Chase Sapphire Preferred vs. CFU, limits & approval odds

[RealityDesigner42]

I'm at 4/5 and debating on the first Chase card to apply for after rebuilding credit from scratch after I took a decade without it, oldest card 19 months or so.

All things being equal, am I right that by default the CSP tends to give higher credit limits than CFU due to different underwriting?

I'm debating about the odds of approval for the Chase Sapphire Preferred vs. playing it safe and applying for CFU,  but I'd prefer the higher limit if CSP is likely to have one. I did get a "pre-selected" snail mailer for the CSP (no Chase accounts now): but I know thats not "pre-qualified". I'll apply in branch to get the annual fee waived.

My current limits are: $1k, $2.5k, $3.5k, $6.5k (3 months ago, most recent card,  90+days). Fico 8 scores from experian: 744,746,748, using AZEO with only $6 reporting on one card.

I'm at 1/6, 3/12, 4/24 for accounts and for ex inquiries it'd be 0/6, 2/12, eq: 0/6, 1/12, tu: 1/6,2/12

[805orbust]

Applying in person is a good strategy.  The Sapphire Preferred is a Visa Signature.  I've heard alot here that they tend to come with a minimum $5,000 limit.  I did, however, see someone just a few days ago that had a $4,000 limit on one.  With your numbers I would think you're ok.  Scores are great, and you're not at 5/24 either (which doesn't seem to be the "thing" that it was 3 - 5 years ago.

[CreditMarathoner]

CSP has a minimum $5k limit for approval.  Reports of lower limits on CSP are due to CLD or reallocation after approval.

My experience is, CSP gave me a much higher SL than my CFU did with similar scores/profile/income.  So, if a higher SL is a goal, CSP is the way to go.  Your mileage may vary though.  I did apply for my CSP 2 years after the CFU, and had 0 inquiries at time of CSP app, and several at the time of the CFU (due to a mortgage refi that I just closed on right before the CFU app), so that could be a factor as well.  But there seem to be multiple datapoints indicating that SLs on the Freedom cards tend to be lower than on CSP/CSR.

[learningcredit54]

I think you will have no issues for the CSP. I got mine with a 5k SL and my scores were nowhere close to yours. They let me in basically straight out of rebuilding and they also gave me a SUB of 80,000 reward points.

[SouthJamaica]

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@RealityDesigner42 wrote:

I'm at 4/5 and debating on the first Chase card to apply for after rebuilding credit from scratch after I took a decade without it, oldest card 19 months or so.

All things being equal, am I right that by default the CSP tends to give higher credit limits than CFU due to different underwriting?

I'm debating about the odds of approval for the Chase Sapphire Preferred vs. playing it safe and applying for CFU,  but I'd prefer the higher limit if CSP is likely to have one. I did get a "pre-selected" snail mailer for the CSP (no Chase accounts now): but I know thats not "pre-qualified". I'll apply in branch to get the annual fee waived.

My current limits are: $1k, $2.5k, $3.5k, $6.5k (3 months ago, most recent card,  90+days). Fico 8 scores from experian: 744,746,748, using AZEO with only $6 reporting on one card.

I'm at 1/6, 3/12, 4/24 for accounts and for ex inquiries it'd be 0/6, 2/12, eq: 0/6, 1/12, tu: 1/6,2/12

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I don't think your profile is perfect for a Chase Sapphire application at this time. Chase likes to see longer history with larger limits.  But you never know until you try.

[Mdowning30]

Shoot for the moon and go for the CSP. I have both, in 6 months time, my CFU started at the minimum $500 yet they also approved me for the CSP min. $5000 due to my scores. If i were you i'd expect anything between $5000 - $10,000 or more.

[Hoben02]

I don't understand your logic, first the chase ecosystem is for those who want to get travel rewards I'df you are looking for cashback just move on. Based on that argument he lynchpin is a chase sapphire card, and then the secondary cards like cfu and freedom. 

'In my case my first chase card was the csp at north of 10k then my next card was the cfu which was north of double the csp. At the time I did have a checking acct with chase

[calisig]

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@Hoben02 wrote:

I don't understand your logic, first the chase ecosystem is for those who want to get travel rewards I'df you are looking for cashback just move on. Based on that argument he lynchpin is a chase sapphire card, and then the secondary cards like cfu and freedom. 

'In my case my first chase card was the csp at north of 10k then my next card was the cfu which was north of double the csp. At the time I did have a checking acct with chase

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@RealityDesigner42  - ^^^^^^^^^^^^^^^^^^ This. You have provided too little info for good recomendations from anyone. Without knowing what any of your other cards are, I tend to agree with @Hoben02 . Do you PIF or carry a balance? If you travel, and are looking for travel benefits, then CSP. If cash back, then if Chase is a must then I recomend CFF. And similar to Hoben02's experience, my CFF SL was higher than my CSP's SL, so if the only reason you are considering CSP is because you think it will give you a higher SL than than CFU, then that may be a false assumption. For a 1.5-3% everything base card, I personally would move on for something better than CFU. But my recomendations are based on my own strategy - which may not be your strategy. Good luck

[RealityDesigner42]

Thanks for the replies. In terms of providing too little information: the relevant question wasn't a generic "what card is best".  The likelihood is that I'll get both CSP and CFU eventually: but I can only get one now and it'll be a while likely before I'm below 5/24 again,  and I'd prefer the one that'd give me a higher limit by default.  I'd prefer to have the security of having a higher limit available if I ever need it for some large expense or emergency use and I'm still building up from the initial toy limits of my first card, and I gather that the limits on existing cards may impact limits on new cards so higher limits help. 

There were two points. 1) is it true that all other things being equal, different underwriting usually leads to higher limits on the CSP? Or, based on one response: is that perhaps only true for those who might likely otherwise get an under $5k limit, but if the limit is likely going to be higher than $5k, they likely set limits the same?

2).  Given the short 19 months of history and only one card with a > $5k limit for only bit over 3 months: am I likely to be approved for CSP? If not, I'll just do CFU now. It sounds like there are differing gueses on that point.

In terms of rewards issues: those I can evaluate myself and there are pros and cons to each for my case.  The only minor rewards issue might be I don't seem to be able to find any current data points on whether using Paypal to friends&family on a Chase card would count as a cash advance (it doesn't for Discover for me for my recipient with the points for a quarter being over the fee to use card vs. bank) and  count towards a SUB for CSP (being a reason to swallow the fee to hit a SUB).  

The other cards I have are Capital One QS, 2 of them (one PCed from platinum), Discover cash back, and Apple.

[RealityDesigner42]

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@Mdowning30 wrote:

Shoot for the moon and go for the CSP. I have both, in 6 months time, my CFU started at the minimum $500 yet they also approved me for the CSP min. $5000 due to my scores. If i were you i'd expect anything between $5000 - $10,000 or more.

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I decided not to risk the hassle of not being approved and went for the CFU and was approved for $4500: which is frustrating since now I wonder if they'd have let me squeak by for CSP and given me   the $5000 minimum, or would have declined me.  I was partly   chosing between  cards that are Visas   since occasionally I'll see a deal only for Visa cards and my existing cards are Mastercards,  though I'd hoped for Visa signature level benefits and fell just short of the $5k to get them for this card.  Now I wonder if they do that intentionally when someone is borderline to save on benefits.  I know the Amazon Prime Visa is a visa signature  and sometimes is approved for those at 5/24 like I am now, so I'll check in 90 days or so to see if I pre-qualify. I'd wanted to get a branded Chase card in while I was under 5/24.