topic Re: Chase Sapphire Preferred with no CC History? in Credit Cards

Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 20:43:23 GMT

Hello,

I just started to build my credit, and just opened my first revolving credit line--a BoA Platinum Plus 1-2-3 with a $1000 credit line. The problem I have is that the credit line too low, as I was hoping to charge everything to that card. I want to apply for another card, and the Chase Sapphire Preferred Card looks appealing as I wanted to collect travel points.

Stats:

Fico Score: 745

Income: 40k

Credit History: Student Loans, BoA Platinum Plus 1-2-3 opened this month with $1k CL -- Never late on any payments

In Grad School

So basically I wanted to know if I have any chance of getting approved for the Chase Sapphire Preferred Card. My guess is clearly not due to short history with Revolving Credit Lines and/or low income.

If you do not think I will be approved when do you think I should apply for it? And what FICO scores should be my goals, etc? Given I have only one CC, should I open another?

If I pay a card in full each month, would my credit utilization for that card be 0%?

Note I actually prefer to use cash and never want to carry a balance on any card, I just want to build up my credit, and I have no plans on applying for any type of loans for the next 4 years

Thanks,

Jay

PS: I had not idea my FICO score was so high, otherwise I would have asked for a higher CL when I opened the BoA card.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 19:50:31 GMT

I think Chase needs to see at least 1 year of revolving credit history and a year of experience with a 4k+ CL. I'm sure the requirements is lowered a bit if you bank with them with direct deposit and have a few thousand or so in their bank.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 20:09:36 GMT

I think you have too thin of a file, but if you don't plan on apping for a mortgage in the next year it never hurts to try

Re: Chase Sapphire Preferred with no CC History?

sakhalin070 — Fri, 15 Feb 2013 20:29:21 GMT

I think the CSP is out of your reach. The CSP has a minimum $5k credit line since it is a Visa Signature. Chase generally does not like to give borrowers their first $5k limit card. Also, as mentioned before, they like to see at least a year's worth or credit history. If you want it in the near future, you probably could have someone co-sign for you.

Re: Chase Sapphire Preferred with no CC History?

thom02099 — Fri, 15 Feb 2013 20:31:29 GMT

@Anonymous wrote:
Hello,

I just started to decide to build my credit, and just opened my first revolving credit line--a BoA Platinum Plus 1-2-3 with a $1000 credit line. The problem I have is that the credit line too low, as I was hoping to charge everything to that card. I want to apply for another card, and the Chase Sapphire Preferred Card looks appealing as I wanted to collect travel points.

Stats:
Fico Score: 745
Income: 40k
Credit History: Student Loans, BoA Platinum Plus 1-2-3 opened this month with $1k CL -- Never late on any payments
In Grad School

So basically I wanted to know if I have any chance of getting approved for the Chase Sapphire Preferred Card. My guess is clearly not due to short history with Revolving Credit Lines and/or low income.
If you do not think I will be approved when do you think I should apply for it? And what FICO scores should be my goals, etc? Given I have only one CC, should I open another?
If I pay a card in full each month, would my credit utilization for that card be 0%?
Note I actually prefer to use cash and never want to carry a balance on any card, I just want to build up my credit, and I have no plans on applying for any type of loans for the next 4 years

Thanks,
Jay

PS: I had not idea my FICO score was so high, otherwise I would have asked for a higher CL when I opened the BoA card.

Hey Jay,

Realistically, I think you're probably about a year away from getting an approval for a CSP. You've got the score, but it's a thin file and Chase usually (but not always) likes to see another card on the report with a $5K limit, since that's the minimum CL on a CSP.

Some things to consider: Let that BofA account age some, or if it doesn't meet your needs, perhaps look into a PC from that card to another BofA card that might work better for you. Try perhaps for a Discover IT card, since it is being marketed very heavily right now, and you may have a chance at that card. You probably should "garden" the account you have, let it grow some and try again in about 6-12 months for a different card. Don't give up your aspiration for a CSP if it will fit your needs, just don't shoot for it just yet.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 20:37:41 GMT

Are there any cards you guys would suggest I apply for, something like Discover It or amercan Express Green?

The average age of my accounts are 3 years, but those are all student loans.

If I always pay my card in full then the utilization for the CRAs is 0%? Is that correct. I wanted to know so I could put close to $1k a month on my CC and then pay it off every billing cycle, and hopefully BoA will increase the CL sooner.

Thanks

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 20:40:14 GMT

Thanks for the replies guys, especially Thom for the detailed advice.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 21:25:22 GMT

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

Re: Chase Sapphire Preferred with no CC History?

longtermgardener — Fri, 15 Feb 2013 21:37:54 GMT

Don't ever risk HP by applying for CSP. I am in the same shoes as you with 10 months of credit history and salaried income of over 110K, applied for Chase Freedom but was denied because of the short history. I called the recon thrice but to no avail. One of the analyst said wait till my oldest revolving account turn one year and apply after that. Since you have good score, apply for Discover IT and Walmart Discover card and you will get approved for sure. Use them well for 5-6 months and then go for Chase cards. Even if you get approved now, you wont get big CL.

Re: Chase Sapphire Preferred with no CC History?

thom02099 — Sat, 16 Feb 2013 01:29:58 GMT

@Anonymous wrote:
I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

Hey Jay,

Agree with ryanbush on this one. I think you might have a good chance at an AMEX Green. Green/Gold charge cards have basically the same underwriting standards, but different AF. Green is $95/year but is waived the first year. Good way to get in to a relationship with AMEX. And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI.

. EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved

RE-EDIT: Mea Culpa, Mea Culpa....Keep reading below! Apparently my cerebral matter was having a gaseous...well...you know...

Re: Chase Sapphire Preferred with no CC History?

thom02099 — Fri, 15 Feb 2013 22:53:29 GMT

@Anonymous wrote:
Are there any cards you guys would suggest I apply for, something like Discover It or amercan Express Green?
The average age of my accounts are 3 years, but those are all student loans.

If I always pay my card in full then the utilization for the CRAs is 0%? Is that correct. I wanted to know so I could put close to $1k a month on my CC and then pay it off every billing cycle, and hopefully BoA will increase the CL sooner.

Thanks

I think if you applied for and got an AMEX Green, this scenario would do some good for you rather rapidly. Put thru $1k/mo on a Green, pay it off each month, do that for 3-4 months, I think that would be a great beginning for growing your portfolio! AMEX may also be more inclined to give you one of the revolvers after doing this for about 6 months. And the sweet thing about AMEX is, your payments are nearly immediately reflected on your account and to my knowledge, there's no limit to the number of payments you make. If you wanted to split that $1k payments into several smaller payments, all before the due date, you can do that.

Re: Chase Sapphire Preferred with no CC History?

SnackTrader — Fri, 15 Feb 2013 22:56:18 GMT

@thom02099 wrote:
@Anonymous wrote:
I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX
Hey Jay,
Agree with ryanbush on this one. I think you might have a good chance at an AMEX Green. Green/Gold charge cards have basically the same underwriting standards, but different AF. Green is $95/year but is waived the first year. Good way to get in to a relationship with AMEX. And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI.

EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved.

Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders.

Re: Chase Sapphire Preferred with no CC History?

longtermgardener — Fri, 15 Feb 2013 23:10:35 GMT

EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved.

That's not true. I applied for AMEX twice and it got declined twice and it was HP both the times.

Re: Chase Sapphire Preferred with no CC History?

thom02099 — Sat, 16 Feb 2013 02:12:57 GMT

@SnackTrader wrote:
@thom02099 wrote:
@Anonymous wrote:
I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX
Hey Jay,
Agree with ryanbush on this one. I think you might have a good chance at an AMEX Green. Green/Gold charge cards have basically the same underwriting standards, but different AF. Green is $95/year but is waived the first year. Good way to get in to a relationship with AMEX. And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI.

EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved.
Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders.

D'oh! My bad...you're right.

Re: Chase Sapphire Preferred with no CC History?

SnackTrader — Fri, 15 Feb 2013 23:13:44 GMT

@thom02099 wrote:
@SnackTrader wrote:
@thom02099 wrote:
@Anonymous wrote:
I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX
Hey Jay,
Agree with ryanbush on this one. I think you might have a good chance at an AMEX Green. Green/Gold charge cards have basically the same underwriting standards, but different AF. Green is $95/year but is waived the first year. Good way to get in to a relationship with AMEX. And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI.

EDIT: And the thing about AMEX, it's usually a SP if denied/HP if approved.
Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders.
D'oh! My bad...you're right.

It happens. Otherwise, I think your right. A green charge would work well to control OP's utilization and has the potential to help with other Amex cards in the future based on what others have reported.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Fri, 15 Feb 2013 23:54:40 GMT

it's a soft pull when denied only if you're already a card member, not on your first card....

Re: Chase Sapphire Preferred with no CC History?

2011beginnings — Fri, 15 Feb 2013 23:59:12 GMT

I just got approved for a CSP. I've had an AMEX Gold since 2011 and a BofA since 2011. I would say apply for an AMEX charge card and go from there.

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Sat, 16 Feb 2013 05:14:11 GMT

Thanks for the further replies guys. I just got approved for an Amex Green Card! So excited.

Can anyone please explain how utilization is reported to the CRAs? Or link to website that explains it? I already tried looking here on myFico and it has a very vague description.

Am I correct in saying that I should never charge more than $200 a month to my BoA CC?

Sorry am just confused if utiliztion is the all time balance at any point, or balance not paid in full each month.

Thanks,

Jay

Re: Chase Sapphire Preferred with no CC History?

Anonymous — Sat, 16 Feb 2013 05:31:50 GMT

first off congrats...

secondly, your utilization is going to be based off of your statement balance... you can charge as much as you want as long as you pay it down before you statement cuts

you really only have to worry about utilization if you're apping for something in the next 30 days

Re: Chase Sapphire Preferred with no CC History?

navigatethis12 — Sat, 16 Feb 2013 05:42:09 GMT

You should apply for the Chase Freedom if you want a Chase Sapphire Preferred later. My sister had her Freedom for maybe one year and a Bank of America card for about three or four when she applied for the Sapphire Preferred and was approved. I think having the Freedom would help out more than getting the useless Green.