topic Re: Chase Sapphire Preferred prospects in Credit Cards

Chase Sapphire Preferred prospects

acb5456 — Wed, 14 Aug 2013 04:27:16 GMT

Hi everyone! So this is sort of hypothetical, but on 7/23/14 I am planning to apply for the Chase Sapphire Preferred card and would like to know what you guys think my chances are. Here is my (suppositional) credit profile less than 1 year from now, if all goes according to plan:

Scores: 700-ish

AAOA: 3yrs 8months

Income: $36,100

Inquiries: 0 for the following 12 months on all 3 bureaus, and from the year before: EQ>7 TU>4 EX>7

Installment Loans (student loans): $29,xxx

Auto Loan: $7,xxx

All revolving accounts over 1 year old

Amex BCE: $6000 (5/13)

Discover It: $1500 (5/13)

BofA Cash Rewards: $1000 (6/13)

Barclays: $2000 (1/13)

Firestone: $900 (2/13)

1 medical collection from 2009: $77, paid (attempted GW deletion, won't budge)

100% on-time payments, and will report 1-9% utilization for score purposes.

What are my chances guys? Any more info necessary? Thank you in advance for your input!

Re: Chase Sapphire Preferred prospects

djc1puno — Wed, 14 Aug 2013 04:55:24 GMT

Youd probably want your scores in mid 700s... Looking at you scenario all else would be good to go...Imho

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 04:57:58 GMT

@acb5456 wrote:
Hi everyone! So this is sort of hypothetical, but on 7/23/14 I am planning to apply for the Chase Sapphire Preferred card and would like to know what you guys think my chances are. Here is my (suppositional) credit profile less than 1 year from now, if all goes according to plan:

Scores: 700-ish
AAOA: 3yrs 8months
Income: $36,100
Inquiries: 0 for the following 12 months on all 3 bureaus, and from the year before: EQ>7 TU>4 EX>7
Installment Loans (student loans): $29,xxx
Auto Loan: $7,xxx
All revolving accounts over 1 year old
Amex BCE: $6000 (5/13)
Discover It: $1500 (5/13)
BofA Cash Rewards: $1000 (6/13)
Barclays: $2000 (1/13)
Firestone: $900 (2/13)
1 medical collection from 2009: $77, paid (attempted GW deletion, won't budge)

100% on-time payments, and will report 1-9% utilization for score purposes.

What are my chances guys? Any more info necessary? Thank you in advance for your input!

IMHO

You need a little more payment history with the BCE (3 more months)

Re: Chase Sapphire Preferred prospects

acb5456 — Wed, 14 Aug 2013 05:01:33 GMT

Thanks for the responses! @myjourney: so i should have more than 15 months of BCE history? Because when i apply for the CSP in July '14, i will have 15 months on the BCE. Thanks again!

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 05:07:47 GMT

@acb5456 wrote:
@Anonymous for the responses! @myjourney: so i should have more than 15 months of BCE history? Because when i apply for the CSP in July '14, i will have 15 months on the BCE. Thanks again!

Your sig say you got the BCE 5/13 is that wrong? You should have at least 6 months history with a TL over 5K

Re: Chase Sapphire Preferred prospects

09Lexie — Wed, 14 Aug 2013 05:08:51 GMT

Idk if you'll need 15 mos of history. It's really hard to speculate since we are talking about a year from now. However, based on your information if your util and inq's are low and no baddies- you should be fine.

Re: Chase Sapphire Preferred prospects

acb5456 — Wed, 14 Aug 2013 05:10:34 GMT

@myjourney wrote:
@acb5456 wrote:
@Anonymous for the responses! @myjourney: so i should have more than 15 months of BCE history? Because when i apply for the CSP in July '14, i will have 15 months on the BCE. Thanks again!
Your sig say you got the BCE 5/13 is that wrong? You should have at least 6 months history with a TL over 5K

You're right! But i'm planning on applying in July of 2014, so my credit profile above is hypothetical to what it will hopefully look like in July of 2014. So by that point, it will have 14-15 months of history by that point. Thanks!

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 05:13:09 GMT

@acb5456 wrote:
@myjourney wrote:
@acb5456 wrote:
@Anonymous for the responses! @myjourney: so i should have more than 15 months of BCE history? Because when i apply for the CSP in July '14, i will have 15 months on the BCE. Thanks again!
Your sig say you got the BCE 5/13 is that wrong? You should have at least 6 months history with a TL over 5K
You're right! But i'm planning on applying in July of 2014, so my credit profile above is hypothetical to what it will hopefully look like in July of 2014. So by that point, it will have 14-15 months of history by that point. Thanks!

In that time you can get a lot of cards LOL

But 6 months of payment history will do

Re: Chase Sapphire Preferred prospects

FinStar — Wed, 14 Aug 2013 05:15:00 GMT

@09Lexie wrote:
Idk if you'll need 15 mos of history. It's really hard to speculate since we are talking about a year from now. However, based on your information if your util and inq's are low and no baddies- you should be fine.

Anything can change within that timeframe and if you play your cards right (no pun intended), then it's fair to say the goal is achievable. Theoretically, if everything was a constant and not much changed other than history/scores in a positive direction (assuming no utilization spikes, AAoA hits, no derogs/late payments, etc.); and as Lexie mentioned - it's likely feasible.

Re: Chase Sapphire Preferred prospects

acb5456 — Wed, 14 Aug 2013 05:16:18 GMT

So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 05:17:24 GMT

@acb5456 wrote:
So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

Chase likes to see a history at 5K sorry

Re: Chase Sapphire Preferred prospects

acb5456 — Wed, 14 Aug 2013 05:18:35 GMT

Yeah I was thinking about that 5k issue. Well I will hope to bring up my limits over 5k in the mean time! Thanks everyone for your respones!

Re: Chase Sapphire Preferred prospects

FinStar — Wed, 14 Aug 2013 05:19:54 GMT

@acb5456 wrote:
So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

The longer the history, the better your chances. More history enables the lender to fairly evaluate your approval odds and proper CL assignment (given other variables as well). So, if you are in no hurry, then July 2014 is really but only 11 months away. Keep in mind you have recently opened a lot of new TLs.

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 05:28:44 GMT

This thread was cover for someone else to app ..Conspiracy I see

Re: Chase Sapphire Preferred prospects

djc1puno — Wed, 14 Aug 2013 05:41:26 GMT

but if OP can get his BCE to 6K by then (hypothetical scenario), then he should be OK? no?

@myjourney wrote:
@acb5456 wrote:
So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

Chase likes to see a history at 5K sorry

Re: Chase Sapphire Preferred prospects

Anonymous — Wed, 14 Aug 2013 05:43:26 GMT

@djc1puno wrote:
but if OP can get his BCE to 6K by then (hypothetical scenario), then he should be OK? no?
@myjourney wrote:
@acb5456 wrote:
So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

Chase likes to see a history at 5K sorry

You don't exactly need a card that already has 5k CL.

It will help, but not necessary.

If you have a CR and income that supports a 5k CL, they will still give it to you.

Re: Chase Sapphire Preferred prospects

myjourney — Wed, 14 Aug 2013 05:54:12 GMT

@djc1puno wrote:
but if OP can get his BCE to 6K by then (hypothetical scenario), then he should be OK? no?
@myjourney wrote:
@acb5456 wrote:
So would it be possible to apply by January '14 when all my accounts are over 6 months? Also, my BCE will likely only be at the $3,000 limit so that might be a hindrance correct?

Chase likes to see a history at 5K sorry

I have seen a few cases the gave someone their 1st 5K line but rare