topic Re: Chase SP - Should I wait? in Credit Card Applications

Chase SP - Should I wait?

stylenjen — Thu, 21 May 2015 22:21:38 GMT

I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone?

Re: Chase SP - Should I wait?

Ysettle4 — Thu, 21 May 2015 22:22:57 GMT

As long as you've not applied for more than 6 cards within the previous year, you should be ok to take the hit. Any more apps than that and a denial may come.

Re: Chase SP - Should I wait?

efranklin23 — Thu, 21 May 2015 22:48:29 GMT

@stylenjen wrote:
I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone?

If the bankruptcy falls off in 4 or 5 months, you're better off as you may get a much higher limit and wouldn't have to worry about the denial being a Bankruptcy. Remember, Patience is a virtue at times and creditors like Chase definitely will make decicions on prior baddies from 6.5 years ago. Not to mention it can be the determining factor of getting a 5k and a 10k approval.

Re: Chase SP - Should I wait?

myjourney — Fri, 22 May 2015 00:56:44 GMT

Wait to optimize results

Re: Chase SP - Should I wait?

FinStar — Fri, 22 May 2015 12:22:33 GMT

I agree with myjourney, I would wait OP. CSP will still be there

Re: Chase SP - Should I wait?

Anonymous — Fri, 22 May 2015 12:56:39 GMT

@stylenjen wrote:
I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone?

Wait for your bankruptcy to fall off before applying... That will increas your chance of getting the card approved.

Re: Chase SP - Should I wait?

SecretAzure — Fri, 22 May 2015 12:58:58 GMT

@Anonymous wrote:
@stylenjen wrote:
I really want the Chase Sapphire Preferred card, however I'm not sure if I should take the inquiry hit on my credit score. I've recently (within the last two months) opened a Capital One Venture card and a Discover IT card. Also, I have a bankruptcy on my report (which I know Chase doesn't like), but it's due to fall off my report in four months. I have a credit score of 704. Would they even consider me now or should I wait four to five months when my bankruptcy is gone?
Wait for your bankruptcy to fall off before applying... That will increas your chance of getting the card approved.

This+Increases your starting credit limit if you do get approved! Too much new credit makes lenders nervous!