Please advise me for Chase preferred card.

[Anonymous]

Hi All,

Newbie in this forum, looking to learn from the experts here and to aiming to keep good credit score. Thanks for this great opportunity to be part of this forum.  

The below is my current cards.

1. BoA Cash rewards                    - 8 Months old   - CL $1200

2. Discover IT                                - 1 Month Old    - $1500

3. AMEX BCE                               - 1 Month old     - $2000

My FICO 8 Scores are : TU 724, EX 708   - Generated during mid of Feb 2016, reported income - $76800 p.a.

Goal:

1. Planning to app for Chase Preferred card by May 30, 2016- For the excellent signup bonus and unmatched travel benefits

Plan:

1. Will be requesting for CLI for Amex card on 61st day, i have seen folks getting approved during activation, but going to wait for the magic 61 day to request CLI to $6000.

2. Having checking account with Chase for last 6 months, planning to open Savings account with them and going to deposit some $10K to build loyalty with Chase(and also for the signup bonus), thinking it might be useful for recon just in case app was rejected.

Negatives:

1. Couple of inquiries in TU - 7 , EX - 6, EQ - 5. 90% Inq are due to Car loan eligibility check , all raised on same day. Latest credit inquiry was on Feb for Amex and Discover.

2. Chase has already declined me for Freedom, requested for Freedom as my chase banker advised me to check during Bank account opening, but declined for short credit history.

Now please advise me whether am i on the right track, whether should i wait for some time. If Chase preferred is not the best choice as of now, please advise me for other travel related cards. Wanted to take plunge into travel cards.

Thanks a lot for your time in reading this.

[AzaleaB]

You have a thin file so you may want to wait a bit for the CSP. I think the Freedom may be easier to get based on other posts I have seen. So the CSP may be iffy. See what happens with the Amex CLI request first. You can always check the Chase site to see if you are prequalified. 

[Anonymous]

Thanks AzaleaB. I checked the chase pre qual site and did not have anything for my profile.

Will wait for some more time, and will check the site again to see if i m qualified for anything.

[Anonymous]

Couple of updates.

1. Opened savings account with Chase and deposited little over $15K a month back.

2. Could not able to ignore the highest signup for AMEX SPG card, hence applied for SPG on 30-Mar (1 day before last date for the 35000 SPG points offer due date) and was approved for low SL, but i am happy to see the approval as SPG will be my first travel CC.

I have been checking Chase Prequalifier site and nothing shows up. Today i happens to check cardmatch tool and was shown Chase Sapphire Preferred card as eligeble. I am hoping i am on right path. Going to wait till 1st week of June to apply for CSP ( Lets See whether i will break through). Also by 1st week of June, 3 of hard inquiries will fall off from EX, these were received for the cards i have got during Feb 2016. Will garden for next 6 - 8 months if i receive CSP. Lets hope  

Wish me the best. Thanks

[Anonymous]

I would suggest you wait for the pre-approval to show up on chase. I recently spoke to a chase banker and was told that it's almost a guarantee that you'll be approved if the pre-approval shows a card for you. Keep checking and as soon as the CSP shows up; go for it. He also said that he's never seen any CSP be given for less than 5k so this means it'll probably be approved for a better than avergae credit profile. Hope it helps. 

[Anonymous]

Yes GPCredit. I am checking Chase pre qualifier often. Will keep the forum updated when i app and the result of the app..