topic Re: Advice on Chase Saphire in Credit Cards

Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 17:10:21 GMT

I have had two credit cards with Chase for about two years now and I recently wanted to have a card with a limit higher than $1500. So I applied for the CSP. My score at the time of application was pretty low (and I knew the application was going to be denied) which it was. I worked on the reasons they mentioned in the letter and bascically got my utlization down from 90% to 29%. Then I re-applied ... DENIED AGAIN!

This time I called the exective office and asked them to take a second look. They called me two days later to tell me that their decision would remain unchanged because of the 99% utlization. That's when I told them to run my credit again because there's been some significant changes. They did that but still denied the application.

I just got off the phone with this lady from the exective office - she said that the reason NOW is my short history (oldest card opend early 2012 - and there are 6 revolving cards). I was surprised that they would deny an application because I applied for multiple credit cards two years ago!!!

My score right now is 680 - which I think is not that bad!

Can anybody share their experience?

Thanks,

Re: Advice on Chase Saphire

-NewGuy- — Fri, 02 May 2014 17:25:47 GMT

@altayar wrote:
I have had two credit cards with Chase for about two years now and I recently wanted to have a card with a limit higher than $1500. So I applied for the CSP. My score at the time of application was pretty low (and I knew the application was going to be denied) which it was. I worked on the reasons they mentioned in the letter and bascically got my utlization down from 90% to 29%. Then I re-applied ... DENIED AGAIN!

This time I called the exective office and asked them to take a second look. They called me two days later to tell me that their decision would remain unchanged because of the 99% utlization. That's when I told them to run my credit again because there's been some significant changes. They did that but still denied the application.

I just got off the phone with this lady from the exective office - she said that the reason NOW is my short history (oldest card opend early 2012 - and there are 6 revolving cards). I was surprised that they would deny an application because I applied for multiple credit cards two years ago!!!

My score right now is 680 - which I think is not that bad!

Can anybody share their experience?

Thanks,

So your UTIL is 29% right now? What about your UTIL on each of your cards individually?

Re: Advice on Chase Saphire

bch238 — Fri, 02 May 2014 17:40:03 GMT

A credit score is only a part of the picture. Since you have had two cards with Chase for two years, they are not only looking at your credit reports; they have access to and will rely significantly on your historical performance with your Chase cards. Have you historically maintained high balances on your Chase cards? Have you carried balances, i.e., have you more often than not been charged interest? Or have you paid in full more often than not? Does your income justify issuance of more credit?

Re: Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 18:48:03 GMT

Yes - it is 29%. Four cards are showing zero balance right now .. two are still near credit limit.

Re: Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 18:50:36 GMT

To be honest, for the first year yes - I carried a balance almost everytime. But when I decided to apply for the CPS I paid it down completely. My income is high enought to support this card ($80,000). What surprised me is that everyime I call and talk to them .. they come up with a different reason. First, was the high utlization .. then now short history (3 years!).

Re: Advice on Chase Saphire

Anonymous — Fri, 02 May 2014 18:52:38 GMT

@altayar wrote:
Yes - it is 29%. Four cards are showing zero balance right now .. two are still near credit limit.

Apart from overall, any card near CL will create a concern.

Re: Advice on Chase Saphire

thelethargicage — Fri, 02 May 2014 18:55:56 GMT

@altayar wrote:
I have had two credit cards with Chase for about two years now and I recently wanted to have a card with a limit higher than $1500. So I applied for the CSP. My score at the time of application was pretty low (and I knew the application was going to be denied) which it was. I worked on the reasons they mentioned in the letter and bascically got my utlization down from 90% to 29%. Then I re-applied ... DENIED AGAIN!

This time I called the exective office and asked them to take a second look. They called me two days later to tell me that their decision would remain unchanged because of the 99% utlization. That's when I told them to run my credit again because there's been some significant changes. They did that but still denied the application.

I just got off the phone with this lady from the exective office - she said that the reason NOW is my short history (oldest card opend early 2012 - and there are 6 revolving cards). I was surprised that they would deny an application because I applied for multiple credit cards two years ago!!!

My score right now is 680 - which I think is not that bad!

Can anybody share their experience?

Thanks,

Are you planning to churn this card? Or are you actually going to use it?

Pay down any balances you have with Chase and then apply. If you get denied, call the recon department and move some of your limits around.

Re: Advice on Chase Saphire

j_casteel — Fri, 02 May 2014 19:02:25 GMT

My recent experience with Chase:

Double pull EX and TU for Freedom both in the 690s.

Single pull EQ for CSP a few days later which is in the 650s.

Both were approved and my utilization was around 10% or so.

My current scores are in my siggy.

Re: Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 19:10:47 GMT

@thelethargicage wrote:
@altayar wrote:
I have had two credit cards with Chase for about two years now and I recently wanted to have a card with a limit higher than $1500. So I applied for the CSP. My score at the time of application was pretty low (and I knew the application was going to be denied) which it was. I worked on the reasons they mentioned in the letter and bascically got my utlization down from 90% to 29%. Then I re-applied ... DENIED AGAIN!

This time I called the exective office and asked them to take a second look. They called me two days later to tell me that their decision would remain unchanged because of the 99% utlization. That's when I told them to run my credit again because there's been some significant changes. They did that but still denied the application.

I just got off the phone with this lady from the exective office - she said that the reason NOW is my short history (oldest card opend early 2012 - and there are 6 revolving cards). I was surprised that they would deny an application because I applied for multiple credit cards two years ago!!!

My score right now is 680 - which I think is not that bad!

Can anybody share their experience?

Thanks,
Are you planning to churn this card? Or are you actually going to use it?

Pay down any balances you have with Chase and then apply. If you get denied, call the recon department and move some of your limits around.

Yeah I was planning to use it. The two Chase cards were the first thing I paid before applying again. They told 'oh we see that you've paid them and that's good .. but no we still can't approve you'. The woman I talked to kept mentioning my short history (a little more than 2 1/2 years). Yes, it's short but it's rich with information. No lates and no delinquent accounts.

Also - she emphasized that another reason for the decision was that I applied for multiple cards TWO YEARS AGO. I still can't understand how that is bad!

Re: Advice on Chase Saphire

bch238 — Fri, 02 May 2014 19:47:59 GMT

I infer from everything you said, and from what Chase told you, that they are concerned about your habitual balance-carrying over the past two years. Use your Chase cards and PIF every month for six months, while simultaneously getting your global utilization below 20% in the next six months. Your FICO score will jump once your pay down your maxed out cards, and your internal scoring with Chase will improve enough, I bet, that you get your approval.

Re: Advice on Chase Saphire

-NewGuy- — Fri, 02 May 2014 19:50:19 GMT

@Anonymous wrote:
@altayar wrote:
Yes - it is 29%. Four cards are showing zero balance right now .. two are still near credit limit.
Apart from overall, any card near CL will create a concern.

Exactly. I would pay those two down as you are able to. Should help a good deal for the reason LTL specified.

Re: Advice on Chase Saphire

DrZoidberg — Fri, 02 May 2014 19:53:14 GMT

My stories:

I applied and was not instantly approved (recon'd my apporval) for CSP with 720 and 3% utilization. Reason for denial was my bad history with Chase 8 years ago. I talked them through and was approved.

My wife was approved yesterday for the CSP. She has 800+score and 0% utilization and 3 cards total with the latest being 2011.

Re: Advice on Chase Saphire

newUser0 — Fri, 02 May 2014 21:11:37 GMT

@j_casteel wrote:
My recent experience with Chase:

Double pull EX and TU for Freedom both in the 690s.

Single pull EQ for CSP a few days later which is in the 650s.

Both were approved and my utilization was around 10% or so.

My current scores are in my siggy.

Which state you currently live in?

Re: Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 21:35:14 GMT

Like someone said up in this thread - I will just wait for six months and heavily use my Chase cards and PIF every month. That way Chase can be a little easier on me when applying again. Paying the balance on my other two maxed out cards is a priority too.

Re: Advice on Chase Saphire

nhl1508 — Fri, 02 May 2014 22:05:06 GMT

Here is my experience with Chase in general & also CSP. To give you some background, I got my first ever CC in 11/2011. I tried to apply for Freedom when I were in college and got approved on the 2nd or third try back in 4/2013 for $1000 CL =)). Then I got my first Chase Southwest Signature for $5000 CL in 11/2013. Then I got two Chase CCs last week with 10K+ CL on both. I suggest you should go to a Chase branch to see if you are prequalified for any of the card. It probably doesn't hurt to open a Checking account with them.

When I was in college I ran pretty high balance on all my card. But before I applied for the last 4 cards, I paid my balance down to 9%. My income is only $56k.

nhl1508 wrote:

After my last app spree on 4/24/14 ( Chase Southwest, Barclay Arrival and US Bank Club Carlson), I thought I would stay in the garden for so long. But I got an offer from chase for opening their checking acct to get $200 bonus, so I go to a branch on 4/28/13 to check out ( I am also tired of my BoA checking acct). after I opened the account, the banker told me I was pre-approved for both the CSP and the Chase United Airline card. I was so surprised that I got pre-approved as I check chase website for pre-qualified offers very regularly, but never got prequalified for anything.

I have been wanting the CSP, but I hesitate to go for it because I just did an app spree 4 days ago and Chase 6 month between apps myth. I ask him to print out a copy of the offer and t&c. Turn out it is an targeted offer for two reasons qualified credit & banking relationship with Chase (other than the newly opened chekcing acct, I also had 3 other chase CCs). The minimum spedning requirement is also lower 2K vs 3K compared to the public offer on Chase website. I asked him when does this offer expires, and he said it doesnt show. I also told him about the website, and he told me the offer in branch is different.

I want the card so bad that I decided to try my luck. Next thing I know I got my 4th cards with Chase within a year (first is Chase freedom on 4/2013) with a CL of 11.2K, my 2nd highest. Chase has been very generous with me. I plan to keep good relationship with them for a very long time considered they have some of the best reward cards out there. Now back to the garden and try to meet the spending limit... Hopefully I wont get tempted to apply for more cards for a while lol.

Re: Advice on Chase Saphire

CreditPacMan — Fri, 02 May 2014 22:19:42 GMT

@nhl1508 wrote:
Here is my experience with Chase in general & also CSP. To give you some background, I got my first ever CC in 11/2011. I tried to apply for Freedom when I were in college and got approved on the 2nd or third try back in 4/2013 for $1000 CL =)). Then I got my first Chase Southwest Signature for $5000 CL in 11/2013. Then I got two Chase CCs last week with 10K+ CL on both. I suggest you should go to a Chase branch to see if you are prequalified for any of the card. It probably doesn't hurt to open a Checking account with them.

When I was in college I ran pretty high balance on all my card. But before I applied for the last 4 cards, I paid my balance down to 9%. My income is only $56k.

@nhl1508 wrote:
After my last app spree on 4/24/14 ( Chase Southwest, Barclay Arrival and US Bank Club Carlson), I thought I would stay in the garden for so long. But I got an offer from chase for opening their checking acct to get $200 bonus, so I go to a branch on 4/28/13 to check out ( I am also tired of my BoA checking acct). after I opened the account, the banker told me I was pre-approved for both the CSP and the Chase United Airline card. I was so surprised that I got pre-approved as I check chase website for pre-qualified offers very regularly, but never got prequalified for anything.

I have been wanting the CSP, but I hesitate to go for it because I just did an app spree 4 days ago and Chase 6 month between apps myth. I ask him to print out a copy of the offer and t&c. Turn out it is an targeted offer for two reasons qualified credit & banking relationship with Chase (other than the newly opened chekcing acct, I also had 3 other chase CCs). The minimum spedning requirement is also lower 2K vs 3K compared to the public offer on Chase website. I asked him when does this offer expires, and he said it doesnt show. I also told him about the website, and he told me the offer in branch is different.

I want the card so bad that I decided to try my luck. Next thing I know I got my 4th cards with Chase within a year (first is Chase freedom on 4/2013) with a CL of 11.2K, my 2nd highest. Chase has been very generous with me. I plan to keep good relationship with them for a very long time considered they have some of the best reward cards out there. Now back to the garden and try to meet the spending limit... Hopefully I wont get tempted to apply for more cards for a while lol.

I've been banking only with Chase for the past five years. In fact, I have a CPC account with them (Private Client) through my father. In addition to the two cards I have with them .. THEY simply told me $3000 is the max credit we can extend to you ($1500 on each card I have with them) .. we're not going to give a single penny more.

Re: Advice on Chase Saphire

Stralem — Fri, 02 May 2014 22:24:00 GMT

This credit game is so unpredictable sometimes. Case in point, when I applied for my CSP online, it was an instant approval. My stats at the time?

Around 50% utility.

12 mo. old Freedom Visa sitting at 80% utility (that had carried a balance from Day 1).

Single pull on EX showing 655 score.

6 INQs at the time.

5 out of 7 accounts with balances.

$29K reported income.

Student loans up the wazoo (but all in deferment).

No baddies of any kind.

100% on-time payments.

But here's the thing: I have a checking and savings account with Chase. And like I said, I had the Freedom for a year. I think it's safe to say that my internal score more than made up for my less-than-pretty FICO report.

OPs profile looks so much better than mine. Ditto for other posters who had to nonetheless recon. Very perplexing.

But whatevs. That's just how credit works.

Re: Advice on Chase Saphire

j_casteel — Fri, 02 May 2014 23:27:49 GMT

@newUser0 wrote:
@j_casteel wrote:
My recent experience with Chase:

Double pull EX and TU for Freedom both in the 690s.

Single pull EQ for CSP a few days later which is in the 650s.

Both were approved and my utilization was around 10% or so.

My current scores are in my siggy.
Which state you currently live in?

Washington State

Re: Advice on Chase Saphire

Craaaig — Fri, 02 May 2014 23:36:03 GMT

Why don't you apply for something other than Chase? I'm sure you'd get some kind of approval from either Discover or American Express ... ?

Re: Advice on Chase Saphire

CreditPacMan — Sat, 03 May 2014 03:34:38 GMT

@Craaaig wrote:
Why don't you apply for something other than Chase? I'm sure you'd get some kind of approval from either Discover or American Express ... ?

I have a Discover and AMEX .. they're both so small CLs. I applied for them more than a year and a half ago .. I'm unware of any AMEX card equivelant to CPS.