Hello! I've been lurking around here for a few months, but haven't posted until now. I've been eyeing the Chase Sapphire Reserve for a while now, and have been waiting for a few weeks to apply for it.
First, some context:
*Skip this section if you just want to read my CSR approval story*
Sometime in 2015, I realized that my credit was very poor after neglecting it for about a year. I was in about ~$5k credit card debt with low credit card limits. I had enrolled in a Debt Management Program to help get my credit back on track. I think my credit score was around 589 at the time (I had 5 30-day late payments). After about a year, I had managed to get my credit score up to ~610. However, the DMP had required me to close all of my accounts with balances on them. Luckily, I had two store cards without balances and they remained open.
Fast forward to the New Year 2017 and my credit was ~620. I decided I wanted to do better with my credit so I joined communities like this one and saved up enough money to pay off my debts. I was looking at travel cards like CSR because I'm going on a month-long trip in May and I really liked the benefits. Come Mid-March 2017, I managed to pay off all my debt and get 4 out of 5 late payments removed from my account. My score went up to ~750s by early April. I applied for the Cap1 Venture card on 4/2/17 and got approved on 4/4/17 for $15k. I did so because I wanted to get another credit card before applying for the Chase Sapphire Reserve.
I decided to wait a week or so to apply for the Sapphire Reserve. Unfortunately, I recently learned that this card won't show up on my credit report until Cap1 releases my first statement (around 4/20/17). So the only open cards showing on my credit report is a $1.5k Sweetwater store card and a $200 Macy's store card (as I mentioned before, though, I was lucky that these stayed open because they helped keep my AAoA up). With that knowledge, I decided to suck it up and apply for the Chase Sapphire Reserve.
CSR Approval Story
So, today (4/14/17), I applied online for the Chase Sapphire Reserve then the Chase Sapphire Preferred back to back (within minutes, just in case I wasn't able to get the Reserve—I was more hopeful about the Preferred). I got the "We need to review your application. We'll get back to you in 30 days" message for both applications. I called the automated status line and it said that both of my apps were under review and that I'd hear back in about two weeks. I called recon immediately (and only mentioned that I applied for the Sapphire Preferred) and they wanted to verify my information.The rep got my info and told me that she'd put my application through.
I called to check the automated status line again and it said that one of the apps was under review and I would hear back in 7-10 days. The other application still had the two weeks message. Keep in mind, the automated line did not tell me which application corresponded to which card. So I waited about an hour or two and called the status line again. The first app had the 7-10 days message and the second app was approved!
I called a Chase representative immediately and asked which card I had just been approved for. It was the Sapphire Reserve for $10k starting limit. I just got a $15k Capital One Venture card a couple weeks ago, but it's not on my credit report and all my other credit is under $5k, so that explains the low limit.
I asked about my other application and found that I was denied for the Sapphire Preferred because too many recent requests for credit (basically because I was just approved for the Reserve). That was fine with me because I only wanted the Reserve anyway and applied for both just in case I didn't get the Reserve. Also, since I applied within minutes of each other I only got 1 hard pull.
757 FICO8 EX. $80k income. 3 years AAoA. 0% Util. 21 years old. EX/TU pulled.
Congrats on your CSR it is a great card if you eat out quite a bit and travel at least a few times a year then it more than pays for the AF