topic Re: Does Income matter- Chase Sapphire Prefered? in Credit Cards

Does Income matter- Chase Sapphire Prefered?

Anonymous — Fri, 27 Jul 2012 17:41:00 GMT

I was looking at teh CSP online application and noticed that they now require just the applicant's income and time at job. Well My income is 50K and my time at the job has benn only 2 months. I am worried that they may decline me becuase of thse factors.

What has been your experience regarding income if not time at work.

Re: Does Income matter- Chase Sapphire Prefered?

swpopham — Fri, 27 Jul 2012 17:42:26 GMT

It would prob kick it out unless your an 800+

Re: Does Income matter- Chase Sapphire Prefered?

Anonymous — Fri, 27 Jul 2012 17:50:41 GMT

my CK score is 727.

Re: Does Income matter- Chase Sapphire Prefered?

trumpet-205 — Fri, 27 Jul 2012 18:00:05 GMT

Keep in mind that CSP has minimum CL of $5K, so you should be set for income requirement.

Re: Does Income matter- Chase Sapphire Prefered?

Anonymous — Fri, 27 Jul 2012 18:25:40 GMT

I know and that worries me coz, the highest CL I have is $3000 and only 2 credit cards.

How good are my chances with Amex gold or Amex costco?

Re: Does Income matter- Chase Sapphire Prefered?

HenryJumbo — Fri, 27 Jul 2012 20:10:14 GMT

@Anonymous wrote:
I know and that worries me coz, the highest CL I have is $3000 and only 2 credit cards.
How good are my chances with Amex gold or Amex costco?

Why not just go to Amex site and see if you're preapproved. I heard they have their own internal scoring anyway. While it's not a sure thing it's better than nothing. Or just play it safe and get CS and then once you have some time established at the job PC to CSP.

Re: Does Income matter- Chase Sapphire Prefered?

CS800 — Fri, 27 Jul 2012 20:06:24 GMT

Almost all credit card CL are determined per your income I would think.

Length of work also is a factor. From talking to Discover/Chase/BOA, they like to see 2 + ;as it shows them stability.

Re: Does Income matter- Chase Sapphire Prefered?

Anonymous — Fri, 27 Jul 2012 20:11:12 GMT

Income and length of time at current job are important factors for determining credit limit, and the CSP requires a 5K limit or higher. 50K income can be enough to get a 5K line, but only being at that job 2 months will hurt. Having a high credit score would help, also how much is your monthly rent/mortgage and how much outstanding debt do you have? Those will be considered as well.

Re: Does Income matter- Chase Sapphire Prefered?

LS2982 — Fri, 27 Jul 2012 21:27:52 GMT

@trumpet-205 wrote:
Keep in mind that CSP has minimum CL of $5K, so you should be set for income requirement.

This is correct, but Chase would also like to see you have a CC with 5k or more for at least a year of good history.

Re: Does Income matter- Chase Sapphire Prefered?

ajh5408 — Fri, 27 Jul 2012 22:56:15 GMT

The length of employment will hurt you more than the level of income. 50K is more than enough to get a 5K line...

Re: Does Income matter- Chase Sapphire Prefered?

Anonymous — Fri, 27 Jul 2012 23:07:57 GMT

My income is 25k and I am a student, look at my signature for my CCs. Do you still think your income is low for 5k limit?!

Re: Does Income matter- Chase Sapphire Prefered?

kimmiller112 — Sat, 28 Jul 2012 02:52:42 GMT

@Anonymous wrote:
I know and that worries me coz, the highest CL I have is $3000 and only 2 credit cards.
How good are my chances with Amex gold or Amex costco?

If your highest CL is $3000, you won't get approved for the Sapphire. They require an existing CL of $5000 before they will grant one. You may be better off starting with Chase Freedom. But, like the others said, your time on the job may be the deal breaker.

Re: Does Income matter- Chase Sapphire Prefered?

Revelate — Sat, 28 Jul 2012 10:38:04 GMT

@kimmiller112 wrote:
@Anonymous wrote:
I know and that worries me coz, the highest CL I have is $3000 and only 2 credit cards.
How good are my chances with Amex gold or Amex costco?

If your highest CL is $3000, you won't get approved for the Sapphire. They require an existing CL of $5000 before they will grant one. You may be better off starting with Chase Freedom. But, like the others said, your time on the job may be the deal breaker.

I don't think that's accurate for all folks; there's a number of sigs on these forums of folks with a CSP (which is admittedly a sweet card) with nothing else close to that strata. If I had a couple of years history (like 2-3), a 3K CL somewhere else, and 50K+ income, I'd take a shot at a CS/P; I think both the regular and the preferred have the same underwriting criteria anyway.

That said in the OP's case I'd put no stock in the CK score at all, and would take a hard look at my report too. Income level matters for pretty much every credit card on the planet (some secured and rebuilder cards notwithstanding), and one of the last things I'd worry about was time on job. In the current economy that plays little to no relevance for the most part especially if you can show solid payment history on the other tradelines.

My thoughts anyway. I really have no idea if they loosened up the underwriting criteria vis a vis the Freedom, haven't seen many approvals for folks recently on that card other than people who are qualified for everything anyway... so having a pretty report is still extremely important.

Re: Does Income matter- Chase Sapphire Prefered?

Repo-ed — Sat, 28 Jul 2012 10:42:47 GMT

@Anonymous wrote:
I was looking at teh CSP online application and noticed that they now require just the applicant's income and time at job. Well My income is 50K and my time at the job has benn only 2 months. I am worried that they may decline me becuase of thse factors.

What has been your experience regarding income if not time at work.

www.whogavemcredit.com

Re: Does Income matter- Chase Sapphire Prefered?

Movin_on_up — Sat, 28 Jul 2012 18:16:47 GMT

Corrected link: http://www.whogavemecredit.com/

Re: Does Income matter- Chase Sapphire Prefered?

Cdnewmanpac — Sat, 28 Jul 2012 18:31:05 GMT

There is a big difference between 2 months at your current job and 2 months at any job (or a radically different job). If you were doing the exact same thing for 10 years at a different company, I doubt it will have any effect whatsoever. If this is your first job post college, most high limit cards are going to want to see more than 2 months of work history. What the job is also can matter. It certainly did for me during my Chase recon. The credit analyst specifically mentioned that being university faculty would help (presumably he recognizes how hard it is to get rid of us). I don't know if total income matters for every card, but since the csp is an NPSL card (or whatever the technical term is for the ability to exceed your limit with visa sig), it will presumably play a role with this one. Finally, hard to tell without knowing debt to income. 50k/year for someone who owes nothing is probably fine. Someone with 200k of student loans leaving deferral in 4 mos is a different story.

Re: Does Income matter- Chase Sapphire Prefered?

frugalQ — Sat, 28 Jul 2012 18:33:12 GMT

I was just reading about the CSP card today on about.com, and it said there was an income limit of $120K to qualify for the card.

I was shocked as I did not realize the Sapphire cards had such a high income limit. Maybe that card review is outdated?

http://credit.about.com/od/travelrewardscards/fr/Chase-Sapphire-Preferred-Card-Review.htm

Re: Does Income matter- Chase Sapphire Prefered?

gettnthere — Sat, 28 Jul 2012 18:45:23 GMT

@frugalQ wrote:
I was just reading about the CSP card today on about.com, and it said there was an income limit of $120K to qualify for the card.

I was shocked as I did not realize the Sapphire cards had such a high income limit. Maybe that card review is outdated?

http://credit.about.com/od/travelrewardscards/fr/Chase-Sapphire-Preferred-Card-Review.htm

hahahahaha thats not true AT ALL lol ive seen somone with only 30k a year income get approved for the card

Re: Does Income matter- Chase Sapphire Prefered?

frugalQ — Sat, 28 Jul 2012 18:54:36 GMT

I didn't think it was true...at least not at this present time. Maybe it was true some time ago...that's why I wondered if the article was outdated. Lol

I always thought about.com was a reputable place to get info.

Re: Does Income matter- Chase Sapphire Prefered?

ajh5408 — Sat, 28 Jul 2012 19:49:07 GMT

@frugalQ wrote:
I didn't think it was true...at least not at this present time. Maybe it was true some time ago...that's why I wondered if the article was outdated. Lol

I always thought about.com was a reputable place to get info.

CSP is a relatively new product, so the info probably isn't outdated, it's just wrong!

FWIW, it's generally well-accepted that Freedom Sig ($5K+), Sapphire, Sapphire Preferred, and JPM Select all have the exact same credit criteria. Basically, if you qualify for a $5K+ line with Chase, you qualify for any of their in-house (i.e. Chase/JPM-branded) credit products, with the exception of Palladium.