Worth it to recon CSP?

Anonymous · ‎07-02-2015

I was hoping for some advice about this situation:

I applied for a Chase Sapphire Preferred card on 6/8 or 6/9 (don't remember exactly) and was denied for insufficient income. I'm a part time student with an income around $14k but I also have no housing expenses (living with parents). I wasn't going to recon it, since it's true I don't have a high income, but it still hasn't been 30 days so I think I could still call and I'm reconsidering since I've read about the new Chase policy about new accounts...I've opened more than 5 new accounts in the last 2 years, but when they pulled that report, only 3 or 4 were reporting I think. So if I don't get it from this application, I'm not sure when I'd be able to get it....Would definitely be awhile.

Any advice? Would it be possible to convince them to approve me with this denial reason?

Thanks!

-Cal- · ‎07-02-2015

This is a card that does have an income requirement, you should still try to plead your case and maybe you'll get lucky.

Anonymous · ‎07-02-2015

Do you know what the income requirement is?

FinStar · ‎07-02-2015

@Anonymous wrote:
I was hoping for some advice about this situation:

I applied for a Chase Sapphire Preferred card on 6/8 or 6/9 (don't remember exactly) and was denied for insufficient income. I'm a part time student with an income around $14k but I also have no housing expenses (living with parents). I wasn't going to recon it, since it's true I don't have a high income, but it still hasn't been 30 days so I think I could still call and I'm reconsidering since I've read about the new Chase policy about new accounts...I've opened more than 5 new accounts in the last 2 years, but when they pulled that report, only 3 or 4 were reporting I think. So if I don't get it from this application, I'm not sure when I'd be able to get it....Would definitely be awhile.

Any advice? Would it be possible to convince them to approve me with this denial reason?

Thanks!

If you were not approved due to not meeting the minumum income requirement, then Chase will likely not overturn their original decision. Other folks have tried without success.

redpat · ‎07-02-2015

IMO chances are slim to none for recon, income too low and maybe another HP.

Good luck though.

Personal Cards: Amex Delta Res | CSR | Citi AA Exec | Citi Strata Premier Business Cards: Ink+ | Amex BBP

kdm31091 · ‎07-02-2015

I don't think your income will cut it for the card. Sorry OP. Of course, there's nothing wrong with trying but it's probably a waste of your time.

I don't know what the minimum income is, but it is marketed towards higher income people as they can afford to spend enough for a card like this to make sense. Your income would make it very difficult to even justify having the card after the bonus. So maybe the decline isn't a bad thing. You'd be throwing away money on the AF more than likely.

Anonymous · ‎07-02-2015

@kdm31091 wrote:
I don't think your income will cut it for the card. Sorry OP. Of course, there's nothing wrong with trying but it's probably a waste of your time.

I don't know what the minimum income is, but it is marketed towards higher income people as they can afford to spend enough for a card like this to make sense. Your income would make it very difficult to even justify having the card after the bonus. So maybe the decline isn't a bad thing. You'd be throwing away money on the AF more than likely.

+1.

You would probably have to spend your whole income yearly on the card just to justify using it. Plus, if you don't travel a lot, it would be pretty worthless to you. I would recommend the Sallie Mae, Amex EDC or Chase Freedom if you're a student. And if you do travel, look into the Venture card. The rewards with these cards would be much greater based on income/spending.

Anonymous · ‎07-02-2015

@Anonymous wrote:
I was hoping for some advice about this situation:

I applied for a Chase Sapphire Preferred card on 6/8 or 6/9 (don't remember exactly) and was denied for insufficient income. I'm a part time student with an income around $14k but I also have no housing expenses (living with parents). I wasn't going to recon it, since it's true I don't have a high income, but it still hasn't been 30 days so I think I could still call and I'm reconsidering since I've read about the new Chase policy about new accounts...I've opened more than 5 new accounts in the last 2 years, but when they pulled that report, only 3 or 4 were reporting I think. So if I don't get it from this application, I'm not sure when I'd be able to get it....Would definitely be awhile.

Any advice? Would it be possible to convince them to approve me with this denial reason?

Thanks!

It is best to leave it alone. There won't be any convincing Chase with a 14k annual income. The good part is the CSP has been around for a quite a bit now and wants you finish school and have a reasonable income, you can give it ago again.

But at this time, you don't stand a chance and won't get approved.

Anonymous · ‎07-02-2015

Thanks for the input everyone!

I do travel a lot, and actually the reason I wanted it was because they have Amtrak as a transfer partner and I use trains quite frequently. The points are somewhat hard to earn normally, so I really wanted to be able to earn some through regular spending (and especially that signup bonus). I have the Freedom, but those points aren't transferrable without a premium Ultimate Rewards card. But I guess I'll just cross my fingers and hope they (or someone else) bring back an Amtrak credit card! (I know I can transfer SPG points to Amtrak, but I find those pretty valuable for booking hotels and don't want to give them up....can't have everything I guess!)

Anonymous · ‎07-02-2015

@Anonymous wrote:
Thanks for the input everyone!

I do travel a lot, and actually the reason I wanted it was because they have Amtrak as a transfer partner and I use trains quite frequently. The points are somewhat hard to earn normally, so I really wanted to be able to earn some through regular spending (and especially that signup bonus). I have the Freedom, but those points aren't transferrable without a premium Ultimate Rewards card. But I guess I'll just cross my fingers and hope they (or someone else) bring back an Amtrak credit card! (I know I can transfer SPG points to Amtrak, but I find those pretty valuable for booking hotels and don't want to give them up....can't have everything I guess!)

That would have been a good deal but unfortunately, you will have to wait. You do have some good cards in your siggy.. Hang in there.