topic Re: Chase Sapphire Reserve approval and limit question. in Credit Cards

Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 02:48:26 GMT

Ok, I have seriously read through every thread on here regarding the CSR, along with the reddit posts and the database. For whatever reason I always spook myself out when I know in my head I should have no issue but here we go:

AAoA - 9 years 11 month.

Total Credit line currently - $49.8k on 4 cards (2 chase $7k, $8k (turned off automatic increase many years ago, these were my first cards, one previously a Washington Mutual which Chase absorbed), 1 BOA ($22k), 1 Paypal Extras ($12.8k))

Current credit Utilization - (On credit report 15%), in reality about 9-10% as some paid things haven't reflected quite yet. Zero balance on Chase Accounts.

Income about $150k

Scores: Ex - 804, TU - 798, Eq - 801

Never a single baddie

5/24 - Zero/24

My main question regarding this is should I apply now, before the year ends, or wait for the utilization to drop (which may not report until after the new year). I am unsure what, if any, changes will come to the CSR program, especially since Sapphire Chief is changing as of Jan 1 2018.

Realistic Credit Limit based on what you see? I am guessing my SL could be influenced by the tad higher utilization currently on my CR.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 01:47:50 GMT

aren’t some perks on CSR calendar year? If so I’d say it doesn’t matter but you’ll miss out on 2017 perks either way since it’s almost the end.

I’d just bite the bullet and app. With your profile you seem like a shoe-in!

Report back please.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 02:14:25 GMT

What are the limits on the cards you currently have? Looks like your average limit is about $12k-$13k, but it would be good to know what your actual 4 limits are. Some lenders (not sure if Chase is one of them) will place your SL sort of in line with where your current limits are. Some will best your top limit by a little, some will come up short of it.

Competey shooting from the hip based on your provided data, I'd estimate your SL would be around $20k. I think the range would likely be $15k-$25k, possibly depending on where your current limits stand.

I'd also suggest hitting up the credit pulls database and taking a look at the approval SLs from others with similar profiles to yours.

Re: Chase Sapphire Reserve approval and limit question.

bourgogne — Thu, 21 Dec 2017 02:19:11 GMT

do you know what your chase internal # is? make sure the chase cards have zero on them would be my rec..

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 02:33:19 GMT

Assuming you have fewer than 5 new accounts in the last 24 months, and you don't own any Sapphire card (CSP or the no-annual-fee Sapphire), then you're safe to apply now, particularly if your area has a Chase branch you can visit and have a banker to check if you are preapproved in their internal system. Anyways your utilization looks good, not much to worry about.

Just note that Chase Sapphire Reserve will have a minimum starting limit of $10k since it's a Visa Infinite card. So you might want to take a look at how much you already have with your current two Chase cards.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 02:47:26 GMT

All questions have been answered, edited my original post to include credit limits and 5/24.

No I do not currently own any other Sapphire cards. I am in Detroit area so we have about a million Chase Banks that you could throw a rock at. Lol, I am sure I could head over to one in person.

Re: Chase Sapphire Reserve approval and limit question.

bourgogne — Thu, 21 Dec 2017 02:53:33 GMT

@Anonymous wrote:
All questions have been answered, edited my original post to include credit limits and 5/24.

No I do not currently own any other Sapphire cards. I am in Detroit area so we have about a million Chase Banks that you could throw a rock at. Lol, I am sure I could head over to one in person.

curious, why turn off auto-clis? pay the chase cards off, head to a branch and get your new card. my guess is $30-$35K as long as you have never been late with chase, never had a return payment, never had anything go south with them.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 02:58:31 GMT

@bourgogne wrote:
curious, why turn off auto-clis? pay the chase cards off, head to a branch and get your new card. my guess is $30-$35K as long as you have never been late with chase, never had a return payment, never had anything go south with them.

I did it many years ago, these two accounts are 13 or 14 years old. When I was younger and less responsible, I turned them off after they gave me 2 in my first year. I didn't want to get ahead of myself and I guess I never turned them back on! They are both slate cards, I rarely use them either, so I will likely close one and transfer the line to the CSR and keep the other one open or even transfer some of that line as well to the CSR.

I have never had a negative mark with any lender.

Re: Chase Sapphire Reserve approval and limit question.

bourgogne — Thu, 21 Dec 2017 03:01:23 GMT

@Anonymous wrote:
@bourgogne wrote:
curious, why turn off auto-clis? pay the chase cards off, head to a branch and get your new card. my guess is $30-$35K as long as you have never been late with chase, never had a return payment, never had anything go south with them.

I did it many years ago, these two accounts are 13 or 14 years old. When I was younger and less responsible, I turned them off after they gave me 2 in my first year. I didn't want to get ahead of myself and I guess I never turned them back on! They are both slate cards, I rarely use them either, so I will likely close one and transfer the line to the CSR and keep the other one open or even transfer some of that line as well to the CSR.

hum hold on for a second there hoss, don't close a chase account with age on it. pc one into a freedom and the other to a unlimited & hello chase trifeeca. having these 3 cards is the entire point behind being with them imo

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 04:11:55 GMT

Off topic here, but can someone explain the Unlimited with respect to UR? I know it's 1.5% back on everything, but is it more with UR somehow? Just trying to understand how the Unlimited can be the "better" option to a 2% general spend card like the Citi DC, for example.

Re: Chase Sapphire Reserve approval and limit question.

Adkins — Thu, 21 Dec 2017 04:23:16 GMT

@Anonymous wrote:
Off topic here, but can someone explain the Unlimited with respect to UR? I know it's 1.5% back on everything, but is it more with UR somehow? Just trying to understand how the Unlimited can be the "better" option to a 2% general spend card like the Citi DC, for example.

1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.

Re: Chase Sapphire Reserve approval and limit question.

bourgogne — Thu, 21 Dec 2017 04:43:41 GMT

@Adkins wrote:
@Anonymous wrote:
Off topic here, but can someone explain the Unlimited with respect to UR? I know it's 1.5% back on everything, but is it more with UR somehow? Just trying to understand how the Unlimited can be the "better" option to a 2% general spend card like the Citi DC, for example.
1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.

well said. how do you know if you don't have lol. the 3 cards are hard to beat but there is also a $1500 cap per quarter so its not all a bed of roses. overall its the simplest system to manage I think and if $s are tight just get the cash. not to thread drift here but the CIP is the hidden weapon of the lineup, 3 points per $1 on the first $150,000. so if you know someone that ships a lot for example and you can offer a bribe of more than they would normaly get on the card they used to pay the ship cost its like vegas lol.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 05:47:01 GMT

@Adkins wrote:

1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.

I understand that, but isn't 1.5 UR points less of a value than getting 2% CB on another card? That's the part I'm not understanding. I've heard people say that with UR and using the trifecta the FU is a great card to have. Perhaps if the UR are redeemed for travel or something where the value can exceed 1.5% back compared to a 2% card?

Re: Chase Sapphire Reserve approval and limit question.

bourgogne — Thu, 21 Dec 2017 06:00:29 GMT

@Anonymous wrote:
@Adkins wrote:

1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.
I understand that, but isn't 1.5 UR points less of a value than getting 2% CB on another card? That's the part I'm not understanding. I've heard people say that with UR and using the trifecta the FU is a great card to have. Perhaps if the UR are redeemed for travel or something where the value can exceed 1.5% back compared to a 2% card?

any cash card is better than the unlimited, so in the context of cash get another card. if one wants to travel then its a nice simple method to couple to a sapphire to supersize the value somewhat and yes there is far better that 1:1 in the UR world, doing a transfer to a partner with higher redemption is common practice. do nothing, get miles, get cash or get points. pick the best that aligns with ones life, pretty basic.

Re: Chase Sapphire Reserve approval and limit question.

NRB525 — Thu, 21 Dec 2017 06:04:06 GMT

With CSP or CSR, you start with a nice bonus of UR points. They earn well in Travel and Dining categories, in UR points

Chase Freedom earns 5 UR points in categories depending on quarter of the year.

Freedom Unlimited earns 1.5 UR at all times, so where not Dining, not travel, not the current Freedom quarter category, one uses the FU for the 1.5 UR everywhere else.

Then determine whether to transfer UR or redeem them through Chase Travel.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 13:31:32 GMT

@Anonymous wrote:
@Adkins wrote:

1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.
I understand that, but isn't 1.5 UR points less of a value than getting 2% CB on another card? That's the part I'm not understanding. I've heard people say that with UR and using the trifecta the FU is a great card to have. Perhaps if the UR are redeemed for travel or something where the value can exceed 1.5% back compared to a 2% card?

As you suggest, the advantage is for travel, which is really the whole point of URs.

So with the CSR, going through the chase portal, using URs gives a 50% bonus, so earning 1.5UR per $ on the Unlimited, translates to 2.25c per $ when redeemed for travel this way (so better than a 2% card). The bigger values can occur when URs are transferred to partners, earning 2 or more cents per point, so a $ spent on the Unlimited can be worth 3c (or 10 or 20, depending on the example!)

Without this type of use, Unlimited, CSP and CSR don't make a whole lot of sense (maybe apart from the bonus). Otherwise, the CSP is just a limited 2% card with a high AF!

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 13:55:45 GMT

I use my FU more and more lately even with the $500 toy limit because I am banking URs for the future when I have CSR. 2.25% towards travel spending is righteous to me compared to my other general spend card (Discover which is currently 2% first year) so why not bank my URs for a bonus later?

The way I see it, I can get 1% from Discover now and a 1% match in March. Or I can get 1.5% on FU now, but bank it for another say 15 months to be worth 2.25%. The difference is 12 months total.

2.25% / 2% = +12.5% rise in value just letting them cache for a year. That's a fantastic return on my money versus savings or risking it in investments.

After Discover's first year is over, all non-category spend will go on FU and I'll just PIF constantly until Chase CLIs me.

I value URs because I value travel more than cashback. I regret cashing out my 15,000 UR SUB with FU before I learned I could bank them for a future CSR.

If I get CSP next year (1.25ccp for travel versus 1.5) I'll bank all of that in hopes of PCing to CSR because 1.5/1.25 = +20% increase on points if I wait a year to redeem. That's a FANTASTIC return.

Re: Chase Sapphire Reserve approval and limit question.

Anonymous — Thu, 21 Dec 2017 14:04:35 GMT

@Anonymous wrote:
@Anonymous wrote:
@Adkins wrote:

1.5 UR points per dollar spent on the Unlimited. You'd use the Unlimited instead of the Freedom if you're purchasing something that isn't in the Freedoms 5% category (1.5% is better than 1%) This way you can maximize points no matter what you buy.
I understand that, but isn't 1.5 UR points less of a value than getting 2% CB on another card? That's the part I'm not understanding. I've heard people say that with UR and using the trifecta the FU is a great card to have. Perhaps if the UR are redeemed for travel or something where the value can exceed 1.5% back compared to a 2% card?

So with the CSR, going through the chase portal, using URs gives a 50% bonus, so earning 1.5UR per $ on the Unlimited, translates to 2.25c per $ when redeemed for travel this way (so better than a 2% card). The bigger values can occur when URs are transferred to partners, earning 2 or more cents per point, so a $ spent on the Unlimited can be worth 3c (or 10 or 20, depending on the example!)

Without this type of use, Unlimited, CSP and CSR don't make a whole lot of sense (maybe apart from the bonus). Otherwise, the CSP is just a limited 2% card with a high AF!

Thanks, that was the info I was looking for!

Re: Chase Sapphire Reserve approval and limit question.

pastnow123 — Fri, 22 Dec 2017 07:47:07 GMT

@Anonymous wrote:
aren’t some perks on CSR calendar year? If so I’d say it doesn’t matter but you’ll miss out on 2017 perks either way since it’s almost the end.

I’d just bite the bullet and app. With your profile you seem like a shoe-in!

Report back please.

I think perks such as travel credit have been changed to follow anniverary, rather than calendar year, right? Someone please correct me if I'm wrong.

Re: Chase Sapphire Reserve approval and limit question.

sjt — Tue, 26 Dec 2017 22:12:57 GMT

@Anonymous wrote:
Off topic here, but can someone explain the Unlimited with respect to UR? I know it's 1.5% back on everything, but is it more with UR somehow? Just trying to understand how the Unlimited can be the "better" option to a 2% general spend card like the Citi DC, for example.

I think the only advantage is that you can transfer the points to UR account.