Chase Sapphire Reserve Approval Problem

[Anonymous]

Hi everyone,

I applied for the Chase Sapphire Reserve on Wednesday, got a 7-10 days message, and after calling the recon line I was denied (by a very nice man). Although my credit profile itself looks good (no missed payments, 2% credit usage across 4 cards, only 1 new card in the last 24 months), he said that I was denied because the Sapphire Reserve is a "very premium high level card and I don't have the kind of cards right now in that ball park, so they can't justify giving it to me". I'm new to this, and I'm trying to figure out what I need to change and by how much in order to get into the right "ball park". Here's the cards and other info that I had as of that call:

BoA Cash Rewards, $500 CL
BoA Travel Rewards, $2500 CL
Chase Amazon Rewards, $500 CL
Mastercard (with very low APR!) through my school's credit union: $2750 CL
Equifax score: 720
Experian: 740 (which is what they pulled)
Income: $50k

My understanding is that since the Reserve basically has a minimum $10 000 starting limit, they don't want to give me a card with that kind of limit if I don't have any other credit lines with comparable limits. Makes sense. My question is, when will my limits be high enough to reasonably qualify for the Reserve?

I went to my credit union yesterday to ask about a CL on my Mastercard since I figured that they would be easiest to convince to give me the highest limit, and they upped it to $7500. This isn't quite $10 000, but is having one card at $7500 maybe enough for Chase to justify giving me a $10k limit sapphire reserve if everything else in my credit history looks good? Would it be a good idea to call recon again at this point?? Or do I need maybe at least one more card to have a higher limit in that ballpark? I think that if I asked BoA to up my travel rewards limit, I could get at least to $5k, but I don't want to do it if my Mastercard being upped to $7500 might be enough.... I guess my question is would higher limits across the board help more than the single big increase to $7500 even if these increases are all gonna be to the $5k range?

[Anonymous]

Hello and welcome to the forums. IMO no that would not be enough to get the approval, what I would suggest is trying for one of their other cards that does not require a $10k+ starting limit. The Chase Sapphire Preferred is the baby brother of the reserve and is still a respectable card, I believe you would be approved for this one as the starting limit starts at $5k instead. You can also product change to the Reserve at a later date. Chase allows the credit lines to be combined too, so if you get the CSP now and app for the Reserve later and get approved you can combine the limits! Best of luck!

[CreditCuriosity]

You could try to recon again although that might not go anywhere or might, worth a shot.  

With that said if it doesn't now that you got your CU card up to 7500 I think that was a wise move(you also avoided adding a new account to count against you in the 5x24 rule they have and also lowering your AAOA).. Let that similarl for a few months at that limit then you could hit chase up again and that should be close enough to a 10k limit for them to most likely approve you for at least 10k being the min the card is offered for.  

Be curious what others say as well w/regards to this, but I think you personally handled it well, although as stated I might try one more recon call as it is only time and the worse they can so is no again.  Best of luck either way!

[Anonymous]

Hi, thanks for the advice! A few questions: 1) If i changed it to a Reserve at a later time would I still qualify get the 100k bonus offer? 2) Generally, what kind of credit limits (how high and how many) are needed for approval of a 10k limit card in my scenario? Is there any general rule here? Thanks again

[CreditCuriosity]

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@Anonymous wrote:

Hi, thanks for the advice! A few questions: 1) If i changed it to a Reserve at a later time would I still qualify get the 100k bonus offer? 2) Generally, what kind of credit limits (how high and how many) are needed for approval of a 10k limit card in my scenario? Is there any general rule here? Thanks again

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1) No you would not get the 100k for upgrading.. That is why I would personally wait if you want the 100k and the CSR vs. CSP

2) No set rule but something around 7500 as you got with your CU should do it.... You don't need a existing relationship with chase although it does build your internal score with them.. I think you will be just fine with your CU card for a few months then chase should approve you.

How old if you oldest CC and not sure if you mentioned your AAoA?

[Anonymous]

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@Anonymous wrote:

Hi, thanks for the advice! A few questions: 1) If i changed it to a Reserve at a later time would I still qualify get the 100k bonus offer? 2) Generally, what kind of credit limits (how high and how many) are needed for approval of a 10k limit card in my scenario? Is there any general rule here? Thanks again

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You would not be eligible for the offer you would still get the bonus offer from the CSP though! If you applied seperately for the Reserve at a later date after getting your CSP you would be eligible for whatever offer they may have on the Reserve at the time. There is not a general per say but I have heard that Chase can be somewhat nervous about being the first lender to give out such a high limit. It really depends on the underwriter who is doing the review and your history with Chase. Hence why I suggested going with the CSP or another Chase credit card. I am plannning on apping for the Reserve in 2 years but in the meantime I am building my history with Chase with my British Airways Card. IMO Chase would feel better about giving you a higher limit if you have shown responsible use with one of their other cards for awhile. 

[BronzeTrader]

The CSR and CSP are not good for everyone. It is not the credit line, FICO score, but more a lifestyle. Folks do not take advantage of all the perks if they never use them.  They are mostly for travelers, not the folks who don't travel much at all.

It all depends on your own financial situation.

Good luck.

[AverageJoesCredit]

Give it some time. With your Boa cards, they can grow exponentially so in time looks like you can have some 10k cards. You can even try to get in with Penfed or Navy Fed as they can give nice limits that can grow. I also am in agreement that make sure the CSR fits your lifestyle. Dont app it just to have it. Best of luck on accomplishing your credit goals.

[Anonymous]

If I was able to get my Chase Slate to 10K would this give me better odds at getting approved?

[Anonymous]

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@Anonymous wrote:

If I was able to get my Chase Slate to 10K would this give me better odds at getting approved?

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You will need to give more info. about your credit file for your question to be answered.