for Wells Fargo Cash Wise and Propel, Citizens Cash Back Plus and Clear Value and 5/3 Truly Simple.

The CSP and AMEX BCP are the card that make the most sense to me right now considering the amount I spend on travel and groceries.

Thanks!

Opened CL Balance
Good Year 9/4/2015 2000.00 0

Best Buy V 12/30/2012 2300.00 0

QS MC 5/12/2011 750.00 0

QS1 V 7/29/2011 2750.00 0

QS V 12/30/2013 10500.00 0

Citi DC MC 12/7/2018 11400.00 999

AMEX Cash Magnet 12/7/2018 12500.00 2000

42200.00 Total

PayPal Credit 4170.00

Citi FICO Score 806 (say they get it from EQ)

Experian FICO8 759
5 inquiries last 2 years: 2 for the AMEX and Citi new accounts
AMEX 6-Dec-18 Bank Credit Cards
CAP ONE NA 18-Dec-18 Bank Credit Cards
CITI CARDS CBNA 6-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
MSU FCU 25-Jul-18 Checking account

TU Vantage 3 745
CAP ONE NA 18-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
AM RENT 25-Oct-17 Real Estate/Public Accommodations

EQ Vantage 3 747
CAP ONE NA 18-Dec-18 Bank Credit Cards
FRONTIER 17-Oct-17 Telephone Companies
CREDIT PLUS 16-Sep-17 Mortgage Reporters

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Sun, 12 May 2019 21:10:58 GMT

Bankruptcy will remain in Chase internal records indefinitely at best.

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Sun, 12 May 2019 21:15:51 GMT

@Anonymous wrote:
5 INQ last two years? So thats a big NO. You're 5/24.

You obviously misunderstand the rule; it only applies if you've opened 5 or more new credit accounts and has nothing to do with the number of inquiries on your credit report.

Re: Chase Sapphire Preferred - Should I go for it?

Remedios — Sun, 12 May 2019 21:21:02 GMT

@Mnk1 wrote:
Wanting to app for the CSP. Don't have any pre-approvals on Chase site or Chase Credit Journey. I don't have a relationship with Chase. I have a squeaky clean credit report (BK fell off back in September 2018, but I did burn Chase). I've currently got solid pre-qualification for basically any AMEX card, Discover online and received pre-qualification for Wells Fargo Cash Wise and Propel, Citizens Cash Back Plus and Clear Value and 5/3 Truly Simple.

The CSP and AMEX BCP are the card that make the most sense to me right now considering the amount I spend on travel and groceries.

Thanks!

Opened CL Balance
Good Year 9/4/2015 2000.00 0

Best Buy V 12/30/2012 2300.00 0

QS MC 5/12/2011 750.00 0

QS1 V 7/29/2011 2750.00 0

QS V 12/30/2013 10500.00 0

Citi DC MC 12/7/2018 11400.00 999

AMEX Cash Magnet 12/7/2018 12500.00 2000

42200.00 Total

PayPal Credit 4170.00

Citi FICO Score 806 (say they get it from EQ)

Experian FICO8 759
5 inquiries last 2 years: 2 for the AMEX and Citi new accounts
AMEX 6-Dec-18 Bank Credit Cards
CAP ONE NA 18-Dec-18 Bank Credit Cards
CITI CARDS CBNA 6-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
MSU FCU 25-Jul-18 Checking account

TU Vantage 3 745
CAP ONE NA 18-Dec-18 Bank Credit Cards
CREDIT PLUS 16-Sep-17 Mortgage Reporters
AM RENT 25-Oct-17 Real Estate/Public Accommodations

EQ Vantage 3 747
CAP ONE NA 18-Dec-18 Bank Credit Cards
FRONTIER 17-Oct-17 Telephone Companies
CREDIT PLUS 16-Sep-17 Mortgage Reporters

Hi and welcome

Unfortunately, the only way to find out if you're blacklisted by Chase is by applying.

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Sun, 12 May 2019 21:41:03 GMT

I'm going to make this simple..... If you want the card then you need to apply for the card you want the most. If you don't get it you have plenty of other options on your list as you move down it. If you want to play around with Chase it might be easier to go to a branch and open a Savings account with them and during the process see if there's a pre-approval for a CC during the process.

WF should be an easy in for either card $300 SUB on Propel though should be the priority unless you can max out the cat's on the CW

Citizens is somewhat mediocre

5/3 is geo-restricted if you're not in their footprint

Depending on where you are located you might be able to sneak into UMB, BMO, Regions, BBVA, PNC, Union Bank...

PNC will pull EX and they don't like 5+ inquiries

The rest are pretty easy to get w/o worrying about inquiries but, make sure you're in their foot print before pulling the trigger.

Re: Chase Sapphire Preferred - Should I go for it?

Mnk1 — Sun, 12 May 2019 21:51:28 GMT

Thanks for info. I guess going for the CSP won't hurt much in the long run. I feel confident about the BCP (heard prequals are pretty solid) and Propel (my wife got it without having a card in her name and an authorized user on my 750$ CAP1 Platinum before I did a product upgrade.). I'll be done for a a few years after these if I'm lucky.

Appreciate the responses so far!

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Sun, 12 May 2019 21:55:51 GMT

Amex is an easy target after you've been in with them for a couple of months anyway... As long as you don't piss them off and miss a payment along the way you're pre-approved for all of their cards with a SP. Now, if you get greedy with the SUB's they offer you might find yourself in a dried up well w/ no soup for you for making a profit off of them.

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Mon, 13 May 2019 04:15:59 GMT

@Anonymous wrote:
@Anonymous wrote:
5 INQ last two years? So thats a big NO. You're 5/24.
You obviously misunderstand the rule; it only applies if you've opened 5 or more new credit accounts and has nothing to do with the number of inquiries on your credit report.

Apologies. I meant account, but I did misread his post.

Re: Chase Sapphire Preferred - Should I go for it?

Mnk1 — Thu, 16 May 2019 18:32:30 GMT

So I gave it a shot and got the below message. Is this just a "you're gonna have to wait and see"? Thanks!

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Thu, 16 May 2019 18:44:21 GMT

Let it sit for a couple of days before you do anything. Check the app status line for updates whether it's a 30 day, 14 day or 7-10 days gives some insight to what they're doing. Sometimes if it's pending ID Verification it will transfer you to fraud to answer questions and then the card is on the way.

Re: Chase Sapphire Preferred - Should I go for it?

Aim_High — Sat, 18 May 2019 13:27:18 GMT

is right.

I have applied for four Chase cards in the past year.

I have run into that 'fraud review' issue several times. Chase takes their due diligence under the USA Patriot Act very seriously and wants to verify identity. Mine seemed to get flagged because I use a P.O. Box for primary mailing instead of street address.

There is a great summary I have referenced about the reconsideration process on another website. I'll include the link below. It proved accurate in my experience. Basically, here it is in a nutshell, for folks who don't get automatic online approval:

30-day notice like you received? Just means they are processing the application. You don't need to do anything but you can call the status line if you like.

Chase automated status line: 800-432-3117 will probably give you one of four messages:

(1) You've been approved! (This happened to me once before I found out otherwise.)

(2) You'll be notified within 30 days. (Means they still haven't finished processing your application.)

(3) You'll be notified within 14 days. (Almost always means you will be approved pending final review.)

(4) You'll be notified within 7-10 days. (Almost always means you will be denied; however, this could be due to the fraud review above and may only mean they want more information or verification, not a flat denial. I got this message a couple of times before final approval.)

*I suppose there could be 5th message (that you've been denied) although I've never read about anyone receiving that notice by phone before by mail.

If you get the 7-10 day message, you will receive a letter in the mail. If you want to speed up the process or you've already received the letter and want to get them to reconsider, call the Chase Reconsideration hotline at 1-888-270-2127.

Re: Chase Sapphire Preferred - Should I go for it?

Civil — Thu, 16 May 2019 20:13:53 GMT

In your position, the only way you would know is to just apply. If you have not opened 5 (credit cards/loan....Store cards don't apply) accounts in the past 24 months I would say just apply, if so I would not.

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Thu, 16 May 2019 20:24:14 GMT

@Civil wrote:
In your position, the only way you would know is to just apply. If you have not opened 5 (credit cards/loan....Store cards don't apply) accounts in the past 24 months I would say just apply, if so I would not.

you're late to the party. https://ficoforums.myfico.com/t5/Credit-Card-Applications/Chase-Sapphire-Preferred-Should-I-go-for-it/m-p/5613860#M229958

Re: Chase Sapphire Preferred - Should I go for it?

Civil — Thu, 16 May 2019 20:28:02 GMT

I See....lol

Re: Chase Sapphire Preferred - Should I go for it?

Mnk1 — Thu, 16 May 2019 20:35:59 GMT

Nope, just 2 credit cards opened in the last 2 years (3 CC inquiries and one for getting internet when moved).

Re: Update! Chase Sapphire Preferred - Should I go for it?

Mnk1 — Fri, 17 May 2019 19:09:11 GMT

So I apply for the CSP on 5/16 and get and email saying "let you know as soon as possible", call the status line and get "let you know in 30 days". Today I log into Chase Credit Journey and I have pre-qualified offices for 4 Chase cards (the one you can't see if the Freedom). Is this a good sign?

Re: Update! Chase Sapphire Preferred - Should I go for it?

Anonymous — Fri, 17 May 2019 19:18:44 GMT

It's not a bad thing to see. If you click on them they should show you the CL and APR for the offer. I would sit still though while they're still working on the app you already have in for processing

I don't get offers with these stats....

Re: Update! Chase Sapphire Preferred - Should I go for it?

Mnk1 — Fri, 17 May 2019 19:23:33 GMT

Thanks! Yeah, I thought it unusual I've had the Credit Journey account for awhile and never got any prequals on Chase's site, but the day after I apply offers show up. It's got to be more than coincidence.

Re: Chase Sapphire Preferred - Should I go for it?

Anonymous — Fri, 17 May 2019 19:25:55 GMT

@Civil wrote:
In your position, the only way you would know is to just apply. If you have not opened 5 (credit cards/loan....Store cards don't apply) accounts in the past 24 months I would say just apply, if so I would not.

I hate to be pedantic but the highlighted portion is incorrect. Loans are installment credit accounts so they are not counted under the 5/24 rule. Store cards are absolutely counted if they are revolving credit accounts; store charge cards are not counted but those are increasing rare.

The general rule is that if you've opened 5 or more revolving credit accounts you will be denied by Chase.