topic Re: Should I apply for Chase Sapphire Preferred? in Credit Cards

Should I apply for Chase Sapphire Preferred?

Creditworthiness — Thu, 20 Aug 2015 05:02:16 GMT

The current 40k bonus is calling my name.

I have FICO 746 according to the AmEx site -- if my score is anywhere near that I'm not going to bother paying for a report right now. Assuming that's my top score, I doubt any of the others are much below 720.

However, I have four relatively new cards since 2013 (Delta AmEx, Capital One Quiksilver, Chase Freedom, Amex BCE). I heard Chase won't issue a new card if there are five new accounts? This would be the fifth. All of my accounts are in good standing, I usually PIF.

Am I eligible for the signing bonus given that I already have a Chase card?

I hear it's a great card! What do you guys think?! Do I have a shot? Would you recommend the card?

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 05:03:50 GMT

shot = definitely
bonus + yep!
go for it. seriously

only if you can benefit from the travel

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 06:31:10 GMT

Yeah, if it's a good card for you, might as well try. Some people get through the 5 accounts rule, for some reason. Might depend on the frequency of seeking credit (getting 3 cards in a week vs. getting 3 cards in a year, many months apart) But if you get denied, it's not a big deal, per se--you'd have an extra inquiry (two in extreme cases), but in that case you wouldn't be able to apply for the CSP until your accounts age anyway, and perhaps, by then, the extra inquiry might not matter.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 07:00:16 GMT

I am a oberver on this one, my guess is that you will get approved, please report what you decide to do and any results. Best of luck either way.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 07:34:06 GMT

New to the forum but my recent experience might help you.

Decided to match my freedom with the CSP a few days ago.
I got approved for the card with a 659 fico. So your score shouldn't be a problem.(or I got lucky lol)

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 07:36:15 GMT

Sorry 665 is my FICO score. And I'm not too sure how to edit the post on my phone.

Re: Should I apply for Chase Sapphire Preferred?

WLRK11 — Thu, 20 Aug 2015 08:52:53 GMT

@Creditworthiness wrote:
The current 40k bonus is calling my name.

I have FICO 746 according to the AmEx site -- if my score is anywhere near that I'm not going to bother paying for a report right now. Assuming that's my top score, I doubt any of the others are much below 720.

However, I have four relatively new cards since 2013 (Delta AmEx, Capital One Quiksilver, Chase Freedom, Amex BCE). I heard Chase won't issue a new card if there are five new accounts? This would be the fifth. All of my accounts are in good standing, I usually PIF.

Am I eligible for the signing bonus given that I already have a Chase card?

I hear it's a great card! What do you guys think?! Do I have a shot? Would you recommend the card?

Go for it! Your profile looks good. I love my CSP! The customer service is AMAZING!!! What is your Chase Freedom limit and what is your highest limit? Just wondering.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 11:58:47 GMT

There are only two other things I would consider when applying as your credit profile seems more than ok.

1. You travel/dine more than the average person. This card requires quite a bit of monthly spend if you're going to utilize it well.

2. Your income is 30k+ (They can deny for lower income brackets)

If these two points are a yes, go for it!

An awesome card, I have racked up close to 80,000 UR points already and I have only had it for close to 5 months.

Re: Should I apply for Chase Sapphire Preferred?

takeshi74 — Thu, 20 Aug 2015 13:02:33 GMT

@Creditworthiness wrote:
I hear it's a great card! What do you guys think?! Do I have a shot? Would you recommend the card?

You need to assess the suitability of the card for yourself. You need to look beyond the sign on bonus. You need to look at the UR prorgam and ensure that you can make the most value of each UR point. Spend, situation and other matters such as preferences vary from person to person so you need to do your own due diligence instead of just polling. I happen to find the CSP to be very beneficial to me but that really doesn't matter unless you're similar enough to me.

Selecting any card isn't just about the card itself. It's about how well the card suits the individual.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 13:34:40 GMT

How well does it suit your individual spending needs? Do you spend a lot on dining and travel? Do you have the Chase Freedom to go with the CSP for the combo? Do you spend enough to warrant cancelling out the $95 AF? Those are questions you have to ask. The bonus is nice, but if you can't match the spending for the bonus, or just plan on churning to another card after the bonus is up, then I'd consider not applying and wasting your time.

Re: Should I apply for Chase Sapphire Preferred?

CarbonCard — Thu, 20 Aug 2015 13:43:18 GMT

A better option would be the Ink Plus IMO. I have the CSP, but I'm thinking of applying for the Ink once my credit can support it.

Re: Should I apply for Chase Sapphire Preferred?

Creditworthiness — Thu, 20 Aug 2015 14:45:03 GMT

Great comments and questions everyone! Travel is one of my primary goals and I eat out often so I think the card would be worthwhile on its merits. One odd thing -- I checked prescreened offers and Chase didn't show me any. It always has in the past. Again, I have the Chase Freedom (8k). And for folks who were wondering what my highest limit card is, that would be the Delta Amex, 13.5k (I CLI'd on the 60th day and have gotten subsequent auto CLI's). I've gotten at least auto-CLI's on all my cards, I think my lowest limit is the Quiksilver at 5k. Thanks!

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 14:47:32 GMT

@Creditworthiness wrote:
Great comments and questions everyone! Travel is one of my primary goals and I eat out often so I think the card would be worthwhile on its merits. One odd thing -- I checked prescreened offers and Chase didn't show me any. It always has in the past. Again, I have the Chase Freedom (8k). And for folks who were wondering what my highest limit card is, that would be the Delta Amex, 13.5k (I CLI'd on the 60th day and have gotten subsequent auto CLI's). I've gotten at least auto-CLI's on all my cards, I think my lowest limit is the Quiksilver at 5k. Thanks!

You are overthinking it. Most people don't get pre-qualified and still get approved for the CSP. So cold app. for it if you really want it. Report back with reports when you apply.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 14:50:57 GMT

I honestly wouldn't put too much into not getting it on pre-qual.

I have 722 when I last refreshed and I still have prequal for the freedom/slate..my score is lower than yours..

Plus I've seen folks with prequal get shot down and I have seen folks without it get instant approved

If you like it, it's right for you, let the underwriters decide

Re: Should I apply for Chase Sapphire Preferred?

Creditworthiness — Thu, 20 Aug 2015 16:34:09 GMT

"We need to review your application a little longer."

Re: Should I apply for Chase Sapphire Preferred?

Creditworthiness — Thu, 20 Aug 2015 16:41:49 GMT

Recon unfruitful, they'll just say it's "pending."

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 17:03:16 GMT

good luck

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Thu, 20 Aug 2015 18:35:25 GMT

@Creditworthiness wrote:
Recon unfruitful, they'll just say it's "pending."

Which number did you call? If you call the underwriter number you should be able to get an answer.

Re: Should I apply for Chase Sapphire Preferred?

Creditworthiness — Fri, 21 Aug 2015 17:47:38 GMT

I think I got it, guys! No word from Chase yet but this morning I logged onto my Chase banking home page and underneath my Freedom card it shows Chase Sapphire Preferred with a (gulp) $33k limit!!!!!!!!!

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 21 Aug 2015 17:55:56 GMT

@Creditworthiness wrote:
I think I got it, guys! No word from Chase yet but this morning I logged onto my Chase banking home page and underneath my Freedom card it shows Chase Sapphire Preferred with a (gulp) $33k limit!!!!!!!!!

Congrats!!! I already met the spending and requested 46,000 points as cash in my checking account for $460...i use this card a lot and leave $10 to report each statement. I dont like that i have to wait a whole statment to get the points vs cap1 or barclay, but great card overall. From surveys i've done thru the private chase message center, looks like they're listening and we could see points post right away as soon a s transaction post....THAT will be cool!!