Amex Blue Cash Preferred vs Chase Sapphire Preferred

[Crimsonglory]

Hello all, new to here so apologies if I'm not quite up on the lingo and abbreviations yet.

I'm finally in a place where I have my credit at a point where I can move up so to speak on a new tier of CC. My records are as follows:

Capital One Venture Rewards - 13K CL - 0 balance

Discover It Cash Back - 10700 CL - $2750 balance

Best Buy Visa: 10K CL, $65 balance

Zales Diamond Card - 5K CL, 0 balance

David's Bridal / Comenity Card - $2550 CL, 0 balance

Ashley Furniture Card - 6K CL, 0 balance

Credit scores are between 776 and 805 between Fico 8, Vantage Score 3, and the 3 credit bureaus. Utilization is at 6%. I should have the Discover paid off by June at the latest. I am trying to get 1 card now, 1 more next year and that's it before my car lease is up next summer when I plan to finance instead. There's also a 6 figure student loan I'm paying and a personal loan halfway paid with 9K left. 

With this in mind and given my current balances, which card between the Amex and Chase is more likely to give me approval and a larger credit limit? I am showing pre-qualified for both. I currently have a Chase bank account if that matters. Credit history is 11 years and 0 late payments. I only ask as next year when I go for the other card, I will be in a different financial position as I have student loans coming.

Thanks!

[increasingmyfico]

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@Crimsonglory wrote:

Hello all, new to here so apologies if I'm not quite up on the lingo and abbreviations yet.

I'm finally in a place where I have my credit at a point where I can move up so to speak on a new tier of CC. My records are as follows:

Capital One Venture Rewards - 13K CL - 0 balance

Discover It Cash Back - 10700 CL - $2750 balance

Best Buy Visa: 10K CL, $65 balance

Zales Diamond Card - 5K CL, 0 balance

David's Bridal / Comenity Card - $2550 CL, 0 balance

Ashley Furniture Card - 5K CL, 0 balance

Credit scores are between 776 and 805 between Fico 8, Vantage Score 3, and the 3 credit bureaus. I should have the Discover paid off by June at the latest. I am trying to get 1 card now, 1 more next year and that's it before my car lease is up next summer when I plan to finance instead.

With this in mind and given my current balances, which card between the Amex and Chase is more likely to give me approval and a larger credit limit? I am showing pre-qualified for both. I currently have a Chase bank account if that matters. Credit history is 11 years and 0 late payments. I only ask as next year when I go for the other card, I will be in a different financial position as I have student loans coming.

Thanks!

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      You should be solid for both. Those are different cards. I think the question is which will give you the most value. BCP is a good earner especially on groceries. However you can only redeem for statement credit. CSP is more flexible especially if you plan to travel. 

[disdreamin]

I have both cards, and both work well for me, but for entirely different reasons. As noted above, BCP is a very good card for grocery spend as long as where/how you normally shop codes as groceries. CSP is quite good for travel, and I've got a not-too-long-term target for the points I'm accruing.

For me, both cards came with nice limits (although, for Chase I had to swap some things around as I was apparently near their internal limit for extended credit when I applied). My SO app'd for a CSP as their second active cc and receive a VERY healthy CL, so I'd say in general we've found Chase to be relatively generous. It's all about your profile, though, and what it supports.

I'd say gauging what will be most worthwhile to you, as far as benefits, is the best way to go. Also, for CSP, I'd consider app-ing in a branch. My SO had no annual fee for the first year plus the same SUB I received, so sometimes you can do better in a branch rather than online app.

[805orbust]

First, congrats on your profile. You have obviously grasped the concept of managing credit to perfection. You're good with both, but my gut is that Chase will reward you by serving up a higher limit out of the gate. Amex is easier to grow (no hard pull for increases), however you can apply for it at anytime if you wish as they are MUCH less sensitive about things like inquiries,  new accounts, etc.

[Crimsonglory]

Thanks all for the feedback. What makes me hesitate on the Amex is that I have a 6 figure student loan. Nothing derogatory, because I had just started paying it right before the pandemic hit and left it without payments as has been allowed. But they may look at that and deny it for that reason. 

Given that I have plans for a large overseas trip in mid-late 2024, is it worth it to try for the CSP now with hopes that I'll have some CLI in time for the trip, or is that easier for the BCP?

UPDATE:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Amex-BCP-approved-highest-SL-of-my-cards/td-p...