Hey all, first time posting here but been a lurker for a few months now absorbing information, being pretty new and ignorant to the world of credit. I want to thank so many members here giving really great advice and encouraging stories, and really appreciate the time all of you have contributed.
So, long story short, I have been eyeing on the chase sapphire reserve and do hope to get it this upcoming June when I'll have big travel plans. I have already attempted once about 4 months (August) ago but was denied with 3 separate attempts to recon. That was before I know anything and that's when I found this forum. At the time of denial, my credit info is listed as follows:
Only 2 credit cards [Discover FicoScore 773]
-Bank of America (authorized user): 4 years, $30k limit
-Discover: 6 months, $1500 limit
$50k income, student graduating next year, no loans of any kind, no debt, no derogatories, 100% payment on time for both cards, 1 inquiry from Discover app.
The denial letter and post recon denial letter from Chase only stated one reason: Few revolving accounts opened long enough to establish credit history. Only Equifax was pulled and showed me score of 759 on the letter. Additionally, the letter also gave Chase's internal Card Aquisition Risk Score of 862/900, stating that higher is better.
I took the advice from the denial letter and proceeded to apply for 2 more credit cards right after. I have also gained a higher limit on my Discover since the last application through several small CLI over time. As of current info:
Discover FicoScore 740
Added 2 or 3 inquiries depending on which was pulled due to the recent applications.
-Bank of America (authorized user): 4 years, $30k limit
-Discover: 10 months, $6700 limit
-CapitalOne Quicksilver: 3 months, $10k limit
-Citibank: 3 months, $3500 limit
I have maintained the same status: no loans, no debt, 100% payment on all cards.
So now the question is, if I wait until this coming May/June and tried to apply again for the Reserve, is there any chance of approval or just give up on the idea? Thanks for all your help!
Update edit 1: I do not plan on getting more cards so I can stay below the 5/24 rule. Also I do not have a banking or relationship with chase at the moment. There are no Chase banks close by either.
It's really hard to tell if you would get approved when you apply again in next May or June, although you could have tried other entry-level Chase cards first with better chance of approval, i.e. Freedom cards which earn UR points faster if used wisely, would make a great combo when you get annual-fee Sapphire in the future.
With Chase's 5/24 rule, if you plan on getting other cards in the next few months Chase won't approve you for specific cards if your number of new credit card accounts reaches 5. I would wait even longer with at least 4--5 credit card accounts open and ensure all of them have at least 1--1.5 years old while keeping the number of new accounts low.
Do you have a relationship with Chase? Some people report that really helps with approval. If you have the cash to open a savings account or CD or something, it might be worth it.
As a data point, my husband has several derogs, score in the low-mid 600s, and was pre-approved for a Slate, Freedom, or Freedom Unlimited (chose Freedom). He's also had his checking at Chase for many years.
I have a thin file, score in the high-600s/low 700s, one ancient $50 medical surprise derog (misunderstanding about a copay combined with a move so I never got the letters), and AAoA was 4 mos at the time. I got the Amazon Visa with SL of $2500, raised to $3500 after two months (by Chase - I didn't ask).
No, those aren't CSR, which requirements are tighter. But I see people with better paper than ours complaining in the forums All The Time about being denied on the cards we got. I suspect that our other account history at Chase helped. I'm hoping it helps me out when I do go for that CSR.
I did consider that, but I am actually going to use the benefits of the Reserve by that time. So, I don't plan on getting any more cards and will stay under the 5/24 rule.
Would you consider getting another Chase card first? Last year I had 3-4 pre-quals when I went on the Chase site, when I app'd I was denied. I got the Amazon Visa a couple months later (taking me over 5/24). I after paying that for 6mths, I finally got a pre-approval (in-branch) for CSR, but I think having a relationship with them might help you. I wouldn't get the CSP if you want the CSR...can you open a savings or checking account online with Chase?
Maybe getting another chase card first is possible. I was hesitant and worry that it would be too many inquiries in 1 year span of time since I picked up 3 new cards already.
Also, when I tried to applied for a chase bank account, it said chase services not available in your area after it asked me for my zip code. Then I couldn't proceed.
I would say build a relantionship with Chase first. Maybe apply for a CF which is excellent and the rotating categories can get u a lot of points if you save them to transfer them to the CSR eventually. I was recently approved for a CSR with a very thin credit history, 778 FICO, 734 EQ & EX, only one 1.5x y/o BofA Cashrewars $1600 CL. But I had a student checking account with Chase for about 7 seven years, so I think that was the deciding factor.
Would you be averse to getting a CSP and eventually product changing it to CSR (lower starting limit versus CSR)?
If you’re truly waiting until May/June and nurturing your current cards with payments and soft pull increases, I don’t see why you wouldn’t be approved. Your scores and AAoA would steadily increase through until May and you don’t have many obligations.
If you are considering applying for a Freedom/Freedom Unlimited, I’d suggest putting at least a three month span between apps. With recent record defaults, Chase may become skittish about the sudden increase in new accounts and dig deeper under a manual review.
I don't mind having the CSP first and product change it to CSP later if I have no chance at all for the CSR this July.
I don't actually need the CSR until end of coming July. I am willing to just wait and maintain the 4 cards I currently have. I just wasn't sure if I'd have better chance in 6 months from now.
By the way, I also just enrolled in the Chase Credit Journey monitoring. That probably won't really help.