Approval Odds for a Chase Sapphire

[paul29]

Hi all,

What do you think my approval odds for getting a Chase Sapphire or Reserve is. I plan on traveling a lot in the next year for work and for fun and these cards look great to me. I'm at TU 738/EQ 701/EX 700. I currently have had the Chase Freedom Unlimited since 2016 and have been banking with Chase for well over a decade (was a BankOne customer before they were bought out by Chase). I'm also carrying a CapitalOne QS, Discover It, and Amex. However I do have a derogatory mark on my credit from 3 years ago which i'm still trying to dispute (they wont budge). Will I have to recon this? If so, is that derogatory mark a seal of denial?

Thanks for the help!

[FinStar]

Hi @paul29 - welcome to the forums.

Both CSP and CSR have minimum credit limit criteria for approval.  CSP = $5K and CSR = $10K.  What limits do you currently have on Freedom Unlimited, Discover, AmEx and Capital One?  Which lender is the derogatory mark with and what type is it..30/60/90?

CSP is currently running a 100K UR SUB promotion ($4K spend in 3 months) -- something to think about.  Also to consider would be the annual fee for each card and what would be of value to you in the near future when you decide to travel.

[paul29]

The derogatory mark is from a collections agency. All my open card limits arent very high, they all total less than the $5000. 

[FinStar]

Since you mentioned you've been a Chase customer for quite some time, have you checked online to see whether any pre-qualified or pre-approved offers are available?

[paul29]

Yes I have but it tells me there are no offers at this time.

[FinStar]

Ok.  So, you don't necessarily need a pre-qualified offer to apply.  That step usually  helps to gauge the odds more or less.  If you are currently under the Chase 5/24 rule and want to give it a shot, I'd go for CSP -- if it were me.

[paul29]

Thank you I'll give it a shot. Just worried that the derogatory mark may play a huge issue and if it does get to recon, I'm wondering if they will auto-deny me because of that. Wondering if there are others out there who have gotten approved with a derogatory mark.

Is it okay to apply for the CSR but if denied, apply for the CSP right after? I'm not sure if there's rules for applying back to back on Sapphire products.

[FinStar]

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@paul29 wrote:

Thank you I'll give it a shot. Just worried that the derogatory mark may play a huge issue and if it does get to recon, I'm wondering if they will auto-deny me because of that. Wondering if there are others out there who have gotten approved with a derogatory mark.

Is it okay to apply for the CSR but if denied, apply for the CSP right after? I'm not sure if there's rules for applying back to back on Sapphire products.

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No piggybacking.  You'll have to decide on which one is more suitable and then go for it. Typically, if you're denied on the 1st attempt with CSR, there's no re-do on CSP.  You'd have to know the reasons, if anything, to plan your next steps.  So, as I mentioned upthread, I would try CSP and see what that yields. Then, update the thread to see how things pan out. Don't be surprised if it goes into pending status, though.

Others will chime in with their experiences, but generally, yes folks have been approved with prior not-so-perfect histories.  It just depends on your overall profile.

[paul29]

Just applied for the CSP and got the 7-10 day message

[FinStar]

The 7-10 message is not always a bad thing.  Sometimes it can be due to verification or other factors.  Keep us posted on the outcome.