topic Re: Should I apply for Chase Sapphire Preferred? in Credit Cards

Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 08 Mar 2013 22:39:26 GMT

Hey guys, I'm looking to apply for the CSP because the rewards seem really nice and I travel abroad every summer so the travel benefits would be nice to have.

Here are the important details:

I'm 19, currently a college student
CK FAKO of 736
CS FAKO of 710
5 or 6 inquiries overall
Oldest line of credit is 1.6 years
Reported income (scholarships + wages) will be around $32k/year
Overall utilization is really low. I have like $300 across all my cards which is like 3 or 4%.

I have these cards:

Wells Fargo card that I never use, $800 CL
Chase Freedom, $3000 CL
Discover, $3000 CL
Amex BCE, $2000 CL (Just got last week)

I also have $4400 in student loans, but they're deferred till 2015 or 2016. I thought it might be a good idea to wait 61 days and attempt that CLI on the Amex card because I heard somewhere Chase doesn't like giving someone their highest limit and the rumored minimum for the CSP is $5000. What do you guys think I should do? Any advice or input is appreciated.

EDIT: Formatted it properly.

EDIT2: Discover Card increased my limit.

Re: Should I apply for Chase Sapphire Preferred?

chiyex — Fri, 08 Mar 2013 02:57:33 GMT

yes, you should get at least 5k if approved. they have another card that i heard is also easy to get called united chase explore. i have a freedom and saphire preferred.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 08 Mar 2013 03:14:27 GMT

I think you would get approved also

Re: Should I apply for Chase Sapphire Preferred?

koalablue — Fri, 08 Mar 2013 03:21:19 GMT

You already have a very impressive line-up of cards for a 19 year old college student. A CSP would be a good addition and I think you have a decent chance at being approved. If denied, call at least twice for a recon. Good luck!

Re: Should I apply for Chase Sapphire Preferred?

CreditScholar — Fri, 08 Mar 2013 03:35:13 GMT

Your scores look ok, but I think your income might be a bit low for approval and it will hurt your chances.

Re: Should I apply for Chase Sapphire Preferred?

09Lexie — Fri, 08 Mar 2013 03:37:56 GMT

Do you know your FICOs? And what is your AAOA ?

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 08 Mar 2013 04:02:32 GMT

For what its worth I got approved for CSP with an income of approx 45k and similar scores but with 30% utilization.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 08 Mar 2013 04:02:31 GMT

@CreditScholar wrote:
Your scores look ok, but I think your income might be a bit low for approval and it will hurt your chances.

What income would be a good starting point?

@09Lexie wrote:
Do you know your FICOs? And what is your AAOA ?

I don't know my current FICOs, but last I checked (3 months ago), it was 714. I'd imagine it's slightly higher now. I'll have to get back to this thread with my current FICO.

Re: Should I apply for Chase Sapphire Preferred?

ObeyJohnny12 — Fri, 08 Mar 2013 04:09:55 GMT

I was approved for the CSP and im 19. Had to recon twice. Mostly was decline for too many inquiries. I think you will get approved. But from what i read here Chase wants you to have a 5k limit card prior to having the csp since it starts at 5k.

Re: Should I apply for Chase Sapphire Preferred?

CreditScholar — Fri, 08 Mar 2013 04:44:18 GMT

@Anonymous wrote:
@CreditScholar wrote:
Your scores look ok, but I think your income might be a bit low for approval and it will hurt your chances.
What income would be a good starting point?

@09Lexie wrote:
Do you know your FICOs? And what is your AAOA ?
I don't know my current FICOs, but last I checked (3 months ago), it was 714. I'd imagine it's slightly higher now. I'll have to get back to this thread with my current FICO.

I think people have been approved with incomes around 40k, but I don't think I've seen any in the low 30s. Perhaps someone knows otherwise?

Also with an income of 32k, you probably won't be able to charge enough to offset the AF. That's something else you might want to take into consideration before applying.

Re: Should I apply for Chase Sapphire Preferred?

toppers555 — Fri, 08 Mar 2013 04:57:59 GMT

I would have to know AAOA before making a recommendation. Old account OP says is 1.6 years. He recently just got an BCE , which I assume is not reporting yet Depends really on the age of the Discover and Freedom. He could use freedom as leverage on recon if it be open for awhile. If wells fargo is the oldest account , and Freedom and Discover are not even a year old I would not recommend applying.

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Fri, 08 Mar 2013 22:33:52 GMT

@toppers555 wrote:
I would have to know AAOA before making a recommendation. Old account OP says is 1.6 years. He recently just got an BCE , which I assume is not reporting yet Depends really on the age of the Discover and Freedom. He could use freedom as leverage on recon if it be open for awhile. If wells fargo is the oldest account , and Freedom and Discover are not even a year old I would not recommend applying.

How do you calculate AAoA? Is it just the age of all your accounts added together, divided by the number of cards? If so, my AAoA is roughly 0.7 years.

Re: Should I apply for Chase Sapphire Preferred?

LS2982 — Sat, 09 Mar 2013 00:06:45 GMT

IMO you should wait until your freedom is at least 13 months old. If it already is try it. Hopefully they instant approve!

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Sat, 09 Mar 2013 00:09:14 GMT

How much is the AF on the CSP?

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Sat, 09 Mar 2013 00:09:49 GMT

@Anonymous wrote:
How much is the AF on the CSP?

95$

Re: Should I apply for Chase Sapphire Preferred?

LS2982 — Sat, 09 Mar 2013 00:09:52 GMT

@Anonymous wrote:
How much is the AF on the CSP?

I believe it's $95 but I could be wrong...

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Sat, 09 Mar 2013 00:11:11 GMT

@LS2982 wrote:
@Anonymous wrote:
How much is the AF on the CSP?
I believe it's $95 but I could be wrong...

You're not!

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Sat, 09 Mar 2013 00:14:53 GMT

Oh wow! Yeah, you will to charge that card to death, PIF, and repeat.

I am about 2 years from CSP I am predicting. I have to garden after obtaining a house, 2 new credit cards, and a new car lease. All in 3 months! It was amazing! BUT, the party is over. I need to also raise my limits. $7600 combined but not enough on one card to be worthy of the CSP. Someday!

Re: Should I apply for Chase Sapphire Preferred?

Anonymous — Sat, 09 Mar 2013 22:23:09 GMT

let us know how it goes. I too have been eyeing this card for the rewards.. although I was told to wait for a good offer to come out (more bonus points).

Re: Should I apply for Chase Sapphire Preferred?

Voodard — Sun, 10 Mar 2013 03:46:37 GMT

Definitely apply, it's worth the HP if you want it that bad. If you end up having to call the reconsideration line, offer to move your Freedom account to the CSP (if you think you'll get more use from the card's perks)