topic Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred in Credit Cards

Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Sat, 14 Sep 2013 16:50:05 GMT

EDIT: Instant approved for both! New credit lines: BCP 2000, Chase Freedom 3500. Not crazy limits but not bad either considering my average account age is about a year and I've already opened two credit cards this year. If it helps anyone, I checked a couple of my scores on myfico before applying: Equifax was 708, and TU was 701 (though TU probably went up a little bit as when I got the score my ut was at 10%, and I dropped it to 4% before I applied to both.) Thanks for the info guys! I'll probably do the 3x thing with my Amex after 61 days like I read on here.

New to the forums, first post!

I've been wanting to get the above two cards for a little while now, have been building credit for a few years, and am wondering if it'd be worth it to apply for both and if my chances of approval were decent.

I've made 100% of my payments on time (Credit Karma reports 110 payments), and have zero bad marks. I applied for a Discover IT and was approved for 3k back about 2 months ago, and my TU FICO score was 725. I have one other credit card, the BoA Cash Rewards that I received back in January of this year with a 1k limit. My reported income will be 57k. Utilization less than 10%. Use the CCs a LOT, all purchases go through them and then I pay them down every month. I have always rented over the past few years of living on my own. No mortages or auto loans.

I think the main thing that hurts is my low AAoA, at 1yr 2mo (9 total accounts, with 7 being various studen loans). I'm 22 and have just began seriously trying to build credit this past year. 4 total inquiries according to CK, with only two since 2011.

My thought for the CSP was it'd be useful as a high limit card and the sign-on bonus is awesome at 40k points. The BCP is useful because I know I'd make the AF back in groceries alone, which has a 6% cash back.

Thoughts on if I would be approved, and if I should apply for both at the same time? Figured I'd let everything age for a few years "in the garden" as you guys put it if I were to be approved for both.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Wed, 11 Sep 2013 13:49:02 GMT

I'm pretty sure you would be approved for the BCP but i'm only thinking you've got a 50-50 shot at the CSP. The main reason being that you don't have any current credit lines near 5k which is something Chase really likes to see.

if it was me I would app for the BCP, get the 61 day CLI then use it for 6 months from that point and get another CLI. At that point your credit line is most likely going to be 5-10k if not more. Then I would app for the CSP and unless something goes terribly wrong you should be a shoe-in for it with a good CL

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Wed, 11 Sep 2013 13:55:07 GMT

Go hogs! I'm a razorback too

Gotcha, good advice. Aside from the extra HP, is there any negative if I were to get declined for the CSP? Aside from these two cards I really have nothing else I'll need credit for, for at least a couple years into the forseeable future. Probably the next thing would be an auto loan in 2-5 years. I wonder if the dice roll would be worth it for the potential high limit boost and for AAoA for the future.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Wed, 11 Sep 2013 14:02:08 GMT

@Anonymous wrote:
Go hogs! I'm a razorback too

Gotcha, good advice. Aside from the extra HP, is there any negative if I were to get declined for the CSP? Aside from these two cards I really have nothing else I'll need credit for, for at least a couple years into the forseeable future. Probably the next thing would be an auto loan in 2-5 years. I wonder if the dice roll would be worth it for the potential high limit boost and for AAoA for the future.

Nope, nothing negative at all... Chase also has some of the best recon as well, after you apply if not instantly approved you can call and go over your application with the person who will be making the decision, I really think this helps alot with approvals.

You might look at getting the Chase Freedom card before you get the CSP as well. Maybe get it and use it for 3-6 months to start a relationship with Chase before you apply for the CSP. I did it a little backwards and got the CSP first, but if you plan to accrue a ton of UR points you really need both cards, the 5x point on the rotating bonus of the Freedom is a huge boost and these cards go very well together. The Freedom card has no AF as well so that makes it that much better!

Good luck with your applications and Go Hogs!

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

dabrian — Wed, 11 Sep 2013 14:04:50 GMT

Of course go for it!! I would app for the BCP first then cross your fingers CSP. Worse that could happen is they tell you no and you take a hard pull, which is hardly the end of the world. GL and let us know the results.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Wed, 11 Sep 2013 14:11:33 GMT

Thanks! I think I'll start with the BCP and the Freedom then, then maybe in 6 months or so apply for the BCP. Hopefully the 40k points offer will still be around.

I'll follow-up on the board with my apps for anyone else who might be in similar situation.

Edit: If they denied me for the BCP, would or could they recommend an easier card like Freedom from the same pull? Though I just want the BCP now, I could get the Freedom now since it's more of a sure thing and I'd need it to take advantage of the benefits of BCP anyway.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

supervelous — Wed, 11 Sep 2013 14:22:50 GMT

I don't think the CSP is as tough to get as it's sometimes perceived. I was very surprised I got approved for it with a high 600's FICO, but not a very good payment history, 27 lates on my credit report, although none in the very recent past. Go to Chase.com and fill out their prequalification and see what comes up. Pre-Qual is never a guaranteed approval from what I know but it is a strong indicator. I had my mom fill it in and she got offers for CSP, Freedom and Slate with specific rates. I only got the Freedom pop up, but app'd CSP as well and got approved. Keep in mind Chase will HP you both Apps, and they pulled TU and EXP for me on the CSP, probably b/c I was borderline.

Freedom and CSP is great combo, 50K bonus points between them, and you can utilize the 5X categories quarterly on the Freedom, transfer all points to the CSP, then transfer those to travel programs 1:1 which gives you the most value for your points.

Also, I'm not so sure on the advice on Chase needing to see high limits before they will approve. I got approved for $5K Freedom and $6,200 CSP. My limits on cards was $250 (Chase Slate), $300 (Chase), $300, $500, $700, and an Express card at $1,730. Yet Chase gave me limits that blew those all away. Now, I did have 2 credit cards with them already but at low low limits. I also have 2 Checkings and a Savings with them, so I have a 5 year relationship which probably helped. But it seems to me you'd have a good shot, fill out pre-qual, and if you get denied recon.

Lastly, if you are going to sign up for BCP do it through creditcards.com. Amex has a $150 bonus after $1k spend in 3 months, but if you app through creditcards.com the bonus is $250 for the same spend. I didn't know this and lost out on the extra $100. Good luck!!

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Wed, 11 Sep 2013 14:33:28 GMT

More good advice, thanks!

So are you suggesting applying for both the Freedom and CSP at the same time? I definitely want to get the BCP preferred due to the 6% back on groceries, but I'm conflicted as to how many cards I should apply for at once that'd be most beneficial (from just the BCP, to the BCP, Freedom, -and- the CSP now). Also reading the fine print on the Chase cards it sounded like once you are a cardmember, you can't get a bonus on another Chase card. Maybe I'm mistaken.

"This one-time bonus offer is valid only for first-time cardmembers with new accounts. Previous and existing cardmembers/accounts are not eligible for this bonus offer."

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

takeshi74 — Wed, 11 Sep 2013 15:02:38 GMT

@Anonymous wrote:
So are you suggesting applying for both the Freedom and CSP at the same time?

I'd suggest appying in order of priority for you. You want the best approval odds for the card you want most, generally speaking.

@Anonymous wrote:
I definitely want to get the BCP preferred due to the 6% back on groceries, but I'm conflicted as to how many cards I should apply for at once that'd be most beneficial (from just the BCP, to the BCP, Freedom, -and- the CSP now).

It's really your call to make as to which cards are most beneficial to you. Number to apply for varies as each person's credit differs. One person might be able to app and get approved for multiple cards. Another may only be able to do so for one. Yet another may not get approved for anything. Again, prioritize and apply in order.

@Anonymous wrote:
Also reading the fine print on the Chase cards it sounded like once you are a cardmember, you can't get a bonus on another Chase card. Maybe I'm mistaken.

"This one-time bonus offer is valid only for first-time cardmembers with new accounts. Previous and existing cardmembers/accounts are not eligible for this bonus offer."

By cardmember they mean for that specific card -- not for Chase in general.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Sat, 14 Sep 2013 17:14:48 GMT

Instant approved for both! See above edit on first post for details.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

09Lexie — Sat, 14 Sep 2013 17:03:48 GMT

Congrats...approved for CSP or Freedom?

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Kenny — Sat, 14 Sep 2013 17:07:02 GMT

Yeah, I thought you wanted CSP? Congratulations either way!

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Sat, 14 Sep 2013 17:15:12 GMT

Freedom and BCP.

Originally I did want the Sapphire but after what others were saying here and reading I thought I might hold off on the Sapphire for a few months, since it seems I'd need the Freedom anyway to take full advantage of the Sapphire and applying for three cards at the same time seemed pushing it, haha. Also since apparently the Sapphire has a 5k minimum limit, and since the Freedom only approved for 3500, that might have been a good decision.

I've gone from no credit cards with a score in the 660s (due to limited history) to four cards and a score in low 700s in 10 months I'm pretty happy about that.

Oh yeah and I noticed on the Chase page it said something about if the limit wasn't enough that I could discuss it when I call to activate my card. Anyone ever have luck with that?

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

09Lexie — Sat, 14 Sep 2013 17:18:32 GMT

It would probably be a Hp. If nothing has changed since the approval, you might want to think about requesting a CLI

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Sun, 15 Sep 2013 14:53:24 GMT

Actually, while on the sort of "new credit high," decided to go ahead and apply for a CLI for my BoA card. Requested 3000 and got instant approved!

Nearly tripled my total credit over the weekend, from 4000 to 11500

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Kenny — Sun, 15 Sep 2013 16:20:04 GMT

Great job! Sounds like a little garden time is in order!

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

supervelous — Sun, 15 Sep 2013 16:37:20 GMT

Congrats!! Did you get the $250 sign on bonus offer with the BCP?

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

red259 — Sun, 15 Sep 2013 19:35:58 GMT

@Anonymous wrote:
Freedom and BCP.

Originally I did want the Sapphire but after what others were saying here and reading I thought I might hold off on the Sapphire for a few months, since it seems I'd need the Freedom anyway to take full advantage of the Sapphire and applying for three cards at the same time seemed pushing it, haha. Also since apparently the Sapphire has a 5k minimum limit, and since the Freedom only approved for 3500, that might have been a good decision.

I've gone from no credit cards with a score in the 660s (due to limited history) to four cards and a score in low 700s in 10 months I'm pretty happy about that.

Oh yeah and I noticed on the Chase page it said something about if the limit wasn't enough that I could discuss it when I call to activate my card. Anyone ever have luck with that?

Yep, I think you made the right call there. Garden for awhile and let your accounts age and I think you are going to be in excellent shape. I'm building up points with my freedom so that I can shift them over when I get a CSP. The freedom is a nice little card and with additional benefits being added in november it will work even better. At this point I think you would not only want to try to get approved for a CSP, but to take the time and set yourself up to try to get approved with a great credit line and not just the 5k minimum.

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

Anonymous — Sun, 15 Sep 2013 19:49:28 GMT

Thanks guys! I've been feeling pretty good about all the progress over the weekend. These new limits are gonna make a HUGE difference in utilization. It'll be nice not having to be constantly checking and paying balances multiple times a months.

Yup got the $250 bonus too! Yeah I thought I'd just build points for a while on the Freedom and when I get the CSP I'd move all the points over.

My thought is aside from doing the 3x CLI with the BCP in 61 days, not do anything more requiring credit for a while and garden

Also I think BoA may not have done a hard pull. They didn't ask for a SSN (though since I bank with them it could be that it's just already on file). That'd be a nice bonus too.

Good point about waiting on the CSP as well so I get a nice large line when I do finally apply. How long you guys think would be good to wait? A year? Less? More?

Re: Applying for Chase Sapphire Preferred and AMEX Blue Cash Preferred

red259 — Sun, 15 Sep 2013 20:45:45 GMT

I would recommend a year given your low AAoAs. What you should do in the meantime is garden and request your SP Amex CLIs as they become available. That will help you get a card with over a 5k balance and will further help you with overall credit util. Maybe you will luck out and get some auto CLIs on freedom as well. You want to let your new accounts age as well as letting your inqs age. Furthermore, a well established history with your freedom card with Chase will really help you with the CSP application. I think doing these things for a year is going to set you up nicely. I wouldn't apply for anything for at least six months though.