topic Re: Recon: Chase SP in Credit Cards

Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 12:55:36 GMT

Credit newbie here, slightly less of a newbie on the forums (finally registered). A little background:

Undergrad biology student, developmental neuroscience researcher;

Course Developer/Student Administrator for the University - income about 16.7k.;

Checking/savings accounts with Wells Fargo.

Applied and was able to pick up an American Express BCE with a 1.5k limit about a month and a half ago.

I like the BCE, no annual fee, intro APR; going AMEX as a first card was pretty amazing.

But, I needed to up my credit game. I'm planning on pulling a 3x CLI on my BCE on the 61st day of membership, and tried for a CS and CSP.

My original game plan was being accepted for both, and then transferring the CL from CS>CSP, and having them cancel the CS.

Denied, for both. Called recon and they cited low income.

I'm not planning on taking no for an answer. I just need to get the right explanation, and stammer much, much less when talking to the reps.

Anyone have a similar success story?

Re: Recon: Chase SP

Closingracer99 — Thu, 14 Aug 2014 13:03:02 GMT

They also don't like giving you credit if you never had it and would like a year before they approve you typically. You can just recon them again as much as you want. Just make sure it is a Different person

I personally had no experience reconning Chase cards. I had to recon my Marriott card but that was because I need to verify stuff. I have Reconed Bank of America card and after getting cited for new accounts and to many inqs I just told them I simply wanted a Mastercard and they offered a good one.

Re: Recon: Chase SP

navigatethis12 — Thu, 14 Aug 2014 13:49:45 GMT

With 16.7 income I wouldn't imagine youqualify for a 5000 limit and why do you want the Sapphire Preferred if you can't spend enough to make it worth it? Even if you do endup getting one, there's no way they will give you both and they both need to be approved with at least a 5000 limit. I don't see low incomebeing something you can persuade them on. I suggestapplying for the Freedom since credit limits on that can go pretty low.

Re: Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 14:06:04 GMT

I mean, the idea is to establish and maintain credit. With an AMEX and Signature Visa, I'm essentially set for at least 24-36 months, if not longer. You're right - I don't tend to spend much, but considering I'm still in college, I can charge certain consistent purchases that will make it worth it for me to manage both cards (housing, books, lab materials, supplies, etc.) that I would prefer to use credit over my debit account.

I know what I can spend - I know that it's not $5K. But I also know that you don't need to max out a credit card every month to be a member. Blueprint and rewards make it worth it - as well as the possibility of being both a BCE and CSP cardholder. They're both pretty decent cards, and if those accounts age, I basically have my foot in the door for bigger and better as years pass.

Re: Recon: Chase SP

navigatethis12 — Thu, 14 Aug 2014 14:32:24 GMT

You'd have to spend at least 9500 in regular spending to cover the fee, and even then it doesn't make much sense unless you get a lot of value out of transferring to airlines or hotels. What I'm saying is that it's a stretch for them to lend 5000 to someone with 16.7 income. Yes everyone wants high limits but that isn't really realistic. If you get the Freedom you'll still be building credit history, still be getting in good with Chase, and still get rewards for using the credit card over a debit card. I really think you'd be able to get the Freedom with at least a 500 or 1000 limit that you can be building history with. After a few years if you're income goes up, you'll have a much better chance at getting the Sapphire Preferred since you're already a customer.

Re: Recon: Chase SP

sean23 — Thu, 14 Aug 2014 15:00:38 GMT

@Anonymous wrote:
I mean, the idea is to establish and maintain credit. With an AMEX and Signature Visa, I'm essentially set for at least 24-36 months, if not longer. You're right - I don't tend to spend much, but considering I'm still in college, I can charge certain consistent purchases that will make it worth it for me to manage both cards (housing, books, lab materials, supplies, etc.) that I would prefer to use credit over my debit account.

I know what I can spend - I know that it's not $5K. But I also know that you don't need to max out a credit card every month to be a member. Blueprint and rewards make it worth it - as well as the possibility of being both a BCE and CSP cardholder. They're both pretty decent cards, and if those accounts age, I basically have my foot in the door for bigger and better as years pass.

You said it! Bigger and better as YEARS pass. Take no as the answer. You gotta prove you can walk before you can run. If they said your income was the problem, then just wait it out until your income increases, and you have developed a longer history. Larger limits will tempt you to charge more, and you havent proven you can handle the credit you have now. Just slow down and wait awhile.. you'll be good to go before you know it.

Re: Recon: Chase SP

Creditaddict — Thu, 14 Aug 2014 15:14:21 GMT

Freedom would probably get you way more rewards while in school.

Sallie Mae may even be better!

Re: Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 15:17:57 GMT

Interesting thread! I was considering apping for the Chase Sapphire (non-preferred version), but I'm not sure I would get accepted due to low income, mainly!

I would suggest perhaps the Sallie Mae...I got approved for a $3,300 CL and used $12k as my annual income (college student here as well...). I would suspect you could get a larger limit then me if they go by annual income.

Re: Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 15:34:46 GMT

The reason I shrink from other cards is because the CSP is currently one of the best general-purpose cards out there. Yes, it's got a great signup bonus I will likely not be able to take advantage of, and will likely cost me an AF that will be a pain to pay for at some point - but I'd imagine that by then, my income would be larger, too. I'm trying hard not to open multiple accounts in vain: I don't want to pick up the Freedom if I'm trying to go for the CSP, because I'd have to either combine or cancel the Freedom at once I am approved for CSP. That'll be a hit to my credit score.

With CSP and AMEX, I should be okay as far as spending power goes. 1.5k initial limit with AMEX as a first card was more than I expected, and more than usual. With a 3x credit increase, I would be at 4.5k, which is pretty close to the CSP's 5k minimum limit.

I know that thin file (or no file altogether, as AMEX isn't reporting yet) is also a factor, but how do recon agents overturn decisions? Is it subjective? Do they have to justify their decisions?

Re: Recon: Chase SP

Creditaddict — Thu, 14 Aug 2014 15:43:21 GMT

the combine of freedom and csp can be great though and with the 5% categories.

Re: Recon: Chase SP

sean23 — Thu, 14 Aug 2014 15:55:40 GMT

@Anonymous wrote:
The reason I shrink from other cards is because the CSP is currently one of the best general-purpose cards out there. Yes, it's got a great signup bonus I will likely not be able to take advantage of, and will likely cost me an AF that will be a pain to pay for at some point - but I'd imagine that by then, my income would be larger, too. I'm trying hard not to open multiple accounts in vain: I don't want to pick up the Freedom if I'm trying to go for the CSP, because I'd have to either combine or cancel the Freedom at once I am approved for CSP. That'll be a hit to my credit score.

With CSP and AMEX, I should be okay as far as spending power goes. 1.5k initial limit with AMEX as a first card was more than I expected, and more than usual. With a 3x credit increase, I would be at 4.5k, which is pretty close to the CSP's 5k minimum limit.

I know that thin file (or no file altogether, as AMEX isn't reporting yet) is also a factor, but how do recon agents overturn decisions? Is it subjective? Do they have to justify their decisions?

They do not have to "justify" their decisions. They will tell you as a courtesy, issues that can be approved upon- but sometimes they will just say to look at the letter that comes in the mail. But it seems they already told you, that your income was too low. You are assuming you will get the 3X CLI before it occurs, and with your credit profile, there is a good chance you could be denied for that as well and might have to wait a little longer before they approve. The 3X CLI is not a guarantee. If you dont want to pick up another card with a lower limit, and are dead set on the prestige factor of the CSP- you should just wait it out. The more you apply and get denied for cards that you dont have the credit profile to meet, the more inquries you will generate which will in turn lower your score, and make it even harder to get accepted for the cards you are trying to get.

Re: Recon: Chase SP

xerostatus — Thu, 14 Aug 2014 16:03:48 GMT

I disagree on the notion that CSP is the "best general spend" card. I mean, it certainly can be, for some people with specific spending patterns. But honestly, a freedom is a much better card for someone starting out. Most people agree that the true "power" of the CSP comes from its combo with the Freedom (earn 5x on freedom, transfer to partners using CSP, etc)

But that is only part of the issue; $5000 min. credit line for thin file and low income? Very unlikely from Chase.

Also, I dont think it's been mentioned yet, but even IF you had higher income, and even IF you had a thicker file, a lot of times Chase likes to tell people they want to see their ability to handle $5000+ credit line responsibly for X amount of time before they approve you. That means, they prefer not to roll the dice on being your very first $5000+ credit line.

I'm not implying there are no exceptions, and everything i said above really just comes from anecdotal evidence, so take it with a grain o salt. But just understand you're fighting an uphill battle.

Re: Recon: Chase SP

Swapmeet — Thu, 14 Aug 2014 16:02:17 GMT

You seem to be assuming that you cannot have two cards from chase, when they actually reward you for it. They aren't just going to give you their top-tier card. They want you to have established credit first (ie already have a 5k limit for some time to get the csp). As everyone is saying to you, the freedom would be your best bet, and I'm not sure where you got the idea that the CSP is the best "general purpose" card out there, but that is false as well. You can, however, transfer points between the freedom and csp at will, hence it is optimum to have both cards. If you check my sig you will notice that there is even a visa siggy version of the freedom (for once you have established credit). This credit thing is a game, I've noticed, and once I learned the rules of the game it was a quick climb from 0 - where I am now. Please listen to the wisdom of the folks here.....it works--I am proof.

Re: Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 17:19:50 GMT

I'm not irrationally afraid of opening a Freedom account, for instance. The problem is I don't spend enough to warrant picking up the Freedom, only to get to my goal of the CSP. At least for now, I would really like to have both my AMEX and a CSP in my wallet - as some places I frequent don't accept AMEX due to high charges for businesses, moreso than Visa or Mastercard.

CSP may not be the "universal" best general spending card, but it's good enough for me. I like the Blueprint features, and it's a card I won't outgrow anytime soon. I'll have a credit limit I can manage even at its minimum, and it'll give me good benefits when I fly out to research conferences (reimbursed, of course).

I don't know how to angle the situation in order to have them approve me, even if it's for the CS.

Re: Recon: Chase SP

Closingracer99 — Thu, 14 Aug 2014 17:26:20 GMT

@Anonymous wrote:
I'm not irrationally afraid of opening a Freedom account, for instance. The problem is I don't spend enough to warrant picking up the Freedom, only to get to my goal of the CSP. At least for now, I would really like to have both my AMEX and a CSP in my wallet - as some places I frequent don't accept AMEX due to high charges for businesses, moreso than Visa or Mastercard.

CSP may not be the "universal" best general spending card, but it's good enough for me. I like the Blueprint features, and it's a card I won't outgrow anytime soon. I'll have a credit limit I can manage even at its minimum, and it'll give me good benefits when I fly out to research conferences (reimbursed, of course).

I don't know how to angle the situation in order to have them approve me, even if it's for the CS.

Err What? the CSP has a $95 AF which means you need to spend MORE the make it worthwhile and mostly in Dining and travel. The Freedom has no AF, makes 5% in different categories each quarter and a much easier card to get

Re: Recon: Chase SP

Anonymous — Thu, 14 Aug 2014 17:34:38 GMT

Like I said, I'm planning on doing some travel for work. The University reimburses me - and although the traveling won't happen this year (probably sometime in January), I would like to at the very least, start some sort of relationship with Chase, esp. considering I recently dropped meals at the Univ. and am planning on doing some dining. Obviously, the prestige of a CSP is a nice perk, too (not that this is a surprise to anyone).

Re: Recon: Chase SP

navigatethis12 — Thu, 14 Aug 2014 17:49:09 GMT

@Anonymous wrote:
Like I said, I'm planning on doing some travel for work. The University reimburses me - and although the traveling won't happen this year (probably sometime in January), I would like to at the very least, start some sort of relationship with Chase, esp. considering I recently dropped meals at the Univ. and am planning on doing some dining. Obviously, the prestige of a CSP is a nice perk, too (not that this is a surprise to anyone).

You will be building a relationship if you get the Freedom now. You say you don't spend enough to warrant the Freedom, but I don't see how it's any different then the Sapphire Preferred. If the American Express if your first card you've no score or report to be concerned about with new accounts and inquiries. You can try as much as you want but they will likely not approve you for the Sapphire Preferred. Would you lend 5000 to somene that made 16.7? If you don't have any history that will also definitely be a huge negative to them.

Instead, get the Freedom and a year from now your income could be 30,000 and they then have income and the history of the Freedom to be more likely to approve you. Once you get the Sapphire Preferred, you can just stop using the Freedom if you don't want to split charges between the two. The Sapphire is no different from the Sapphire Preferred in terms of approval requirements.

Re: Recon: Chase SP

xerostatus — Thu, 14 Aug 2014 17:55:24 GMT

@Anonymous wrote:
I'm not irrationally afraid of opening a Freedom account, for instance. The problem is I don't spend enough to warrant picking up the Freedom, only to get to my goal of the CSP. At least for now, I would really like to have both my AMEX and a CSP in my wallet - as some places I frequent don't accept AMEX due to high charges for businesses, moreso than Visa or Mastercard.

CSP may not be the "universal" best general spending card, but it's good enough for me. I like the Blueprint features, and it's a card I won't outgrow anytime soon. I'll have a credit limit I can manage even at its minimum, and it'll give me good benefits when I fly out to research conferences (reimbursed, of course).

I don't know how to angle the situation in order to have them approve me, even if it's for the CS.

Well, I think we're all seeing the elephant in the room, but I will just say good luck with recon. Probably won't happen, but maybe it will.

If you really want to "establish" relationship with Chase early on, then again, imo Freedom is your best best. CSP is usually/normally not the best way "in" for Chase, but to each his own.

Re: Recon: Chase SP

sean23 — Thu, 14 Aug 2014 18:57:02 GMT

@Anonymous wrote:
Like I said, I'm planning on doing some travel for work. The University reimburses me - and although the traveling won't happen this year (probably sometime in January), I would like to at the very least, start some sort of relationship with Chase, esp. considering I recently dropped meals at the Univ. and am planning on doing some dining. Obviously, the prestige of a CSP is a nice perk, too (not that this is a surprise to anyone).

Is your insistance on getting the CSP more about the prestige than anything else? Are you thinking about going out to eat with your friends, pulling out an Amex card and then if they say they dont accept it, pulling our your shiny metallic CSP, and having your friends question you about the type of card that is and what you had to do to get such a great card?

Re: Recon: Chase SP

Closingracer99 — Thu, 14 Aug 2014 19:03:11 GMT

@Anonymous wrote:
Like I said, I'm planning on doing some travel for work. The University reimburses me - and although the traveling won't happen this year (probably sometime in January), I would like to at the very least, start some sort of relationship with Chase, esp. considering I recently dropped meals at the Univ. and am planning on doing some dining. Obviously, the prestige of a CSP is a nice perk, too (not that this is a surprise to anyone).

Err You want to build a relationship with Chase and you want to start with the CSP? that is totally the wrong way to put it ....

In order Freedom , Slate ----> CS/CSP as far as their own products goes. Chase also offers the Amazon visa and it might be even easier to get then the Freedom/Slate cards. You say you can't meet the "Spending" for the Freedom But you can with the CSP ? that makes no sense bcause there is no spending requirement on the Freedom because it has no AF. You only get out of it depends on how much you put in. The CSP requires a $95 AF which means you should be putting enough in to make at least $95 dollars worth of UR points to make up the AF.