CSP: When should I reapply?

[stylenjen]

I applied for the Chase Sapphire Preferred today and got the "application needs further review" message. I called the recon line and spoke to a representative. Long story short, he told me I was very close, but need a little more time to establish a good history. I have a car lease in excellent standing for three years and a Capital One Venture card (CL $10,000) and Discover card (CL $2,700) that are both under a year old, both also in excellent standing. I guess they were a little more hesitate with me because I had a bankruptcy (which fell off my credit report the end of September 2015) that involved a Chase card, and even though it was over 10 years ago, they want to see a little more time go by to prove my good habits with the credit I now have.

The Sapphire card is the only one I want because of the travel benefits, so I'm willing to keep doing what I'm doing and wait. He wasn't able to give me a ballpark time frame, but it sounded like I wouldn't have to wait too much longer to reapply. Any thoughts or advice? (And in case you're wondering, my credit scores are over 720)

Thanks in advance!

[Anonymous]

Give it about 6 months. Also, next time don't call and let your app work it's way through the system. People are reporting more success allowing their application to work its way through on its own without intervention. Otherwise things seem in check for approval.

[Anonymous]

Quick question, if Chase was included in the BK, how much did you burn them for?  That will play an important role in them approving you for the CSP. Although, the BK fell of your reports, it will still be in their system internally.

CSP starting limit when approved is $5,000 nothing less.  So if they are telling you to wait, I'd give it a year at least and then apply.

[stylenjen]

I don't remember how much Chase was in the bankruptcy for, but it wasn't much.

I was thinking of reapplying in 6 months. The representative did tell me about the CSP $5,000 minimum CL and said he'd be able to approve me for another Chase card for a lower CL if I had applied for another one. I hesitate doing that because I'm planning for a trip and don't want to use any credit cards that I can't rack up travel miles on until I can reapply for the CSP (like I'm doing with my Venture card).

[myjourney]

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@Anonymous wrote:

Quick question, if Chase was included in the BK, how much did you burn them for?  That will play an important role in them approving you for the CSP. Although, the BK fell of your reports, it will still be in their system internally.

CSP starting limit when approved is $5,000 nothing less.  So if they are telling you to wait, I'd give it a year at least and then apply.

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+1 Chase has a long memory and I've seen it 1st hand ....I was asked about a 20 yr old account 

I'd give them more time than 6 months

[Anonymous]

Posting for data point purpose:

I've cleaned up my credit over the past four years and now have excellent credit . Before then I had defaulted on my student loan and Providian credit card, but have taken care of them both 3-4 years ago. I tried applying for a Chase credit card back then, but was declined with the reason being that I had a poor history with Chase (Providian was bought by WaMu, which was bought by Chase).

Fast forward to last month, I had received an offer for the CSP in the mail with the $50K signup bonus. I figured it was worth a shot if they were mailing me that offer, since it was the first time I've received an offer from them. With the invitation code, I applied online on 12/23/2015 and immediately received a pending 30 days email. I had thought nothing of it at first, until I looked on some forums and found that some have received an instant approval. From my credit monitoring service, I was alerted that they pulled my Equifax score on 12/24. And then on 12/25, they pulled my Experian score.

That's when I started questioning my chances and thought it was because of that "poor history", which led to some frustration since they were the ones who sent me the solicitation. In the end, I decided to wait it out instead of calling recon. If they were going to deny me, then screw them. But I did call the application status line on occasion and then on Sat 1/9 the recording was no longer the "wait 30 days" message but that my application was approved. I received an approval email on Tuesday 1/12. I called Chase this past Saturday, since I haven't received my card yet, and was told that it went out on the 12th and takes 3-5 business days to receive, so should receive it by this Wednesday.

So yeah, like others on this board had mentioned, probably better to just wait for a response.

Stats:

CSP credit line granted: $29K

Income: Over $100K

Scores: 761 (EQ), 836 (EX), 781 (TU)

Other cards:

VentureOne: $10K

Wells Fargo: $3K

[stylenjen]

I wish I had waited it out instead of calling the recon line. I had looked through several forums and blog posts and all advice I saw said to call, which was the only reason I did. However, next time I reapply, if I should happen to get another "application needs further review" I'll definitely wait it out.

Oh well. I'm at least glad to hear the good things the representative said about my improving credit and that I'm on the right track. He seemed to really be on the fence about my application decision, which is at least an improvement from the flat out rejections of the past! I happened to call the status line a few minutes ago out of wild curiosity, expecting to hear the denial, however it said it was still under review. Maybe he had a change of heart? I know... wishful thinking

[Anonymous]

Not to get your hopes up, but they usually send their decision in writing through the mail. Hope for the best, but prepare for the worst, eh?

Good luck!