topic Re: Advise To Get Chase Sapphire and American Express Cards in Credit Cards

Advise To Get Chase Sapphire and American Express Cards

dutree123 — Fri, 11 Feb 2022 20:18:45 GMT

I have been working on my credit since 2016. During that time I met a lady who sold real estate and she asked me why was I still renting. At that time I had a 620 credit score and she suggested to me to get a credit card and give it about 3-6months to pull my score up to 650-680 so that I could get a better rate.

Because I was credit illiterate…I went to look for a car in which my credit took massive hard hits which in turn plummeted my score about 100 points.

Once this happened…I never heard from the realtor or her mortgage loan guy who she had hooked me up with…who was actually the one who suggested getting the credit card and raising my score a bit before applying for a mortgage.

After taking such a massive fall…I just remember also falling into a depression and feeling like I was released from prison as a parolee to only get back in the world to commit another crime that landed me back in the pen for another 3-4-5 years.

Once I can hear the cold bars slam on my credit…and getting up from the 100 feet/100 point fall I had fell-I remember starting over with about a 540 credit score. Nobody wanted to touch me. I tried to apply for secured cards and was turned down by BOA and others.

That is when I found this place and went into the search to see who would give me a chance.

I learned about Indigo Card and Open Sky. Open Sky did not require a hard inquiry -I think I started with them by giving them $500.00 to get a secured credit card with them. Later, because I wanted to prove that I could handle larger amounts of credit, I doubled it and had $1000 secured with them. (I’ve had this card 2 months shy of 2 years). Maybe 3 months before Open Sky, In Credit Karma I saw that I had a chance with Indigo, so I applied and got approved

I actually remember feeling so excited-you would have thought American Express approved me. At that point it’s just that I knew I had to mature and get my life on track. I was so tired of relying on Title Loans (another story but they had to have gotten $30,000 out of me in interest at least). I also was relying on overdraft protection through my banks (Only $1000 a month- in which had to be paid back in full before 30 days or I would lose that privilege). I paid $70 a month for relying on overdraft-$500 each between 2 banks.

So…after getting Indigo $300 credit limit with a $95 a year annual fee and Open Sky $1000 Secured Credit limit at $35 a year annual fee… I gardened.

I gardened for about 1.5 years. During that gardening I cleared collections by paying them off for deletion and disputing. Until I owed no one in Collections. I cleared judgements (I had one through 1st Franklin Financial-I cleared it).

When I reached my 1.5 year after the start of that gardening season-I applied for a pre-approval with Discover Card. (I had a Discover Card in college and messed it up-I applied some times before in the pre-qualification app and was told that there were no offers for me several times). So…after the 1.5 year of gardening I applied for the secured card and was approved. I limited the card at it’s max $2500.

About 6 months later was when I saw offers through CreditKarma for starter/repair cards… I then got the Merrick Bank card starting at $1100 which then doubled 6 months later with on-time payments to $2200.

Some time later I opened an account with Chase. I built that relationship for about 6 months, paying all my cards on time and keeping a low utilization. After 6 months I applied for the Chase Freedom Card-at first I was denied I then called reconsideration line and was approved for $2000.

Long story short..afterwards I was approved for the Chase Business Ink Card $5000.

Recently, Delta Community Credit Union offered me a no credit pull credit card and I accepted it $5000.

Here are my credit scores today: Experian: 715 Equifax: 683 Trans Union: 694

My scores were higher than that but dropped when I carried a balance on some of my accounts. Over all of the accounts my utilization went up to 20% when they were about 0-7% before.

My current credit scores is not counting my recent activity:

That new Delta card with no hard inquiry hit which brings my available credit up $5000
The new $200 credit line increase from Merrick Bank Card
I paid off a few accounts and paid accounts down by $1700 (utilization should report 0-7% utilization now instead of the 20% before.

Here’s my deal:

I want to close the Indigo card ($300- with 2yrs. 10 months payment history-the oldest of my credit cards). Because they charge $95 a year.
I want to close my Open Sky Secured Card ($1000-with 2 months shy 2 yrs. of history-my 2nd oldest credit card). Because I want my $1000 back and I would like to cut the fat.

= I want to get the Chase Sapphire Card (either one I approve for).

= I want American Express…preferably the gold card, & Hilton Honors ( 1 consumer and the other business or what ever works or approves me to get my foot in the door. ( Around the time I applied for Chase I applied for American Express Blue Card Cash with about a 650 credit score and was denied.

My current average age of credit is : 5 years and some change.

Income is $58,000-$62,000 a year (with bonuses). Been on this job for almost 8 months but I have my own business for years but EIN number for 1.5 years.

Should I cut the cards (Indigo and Open Sky) now or later?

What score would you recommend me having before applying for Chase Sapphire and American Express?

Any other tips are welcomed. Thanks In Advance!

Re: Advise To Get Chase Sapphire and American Express Cards

NRB525 — Fri, 11 Feb 2022 20:47:44 GMT

Congrats on your progress in rebuilding your credit. Looks like you have a clear view of how to do it right

When was the AMEX application?

How long have you had the Chase Freedom card? Is that still at $2,000 limit?

For the Chase Sapphire discussion, how many new card accounts have you opened in the last 24 months? Less than 5 accounts?

The Chase Sapphire Preferred has a minimum credit line of $5,000, so that seems the more appropriate to apply for, once you get ready to pull the trigger.

Both the CSP and the AMEX cards will have substantial spend required, to earn the Sign Up Bonus. Regardless what you decide, you will want to space the applications so you are assured of earning each SUB.

Re: Advise To Get Chase Sapphire and American Express Cards

SoCalGardener — Fri, 11 Feb 2022 21:05:37 GMT

@dutree123

Should I cut the cards (Indigo and Open Sky) now or later?
What score would you recommend me having before applying for Chase Sapphire and American Express?

First, a big pat on the back for doing such a good job of rebuilding! You're well on your way to bigger and better things, credit-wise.

I would close both of those cards right now. They're predatory cards, with ridiculous fees, and you don't need them now. I would say 'thank you for being there when I needed you, and goodbye!'

As for the cards you're interested in getting, I have no experience with Chase so I can't help there, but Amex and I are good friends. You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door. There are articles all over the web that can guide you with score requirements for various Amex cards, so you might want to look at some of those.

All in all, I'd say that if you continue on the path you're on, paying your bills and using credit wisely, you should achieve the cards you want, although that may not happen right away. Just keep in mind that credit is not a sprint, it's a marathon!

Re: Advise To Get Chase Sapphire and American Express Cards

Anonymous — Fri, 11 Feb 2022 23:04:04 GMT

@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.

There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.

Re: Advise To Get Chase Sapphire and American Express Cards

FinStar — Fri, 11 Feb 2022 23:43:03 GMT

@Anonymous wrote:
@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.
There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.

This exactly ^^^

There is no point in obtaining a CC "just to get your foot in the door", since you can be more selective and strategic on which cards will benefit you in the long term vs getting a placeholder that may not suit your spending habits or lifestyle.

Re: Advise To Get Chase Sapphire and American Express Cards

SoCalGardener — Fri, 11 Feb 2022 23:54:31 GMT

@FinStar wrote:
@Anonymous wrote:
@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.
There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.
This exactly ^^^

There is no point in obtaining a CC "just to get your foot in the door", since you can be more selective and strategic on which cards will benefit you in the long term vs getting a placeholder that may not suit your spending habits or lifestyle.

I disagree. If you're at a point where you can't qualify for the BrandX card you really want, getting a *different* BrandX card that you can qualify for gets you in the door, starts a relationship between you and the bank, gives you the opportunity to build a history with them--and on credit reports.

Then, later on, when you know you're in better shape in terms of being approved for the actual card you wanted, you'll now have X number of years history with BrandX, they'll already know you're reliable, and the credit report history clock would've already been ticking for a long time, instead of just starting now.

Re: Advise To Get Chase Sapphire and American Express Cards

FinStar — Sat, 12 Feb 2022 00:23:01 GMT

@SoCalGardener wrote:
@FinStar wrote:
@Anonymous wrote:
@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.
There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.
This exactly ^^^

There is no point in obtaining a CC "just to get your foot in the door", since you can be more selective and strategic on which cards will benefit you in the long term vs getting a placeholder that may not suit your spending habits or lifestyle.
I disagree. If you're at a point where you can't qualify for the BrandX card you really want, getting a *different* BrandX card that you can qualify for gets you in the door, starts a relationship between you and the bank, gives you the opportunity to build a history with them--and on credit reports.

Then, later on, when you know you're in better shape in terms of being approved for the actual card you wanted, you'll now have X number of years history with BrandX, they'll already know you're reliable, and the credit report history clock would've already been ticking for a long time, instead of just starting now.

The OP is at a stage where they are getting rid of cards like OpenSky and Indigo. In other words, they've already 'gotten their foot in the door' credit or profile-wise to qualify for better cards once their scores and/or profile improves (over time) based on what they've shared upthread.

Also, the issue here isn't that they've been disqualified for those particular AENB cards, they're asking about positioning themselves to obtain them. Logically, if the scores aren't where they need to be for consideration, then time is a component, not getting a placeholder that not only drops their AAoA but provides no benefit for their lifestyle. I personally wouldn't steer anyone for a particular product unless that was an actual requirement to meet their actual goal. When folks pace themselves, they can optimize things for best results.

Re: Advise To Get Chase Sapphire and American Express Cards

SoCalGardener — Sat, 12 Feb 2022 00:38:37 GMT

@FinStar wrote:
@SoCalGardener wrote:
@FinStar wrote:
@Anonymous wrote:
@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.
There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.
This exactly ^^^

There is no point in obtaining a CC "just to get your foot in the door", since you can be more selective and strategic on which cards will benefit you in the long term vs getting a placeholder that may not suit your spending habits or lifestyle.
I disagree. If you're at a point where you can't qualify for the BrandX card you really want, getting a *different* BrandX card that you can qualify for gets you in the door, starts a relationship between you and the bank, gives you the opportunity to build a history with them--and on credit reports.

Then, later on, when you know you're in better shape in terms of being approved for the actual card you wanted, you'll now have X number of years history with BrandX, they'll already know you're reliable, and the credit report history clock would've already been ticking for a long time, instead of just starting now.
The OP is at a stage where they are getting rid of cards like OpenSky and Indigo. In other words, they've already 'gotten their foot in the door' credit or profile-wise to qualify for better cards once their scores and/or profile improves (over time) based on what they've shared upthread.

Also, the issue here isn't that they've been disqualified for those particular AENB cards, they're asking about positioning themselves to obtain them. Logically, if the scores aren't where they need to be for consideration, then time is a component, not getting a placeholder that not only drops their AAoA but provides no benefit for their lifestyle. I personally wouldn't steer anyone for a particular product unless that was an actual requirement to meet their actual goal. When folks pace themselves, they can optimize things for best results.

No problem, we'll just have to agree to disagree!

You're saying it would DROP their AAoA, when in fact it will *ultimately* increase their AAoA versus waiting until later when they're more likely to get the card they actually want.

This method worked great for me when I was rebuilding; as with all things credit, YMMV.

Re: Advise To Get Chase Sapphire and American Express Cards

FinStar — Sat, 12 Feb 2022 00:53:21 GMT

@SoCalGardener wrote:
@FinStar wrote:
@SoCalGardener wrote:
@FinStar wrote:
@Anonymous wrote:
@SoCalGardener wrote:
You might want to start out by applying for one of their easier-to-get cards, just to get your foot in the door.
There is some disagreement about that strategy (i.e. I am on the other side!) Go for a card that you want, not just a placeholder Amex. If your scores aren't enough yet, wait.
This exactly ^^^

There is no point in obtaining a CC "just to get your foot in the door", since you can be more selective and strategic on which cards will benefit you in the long term vs getting a placeholder that may not suit your spending habits or lifestyle.
I disagree. If you're at a point where you can't qualify for the BrandX card you really want, getting a *different* BrandX card that you can qualify for gets you in the door, starts a relationship between you and the bank, gives you the opportunity to build a history with them--and on credit reports.

Then, later on, when you know you're in better shape in terms of being approved for the actual card you wanted, you'll now have X number of years history with BrandX, they'll already know you're reliable, and the credit report history clock would've already been ticking for a long time, instead of just starting now.
The OP is at a stage where they are getting rid of cards like OpenSky and Indigo. In other words, they've already 'gotten their foot in the door' credit or profile-wise to qualify for better cards once their scores and/or profile improves (over time) based on what they've shared upthread.

Also, the issue here isn't that they've been disqualified for those particular AENB cards, they're asking about positioning themselves to obtain them. Logically, if the scores aren't where they need to be for consideration, then time is a component, not getting a placeholder that not only drops their AAoA but provides no benefit for their lifestyle. I personally wouldn't steer anyone for a particular product unless that was an actual requirement to meet their actual goal. When folks pace themselves, they can optimize things for best results.
No problem, we'll just have to agree to disagree!

You're saying it would DROP their AAoA, when in fact it will *ultimately* increase their AAoA versus waiting until later when they're more likely to get the card they actually want.

This method worked great for me when I was rebuilding; as with all things credit, YMMV.

Adding a new account always drops AAoA. Impacts would be obviously profile-specific. Someone with a thicker, older, established credit profile, the impacts would likely be negligible. However, someone with a thinner or less established credit profile would have a greater impact impact. Also, what worked for you may not necessarily be the same path for others.

Also, the OP has obtained some great cards, such as the CU and Chase Ink (business) with very decent limits. There is no pre-requisite for AmEx (nor Chase) to have 'foot in the door' CCs in order to obtain the products the OP is targeting in the foreseeable horizon. Plenty of individuals have applied for a Gold Card without having 'foot in the door' precedent. Same for Chase given the OP already has a Chase Freedom card AND they were approved for Chase Ink. Again, no pre-requisite. Their overall history, time and improved scores will get them there. Why add more fillers than being more selective-- no point in juggling extras they won't need/use. They're already getting rid of two cards that served them well.

Re: Advise To Get Chase Sapphire and American Express Cards

wasCB14 — Sat, 12 Feb 2022 00:56:52 GMT

Without an actual AENB employee here to say otherwise, it's very difficult for us to guess whether it matters where history was earned.

If John Doe has had a $10k Freedom for five years with no baddies, Chase isn't going to be to only bank that can see that.

There are situations where getting a card you don't want with "the right lender" could backfire later. Someone (especially with a low income or a rebuilder) could already be at or close to a lender's CL exposure limit from just the first card.

Re: Advise To Get Chase Sapphire and American Express Cards

dutree123 — Sat, 12 Feb 2022 01:20:38 GMT

“Congrats on your progress in rebuilding your credit. Looks like you have a clear view of how to do it right “

Thank you for the compliment. Also, thanks for responding.

“When was the AMEX application?

How long have you had the Chase Freedom card? Is that still at $2,000 limit?”

I applied for the AMEX Blue Cash Card about 2 yrs. ago and was denied. At that time my score was about 650.

I’ve had the Chase Freedom card for 10 months and the limit is still at $2,000. Chase, in that time frame has sent an invitation for me to apply for the Chase Preferred, Chase Reserve, and Chase Business Ink. I went for the Business Ink and was given a $5000 starting limit.

If I knew what I know now, I would have applied for the Chase Preferred (consumer card) and the Business Ink (which went under my EIN). The hard pull for the Business Ink only cost me about 3-5 points in which rebounded in about 2 months (about 20 pts. or more).

“For the Chase Sapphire discussion, how many new card accounts have you opened in the last 24 months? Less than 5 accounts?”

Here are the cards and time:

Indigo- (2 yrs. 7 mths.) (so this one don’t count in the 5/24).

*Open Sky (1 yr. 11mths.).

*Merrick Bank (1 yr. 3 mths.)

*Discover (1yr. 6mths.)

*Chase Freedom (10 mths.)

Credit Age: 7 yrs. 4mths. (just checked Credit Karma for this)

Hard Inquiries: 3 with TransUnion in which Merrick drops off in November and 4 with Equifax (the Discover will drop off this year in July) then it will be 3 which happened about a year or more ago.

Payment history is: 100%

Credit Use is: 20%

No Derogatory remarks

Total Accounts: 45 (which includes Student Loans all in good standing).

New Accounts that I have in 2 years besides what’s mentioned above:

Chase Business Ink Card (opened about 7-8 mths ago).{under EIN #}

BMW Financial (9 mths ago with not only on time payments but 3 payments in the hole/3 payments ahead).

Delta Community Credit Union (a week ago with no hard hit/inquiry-It was a special offer from my credit union).

I have a thing where I only apply for 2 things a year (meaning 2 hard hit/inquiries a year). Because by that time about 2 will be scheduled to drop off.

Re: Advise To Get Chase Sapphire and American Express Cards

notmyrealname23 — Sat, 12 Feb 2022 01:37:51 GMT

@SoCalGardener wrote:
@dutree123

Should I cut the cards (Indigo and Open Sky) now or later?
What score would you recommend me having before applying for Chase Sapphire and American Express?

First, a big pat on the back for doing such a good job of rebuilding! You're well on your way to bigger and better things, credit-wise.

I would close both of those cards right now. They're predatory cards, with ridiculous fees, and you don't need them now. I would say 'thank you for being there when I needed you, and goodbye!'

I agree about cancelling the cards, but not that OpenSky is predatory. Their AF is reasonable ($39), they have a grace period so you won't be forced into interest, and they offer a secured card that they will approve you for without a credit check.

If you're backed into a corner like I was during Chapter 13, they're not a terrible choice for a secured card. Certainly there are better cards out there once your credit is repaired, at which point there's no further use for them, but I've seen the "you pay a fee for the approval AND a monthly fee AND there's no grace period" cards. OpenSky isn't one of them. For what they offered, they were fine.

My guess is given the offers from Chase, OP is pretty likely to get either the Gold or the CSP. I would say that the CSP probably works best with current cards, so I'd do that. Good luck and report back!

Re: Advise To Get Chase Sapphire and American Express Cards

EAJuggalo — Sun, 13 Feb 2022 03:10:05 GMT

For a Chase Sapphire, you would probably be good for a CSP now, if you want a CSR you may need to wait a while yet. Check your Chase account each week and see if either shows up with Green or Black star in your offers. Those are almost guaranteed. I got a CSP a few years ago through one of those offers with a score of about 670.

Amex, I would go with a personal Gold and a Business Hilton. If Chase gave you a 5k line on an Ink, I'd be shocked if AMEX didn't give you a Hilton Biz. The Personal Gold is quite different from the Biz Gold and usually works better for personal spend than the Biz. I think you'd probably be approved for a Gold now, but you can always check for AMEX prequal offers, if any of the Charge cards show up you'll more than likely be approved.

You've got Discover, Freedom and your CU card. It's time to close anything that isn't giving you value for the fees.

Re: Advise To Get Chase Sapphire and American Express Cards

dutree123 — Tue, 14 Jun 2022 21:19:56 GMT

Hi,

A day ago I logged into my Chase online account. There were some messages and alerts waiting for me. I had 4 green stars along side 4 different already approved offers. 3 for my personal account (Chase Sapphire Reserved-Chase Sapphire Prefferred- and United Airlines Card) the one for the business offer was the Southwest Airline Card.

Immediately I began to do my research to see if the approvals were real or hype.

I came here to see if others had the same offers before and what happened.

I called the Chase credit card department, inquiring of my odds (they didnt nessasarily make me feel that yes-it's a sure thing-instead they seemed puzzled and gave me generic answers).

The next day I drove down to my nearest branch-luckily the banker didnt have any appointments and was able to see me. I told him about the offer that I saw and what did he think-He too, gave me the generic answers of give it a try and not necesarily made me feel that he had seen instances like this before and what the usual outcome has been. But he did say that I had a 95% chance of approval bec ause Chase must to have already screened me.

So I drove back home, took me a shot of Hennessey to knock off my nerves, unfroze my Experian and other 2 accounts, and logged into my account and pulled the trigger (I'd rather say took that leap/jump).....

I had already took that shot of bourbon-I was feeling like I was at Harrahs Casino.....I said...let me go hard or stay at home....I went for the Chase Sapphire Reserve.

Once, I clicked that submit button-there was this hourglass and a message saying "Retriving your information". After what seemed like a minute or two...Confetti with Congratulations......You've been approved for $10,000! and that I would receive my card in 3-4 days.

This has been a long time coming! and I've just gotten started...AMEX...I'm coming for you!

Re: Advise To Get Chase Sapphire and American Express Cards

dutree123 — Tue, 14 Jun 2022 21:21:19 GMT

By the way..

My Experian was 740

Equifax 699

and transunion like 683 or something.

Re: Advise To Get Chase Sapphire and American Express Cards

gdale6 — Tue, 14 Jun 2022 22:17:55 GMT

As OP is now approved thread is closed and further comment can be made here https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Finally-Approved-for-the-Chase-Sapphire-Reserve/td-p/6551377