Approval Odds - Chase Ritz Carlton

[Anonymous]

I have a high available income ($450+) but almost no credit history (only 2 months) and a mildly decent credit score (around 700). Will the available income help push me into being accepted? Should I wait for more credit history or get a CSP and try to earn more trust with Chase? The card I currently have is an Amex EveryDay Preffered with a $3,500 limit (This was based off a much lower income level, so the limit available would be much higher if I asked for a CLI). 

[Anonymous]

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@Anonymous wrote:

I have a high available income ($450+) but almost no credit history (only 2 months) and a mildly decent credit score (around 700). Will the available income help push me into being accepted? Should I wait for more credit history or get a CSP and try to earn more trust with Chase? The card I currently have is an Amex EveryDay Preffered with a $3,500 limit (This was based off a much lower income level, so the limit available would be much higher if I asked for a CLI). 

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Welcome to MyFico

Your first problem is that Chase really wants to see a year's worth of credit before approving any credit card.  There really isn't any difference in terms of underwriting between the CSP and Ritz.  If you can get approved for the CSP, then then you'll be approved for the Ritz.  Have you checked the preapproval site for Chase to see if anything appears?  If not, then you're going to have to decide if it's worth a HP to try.  Otherwise wait it out, add another card or two and try after your credit ages to a year.  Your income is mostly a non factor in getting approved but could affect your starting limit.

Good luck whatever you decide and let us know the results if you do apply.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I have a high available income ($450+) but almost no credit history (only 2 months) and a mildly decent credit score (around 700). Will the available income help push me into being accepted? Should I wait for more credit history or get a CSP and try to earn more trust with Chase? The card I currently have is an Amex EveryDay Preffered with a $3,500 limit (This was based off a much lower income level, so the limit available would be much higher if I asked for a CLI). 

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Welcome to MyFico

Your first problem is that Chase really wants to see a year's worth of credit before approving any credit card.  There really isn't any difference in terms of underwriting between the CSP and Ritz.  If you can get approved for the CSP, then then you'll be approved for the Ritz.  Have you checked the preapproval site for Chase to see if anything appears?  If not, then you're going to have to decide if it's worth a HP to try.  Otherwise wait it out, add another card or two and try after your credit ages to a year.  Your income is mostly a non factor in getting approved but could affect your starting limit.

Good luck whatever you decide and let us know the results if you do apply.

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I did have a Pre-Qualified offer for a CSP w/ 50,000 for $4k in spend. Does this mean I will have a good chance at getting approved for the Ritz Carlton since the underwriting process is the same? Thanks for the help Irish80

[CreditCuriosity]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have a high available income ($450+) but almost no credit history (only 2 months) and a mildly decent credit score (around 700). Will the available income help push me into being accepted? Should I wait for more credit history or get a CSP and try to earn more trust with Chase? The card I currently have is an Amex EveryDay Preffered with a $3,500 limit (This was based off a much lower income level, so the limit available would be much higher if I asked for a CLI). 

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Welcome to MyFico

Your first problem is that Chase really wants to see a year's worth of credit before approving any credit card.  There really isn't any difference in terms of underwriting between the CSP and Ritz.  If you can get approved for the CSP, then then you'll be approved for the Ritz.  Have you checked the preapproval site for Chase to see if anything appears?  If not, then you're going to have to decide if it's worth a HP to try.  Otherwise wait it out, add another card or two and try after your credit ages to a year.  Your income is mostly a non factor in getting approved but could affect your starting limit.

Good luck whatever you decide and let us know the results if you do apply.

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I did have a Pre-Qualified offer for a CSP w/ 50,000 for $4k in spend. Does this mean I will have a good chance at getting approved for the Ritz Carlton since the underwriting process is the same? Thanks for the help Irish80

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Personally I would take the Pre-Qual on the CSP as that is a great offer and a door in with Chase and a very hard card to get due to the 5/24 rule for most people on this forum..  Use that card for a bit like 6 months then go for the Ritz.. Just my take on your situation.. Or you can risk it if you want the ritz, but the CSP pre-qual is basically golden.

[Anonymous]

What is the opinon on a double app. with Chase? Could I apply for both the CSP and the Ritz Carlton and if I'm denied for the Ritz, I'm good with the CSP. If I get excepted with both, I could drop the CSP and keep the Ritz. Is this a possibilty? I dont know the process of dropping a credit card after being accepted already. Thanks for the help everyone

[Anonymous]

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@Anonymous wrote:

What is the opinon on a double app. with Chase? Could I apply for both the CSP and the Ritz Carlton and if I'm denied for the Ritz, I'm good with the CSP. If I get excepted with both, I could drop the CSP and keep the Ritz. Is this a possibilty? I dont know the process of dropping a credit card after being accepted already. Thanks for the help everyone

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Not to disagree with my friend above but if you're prequalified for the CSP, I'm pretty sure you'll be approved for the Ritz.  If you can meet the spend requirement for both cards, go ahead and apply for both.  Apply for the CSP and if instantly approved, then apply for the Ritz.  However, if you don't want or have a need for the CSP (it is a very good card), then there isn't any point in applying for the card.  Remember that the CSP points can be transferred to a Marriott/Ritz rewards account so there is some crossover value between the two.

[Anonymous]

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@Anonymous wrote:

What is the opinon on a double app. with Chase? Could I apply for both the CSP and the Ritz Carlton and if I'm denied for the Ritz, I'm good with the CSP. If I get excepted with both, I could drop the CSP and keep the Ritz. Is this a possibilty? I dont know the process of dropping a credit card after being accepted already. Thanks for the help everyone

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If you are getting a pre-approval for the CSP and it is the Ritz Calton you want, then apply for it.  It can't hurt as you have a chance to recon and have 30 days to overturn a denial.

Since you have a limited credit history, don't apply for 2 Chase cards thus the CSP and Ritz.  Aplly for the Ritz Calton only.  Let us know the results once you apply.

[CreditCuriosity]

I can see both of your points @Irish and @Yes...  With a limited history he is most likely only going to get one with Chase initially.  If his heart is set on the Ritz then he should go for that first, if he applies for both IMO one will get turned down most likely and you never know which one it will be.  So go for the one you want most.

[Anonymous]

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@CreditCuriousity wrote:

@I can see both of your points @Anonymous and @Anonymous...  With a limited history he is most likely only going to get one with Chase initially.  If his heart is set on the Ritz then he should go for that first, if he applies for both IMO one will get turned down most likely and you never know which one it will be.  So go for the one you want most.

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He should apply for the Ritz first if that's the card he wants and if he's approved (highly likely), and decides that he wants the CSP as well, then applying for 2nd card will not hurt him in anyway.  Now, he may not be approved for 2nd card, but they'll most likely use the same HP and they arent going to take back the first approval just because he applied for the 2nd card.  

[CreditCuriosity]

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@Anonymous wrote:

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@CreditCuriousity wrote:

@I can see both of your points @Anonymous and @Anonymous...  With a limited history he is most likely only going to get one with Chase initially.  If his heart is set on the Ritz then he should go for that first, if he applies for both IMO one will get turned down most likely and you never know which one it will be.  So go for the one you want most.

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He should apply for the Ritz first if that's the card he wants and if he's approved (highly likely), and decides that he wants the CSP as well, then applying for 2nd card will not hurt him in anyway.  Now, he may not be approved for 2nd card, but they'll most likely use the same HP and they arent going to take back the first approval just because he applied for the 2nd card.  

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I agree..  Think you just said the same thing and worded it in a better way that makes more sense