topic Re: Chase Sapphire Preferred Approval? in Credit Cards

Chase Sapphire Preferred Approval?

KS13 — Tue, 15 Jan 2013 15:50:32 GMT

So I'm looking to apply for the Chase Sapphire Preferred card. But wanted to know from you guys if you think I will get approved or if I should apply.

Here my credit info:

Basically I didn't have any credit history in 2011 when I started trying to apply for a bunch of Capital One credit cards and Department store cards getting declined for everyone. This in return put a bunch of hard inquirys on my credit report. I finally decided to become an authorized user on my sister's Discover account in October 2011. That was my first credit card with shared $2500 CL.

In May 2012 my dad opened up a new American Express Blue Cash Everyday credit card which he was instantly approved for with a $14,100 starting CL, and added me as an authorized user.

Fast forward to 2012 August, I finally got approved for my own Sears Mastercard credit card with a starting CL limit of $5000. Then in September 2012 applied for Macy's Department store card, and got approved with a $300 CL limit. Then getting excited with the two recent approvals, applied in October 2012 for Chase Freedom credit card. Was declined, and even spoke to recon dept. and they stated too short of credit file. I didn't think to try recon again.

So in December 2012, I convinced my dad to add me as a Joint account holder on his Chase freedom Mastercard which he has had since 1996 with no late payments ever and always paid all balances in full each month. His credit limit for the card is $13,000. After filling up the paperwork I was added as a Joint cardmember on the chase card and my credit report started showing the card and increased my credit scores by 40+ points.

my current credit scores are FAKO EXPERIAN PLUS Score: 745, Credit Karma Trans-union score: 767, and FICO Equifax score: 740. Citi Identity Experian score shows 723.

my AAoA: 3 years, 11 months

Current Open Credit utilization: 12% (will be lower once Chase and Sears MasterCard report my payments paid)

Total accounts: 5

Ontime payments: 100%

Hard Credit inquires in past 12 months: 1 (on TransUnion), 4 Credit inquires on EXperian (will be three after 2/13), and 4 Credit Inquires on EQUIFAX

Credit Card Limits $34,900 (total)

AMEX $14,100 (Authorized user, opened May 2012)

CHASE $13,000 (Joint card holder, opened Feb 1996)

DISCOVER FIN $2,500 (Authorized User, opened October 2011)

SEARS/CBNA $5,000 (Own Individual Account, opened August 2012)

DSNB MACYS $300 (Own Individual Account, Opened September 2012)

So what do you guys think?

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 15:55:30 GMT

I think it's going to be 50/50, I applied yesterday and am still waiting to hear back. they DO NOT take AU into account when you apply for them and the hold up on my account is my highest CL is 4000 so you having a 5000 account will help

Re: Chase Sapphire Preferred Approval?

KS13 — Tue, 15 Jan 2013 16:04:15 GMT

What are you're credit scores if you don't mind me asking?

And did you already recon Chase ?

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 16:06:16 GMT

all three FICOs were right at 700, I have a 12 year history with 100% on time and a 4 year AAoA

When I reconned the CSR recommended me for approval but said it would have to go to the next level and I would know somthing today.

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 16:19:21 GMT

Good luck

Re: Chase Sapphire Preferred Approval?

KS13 — Tue, 15 Jan 2013 16:21:43 GMT

Yeah looks like you've got a really good chance since the CSR recommended you.

What did you tell him when he said you denied?

Re: Chase Sapphire Preferred Approval?

swpopham — Tue, 15 Jan 2013 16:26:46 GMT

my experience with the line " ive reccomeneded it but the next level will have to approve it" means denial.... Ive had it go 2 ways. UW approves it and card is on the way. Delays it by above line and denied everytime. Me- my wife and like 5 people from the "OTHER" board

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 16:55:03 GMT

I just said thanks, and hung up. called in about 8 hours later and ask for it to be reconsidered .

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 16:57:08 GMT

@swpopham wrote:
my experience with the line " ive reccomeneded it but the next level will have to approve it" means denial.... Ive had it go 2 ways. UW approves it and card is on the way. Delays it by above line and denied everytime. Me- my wife and like 5 people from the "OTHER" board

Ouch that sucks, I was really hoping for an approval after what she said last night

Re: Chase Sapphire Preferred Approval?

improvingmycredit — Tue, 15 Jan 2013 17:10:31 GMT

@KS13 wrote:
So I'm looking to apply for the Chase Sapphire Preferred card. But wanted to know from you guys if you think I will get approved or if I should apply.

Here my credit info:

Basically I didn't have any credit history in 2011 when I started trying to apply for a bunch of Capital One credit cards and Department store cards getting declined for everyone. This in return put a bunch of hard inquirys on my credit report. I finally decided to become an authorized user on my sister's Discover account in October 2011. That was my first credit card with shared $2500 CL.

In May 2012 my dad opened up a new American Express Blue Cash Everyday credit card which he was instantly approved for with a $14,100 starting CL, and added me as an authorized user.

Fast forward to 2012 August, I finally got approved for my own Sears Mastercard credit card with a starting CL limit of $5000. Then in September 2012 applied for Macy's Department store card, and got approved with a $300 CL limit. Then getting excited with the two recent approvals, applied in October 2012 for Chase Freedom credit card. Was declined, and even spoke to recon dept. and they stated too short of credit file. I didn't think to try recon again.

So in December 2012, I convinced my dad to add me as a Joint account holder on his Chase freedom Mastercard which he has had since 1996 with no late payments ever and always paid all balances in full each month. His credit limit for the card is $13,000. After filling up the paperwork I was added as a Joint cardmember on the chase card and my credit report started showing the card and increased my credit scores by 40+ points.

my current credit scores are FAKO EXPERIAN PLUS Score: 745, Credit Karma Trans-union score: 767, and FICO Equifax score: 740. Citi Identity Experian score shows 723.

my AAoA: 3 years, 11 months

Current Open Credit utilization: 12% (will be lower once Chase and Sears MasterCard report my payments paid)

Total accounts: 5

Ontime payments: 100%

Hard Credit inquires in past 12 months: 1 (on TransUnion), 4 Credit inquires on EXperian (will be three after 2/13), and 4 Credit Inquires on EQUIFAX

Credit Card Limits   $34,900 (total)
AMEX   $14,100 (Authorized user, opened May 2012)
CHASE   $13,000 (Joint card holder, opened Feb 1996)
DISCOVER FIN   $2,500 (Authorized User, opened October 2011)
SEARS/CBNA   $5,000 (Own Individual Account, opened August 2012)
DSNB MACYS   $300 (Own Individual Account, Opened September 2012)

So what do you guys think?

Hey KS13!

Welcome to the forums! At first glance I say you will probably be approved. What's your income like? AAoA is still short at 3 years so it will likely come down to sufficient income. Chase and Amex are willing to forego history and over look past indiscretions it seems based on their internal scoring system. There have been a lot of surprise approvals of late. How long have you been on your job?

My recommendation- wait another month for a full 6 months of history with a 5K limit If your income is good enough.

Re: Chase Sapphire Preferred Approval?

KS13 — Tue, 15 Jan 2013 17:39:26 GMT

Thanks for the warm welcome!

Yeah I was thinking about waiting a month as well, this way the other inquiry on my EXperian report will also fall off, leaving only 3 inquries and it seems Chase pulled EXperian Report last time when I got denied for the Freedom card in October 2012.

I'm currently a student so I always report my father's income ($60,000) and report his business (he's self-employed) so I include myself "self-employed" on the application.

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 17:44:33 GMT

@KS13 wrote:
Thanks for the warm welcome!

Yeah I was thinking about waiting a month as well, this way the other inquiry on my EXperian report will also fall off, leaving only 3 inquries and it seems Chase pulled EXperian Report last time when I got denied for the Freedom card in October 2012.

I'm currently a student so I always report my father's income ($60,000) and report his business (he's self-employed) so I include myself "self-employed" on the application.

What you are doing is illegal, I would assume that on recon when they asked you where you're income is from they would shut you down as soon as you say your fathers income, they might also close any other cards you have with them. Sorry if I seem so negatice but what you are doing is wrong and if you get caught it could ruin your credit for quite a while as well as get you black listed with your current creditors

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 18:05:50 GMT

@swpopham wrote:
my experience with the line " ive reccomeneded it but the next level will have to approve it" means denial.... Ive had it go 2 ways. UW approves it and card is on the way. Delays it by above line and denied everytime. Me- my wife and like 5 people from the "OTHER" board

As an FYI I called back in to check the application status, was transfered over to their verification department and after answering a few questions I was approved for 5k and the card will be overnighted to me!!! You guys have no idea what this means to me....

Re: Chase Sapphire Preferred Approval?

youngandcreditwrthy — Tue, 15 Jan 2013 18:12:58 GMT

Being an AU is like cheating lol but I def have added my 13 year old sis on like 5 or so of my higher limit cards ;-)

Good luck!

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 18:31:07 GMT

@youngandcreditwrthy wrote:
Being an AU is like cheating lol but I def have added my 13 year old sis on like 5 or so of my higher limit cards ;-)

Good luck!

I thought about adding my 15yo bro to my AMEX or now my CSP card... lucky kid

Re: Chase Sapphire Preferred Approval?

KS13 — Tue, 15 Jan 2013 18:33:49 GMT

@Anonymous wrote:
@KS13 wrote:
Thanks for the warm welcome!

Yeah I was thinking about waiting a month as well, this way the other inquiry on my EXperian report will also fall off, leaving only 3 inquries and it seems Chase pulled EXperian Report last time when I got denied for the Freedom card in October 2012.

I'm currently a student so I always report my father's income ($60,000) and report his business (he's self-employed) so I include myself "self-employed" on the application.

What you are doing is illegal, I would assume that on recon when they asked you where you're income is from they would shut you down as soon as you say your fathers income, they might also close any other cards you have with them. Sorry if I seem so negatice but what you are doing is wrong and if you get caught it could ruin your credit for quite a while as well as get you black listed with your current creditors

I obviously do work there since it is only my Father and I, and no other employees. Its just I never have listed on any forms that he is my employer.

Re: Chase Sapphire Preferred Approval?

Anonymous — Tue, 15 Jan 2013 18:36:56 GMT

ok, I don't think Chase verifies income like AMEX does but if you didn't actually make that much money yourself and you list it as income you are still potentionally breaking the law.

Re: Chase Sapphire Preferred Approval?

Anonymous — Wed, 16 Jan 2013 01:42:31 GMT

@Anonymous wrote:
@KS13 wrote:
Thanks for the warm welcome!

Yeah I was thinking about waiting a month as well, this way the other inquiry on my EXperian report will also fall off, leaving only 3 inquries and it seems Chase pulled EXperian Report last time when I got denied for the Freedom card in October 2012.

I'm currently a student so I always report my father's income ($60,000) and report his business (he's self-employed) so I include myself "self-employed" on the application.

What you are doing is illegal, I would assume that on recon when they asked you where you're income is from they would shut you down as soon as you say your fathers income, they might also close any other cards you have with them. Sorry if I seem so negatice but what you are doing is wrong and if you get caught it could ruin your credit for quite a while as well as get you black listed with your current creditors

Are you serious? No offense, but that is a bunch of BS. I know for a fact, that many people do this (reporting household income, instead of their own), and if it were such a "bad" and "illegal" act, credit card companies would be very strict on this.

A friend of mine is a Manager at Chase, and he says that credit card companies honestly don't even verify income unless they are you are applying for a credit line greater than $30,000. They will not "blacklist you", or burn you, the worst that can happen is that they will ask for a copy of your w-2 tax and if they don't receive it they will just ignore your application, and that's only if they see your credit score and report don't seem like you are credit worthy.

Re: Chase Sapphire Preferred Approval?

Anonymous — Wed, 16 Jan 2013 01:47:44 GMT

@Anonymous wrote:
@Anonymous wrote:
@KS13 wrote:
Thanks for the warm welcome!

Yeah I was thinking about waiting a month as well, this way the other inquiry on my EXperian report will also fall off, leaving only 3 inquries and it seems Chase pulled EXperian Report last time when I got denied for the Freedom card in October 2012.

I'm currently a student so I always report my father's income ($60,000) and report his business (he's self-employed) so I include myself "self-employed" on the application.

What you are doing is illegal, I would assume that on recon when they asked you where you're income is from they would shut you down as soon as you say your fathers income, they might also close any other cards you have with them. Sorry if I seem so negatice but what you are doing is wrong and if you get caught it could ruin your credit for quite a while as well as get you black listed with your current creditors
Are you serious? No offense, but that is a bunch of BS. I know for a fact, that many people do this (reporting household income, instead of their own), and if it were such a "bad" and "illegal" act, credit card companies would be very strict on this.

A friend of mine is a Manager at Chase, and he says that credit card companies honestly don't even verify income unless they are you are applying for a credit line greater than $30,000. They will not "blacklist you", or burn you, the worst that can happen is that they will ask for a copy of your w-2 tax and if they don't receive it they will just ignore your application, and that's only if they see your credit score and report don't seem like you are credit worthy.

Yes I am serious, It is a Felony to lie on a load application.... and yes if they find out you lied after they have already opened up your accounts they will close them, mayby or maybe no blacklist you but do you expect to be able to open an account with them again if you got caught lieing to them?

Re: Chase Sapphire Preferred Approval?

Shogun — Wed, 16 Jan 2013 06:24:49 GMT

It is always the best policy to be honest on the applications. I never include my DW's income on my apps, and she doesn't include mine on hers. This just seems to be a no brainer to me.