Will I get approved for both?

[Dv1998]

Hi. I have some long term cross country traveling coming up. I'm looking for some advice on qualifying for either the Chase Sapphire Reserve, the Capital One Venture X, or both. 

My current scores across all 3 credit bureaus are about 720. I just paid down the balances on all three cards and got a cli on one, so when the reports hit, according to the credit simulators my scores should be closer to 760 or higher depending on the bureau.

Average age is 2 years 8 months

1 discover it cards with $4,500 limit

1 lowes card credit limit just went from $5,000 to $12,000

1 credit one amex card with $1,000 limit

1 capital one quicksilver with $800 limit

No personal card applications in over a year.

Only hard pulls within the year are from mortgages and business cards. I have multiple mortgage pulls across all 3 due to my rental property purchases. None since April. 

Income is projected to be around $115,000 - $130,000 this year

I did the pre-approvals for both the chase sapphire reserve and the capital one venture x. Both said I was pre-approved.

I don't have any previous accounts with Chase. 

Will I actually be approved for either or even both? 

How should I go about applying for both? I leave in mid-late September but I'll hold off applying until my reports are updated in early September.

Which should I apply for first? Thanks!

[coldfusion]

FICO 8 scores in the 720 range are good enough to get approved for either card.  There is a concern is that you don't already have a MC/Visa/AMEX with at least a $10K limit but while Chase/Capital One preapprovals definitely aren't guarantees of approval they tend to be fairly reliable if you have a clean report and with Chase you've never previously burned them.  

Capital One will pull from all 3 CRAs whereas Chase most often only pulls from Experian. 

[Dv1998]

Thank you! I was thinking maybe since I have had a Capital One card for over a year that it may help and that I should apply for the venture x first. Does that sound like a solid plan?

No late payments, bankruptcies, or any other derogatory items with Chase or anyone either. 

I get pre selected mailers from Chase about their Business unlimited card but never applied. That's about the only relationship I've ever had with them. 

What typically would either of them see or be looking for that might show on a hard inquiry vs what they see on their pre-approval soft inquiries?

[coldfusion]

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@Dv1998 wrote:

Thank you! I was thinking maybe since I have had a Capital One card for over a year that it may help and that I should apply for the venture x first. Does that sound like a solid plan?

No late payments, bankruptcies, or any other derogatory items with Chase or anyone either. 

I get pre selected mailers from Chase about their Business unlimited card but never applied. That's about the only relationship I've ever had with them. 

What typically would either of them see or be looking for that might show on a hard inquiry vs what they see on their pre-approval soft inquiries?

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Overall there's nothing they would see from a hard pull that they wouldn't see from a soft pull, the only meaningful difference is that hard pulls can impact FICO scoring for the next year and are visible to anyone who looks at your report for the next 2 years.   

However - mailed or emailed preapprovals are based on soft pulls made roughly 2-3 months before you received the preapproval,  they don't take into account very recent history.  If there has been 1 or more recent relevant changes like a derogatory falling off,  a huge jump in utilization %,  or new inquiries and new accounts the reliability of that preapproval is degraded.   

General rule of thumb would be to apply for the card you really want first but in this case I think odds of approval for the Venture X would be higher and approved I'd suggest you revisit the plan to also apply for the CSR. 

[Dv1998]

Sounds like a plan! I'll update in 10 or 12 days when I apply. Thanks again

[zerofire]

I will however say that I see a few issues with your ideas. First of all not all applications are instant. You should plan for 30 days for an application to go through. If you are leaving in September you will want to apply now unless you are willing to risk not having the card with you. If the computer does not approve you at first there is a delay for a manual review. Also there are fraud checks that sometimes come up which add time. Those can add 7-10 business days. Also USPS First class is now up to 14 days for delivery. This all assumes you can clear the hurdles and do not cause delays yourself. A prequal is not a guarantee of approval so you have no idea what will happen.

As for the product the best order would be Chase then Capital One since Capital One will tolerate a fresh HP if you want both. Capital One will be bringing out the 3HP if you apply and will see everything. The biggest issue is you have not gotten past the $10k mark which is required for either card. Only way to know is to apply though. Chase will probably try to stretch. Capital One will probably try to match what you already have within a few hundred.

[Dv1998]

Thanks. Part of the reason I'm planning on holding off is so the Lowes cli statement hits. It's at $12,000 as of Friday (up from $5,000). Everything should be posted and the updated score should be around 760 by the 3rd. I leave the 24th, so hopefully 3 weeks to the day is enough time

[zerofire]

I read that earlier. I had a similar situation where I applied for a US Bank card and was going on vacation. I gave it somewhere between 4-6 weeks. Ended up arriving 2 days before I was scheduled to leave and I was departing on a Sunday(maximum margin provided). It is up to you when you want to apply but there is a high chance that you might not see the card until you return the way you are planning.

[Dv1998]

I will have some family getting my mail while I'm gone. Do either cards have a digital card option where I can pay with my apple watch? I have that setup with my debit card. If so, I could have them call me and give me the card number, date, etc...

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@zerofire wrote:

I read that earlier. I had a similar situation where I applied for a US Bank card and was going on vacation. I gave it somewhere between 4-6 weeks. Ended up arriving 2 days before I was scheduled to leave and I was departing on a Sunday(maximum margin provided). It is up to you when you want to apply but there is a high chance that you might not see the card until you return the way you are planning.

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[zerofire]

You are going to allow them to open your mail? Ouch.

By law they cannot open your mail unless you provide permission.