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Hey everyone, thanks for all the great info on here. I applied for a Chase Sapphire Preferred card yesterday and got a note that they had to review the application further. Usually that's an identity issue, so I called in today to the identity / fraud department and after an almost 3 hour hold, did an ID verification and got APPROVED! The instant approval was for $5k SL. They pulled Experian and my score is 726. I have a few questions for the community:
Thanks so much everyone... the info on these boards is priceless.
- Dima
Congrats on your approval
Raising your SL would involve another HP. Since they approved you in the lowest limit for that card I would wait a little.
As far as business card goes, again keep in mind that this was a squeeze in approval, so I would wait somewhere around 6 months before attempting another application for Chase card.
@Anonymous wrote:Thanks @Remedios ! What do you mean by a "squeeze in approval"?
$5000 is the lowest starting limit for CSP, so it's indicative of Chase not being willing to extend additional credit at this time.
Just like all other things credit related, time cures that issue. Just wait a little and you should be good to go in about six months.
Also, Chase doesn't mess around when apps for their cards are too close together or included in "sprees".
Sometimes nothing happens, but denials and closures of existing accounts happen to some.
If CSP is important to you, you will need to decide where your risk tolerance happens to be.
Got it @Remedios thank you! I feel like my score of 726 is pretty good so I wonder why they only gave me the minimum for the card, but I'm excited to get the approval and I'll just ask for a raise in 6 months like you mentioned. Thanks again!
@Anonymous wrote:Got it @Remedios thank you! I feel like my score of 726 is pretty good so I wonder why they only gave me the minimum for the card, but I'm excited to get the approval and I'll just ask for a raise in 6 months like you mentioned. Thanks again!
It can be due to many things, but you got the approval, that's what matters.
Also, depending on your spent you might get an increase from them.
It's easier when limit isn't too high.
Chase loves to see use (who doesn't) so it will all work out in the end.
Congrats on your approval!!! While your score may be decent, that isn't only factor in decision. They scrutinize overall profile. Algorithm factors certain criteria over others.
Also when doing a recon on limit, or asking for CLI, it will result in 1 or 2 HP. Which also falls under 5/24.
Grats on your new CSP! and I too concur with Remmy on the business card and wanting more on the SL.
Congratulations on your approval!
Congratulations on your approval!!