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Chase Sapphire Preferred - Should I Wait?

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smile90000
New Contributor

Chase Sapphire Preferred - Should I Wait?

I have a Uber/Lyft monthly bill of $600-800. No judgement. lol.  I had surgery and until I am cleared to drive (which could be several months to another year), so I have to take them.

 

Today I was approved for the Savor One ($15,000 limit) which will allow me get 10x back for Uber rides. I was thinking about applying for Chase Preferred to get 5x off of Lyft but wasn't sure if I should space the applications out.

 

Here is my info:

Scores: (these have jumped up 46 points in 8 months):

Equifax 799

Transunion: 786

Experian: 790

 

Cards,

Affinity Credit Card Limit: 16,000, Balance: 4500 (this is a 1.99 % until I pay it off...yes, it was special they ran two years ago and it sits at 1.99)

Citi Double Cash: Limit: 34,000, Balance: 0

Citi Simplicity: Limit: 20,000, Balance 2500  (this is at 1% until March of 2024). I will pay this off later this year

And as of today Savor One: Limit: 15,000, Balance 0

 

I've been taking Lyft and Uber for the past 2 years (I cry about the cashback I lost. lol). But not sure if I should wait 3 months or so before I apply for Chase Preferred.

 

My oldest account is 27. My average is 12. 

 

I'm not that familiar with how Chase does things. Should I apply now or wait a few months?  Thx

 

 

 

 

Message 1 of 6
5 REPLIES 5
SouthJamaica
Mega Contributor

Re: Chase Sapphire Preferred - Should I Wait?


@smile90000 wrote:

I have a Uber/Lyft monthly bill of $600-800. No judgement. lol.  I had surgery and until I am cleared to drive (which could be several months to another year), so I have to take them.

 

Today I was approved for the Savor One ($15,000 limit) which will allow me get 10x back for Uber rides. I was thinking about applying for Chase Preferred to get 10x off of Lyft but wasn't sure if I should space the applications out.

 

Here is my info:

Scores: (these have jumped up 46 points in 8 months):

Equifax 799

Transunion: 786

Experian: 790

 

Cards,

Affinity Credit Card Limit: 16,000, Balance: 4500 (this is a 1.99 % until I pay it off...yes, it was special they ran two years ago and it sits at 1.99)

Citi Double Cash: Limit: 34,000, Balance: 0

Citi Simplicity: Limit: 20,000, Balance 2500  (this is at 1% until March of 2024). I will pay this off later this year

And as of today Savor One: Limit: 15,000, Balance 0

 

I've been taking Lyft and Uber for the past 2 years (I cry about the cashback I lost. lol). But not sure if I should wait 3 months or so before I apply for Chase Preferred.

 

My oldest account is 27. My average is 12. 

 

I'm not that familiar with how Chase does things. Should I apply now or wait a few months?  Thx

 

 

 

 


With your scores I would definitely go for it.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 2 of 6
CreditCuriosity
Moderator Emeritus

Re: Chase Sapphire Preferred - Should I Wait?

If you are under 5/24 .. meaning less than 5 cards in the last two years I would say you have a very good shot at getting the CSP or CSR or any other chase card for that matter.  Scores are fine, etc.. Utilizaiton is 25-30% on a few cards, but won't scare chase

Message 3 of 6
mgood
Valued Contributor

Re: Chase Sapphire Preferred - Should I Wait?

First time I applied for a Chase card, it was right after I'd been approved for the Discover. I'm convinced that's the reason they denied me. But my scores were about 100 points lower than yours.



EQ8 769, TU8 766, EX8 765 as of July 22
AZE7 - 3% Utl - New Cards: 1/6, 3/12, 6/24
Message 4 of 6
WasteMgmt
Regular Contributor

Re: Chase Sapphire Preferred - Should I Wait?

I would definitely go for it right now. Well under the 5/24 and you can definitely use the bonuses. You'll also get DashPass benefits with the CSP.


CapitalOne Venture X, CapitalOne Quicksilver, Chase Sapphire Preferred, Chase Freedom OG, Chase Freedom OG, Amex BCE, Wells Fargo Autograph
Last application 5/2023
Message 5 of 6
Citylights18
Valued Contributor

Re: Chase Sapphire Preferred - Should I Wait?


@WasteMgmt wrote:

I would definitely go for it right now. Well under the 5/24 and you can definitely use the bonuses. You'll also get DashPass benefits with the CSP.


Yeah Dash Pass has made it hard for me to want to move away from the CSP.

 

The bonus for the CSP is not at its historical maximum though. But if you've got the upcoming spend and the choice is an SUB or not its probably smarter to just get the card now.

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 6 of 6
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