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Thoughts on Applying for Chase Sapphire Preferred

Roy-Batty-6
Valued Member

Thoughts on Applying for Chase Sapphire Preferred

I currently have solid scores - 732 from Wells Fargo FICO, 743 from TU, 747 from EQ, 720 from EX... but I had four late payments; two in 2018 and two in early 2019. It's been 24 months since the last late, and I have 2% UTL.

 

I'd like to get the Sapphire Preferred and (the Marriot Bonvoy Boundless) but I'm hesitant to risk the HP, if the lates are going to effect me.

 

Back in Sept of 2020, I did get a CLI on my Chase FU but only after I called the reconsideration line and they cited the missed payments (on a different bank; I've never been late or missed payment with Chase).

 

Thoughts on this? Do let the lates age more? Or is 24 months effectively sufficient?

 

 

Starting Score: 447 - 5/2019, FICO 9 by Wells Fargo
Current Score: 732 - 2/2021, FICO 9 by Wells Fargo
Goal Score:770


Take the myFICO Fitness Challenge





9/2020
Message 1 of 17
16 REPLIES 16
Ficoproblems247
Valued Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred


@Roy-Batty-6 wrote:

I currently have solid scores - 732 from Wells Fargo FICO, 743 from TU, 747 from EQ, 720 from EX... but I had four late payments; two in 2018 and two in early 2019. It's been 24 months since the last late, and I have 2% UTL.

 

I'd like to get the Sapphire Preferred and (the Marriot Bonvoy Boundless) but I'm hesitant to risk the HP, if the lates are going to effect me.

 

Back in Sept of 2020, I did get a CLI on my Chase FU but only after I called the reconsideration line and they cited the missed payments (on a different bank; I've never been late or missed payment with Chase).

 

Thoughts on this? Do let the lates age more? Or is 24 months effectively sufficient?

 

 


Are you able to stop into a branch? A personal banker can run you for pre-approval. Their in branch pre-approval decisions are generally a pretty solid indicator of if it's worth it to pull the trigger. If you're under your 5/24 mark I think you'd be ok as long as it's just the lates on your report and nothing else, but honestly it's really hard to say. Good luck with whatever you decide to do and let us know how it turns out! 


FICO 8: June '21 EX 751 EQ 746 TU 744
Message 2 of 17
calyx
Super Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred

+1 on going to a branch if you can.

 

And while I didn't have lates, I did have defaulted student loans when I applied for a CSP (with lower scores than you) and got a really good approval.  Granted, it was before this recession/depression/COVIDfinancial landscape, but still, I would think defaults are worse than lates Smiley Wink

RIP:

F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 0/6 3/12 5/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 3 of 17
Roy-Batty-6
Valued Member

Re: Thoughts on Applying for Chase Sapphire Preferred

Yes, I'm near a branch. I'm planning on opening a business account at Chase next week, so I can do the pre-approval check with a banker then, and see what they say. Was also considering getting a Chase Ink CC for my business provided I can get approved for the CSP.

Starting Score: 447 - 5/2019, FICO 9 by Wells Fargo
Current Score: 732 - 2/2021, FICO 9 by Wells Fargo
Goal Score:770


Take the myFICO Fitness Challenge





9/2020
Message 4 of 17
Roy-Batty-6
Valued Member

Re: Thoughts on Applying for Chase Sapphire Preferred

There's no other derogs on my credit files; just the missed payments for when I was unexpectedly out of work and fell behind. I do have a personal loan that I was only able to make the minimum payments on (always on time) the last 18 months, but recently I've been doing 3X payments (courtesy of a new job with 3X income).

 

I'll let you know what happens.

Starting Score: 447 - 5/2019, FICO 9 by Wells Fargo
Current Score: 732 - 2/2021, FICO 9 by Wells Fargo
Goal Score:770


Take the myFICO Fitness Challenge





9/2020
Message 5 of 17
randomguy1
Valued Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred


@Roy-Batty-6 wrote:

I currently have solid scores - 732 from Wells Fargo FICO, 743 from TU, 747 from EQ, 720 from EX... but I had four late payments; two in 2018 and two in early 2019. It's been 24 months since the last late, and I have 2% UTL.

 

I'd like to get the Sapphire Preferred and (the Marriot Bonvoy Boundless) but I'm hesitant to risk the HP, if the lates are going to effect me.

 

Back in Sept of 2020, I did get a CLI on my Chase FU but only after I called the reconsideration line and they cited the missed payments (on a different bank; I've never been late or missed payment with Chase).

 

Thoughts on this? Do let the lates age more? Or is 24 months effectively sufficient?

 

 


I can't speak exactly to your profile and this lending environment, but I had old derogatories on my profile with a lower score and was approved for the CSP in late 2019. A couple of other things to consider is: How thick is your profile? How are your credit limits on your other cards? With a CSP, Chase needs to believe they can give you a $5,000 CL (minimum). If you think those are possible, you have a decent chance.

Message 6 of 17
rafy023
Regular Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred

Is going to the branch for a pre approval the same as going to the www.chase.com/prequalified site? I never get any prequals from them and I think I have a decent profile with no derogs. Anyway, was jw if there's a better shot when going to the branch.

 

Good luck OP! Let us know how it goes. 



FICO 8 Scores
EX: 773
EQ: 784
TU: 772
Message 7 of 17
Roy-Batty-6
Valued Member

Re: Thoughts on Applying for Chase Sapphire Preferred

I went to a branch last week to open my business account, asked if Chase would run a pre-qual, and was told Chase doesn't do that. In fact, he'd have to do a hard pull for the CSP as well as Chase Ink Business (as one can avoid the monthly fee if you spend over $2000/month on the Ink card); so TWO HARD PULLS. I declined because I know in a few days my scores will update to over 750 on all three bureaus (so "excellent" credit). I still want to see if I can breach 760, before going for the CSP so the hit doesn't drop me below 750.

Starting Score: 447 - 5/2019, FICO 9 by Wells Fargo
Current Score: 732 - 2/2021, FICO 9 by Wells Fargo
Goal Score:770


Take the myFICO Fitness Challenge





9/2020
Message 8 of 17
4sallypat
Frequent Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred

Last year, I tried to apply for the Chase Marriott Boundless 250,000 point SUB that I wanted as I was a previous Starwood / Sheraton member and had points in my account that converted to Marriott point after the merger/takeover.

 

I was denied with similar scores to the OP.

 

When I called the Chase recon line, they said that due to 1 late payment 3 years ago with an installment loan, and nothing else showing - I was being denied.

 

Still have a very soured taste with Chase.

 

Paid off all of my Chase cards (British Airways, IHG & Amazon Prime) and now sits in my sock drawer....

Message 9 of 17
randomguy1
Valued Contributor

Re: Thoughts on Applying for Chase Sapphire Preferred


@4sallypat wrote:

Last year, I tried to apply for the Chase Marriott Boundless 250,000 point SUB that I wanted as I was a previous Starwood / Sheraton member and had points in my account that converted to Marriott point after the merger/takeover.

 

I was denied with similar scores to the OP.

 

When I called the Chase recon line, they said that due to 1 late payment 3 years ago with an installment loan, and nothing else showing - I was being denied.

 

Still have a very soured taste with Chase.

 

Paid off all of my Chase cards (British Airways, IHG & Amazon Prime) and now sits in my sock drawer....


What's your AAoA and oldest account? I received my CSP with a 720ish score and 24 lates on my profile. My most recent late was 2 years old or so at the time. As always, YMMV.

Message 10 of 17
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