topic Re: Is 679 EX Good Enough To Get a Chase Preferred? in Credit Cards

Is 679 EX Good Enough To Get a Chase Preferred?

Dj4Money — Wed, 01 Jun 2016 07:06:48 GMT

If not, I can wait until my score hits low 700's.

What are the typical opening limits?

Thanks.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

elim — Wed, 01 Jun 2016 07:17:25 GMT

i was about 680 when i got 5k which was my 1st 5k card.

when i had 15k limits, chase gave me 14k on ritz so sl's are a profile thing.

prequalify

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 09:23:17 GMT

@Dj4Money wrote:
If not, I can wait until my score hits low 700's.

What are the typical opening limits?

Thanks.

Yes.

Look at the statistics at the very bottom:

https://www.creditkarma.com/reviews/credit-card/single/id/chaseSapphirePreferred

32% of CSP cardholders have scores of 700 or less in this survey.

Sample size: 1304

Date: Feb 02, 2015

Percentage of cardholders by credit score:

1% <= 500

1% 501-550

4% 551-600

11% 601-650

15% 651-700

30% 701-750

38% >750

Average credit limit by credit score:

$8500 <=500

$5928 501-550

$7204 551-600

$8055 601-650

$8154 651-700

$10240 701-750

$13395 >750

Re: Is 679 EX Good Enough To Get a Chase Preferred?

elim — Wed, 01 Jun 2016 11:57:32 GMT

@Anonymous wrote:
@Dj4Money wrote:
If not, I can wait until my score hits low 700's.

What are the typical opening limits?

Thanks.
Yes.

Look at the statistics at the very bottom:
https://www.creditkarma.com/reviews/credit-card/single/id/chaseSapphirePreferred

32% of CSP cardholders have scores of 700 or less in this survey.

Sample size: 1304
Date: Feb 02, 2015

Percentage of cardholders by credit score:
1% <= 500
1% 501-550
4% 551-600
11% 601-650
15% 651-700
30% 701-750
38% >750

Average credit limit by credit score:
$8500 <=500
$5928 501-550
$7204 551-600
$8055 601-650
$8154 651-700
$10240 701-750
$13395 >750

Pretty sure Chase won't give you an $8500 CSP with <= 500 EX so be cautious using that data.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

jacetx — Wed, 01 Jun 2016 12:15:12 GMT

@elim wrote:
@Anonymous wrote:
@Dj4Money wrote:
If not, I can wait until my score hits low 700's.

What are the typical opening limits?

Thanks.
Yes.

Look at the statistics at the very bottom:
https://www.creditkarma.com/reviews/credit-card/single/id/chaseSapphirePreferred

32% of CSP cardholders have scores of 700 or less in this survey.

Sample size: 1304
Date: Feb 02, 2015

Percentage of cardholders by credit score:
1% <= 500
1% 501-550
4% 551-600
11% 601-650
15% 651-700
30% 701-750
38% >750

Average credit limit by credit score:
$8500 <=500
$5928 501-550
$7204 551-600
$8055 601-650
$8154 651-700
$10240 701-750
$13395 >750
Pretty sure Chase won't give you an $8500 CSP with <= 500 EX so be cautious using that data.

This data uses CK FAKO scores which should not be relied upon for any applications.

OP, it is not just about scores. There are several factors that are taken into consideration when applying such as baddies,utilization, income, AAoA, inquiries, etc. You can google Credit Pulls Database and you would find approval/denial data for many lenders.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

takeshi74 — Wed, 01 Jun 2016 12:31:35 GMT

It is never just about score. However, you can refer to the Credit Pulls Database (Google to find), if desired.

@Dj4Money wrote:
What are the typical opening limits?

No such thing. Every creditor determines limits and CLI's based on one's credit profile and income. Everyone's credit isn't the same. You cannot just rely on anecdotal evidence from others with varying profiles to deternine what you will receive. My starting limit was $25K but unless your profile and income are similar enough to what mine were at the time I applied that won't be relevant to you.

The Credit Pulls Database will have info on scores and limits but, again, it's not just about score. I've received lower starting limits on new cards with higher FICO 8's, for example.

@elim wrote:
when i had 15k limits, chase gave me 14k on ritz so sl's are a profile thing.

That statement can be a bit misleading and/or misinterpreted. Qualfiying for $X with a creditor doesn't mean that all subsequent limits will be $X as one's credit profile isn't static.

@jace8602 wrote:
This data uses CK FAKO scores which should not be relied upon for any applications.

Do not rely on oversimplifications such as FAKO versus FICO (or real, fake, accurate, reliable, etc). Always consider the specific scoring model & CRA when referring to any score. Always consider the relevance of a given model/CRA combo to a given creditor/product. There are creditors that use VantageScores. This sort of thing is also a consideration with FICO's as there isn't jsut one FICO model -- see also the Understanding FICO Scoring subforum and its stickies. You cannot just assume that one FICO model is relevant to all creditors that use a FICO model. Only the FICO model and the CRA used in the credit decision is relevant. If, for example, a creditor uses a TU FICO 8 then only your TU FICO 8 will matter for the decision. Other CRA's and other models will not be relevant.

CK gets referral fees and rely on correlation. Remember that correlation is not causation so do not assume causal relationship based on correlation. Those are among the reasons why one shouldn't rely on CK's recommendations.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 13:04:03 GMT

@jace8602 wrote:
@elim wrote:
@Anonymous wrote:
@Dj4Money wrote:
If not, I can wait until my score hits low 700's.

What are the typical opening limits?

Thanks.
Yes.

Look at the statistics at the very bottom:
https://www.creditkarma.com/reviews/credit-card/single/id/chaseSapphirePreferred

32% of CSP cardholders have scores of 700 or less in this survey.

Sample size: 1304
Date: Feb 02, 2015

Percentage of cardholders by credit score:
1% <= 500
1% 501-550
4% 551-600
11% 601-650
15% 651-700
30% 701-750
38% >750

Average credit limit by credit score:
$8500 <=500
$5928 501-550
$7204 551-600
$8055 601-650
$8154 651-700
$10240 701-750
$13395 >750
Pretty sure Chase won't give you an $8500 CSP with <= 500 EX so be cautious using that data.
This data uses CK FAKO scores which should not be relied upon for any applications.

OP, it is not just about scores. There are several factors that are taken into consideration when applying such as baddies,utilization, income, AAoA, inquiries, etc. You can google Credit Pulls Database and you would find approval/denial data for many lenders.

Regardless of which scoring model was used, inferences can still be made about the data.

Cardholders with higher FAKO scores carry less total debt, have higher credit lines, and lower utilization.

The point of showing OP that data is to show the possibilities and what he could expect.

Of course, no one should rely on one piece of information to make a decision.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 16:13:44 GMT

I had a 684 when I was approved for 8k last month, I moved 2k to open the Unlimited.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 16:58:34 GMT

Scores are a good metric to compare when theres no util. I have a ex over 700, but I've acquired 70k in New credit over last 18 months, using a good chunk of it currently. I know better than to app. Nothing is linear but i infer for every 10% of extra UTIL you need another 10 points in your score. A high score with high utilization means you have a long history and that would speak for itself and get you in.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

CreditDunce — Wed, 01 Jun 2016 17:05:34 GMT

The scoring model doesn't concern me that much. On average someone with a good vantage score will have a good FICO score. My issue is the chart isn't for people applying for the card. It is for people who have the card. The card holders may have been approved years before any credit trouble. The credit card database is probably a better resource for this question.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 17:09:00 GMT

This is true of most people who get a new card start using it and then probably have gotten increases… not likely with Chase… but who knows. SL info is nice

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 19:46:05 GMT

In Jan 2015 I was approved for $5K SL with a EQ score of 652...don't know what Chase pulled...they have their own system...have not applied for a CLI and haven't used the card much lately. Did get the bonus and traveled a lot last year, this year not so much and paid the $95 AF anyway...income $50K, rent was low at the time of app. Remember about the 5/24 rule...

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Wed, 01 Jun 2016 20:25:09 GMT

@CreditDunce wrote:
The scoring model doesn't concern me that much. On average someone with a good vantage score will have a good FICO score. My issue is the chart isn't for people applying for the card. It is for people who have the card. The card holders may have been approved years before any credit trouble. The credit card database is probably a better resource for this question.

+1.

I don't think this is what OP is looking for. Technically, someone can be approved with a 700 score and then let their score drop to 500, which could be a likely reason for the lower scores listed in this chart.

Credit Boards Credit Pull Database would definitely be a better resource to help you out.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Dj4Money — Wed, 01 Jun 2016 22:59:41 GMT

Very few negatives left -

1) First Premier Charge off ($434)

2) 120 Late on School Loan (3 years old)

3) Repo from 2009 (will come off July 2016)

OS1 $2,000 CL, $1,100 BL

Merrick $700 CL , $428 BL

Logix $500 CL, $0 BL

CP1 Platinum Secured $529 CL, $0

SDFCU $275 CL, $230

I am planning to pay off the Merrick as soon as this Weds (6/2). I will pay about $50 to the SDFCU as I am letting that report as my highest balance; those are the first two due at the start of the month.

I will pay off the QS1 near the end of the month.

So I think I'll wait to apply for the CSP or Venture at that time. The repo doesn't seem to impact me much, neither does the card charge-off. The charge-off comes off next year, hasn't updated since 2010.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

driftless — Wed, 01 Jun 2016 23:31:43 GMT

@Dj4Money wrote:
Very few negatives left -

1) First Premier Charge off ($434)
2) 120 Late on School Loan (3 years old)
3) Repo from 2009 (will come off July 2016)

OS1 $2,000 CL, $1,100 BL
Merrick $700 CL , $428 BL
Logix $500 CL, $0 BL
CP1 Platinum Secured $529 CL, $0
SDFCU $275 CL, $230

I am planning to pay off the Merrick as soon as this Weds (6/2). I will pay about $50 to the SDFCU as I am letting that report as my highest balance; those are the first two due at the start of the month.

I will pay off the QS1 near the end of the month.

So I think I'll wait to apply for the CSP or Venture at that time. The repo doesn't seem to impact me much, neither does the card charge-off. The charge-off comes off next year, hasn't updated since 2010.

I would wait until you have a history with larger CL's before applying for CSP. You might want to qualify for a Cap One QS Visa or Venture first. I would check the Chase pre-qualified page before applying.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

RonM21 — Thu, 02 Jun 2016 01:38:26 GMT

Almost seems like you could be on the border line. Then again, they could approve you with no issue. For me, if I think it may be that close, I get worried so much about a possible denial that I wait. You have to do what is best for your personal situation.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

CreditDunce — Thu, 02 Jun 2016 02:45:02 GMT

Once you pretty up your util (all cards 0 balance, except one under 10%), your scores should have a big jump. It isn't the amount you owe, but the majority your cards are over 50% util and one maxed out (over 80%). There is no need to keep your util pretty all of the time, but certainly do it before app'g. Chase may still want to see some experience with larger CLs even with the better score. +1 on checking Chase pre-qual site. I would wait on checking the pre-qual until after you pretty up your util. I don't know how often Chase does SPs for the pre-qual site.

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Creditplz — Thu, 02 Jun 2016 04:42:11 GMT

Don't forget Chase uses a internal Risk score.. My Fico8 EX was 731 and showed up as 650's on their score model.. I was given 41.5k across 3 cards. They take income and other factors into account as well , if you feel your file is strong enough for a CSP go for it !

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Anonymous — Thu, 02 Jun 2016 06:00:47 GMT

Have you tried their pre-qualified offers? I was approved in August. At the time, I had a $3.5k qs1, $2.2 overstock and $1.2k VS. My AAoA was under a year. I have a small med. collection from 2010. My score was around 680. I used the pre-qualifier which gave me Freedom and Csp as my results. I went with Freedom because I didn't need the travel rewards card at the time.

To my surprise, I was approved for $10k and 12.99 apr. I have no idea what they were looking at but I didn't argue lol I have already had a $3k auto cli too. They definitely opened the door for me to get bigger starting limits with other apps. Good Luck!

Re: Is 679 EX Good Enough To Get a Chase Preferred?

Dj4Money — Mon, 06 Jun 2016 05:26:44 GMT

I have no offers from Capital One or Chase.

I am going to wait, as I will finish paying down my cards. The Merrick is next, and reduce my nominated balance carrier which is the card with the lowest APR too, my SDFC secured card.

Last will be the remaining balance on my QS1 ($1132), so by month's end my cards will report 0, 0, 0, 0 and $200-$225; about 7%

Then I will try to get the CSP....