Chase Sapphire Preferred Application Question

ladiesnhan · ‎03-22-2023

Hey everyone I am thinking of applying for a Chase Sapphire Preferred/Reserve card in the next few weeks but I am wondering if I should apply for a personal loan before I apply for the Chase card. I want the card as I'm planning on traveling internationally soon and would like to book travel stuff on it and take advantage of the bonus and travel perks. If I were to get a loan it would be a personal loan to consolidate all of my credit card debt to 1 easy payment with lower interest rates than on the card. What do you think I should do and what are my chances of getting approved for the CSP/CSR?

My credit score is 726.

Income: 180k

100% payment history.

68% credit card use

0 derogatory marks

Average credit age is 3y 7m

0 hard inquireies

6 total accounts

The cards I have are as follows

Wells Fargo Autograph $4400 limit (Age 4y7m)

CapOne Venture $5050 limit (Age 4y5m)

Chase Amazon Prime SIgnature $4200 limit (Age 3y8m)

1 personal loan for $8421 with a remaining balance of $3899.

MySunrise271 · ‎03-22-2023

Welcome to the forum😀

Well you already have a decent mix of credit, so not sure another loan is going to be helpful in regard to your approval odds.. I would just pay down (20-7% Utilization should give a good jump in your FICO) or completely off the credit cards and then apply for either card. I think your income is solid and an in branch application may yield a higher SUB😊.

Credit Cards

Brokerage and Credit Unions

isik · ‎03-22-2023

@MySunrise271 wrote:
Welcome to the forum😀

Well you already have a decent mix of credit, so not sure another loan is going to be helpful in regard to your approval odds.. I would just pay down (20-7% Utilization should give a good jump in your FICO) or completely off the credit cards and then apply for either card. I think your income is solid and an in branch application may yield a higher SUB😊.

I think the OP needs the personal loan to pay their credit card debt. So the question is whether higher credit card utilization or a new personal loan is better for approval odds.

Personal:

American Express Blue Cash Preferred - CL $9,000 - SL $1,000

Bank of America Customized Cash Rewards Visa Signature - CL $8,300 - SL $1,500

Discover It Cashback - CL $7,100 - SL $1,500

Capital One Quicksilver - CL $4,000 - SL $300

Ikea Projekt Store Card - CL $9,000 - SL $9,000

Chase Amazon Prime Visa Signature - CL $4,500 - SL $3,000

Business:

Chase Ink Business Preferred - CL $5,500 - SL $5,500

FICO 8:

GZG · ‎03-22-2023

@isik wrote:
@MySunrise271 wrote:
Welcome to the forum😀

Well you already have a decent mix of credit, so not sure another loan is going to be helpful in regard to your approval odds.. I would just pay down (20-7% Utilization should give a good jump in your FICO) or completely off the credit cards and then apply for either card. I think your income is solid and an in branch application may yield a higher SUB😊.
I think the OP needs the personal loan to pay their credit card debt. So the question is whether higher credit card utilization or a new personal loan is better for approval odds.

I imagine at OP's income the personal loan is way less spooky than the high utilization

if declined, I imagine Chase might want to know why OP needs a new personal loan to pay down those balances at that income level

Starting FICO 8:

Current FICO 8:

2/6, 2/12, 6/24 new accounts

ladiesnhan · ‎03-22-2023

You are correct. I can pay off the credit card debt in 2 months however my international travels will begin in a month and I would like to book and get the most value possible with a CSP. So the question is should I get a loan and pay down the credit card debt so my card utilization goes down for better approval or will the loan jeopardize my approval ratings for the card?

SouthJamaica · ‎03-23-2023

@ladiesnhan wrote:
You are correct. I can pay off the credit card debt in 2 months however my international travels will begin in a month and I would like to book and get the most value possible with a CSP. So the question is should I get a loan and pay down the credit card debt so my card utilization goes down for better approval or will the loan jeopardize my approval ratings for the card?

I think you would have a better chance with the second loan and without the high credit card utilization. But I doubt you can push that through in just one month. I think you would need two months at least.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

Geo-fenced credit union Platinum Visa 10500

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 569520 (505320 reporting) FICO 8: EQ 699 TU 696 EX 673

firefox100 · ‎03-23-2023

The problem you have is that you don't have enough time to apply for chase card, you need to pay down all of your other accounts. With good income chase will think why are you carring high balances also some of your other cards do not have high cl 's for your income. Before I would apply for high end credit card which has starting cl 10K or more you need to grow your other cards such as wells fargo. Good luck.

ladiesnhan · ‎03-23-2023

@firefox100 wrote:
The problem you have is that you don't have enough time to apply for chase card, you need to pay down all of your other accounts. With good income chase will think why are you carring high balances also some of your other cards do not have high cl 's for your income. Before I would apply for high end credit card which has starting cl 10K or more you need to grow your other cards such as wells fargo. Good luck.

Even if I only apply for the CSP and not the CSR?

firefox100 · ‎03-23-2023

Most of time you will be approved for starting cl with in line with your other credit limits. This is jmo I would increase your limits on other cards only if it is sp, check out many of other posts over past years and you see that I built up my credit limits over time. I have bunch of credit cards with credit limits of 25K with income of around 85K. It takes time, yes I am rebuild first time I had total cl over 300K and went for over 150K and it took a very long time to rebuild. Good luck.

ladiesnhan · ‎03-23-2023

@firefox100 wrote:
Most of time you will be approved for starting cl with in line with your other credit limits. This is jmo I would increase your limits on other cards only if it is sp, check out many of other posts over past years and you see that I built up my credit limits over time. I have bunch of credit cards with credit limits of 25K with income of around 85K. It takes time, yes I am rebuild first time I had total cl over 300K and went for over 150K and it took a very long time to rebuild. Good luck.

I don't care about SL right now. I'm trying to book my vacation on SP to take advantage of their bonus and earn points with Chase. I can work to grow the CL after my vacation. I will be receiving a 100k bonus after my vacation which will pay off all cards back to 0.