Chase Sapphire Preferred Preapproval. Have 2 collections on account. Should I apply?

[kingkai1990]

Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).  

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

[sjt]

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@kingkai1990 wrote:

Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).  

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

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What is your utilization. If its low then you have a good chance.

[kingkai1990]

I 

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@sjt wrote:

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@kingkai1990 wrote:

Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).  

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

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What is your utilization. If its low then you have a good chance.

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I just made a big payment. So it went from 30% (statement date) to 7%. Not sure if Cap 1 is reporting it yet though. 

[sjt]

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@kingkai1990 wrote:

I 

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@sjt wrote:

---

@kingkai1990 wrote:

Ok, so I have one 30 day late from Cap 1 from 2015, and two collections (one paid, one I'm trying to fight right now).  

I checked Chase's pre approval and it says that I'm prequalified for the Freedom and Preferred. Should I go ahead and take the plunge now or Should I wait? My Fako score (from Credit Karma) is 733. Would it be safe to apply now? What does Chase typically not like on credit reports? Thanks!

---

What is your utilization. If its low then you have a good chance.

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I just made a big payment. So it went from 30% (statement date) to 7%. Not sure if Cap 1 is reporting it yet though. 

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I would wait until it reported on your CRA. they take about 5 days from the statement close to get it reported on your CRA.

Either way I think you would be approved, but the difference in utilization can effect on what your CL would be.

Good luck and keep us posted.

[Anonymous]

I agree with waiting. I was eager to app for the CSP before my reports updated (and unknowingly relied on a FAKO) and ended up getting a much lower starting limit than I should have. I had to take a HP a few months later for a 15K increase.

Patience will serve you better. The card isn't going anywhere.