topic Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail, in Credit Card Applications

Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail, should I apply

Avocadorb — Thu, 14 Apr 2022 18:18:16 GMT

I have a thin file/low credit limits but no late payments ever. I've been trying to build up my credit to finally apply for nice travel rewards cards. I was expecting to have to wait at least another 9 months but I recently got a "Pre selected" offer in the mail for the Chase Sappire Preffered card with a solid 24% APR. Should I go for it?

Current cards:

Citi Diamon Preffered 1,200 CL / 2 years old

Best Buy Card 1,000 CL / 7 Months old

Current Fico score as of 3/29 is 678. Vantage currently 734.

Annual Income = 56k

Original strategy was to apply for a Cap one Quicksilver one or platinum to build up my credit limits and then go for chase. Please advice!

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

CYBERSAM — Thu, 14 Apr 2022 18:28:09 GMT

Any other insight as why your score is low? Any negative reporting? Also what is your utilization?

For thin file with 2 CCs reporting, your score should be much higher!

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Avocadorb — Thu, 14 Apr 2022 18:36:20 GMT

Got my first credit card 2 years ago. My current utilization is at below 30%. I had a period in September-December last year where it was 80% on my best buy card which brought it down to 612 a the lowest. I didn't have a the understanding that carrying a balance would affect my score even though it was a no interest card. I've paid of everything in full and kept utilization low since then.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Anonymalous — Thu, 14 Apr 2022 18:39:33 GMT

Utilization has no memory, at least thru FICO 9, so high utilization last year won't affect your score today. Anything else that might be keeping your scores down?

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Avocadorb — Thu, 14 Apr 2022 18:44:58 GMT

Not really. although It has been steadily increasing over the past couple months from 612 in october to 644 in January, now 678 as of 03/22.

On my citi app it says only key factors affecting my fico score are:

1- Lengh of time accounts have been established

2- Lack of a recent installment lloan information

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

CYBERSAM — Thu, 14 Apr 2022 18:44:48 GMT

@Avocadorb wrote:
Got my first credit card 2 years ago. My current utilization is at below 30%. I had a period in September-December last year where it was 80% on my best buy card. I didn't have a the understanding that carrying a balance would affect my score even though it was a no interest card.

Pay your utilization down to 1% and only on 1 card reporting balance. Make sure the other card reports zero.

Your score should go higher by doing this and then you can have better chance for Chase Sapphire Preferred.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Anonymalous — Thu, 14 Apr 2022 19:27:44 GMT

@Avocadorb wrote:
Not really. although It has been steadily increasing over the past couple months from 612 in october to 644 in January, now 678 as of 03/22.
On my citi app it says only key factors affecting my fico score are:

1- Lengh of time accounts have been established
2- Lack of a recent installment lloan information

Your score should be higher. Try what @CYBERSAM suggested (the AZEO technique), and see how much that boosts it. Since one of your cards is a store card (Best Buy), zero it out. Specifically, pay the balance off completely before the statement cuts, so it reports a 0 balance. Pay off the balance on your Citi Diamond card before its statement cuts as well, but don't zero it out completely. Instead, leave a token amount ($10 should be fine). Below 30% isn't a bad recommendation for month to month use, but this is the way to maximally optimize your utilization when you're considering applying for new credit.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Remedios — Thu, 14 Apr 2022 19:30:18 GMT

I see no reason for anyone to strive for 1%, however that's not the topic here (though, looking like one isn't using credit at all could be if that recommendation is followed).

@Avocadorb unless you have an account with Chase, mailer means you've meet minimum criteria set by lender, however it's not a prequal or pre-approval.

Your score isn't going to be an issue, limits on other cards might be since CSP has minimum SL of $5000

Chase may approve you, there is a myth going on about Char "not wanting to be your highest limit", they have approved plenty of cards that happened to be someone's highest SL.

You will have to apply to find out. Given your thin and young file, expect two pulls, but CSP is definitely worth it

Good luck with the application if you decide to give it a try

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

SDMarik — Thu, 14 Apr 2022 19:31:56 GMT

As others have said, the only real issue would be getting a SL that is 4x any other card you have. I think it's totally worth a shot, and if you do it don't forget to update, I'd be curious on this one!

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Avocadorb — Thu, 14 Apr 2022 19:37:26 GMT

I currently have no relationship with chase. I'll bring my utilization down as @CYBERSAM and @Anonymalous suggested and apply. The offer has a deadline of may 23rd so maybe I'll shoot my shot right before.

What card would you guys suggest as an alternative to get a higher CL? In case I get cold feet on the app.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

SDMarik — Thu, 14 Apr 2022 19:44:27 GMT

@Avocadorb wrote:
I currently have no relationship with chase. I'll bring my utilization down as @CYBERSAM and @Anonymalous suggested and apply. The offer has a deadline of may 23rd so maybe I'll shoot my shot right before.

What card would you guys suggest as an alternative to get a higher CL? In case I get cold feet on the app.

It really depends on what you are looking for, are you looking for specific rewards or cash back? If you are purely going for a higher limit FNBO tends to have some very generous starting limits for some people. People have reported very generous limits with teh X1 card, but you need to verify income with them, not a big deal but another step. Also, if you dont have an invite code you have to ask for an invitation and wait for them to reply, doesn't seem like a hard card to get, however.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Avocadorb — Thu, 14 Apr 2022 19:49:03 GMT

The only interest in getting a higher limit is to be accepted by good travel rewards cards down the line. As people have said in this thread, my lower credit limits could be an issue to lenders like chase.

I did reveive an invitation code in the mail with the CSP offer.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

FinStar — Thu, 14 Apr 2022 20:08:06 GMT

@Avocadorb wrote:
The only interest in getting a higher limit is to be accepted by good travel rewards cards down the line. As people have said in this thread, my lower credit limits could be an issue to lenders like chase.

I did reveive an invitation code in the mail with the CSP offer.

The invitation code with CSP is simply used by their marketing group to track your offer, nothing else. The only way to be a shoo-in with Chase (as far as CCs go) is to be targeted for a pre-approved offer (not pre-selected).

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Avocadorb — Thu, 14 Apr 2022 20:21:38 GMT

@FinStarWould you suggest I wait?

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

FinStar — Thu, 14 Apr 2022 20:56:47 GMT

@Avocadorb wrote:
@FinStarWould you suggest I wait?

Personally, I would. The CSP isn't going anywhere so that's a plus. And, I realize getting these offers can be exciting, the thing that may not always work is going for something prematurely or that you may not qualify at the moment (i.e. CSP minimum credit limit $5K). On the upside, you're on Chase's radar which has placed you on their mailing list for future offers. I would say, in time, consider having a deposit account with them if you plan on expanding to their CC ecosystem. Not a requirement, but something to consider.

Also, don't add too many new accounts if your focus is still geared toward any Chase CC. They have a 5/24 restriction which means that if you open 5 (or more) new accounts in a 24-month period, that basically takes you out of the race until you fall below 5/24.

Re: Fico score at 678, received a "Preselected" Chase Sappire Prefered offer in the mail,

Anonymalous — Fri, 15 Apr 2022 02:35:34 GMT

@SDMarik wrote:
It really depends on what you are looking for, are you looking for specific rewards or cash back? If you are purely going for a higher limit FNBO tends to have some very generous starting limits for some people. People have reported very generous limits with teh X1 card, but you need to verify income with them, not a big deal but another step. Also, if you dont have an invite code you have to ask for an invitation and wait for them to reply, doesn't seem like a hard card to get, however.

I can vouch for FNBO giving solid limits as well. @Avocadorb, FNBO has a prequal that will even tell what kind of SL they're offering. No guarantees of course, but it seems fairly reliable. And until you hit accept (or apply?), it's just a soft pull. So it might be worth a try.

If you qualify, Navy Fed is another that gives very good SLs. If you don't qualify, some of the other big national credit unions may be similarly generous, though I have no personal experience with them.