Chase Sapphire Preferred - Prequalify Offer

[Anonymous]

So I decided to check my chase app to see what Chase saw my TU credit score as, and it's reporting as 734, and I noticed that I had 3 offers from chase as prequalifications with one being a sapphire preferred. I recently applied for the Chase Freedom Unlimited and originally thought I only got approved for $500, but actually got approved for $3000. I'm still under 5/24 as I got the AMEX Gold three days before the Chase FU, and I have a Discover IT and BoA Cash Rewards both sitting at 1% utilization until statement cuts. Only issue I may have is my credit files are reporting 5 accounts, but my Chase FU isn't reporting yet, and I still have an affirm loan that I paid off ages ago still reporting, and I have experian self boost reporting, but I'm going to assume that neither of these count as 5/24, so until the Chase FU reports and the AMEX reports, my file is technically still at 2/24.

As of now, my credit scores are EXP: 713, EQ: 717, TU: 734, 10 inquiries, AAoA: 1y, Total CL: $8,000, Amex Gold: NPSL

Now to be honest, I was planning on upgrading my gold card to a Platinum card in a couple of months and then applying for the Sapphire Preferred to replace the gold card as my dining card whilst also applying for the Delta Platinum. According to the Chase app, it says my approval odds are "Good" which may or may not be bait.. As far as I'm aware, this card has a starting limit of $5,000, and correct me if I'm wrong, chase won't normally approve people who don't have a single card over $5,000, so I'm just going to assume that decreases my odds of approval quite a bit, and also considering my credit file's average age with my oldest card being only at a year and 2 months. Any thoughts on what I should do? I mean its only one inquiry 

[Anonymous]

Are you using credit journey for the prequalified offers? 

[Anonymous]

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@Anonymous wrote:

Are you using credit journey for the prequalified offers? 

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Yes, thats where I saw the offers pop up in. I never used to get them until I signed up for prescreened offers about 2 weeks ago.

[MasonK]

Do you qualify for SUB on the Platinum? If so, I would consider apping for a new account and downgrading the Gold to no AF. I'm going to presume that if you are looking at AMEX and Delta Platinum cards at the same time that you must do a lot of travel and would be able to hit the $5k SUB spend.

If you're going that deep into annual fees with AMEX, I'm not seeing the Chase strategy since you're already looking at high AF and a lot of SUB spend all at the same time. Also, if you're spending that much on dining, is the Gold a better value even with a $250 AF?

I'm just trying to figure out your master plan.

[Anonymous]

   If your CFU isn’t reporting yet, it may be better to establish some history with them first. Maybe 3-6 months. You should be able to log into the regular chase app to check j for prequalified offers versus only using credit journey.  

Your scores are more than fine for chase. 

Regarding the CSP limit yes $5000 is minimum starting line and “generally” they don’t like to be the highest limit but... you have a card with them that has $3000 CL... so with good usage & payment history  any future product with them has potential to be approved with better terms.  

Its completely up to you though. Either way good luck 

[Anonymous]

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@Anonymous wrote:

   If your CFU isn’t reporting yet, it may be better to establish some history with them first. Maybe 3-6 months. You should be able to log into the regular chase app to check j for prequalified offers versus only using credit journey.  

Your scores are more than fine for chase. 

Regarding the CSP limit yes $5000 is minimum starting line and “generally” they don’t like to be the highest limit but... you have a card with them that has $3000 CL... so with good usage & payment history  any future product with them has potential to be approved with better terms.  

Its completely up to you though. Either way good luck 

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Alright, I'll wait a few months before even considering applying for the card. And I checked through the normal chase app and checked credit journey via the app, didn't know there was a different way to see prequalifies without going through the credit journey app. Even with the virus shutting down a lot of stuff, I should still be able to put decent spend through my freedom card which will probably increase my odds in a future app. Thanks. 

[Anonymous]

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@MasonK wrote:

Do you qualify for SUB on the Platinum? If so, I would consider apping for a new account and downgrading the Gold to no AF. I'm going to presume that if you are looking at AMEX and Delta Platinum cards at the same time that you must do a lot of travel and would be able to hit the $5k SUB spend.

If you're going that deep into annual fees with AMEX, I'm not seeing the Chase strategy since you're already looking at high AF and a lot of SUB spend all at the same time. Also, if you're spending that much on dining, is the Gold a better value even with a $250 AF?

I'm just trying to figure out your master plan.

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I might consider opening a new account for the SUB, but to be honest, hitting the signup bonus, or the AF isn't that big of a deal for me, I'm looking more so towards these cards for the benefits. So I guess depending on how many inquries I have by then when I decide to go for a Platinum whether personal or business will ultimately decide if I should downgrade/upgrade the gold card. And the reason why I want to have Chase and AMEX cards at the same time is to have access to MR and UR points. My business spend and other expenses, etc on the AMEX Platinum Business would generate points for me, and I'd use the Chase Sapphire for Dining and non air-fare "travel" since its a much broader category for Chase. But, to be fair you do have a good point about the AMEX gold and I just checked a calculator and the card even earns more points than a CSR spending the same amount of money within the same categories. 

I also just spoke to a AMEX rep on the phone and he told me that the AMEX Gold can earn 4x points on a particular category that my business spends the most on so realistically I should either apply for a new platinum for the sub and downgrade the gold, or upgrade the gold to a platinum, app for a delta platinum, and apply for the business gold, and just keep the freedom unlimited for other categories that these cards don't cover.