topic Chase Sapphire Preferred - Approval Odds in Credit Card Applications

Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 03 Feb 2020 22:26:35 GMT

Hi,

1 week ago I applied for the CSP. Initially through the application status line I was recieving a message along the lines of my application had not been recieved yet and that I'd be notified in writing within 30 days. Today I called and the message changed to my application was under review and I would be notified within 7-10 days. Now I'm trying to get some feelers on what my approval odds are..

I've been diligently paying down the current cards I have. All of which I recieved during in college and shortly after when my credit knowledge was zilch and I racked up balances on. Now that I've paid them all off I'm excited by the opportunity of the CSP card and getting a 2nd chance to use the card the proper way and reap the benefits of the rewards.

My current scores are..

Experion: 718

TransUnion: 741

Equifax: 740

I have 3 cards

Discover It: $8900 limit

Chase FU: $4000 limit

Capital One Platinum: $1800

I'm wondering if my lack of use on the chase card over the past year or so as I paid it down will be consequental. I also applied through the refer a friend program and not sure if that will have any impact on the decision.

Any insight is appreciated!

Re: Chase Sapphire Preferred - Approval Odds

simplynoir — Mon, 03 Feb 2020 22:29:29 GMT

If the status changed from 30 days to 7-10 days it's looking more like a denial according to the flowchart. I would wait for the denial letter to come in or if you have some free time & prepared to plead your case call the recon line and see what you can do as far as getting the decision overturned. As far as non-use on your other Chase card that should have little impact on your approvals odds with the CSP

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 03 Feb 2020 22:44:38 GMT

I recieved a pre-approved offer as recently as January 2nd for a 10k line on the CSP.. wondering if I just missed my opportunity by not applying sooner.

Re: Chase Sapphire Preferred - Approval Odds

simplynoir — Mon, 03 Feb 2020 22:50:25 GMT

@Anonymous wrote:
I recieved a pre-approved offer as recently as January 2nd for a 10k line on the CSP.. wondering if I just missed my opportunity by not applying sooner.

Was this offer on your online account with a green checkmark on it? Or did you cold app for it?

Re: Chase Sapphire Preferred - Approval Odds

dsotm76 — Mon, 03 Feb 2020 22:57:09 GMT

@simplynoir wrote:
If the status changed from 30 days to 7-10 days it's looking more like a denial according to the flowchart. I would wait for the denial letter to come in or if you have some free time & prepared to plead your case call the recon line and see what you can do as far as getting the decision overturned. As far as non-use on your other Chase card that should have little impact on your approvals odds with the CSP

Thank you for the link to the flowchart. This is valuable information if mine doesn't go well. :-)

Re: Chase Sapphire Preferred - Approval Odds

simplynoir — Mon, 03 Feb 2020 22:58:17 GMT

@dsotm76 wrote:
@simplynoir wrote:
If the status changed from 30 days to 7-10 days it's looking more like a denial according to the flowchart. I would wait for the denial letter to come in or if you have some free time & prepared to plead your case call the recon line and see what you can do as far as getting the decision overturned. As far as non-use on your other Chase card that should have little impact on your approvals odds with the CSP
Thank you for the link to the flowchart. This is valuable information if mine doesn't go well. :-)

Credit goes to the fellows at r/churning. Glad it'll help you

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 03 Feb 2020 23:08:39 GMT

@simplynoir wrote:
@Anonymous wrote:
I recieved a pre-approved offer as recently as January 2nd for a 10k line on the CSP.. wondering if I just missed my opportunity by not applying sooner.
Was this offer on your online account with a green checkmark on it? Or did you cold app for it?

I remember seeing in my online account but it was no longer there when I applied.

I followed that flow chart you sent and just got off the phone with someone through the reconsideration line. They said that a request for me to confirm my address was mailed out today. Hoping them asking me to confirm my address is a good sign.

Re: Chase Sapphire Preferred - Approval Odds

FinStar — Mon, 03 Feb 2020 23:26:17 GMT

Yes, typically a 7-10 message can go in either direction. If you have a pretty solid profile and given you indicated a previous pre-approved/approved offer online, it's likely just a verification instance.

Just follow the instructions on the letter. You could just take the requested documents to your nearest branch to expedite the process.

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 03 Feb 2020 23:41:24 GMT

@FinStar wrote:
Yes, typically a 7-10 message can go in either direction. If you have a pretty solid profile and given you indicated a previous pre-approved/approved offer online, it's likely just a verification instance.

Just follow the instructions on the letter. You could just take the requested documents to your nearest branch to expedite the process.

That's what they told me over the phone but of course there are no Chase branches anywhere near me..

Re: Chase Sapphire Preferred - Approval Odds

FinStar — Mon, 03 Feb 2020 23:46:00 GMT

@Anonymous wrote:
@FinStar wrote:
Yes, typically a 7-10 message can go in either direction. If you have a pretty solid profile and given you indicated a previous pre-approved/approved offer online, it's likely just a verification instance.

Just follow the instructions on the letter. You could just take the requested documents to your nearest branch to expedite the process.
That's what they told me over the phone but of course there are no Chase branches anywhere near me..

Ah that's a bummer :-/

Well, just follow the instructions on the letter which outlines the options to send the required verification documents.

Re: Chase Sapphire Preferred - Approval Odds

randomguy1 — Tue, 04 Feb 2020 00:46:09 GMT

Based on your score, cards, and SL, your chances seem pretty high.

Any major derogatories or BK on file? When was your CFU approved?

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Tue, 04 Feb 2020 00:55:53 GMT

@randomguy1 wrote:
Based on your score, cards, and SL, your chances seem pretty high.

Any major derogatories or BK on file? When was your CFU approved?

No BK. About 5 years ago I had a student loan I defaulted on but haven't missed a payment since. Was approved for the CFU 2 years ago.

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Wed, 05 Feb 2020 10:26:30 GMT

@Anonymous wrote:
Hi,

1 week ago I applied for the CSP. Initially through the application status line I was recieving a message along the lines of my application had not been recieved yet and that I'd be notified in writing within 30 days. Today I called and the message changed to my application was under review and I would be notified within 7-10 days. Now I'm trying to get some feelers on what my approval odds are..

I've been diligently paying down the current cards I have. All of which I recieved during in college and shortly after when my credit knowledge was zilch and I racked up balances on. Now that I've paid them all off I'm excited by the opportunity of the CSP card and getting a 2nd chance to use the card the proper way and reap the benefits of the rewards.

My current scores are..

Experion: 718
TransUnion: 741
Equifax: 740

I have 3 cards

Discover It: $8900 limit
Chase FU: $4000 limit
Capital One Platinum: $1800

I'm wondering if my lack of use on the chase card over the past year or so as I paid it down will be consequental. I also applied through the refer a friend program and not sure if that will have any impact on the decision.

Any insight is appreciated!

Hey there I got the same exact message when applying for my Freedom card! Same thing, first the 30 day message then the dreaded 7-10 days, which I assumed would be a denial. Luckily it was just to verify some information. I have a Chase checking account so I didn't have to wait for snail mail, instead they sent me a letter through my account and all it said was that they received an app for a Chase Freedom card and they wantd to make sure it was me who applied for it and provided a number for me to call in to verify. I called and after asking me to verify my address and I believe my SSN, they also texted me a code to my phone and I had to provide that code to them. After doing that I was approved, so maybe it will also be some sort of verification they need from you! Good luck!

Re: Chase Sapphire Preferred - Approval Odds

Citylights18 — Fri, 07 Feb 2020 22:24:17 GMT

My guess is it must be that your income is borderline for a CSP because if your scores are high but your CFU is $4000 they might not think you are ready for a big boy card.

I had some pretty crappy scores when I got my CFP (650 EQ) but I was PIF to the tune of $3500 a month on my CFU so more of a big boy profile.

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 10 Feb 2020 19:56:03 GMT

Friday of this past week I called into chase after recieving a letter in the mail stating they needed me to verify my address. Since I've recently moved I figured this was the reason. With me knowing my name wasn't on any the utility bills and I hadn't changed my address on my license, I called the number on the letter because I had questions on what sort of documentation I could send. Rep told me I could send my lease agreement. Next I asked if there was a quicker method besides fax or mailing and he offered up the suggestion of docusign. I said great! and proceeded to upload my lease agreement via the docusign link I was sent. They told me this would take a week to two weeks to be reviewed.. I've already been waiting that long so decided to call today and see if they received my verification.. they had but since the lease wasn't filled out electronically it was denied..greattt I thought to myself. Turns out they accept another cc statement for verification so I had the rep send another docusign link and immediately uploaded my statement from my discover card. I waited a few hours after this and called again to make sure it was recieved and that this would suffice for verification. Turns out that it did and the rep over the phone completed the application process on the spot and approved me!

Re: Chase Sapphire Preferred - Approval Odds

Anonymous — Mon, 10 Feb 2020 20:29:03 GMT

Wow such a hassle but glad it ended well! If you haven’t already post on the approval section with your card, limit and data points. Big congratulations to you!

Re: Chase Sapphire Preferred - Approval Odds

FinStar — Mon, 10 Feb 2020 21:14:20 GMT

Thanks for the update and congrats on the approval @Anonymous. Glad to hear things worked out 👍

Locking this thread as you have been approved. Feel free to start a new approval thread in the Approvals forum if you would like to do so.