topic Re: Will I get approved for Chase Sapphire Preferred? in Credit Cards

Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:01:55 GMT

CS: 740 +/- 5

Auto loan: 2500

Cards: Discover 0/1500

no lates or anything bad on credit report.

let me know if you need more info.

Re: Will I get approved for Chase Sapphire Preferred?

09Lexie — Sat, 20 Jul 2013 05:02:41 GMT

Welcome to the forum!

How long have you had your Discover?

Re: Will I get approved for Chase Sapphire Preferred?

myjourney — Sat, 20 Jul 2013 05:03:30 GMT

@Luscher wrote:
CS: 740 +/- 5

Auto loan: 2500

Cards: Discover 0/1500

no lates or anything bad on credit report.

let me know if you need more info.

Are those Fico scores?

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:05:09 GMT

I got my auto lease and discover card around April 2011.....ALL payments on time. and yes that score is from this site

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:05:36 GMT

@Luscher wrote:
I got my auto lease and discover card around April 2011.....ALL payments on time

Are those the only 2 accounts you have? Do you have any banking relation (Checking/Savings) with Chase?

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:06:44 GMT

Checking: Wells Fargo

Student loans: deffered.

nothing with chase as of yet

Re: Will I get approved for Chase Sapphire Preferred?

myjourney — Sat, 20 Jul 2013 05:08:38 GMT

@Luscher wrote:
Checking: Wells Fargo

Student loans: deffered.

nothing with chase as of yet

Your profile looks good but IMHO Chase likes to see other 5K limits with at least 6 months of history

Of course YMMV

Good luck should you app

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:11:13 GMT

@Luscher wrote:
Checking: Wells Fargo

Student loans: deffered.

nothing with chase as of yet

Honestly, I would say it is a decline. Chase Sapphire and Chase Sapphire Preferred cards are Visa Signature cards. This means that they require at least a $5,000 minimum credit line. If I were you I would apply for the Chase Freedom. You will almost be gauranteed approval for it but the credit line doesn't have to be $5,000. This will get you in with Chase and it will give you a great combo once you do get a CSP. Keep us posted if you decided to app!

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:11:41 GMT

haha yes I know they all look for higher credit limits on other cards but unfortionatly I have Discover and they do not like to give high credit limits. Im still unsure if I will be approved? Does chase care more about credit score or income for this card?

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:13:00 GMT

The only problem with that is, I only want 2 cards so if I went for the freedom I would hav the discover and freedom and then of course I want the saphire so that would make it 3 after I got the saphire! tough choices

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:13:50 GMT

@Luscher wrote:
haha yes I know they all look for higher credit limits on other cards but unfortionatly I have Discover and they do not like to give high credit limits. Im still unsure if I will be approved? Does chase care more about credit score or income for this card?

Chase doesn't really care about score as they will amost always use their own internal formula. Most of the time they want to see the amount of history or activity. Since you only have 1 revolving account that would make it more difficult.

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:16:23 GMT

Yeah I only have 1 credit card. 1 auto loan, and a bunch of student loans that are just sitting their. So I guess its a no go for now? Will the freedom card give me a higher CL?

Re: Will I get approved for Chase Sapphire Preferred?

myjourney — Sat, 20 Jul 2013 05:16:05 GMT

@SSA_2013 wrote:
@Luscher wrote:
haha yes I know they all look for higher credit limits on other cards but unfortionatly I have Discover and they do not like to give high credit limits. Im still unsure if I will be approved? Does chase care more about credit score or income for this card?
Chase doesn't really care about score as they will amost always use their own internal formula. Most of the time they want to see the amount of history or activity. Since you only have 1 revolving account that would make it more difficult.

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:16:41 GMT

@Luscher wrote:
The only problem with that is, I only want 2 cards so if I went for the freedom I would hav the discover and freedom and then of course I want the saphire so that would make it 3 after I got the saphire! tough choices

Is there a reason you wouldn't want 3 accounts? The fact is the Freedom + Discover don't always overlap on quarterly bonuses. Another thing to keep note of is that since you are about 99% likely to get approved for the Freedom...if they happen to give you a 5K limit you can always app for the CSP...have them move over the full limit and close the Freedom if you really wanted 2 cards. I just wouldn't want you to burn an inq on the CSP and walk away with nothing

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:18:54 GMT

@Luscher wrote:
Yeah I only have 1 credit card. 1 auto loan, and a bunch of student loans that are just sitting their. So I guess its a no go for now? Will the freedom card give me a higher CL?

I would be willing to bet that the Freedom would give you about a 3K limit right now. So that would probably be close enough that in 6 months - 1 year you can apply for a CSP and get it.

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:19:35 GMT

I just have no need for that many accounts/cards. I would just have them sitting in my drawer and I don't really like that. But you are sayin if I apply for the freedom and get approved I can go straight to the csp and maybe get approved? I also dont like closing accounts.

Re: Will I get approved for Chase Sapphire Preferred?

FinStar — Sat, 20 Jul 2013 05:19:53 GMT

@SSA_2013 wrote:
@Luscher wrote:
haha yes I know they all look for higher credit limits on other cards but unfortionatly I have Discover and they do not like to give high credit limits. Im still unsure if I will be approved? Does chase care more about credit score or income for this card?
Chase doesn't really care about score as they will amost always use their own internal formula. Most of the time they want to see the amount of history or activity. Since you only have 1 revolving account that would make it more difficult.

Typically Chase will not be the first lender to grant a $5K CL for the CSP if there is no established history of other revolving TLs with similar characteristics. Freedom, on the other hand, would fare a better chance IMO.

Re: Will I get approved for Chase Sapphire Preferred?

SSA_2013 — Sat, 20 Jul 2013 05:19:55 GMT

@ Lexie & Journey: You must admit the irony in this thread. We all keep others in check about gardening but now we are assisting in an app

Re: Will I get approved for Chase Sapphire Preferred?

scenery_guy — Sat, 20 Jul 2013 05:19:59 GMT

@Luscher wrote:
Yeah I only have 1 credit card. 1 auto loan, and a bunch of student loans that are just sitting their. So I guess its a no go for now? Will the freedom card give me a higher CL?

Higher than what? You might get a match limit with your Discover card if you get the Freedom. What's your income look like?

Re: Will I get approved for Chase Sapphire Preferred?

Luscher — Sat, 20 Jul 2013 05:20:16 GMT

Is it %100 necassary to have a 5k CL in order to get that card?