topic Re: Need Advice: Chase Sapphire Preferred, Reserve, and Freedom in Credit Cards

Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

Anonymous — Fri, 02 Dec 2016 22:05:20 GMT

I need all of you wonderful people's advice! My current credit information:

Chase Freedom - $7,000 limit
Chase Sapphire Preferred - $7,600 limit
BoA Alaska Airlines - $8,000 limit
Credit Karma - 757/759
FICO: 773
Annual salary: $50,000

I've been reading a lot about the Chase Sapphire Reserve and all the amazing perks, so I definitely want to get it! I know that it's possible to "upgrade" from my Preferred card, but I rather do it as a new applicant to be eligible for all of the promos they offer. What do you think my odds are in getting approved based off my information above?

(Also, if I do get approved, should I cancel my Preferred? I know that a lot of people "downgrade" the Preferred to the Freedom. I already have the Freedom, and it's my longest line of credit and has no annual fees. Would it hurt to cancel my Preferred - if I get approved for the Reserve?)

I stress out about these things too easily, so any information or advice you guys have is greatly appreciated!

Re: Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

newhis — Fri, 02 Dec 2016 22:32:30 GMT

With this information I think you will be approved.

I think it's better to PC your CSP to FU.

If you ever want to cancel one of the main Chase cards, don't use it for 30+ days, request to transfer limit to other Chase card and cancel the card in same SM or Call. This way:

a) you can transfer all the limit (if not, you have to leave $500 on the card)

b) your closed card will show the same limit as open (if not, will report as closed with $500 limit)

NOTE: many people got the card because you can use $300 travel credit this year and another $300 next year before the next AF. Because we are in December, you have little time to do this. So either you hurry and use the $300 credit or know that you may not be able to 'double dip'.

Re: Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

Anonymous — Fri, 02 Dec 2016 23:26:35 GMT

Thanks for the response! Lots of credit jargon here that I'm unsure of. I think I figured out that CSP (Chase Sapphire Preferred) and FU (Freedom Unlimited. What does PC stand for? And AF?

Also - do you recommend waiting until next year to apply for the Reserve? This way, I could take advantage of the travel credit without having to rush - if I'm reading this correctly.

Re: Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

bourgogne — Fri, 02 Dec 2016 23:53:30 GMT

@Anonymous wrote:
Thanks for the response! Lots of credit jargon here that I'm unsure of. I think I figured out that CSP (Chase Sapphire Preferred) and FU (Freedom Unlimited. What does PC stand for? And AF?

Also - do you recommend waiting until next year to apply for the Reserve? This way, I could take advantage of the travel credit without having to rush - if I'm reading this correctly.

Annual fee, product change. Get the card right now, then change the due date for before 12/15 and prepay a hotel or get a flight to get the $ 300. Past 12/15 repeat to get next years.

Re: Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

darwin_wins — Fri, 02 Dec 2016 23:56:47 GMT

PC is product change. Add for 300 credit, it depends on if you have expense that you can use without pushing yourself. I had a ticket that I bought and chase gave me the credit. If you need something that qualifies under travel credit you should get it.