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Chase Sapphire Preferred or Chase Freedom Unlimited or Amex Everyday

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Community Leader
Super Contributor

Re: Chase Sapphire Preferred or Chase Freedom Unlimited or Amex Everyday

If you just apped today. Go back in and app for the other card you want. Normally Chase will use the same HP for both Apps. Good luck!
Message 11 of 13
Senior Contributor

Re: Chase Sapphire Preferred or Chase Freedom Unlimited or Amex Everyday


@devilm116 wrote:

Apped for Chase Freedom Unlimited- Immediate Acceptance for $5000. Wondering if I should of CSP?


Good job! Good SL

Message 12 of 13
Member

Re: Chase Sapphire Preferred or Chase Freedom Unlimited or Amex Everyday

I figured I would weigh in on the Chase Sapphire Preferred.  I've been studying credit scores/reports/doing research on this card for about 4 months now.  A year ago, my credit scores were 580-600, and woke up this morning to a Credit Karma update (VantageScore 3.0) of an Equifax score of 715 and TransUnion of 709.  My current credit card utilization is 6%, using $316 of a $5400 combined credit limit, so that played in my favor this morning as well.  Also, I checked for prequalified offers from Chase regularly, and never found one that they had selected for me.  The only prequalified offers I get is for the AmEx Green Card.

 

It has taken a lot of hard work paying down balances and letting some things fall off my report in the past year to get to this point.  I hired Blue Sky Credit to help clean up my credit report, and retained their services for about 4 months.  I got my student loans out of default and have paid for MyFico and IdentityIQ credit report and score monitoring services for more than a year.  I read The Points Guy religiously and read the forums here routinely.  When my scores hit the 690s, Credit Karma said I had "very good" odds of approval, but still wasn't totally convinced.

 

I just had a WellsFargo secured card with 2 years and 6 months history with a $400 limit convert into a secured card because of good payment history with them.  They gave me a $700 unsecured limit and returned my deposit within 10 days.  I have an existing Capital One secured card with a $200 limit with an age of 2 years 5 months, but was also 30 days late on that payment in August 2015 (not smart on my part).  11 months ago, I applied for a Quicksilver One with Capital One and was approved for a $2,500 limit.  6 months later, they raised my limit to $4,500 without my asking, keeping that utilization pretty high (well over 50%) for the entire time, and always paying on time.

 

So I didn't have an existing credit line of at least $5,000, have more than $80,000 in student loan debt, personal income of about $60K, only $5400 total credit line, and I took a stab at the Chase Sapphire Preferred this morning, and was approved for a $9,000 limit instantly with a 20.99% APR.

 

Wanted to share my story and statistics because it truly is different for everyone.  I was under Chase's 5/24 rule, having applied for only one credit card within the past 24 months, so I am certain that probably played in my favor.  But as far as needing an existing credit line of at least $5,000, having credit of a certain age, etc. none of that seemed to matter to them.  So excited though for my approval, so I encourage people to just apply if their scores are at least 700 and have no chargeoffs on your report and are under the 5/24 rule often mentioned about Chase.

Message 13 of 13
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