topic Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS in Credit Cards

CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sat, 07 Oct 2017 19:03:40 GMT

Greetings, all--

So...I badly want to apply for the Chase Sapphire Preferred Card. This is the last card I want until I get further into my career and my income goes up and I get into "elite" credit profile status (770+). I have the Chase Freedom Unlimited which I applied for in April 2017 (1.5K limit; pay off balance in full early each month). And I have a Barclaycard, which was recently auto-updated to the Barclaycard with Apple (2K; zero balance). There is also a mix of store cards (Brooks Brothers, Amazon Prime etc) all of which are zero balances.

Background info: 702 transunion, 693 Experian and 672 Equifax;
Combined income with my wife is 107-108K (I make 68K);
I have 10 inquiries (3 of which are old, and should drop off over the next month or two; and my wife and I just bought a house);
There are around 8 late pays (I'm a recovering grad student), but these lates were over a year ago, and I've been current since that time;
My credit utilization is 5%
I have around 27 open accounts, including my new mortage; oldest is 15 years

No collections
I had a Chase Freedom, but that one I closed, foolishly around 3 years ago.

I am a Chase Customer, and I've been with them since the end of college, so hopefully that helps me, but generally speaking, do I have a shot? I'm thinking my utilization is my saving grace, but should I wait a bit longer to work my score up some more? I am about to make an early payment on a furniture credit line that will cut the balance in half, further lowering my util.

Any sage advice, I'd appreciate.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

simplynoir — Sat, 07 Oct 2017 19:20:03 GMT

Have you gone to a branch office and checked to see if you have any prequalified offers - including the CSP - that way? Because while the lates may be troubling, having a banking relationship with Chase is a positive when applying for their cards from what I've seen around here. Could also check to see if you have any prequalifiers on your online account if that is applicable; dunno if you need a Chase credit card to see offers from them or not.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sat, 07 Oct 2017 19:25:17 GMT

PRe-qual offers--sadly, there is no Chase in my state within 60 miles, and when I've logged in for the pre-qual checks online, I always get the "we couldn't find any matches" message.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

simplynoir — Sat, 07 Oct 2017 19:49:17 GMT

I think your scores, income, and inquiries are fine it's the lates that concern me. I dunno how sensitive they are with lates even if they are over a year old. Best guess til someone else chimes in is that they'll probably decline your app and you may have to recon with them if you decide to go through with it. Again, a banking relationship with them can only help if you have to do that and if you explain the reasons for the lates if/when it comes up.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sat, 07 Oct 2017 20:49:04 GMT

I know with my daughter she has income over $250K scores over 700 no lates banked with Chase, but had a short sale from her divorce could not get approved til 5 years.

She got CSP, FU and Freedom all this summer. She got those in branch I think. The limit on her Freedom card is only $4K which is quite low considering her income. I am training her to ask for cli now.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bourgogne — Sat, 07 Oct 2017 21:25:32 GMT

if by late pays you mean 8 items on an ex that are reporting 30+ days and they are all recent re a year then you can save yourself a hp as chase will never give you a card. there are of course exceptions to everything but this is a major long shot imo. chase is a special club for a reason, they don't let just anyone join.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

red259 — Sat, 07 Oct 2017 21:47:27 GMT

@bourgogne wrote:
if by late pays you mean 8 items on an ex that are reporting 30+ days and they are all recent re a year then you can save yourself a hp as chase will never give you a card. there are of course exceptions to everything but this is a major long shot imo. chase is a special club for a reason, they don't let just anyone join.

I got a CSP with student loan lates showing but they were like 4 or 5 years old at the time. I think recent lates is a real problem especially when you need to get approved for at least 5k.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bourgogne — Sat, 07 Oct 2017 22:01:16 GMT

@red259 wrote:
@bourgogne wrote:
if by late pays you mean 8 items on an ex that are reporting 30+ days and they are all recent re a year then you can save yourself a hp as chase will never give you a card. there are of course exceptions to everything but this is a major long shot imo. chase is a special club for a reason, they don't let just anyone join.
I got a CSP with student loan lates showing but they were like 4 or 5 years old at the time. I think recent lates is a real problem especially when you need to get approved for at least 5k.

4-7 is not an issue, recent re 1-3 is for sure with them. chase likes clean more than most, with cap1 you can pull this sort of stuff off but this is no cap1. the only positive the op has, minor as it is in the instance, it that he did have a card with them and therefore has a risk score but recent negs trump the internal score. there is no way to get a card with recent lates with chase or most lenders. paying on time is 35% of the pie, its the most important risk factor there is

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 05:03:58 GMT

I concur with other posters. 8 lates that are recent, especially under 2 years. Eight 30 day lates is going to prevent your "elite" status for a while.

You won't get the CSP with the those lates reporting. If you had one 30 day late at 3 years old, maybe.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 05:07:53 GMT

@Anonymous wrote:
Greetings, all--

So...I badly want to apply for the Chase Sapphire Preferred Card. This is the last card I want until I get further into my career and my income goes up and I get into "elite" credit profile status (770+). I have the Chase Freedom Unlimited which I applied for in April 2017 (1.5K limit; pay off balance in full early each month). And I have a Barclaycard, which was recently auto-updated to the Barclaycard with Apple (2K; zero balance). There is also a mix of store cards (Brooks Brothers, Amazon Prime etc) all of which are zero balances.

Background info: 702 transunion, 693 Experian and 672 Equifax;
Combined income with my wife is 107-108K (I make 68K);
I have 10 inquiries (3 of which are old, and should drop off over the next month or two; and my wife and I just bought a house);
There are around 8 late pays (I'm a recovering grad student), but these lates were over a year ago, and I've been current since that time;
My credit utilization is 5%
I have around 27 open accounts, including my new mortage; oldest is 15 years
No collections
I had a Chase Freedom, but that one I closed, foolishly around 3 years ago.

I am a Chase Customer, and I've been with them since the end of college, so hopefully that helps me, but generally speaking, do I have a shot? I'm thinking my utilization is my saving grace, but should I wait a bit longer to work my score up some more? I am about to make an early payment on a furniture credit line that will cut the balance in half, further lowering my util.

Any sage advice, I'd appreciate.

Going from a 5% utilization down to 3% or so won't score you any points, maybe 1 point. Your score isn't going to start going up until those lates age or you get them removed.

Your utilization is not the problem here, it's your lates.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 12:01:45 GMT

My sage advice is to cool your jets for a couple of years. During those years, be absolutely stellar with your finances and how you handle your current credit. Let the lates and inquiries age/fall off, and just keep proving that you are responsible and reliable. Use that Freedom Unlimited card and always pay the balance in full.

I think you're kind of looking at the situation backwards. A card like the CSP is one you get after you've gotten more established in your career and your income has gone up.

Get yourself into a more stable, reliable financial situation. Prove to Chase that you are both loyal and low risk, and then apply for the CSP.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bettercreditguy1 — Sun, 08 Oct 2017 12:35:42 GMT

Chase is good. As mentioned before, they like lates to be down the line a long ways. In my case, I had one late on my mortage from the snail mail days. Although the Chase rep and I discussed it, it was about 4 1/2 years prior to apping with them AND it was my only late with no collections. I was approved for The Chase Freedom. I utlized the card, paid it in full each month, and about a year later I applied for the Chase SW Airlines Card, instantly approved very nice limits. Chase internally track lots of data. Your payment history, your unpaid running balances, when you pay, ie do you pay immediately when you get your statement as opposed to right before next statement closing, etc.

They also tend to like higher scores, I was in the mid 700's although ymmv. If it were myself, I would garden until the lates and inquiries have mostly aged off. Good luck.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 16:02:49 GMT

Thanks all!

I'm glad I asked and didn't pull the trigger; I thought I may have had a shot because I applied for that Freedom Unlimited Card in April when my scores were actually a bit lower (and right before I began the house hunt). Hopefully my PIF and consistent early pays will get me an auto CLI on the Freedom Unlimited.

In the meantime...here's to working to get those negatives removed from the report....

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bourgogne — Sun, 08 Oct 2017 16:08:11 GMT

@Anonymous wrote:
Thanks all!

I'm glad I asked and didn't pull the trigger; I thought I may have had a shot because I applied for that Freedom Unlimited Card in April when my scores were actually a bit lower (and right before I began the house hunt). Hopefully my PIF and consistent early pays will get me an auto CLI on the Freedom Unlimited.

In the meantime...here's to working to get those negatives removed from the report....

hum not so fast, I only caught you had closed a freedom not that you had a FU, what is your risk score from the FU docs that came with the card and these lates you speak of, are they reported lates or the kind that you just paid late? do you have your actual 3B scores? its all in the details

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 16:09:15 GMT

IF it were you in this position, what would you do--aside from just being stellar with all currentlly accounts, and being patient--

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bourgogne — Sun, 08 Oct 2017 16:14:18 GMT

@Anonymous wrote:
IF it were you in this position, what would you do--aside from just being stellar with all currentlly accounts, and being patient--

being complete when answering questions. do you have 3 recent fico 8 scores from credit check total for example? are you lates reported, meaing are they 30+ and were you ever late with chase?

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

simplynoir — Sun, 08 Oct 2017 16:16:38 GMT

@bourgogne wrote:
@Anonymous wrote:
Thanks all!

I'm glad I asked and didn't pull the trigger; I thought I may have had a shot because I applied for that Freedom Unlimited Card in April when my scores were actually a bit lower (and right before I began the house hunt). Hopefully my PIF and consistent early pays will get me an auto CLI on the Freedom Unlimited.

In the meantime...here's to working to get those negatives removed from the report....

hum not so fast, I only caught you had closed a freedom not that you had a FU, what is your risk score from the FU docs that came with the card and these lates you speak of, are they reported lates or the kind that you just paid late? do you have your actual 3B scores? its all in the details

Yep, this changes things. You never mentioned reapplying and getting the FU.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 16:20:42 GMT

Yeah--I had the Freedom Card when I was grad student in 2014--they approved it in the Chase Branch. That first freedom card--is where many of my lates came from

I closed that Freedom Card shortly after I paid it off in winter 2016.

I applied for the Chase Freedom Unlimited in April 2017, and was approved for 1.5K. Chase pulled experian I believed, and my score was 663.

As Far as the lates, I'm not sure the distinction--I just know that when I look at the Experian scores, they are reported as 30-60 day lates, so I assume that's the former of the two scenarios you mentioned.

Bureau scores: 693 Ex 688 Eq 702 TU

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

bourgogne — Sun, 08 Oct 2017 16:21:36 GMT

@simplynoir wrote:
@bourgogne wrote:
@Anonymous wrote:
Thanks all!

I'm glad I asked and didn't pull the trigger; I thought I may have had a shot because I applied for that Freedom Unlimited Card in April when my scores were actually a bit lower (and right before I began the house hunt). Hopefully my PIF and consistent early pays will get me an auto CLI on the Freedom Unlimited.

In the meantime...here's to working to get those negatives removed from the report....

hum not so fast, I only caught you had closed a freedom not that you had a FU, what is your risk score from the FU docs that came with the card and these lates you speak of, are they reported lates or the kind that you just paid late? do you have your actual 3B scores? its all in the details
Yep, this changes things. You never mentioned reapplying and getting the FU.

if he is the type that edits posts to make us think we are crazy then he is not welcome here lol. maybe we did not notice it.

Re: CHASE SAPPHIRE PREFERRED WORRIES/CONCERNS

Anonymous — Sun, 08 Oct 2017 16:23:42 GMT

My bad--thought I included that info lol