cancel
Showing results for 
Search instead for 
Did you mean: 

Chase Sapphire Reserve Approval Great SL

Highlighted
Valued Contributor

Chase Sapphire Reserve Approval Great SL

It's been two years since I applied for any credit whatsoever.  About 4 years ago I began a rebuild and made great progress going from upper 400's to mid to high 600's in about 9 months and total CL of about 100k spread over lenders like NFCU, Citi and Cap One.  Two years ago I decided to leave it all alone and maintain low balances and let the scores grow because I had plenty of available credit.  Then a year ago my wife was diagnosised with cancer and all the plans went out the window.  With just about everything maxed out to pay for her needs, travel to specialized care etc my scores took a significant hit. She passed and I have been using some of the life insurance to pay down debt.  I have chosen to do this over about a year to maximize the score recovery as all of the simulators seem to indicate this method results in more stronger scores than paying it all at once.  I recently became a Chase Private Client and thought that perhaps despite the high utlization and scores in the low 600's perhaps my relationship would result in an approval.  Last night I was bored and decided to give it a shot and was instantly approved with a SL of $48,500.  I was pretty shocked and am happy.  My next highest SL is with NFCU at $22k.  

Message 1 of 11
10 REPLIES 10
Highlighted
Regular Contributor

Re: Chase Sapphire Reserve Approval Great SL

Congrats!


Current:




Mortgage applications start in 2021
Message 2 of 11
Highlighted
Community Leader
Mega Contributor

Re: Chase Sapphire Reserve Approval Great SL

Congrats on one of the biggest sl ive seen here on myFico. My condolences on the passing of your wife. Many blessingsSmiley Happy
Message 3 of 11
Highlighted
Regular Contributor

Re: Chase Sapphire Reserve Approval Great SL


@workingfor850 wrote:

 do this over about a year to maximize the score recovery as all of the simulators seem to indicate this method results in more stronger scores than paying it all at once.  .  


Condolences on everything. :-/

 

Congrats on the Reserve and huge limit!  Wanted to mention that those simulators are junk at estimating changes. If all the debt is on credit cards or loans then paying them down would likely have a huge positive impact on your FICO because it will reduce your overall utilization and debt/income. Plus, you may save a ton of interest. No point paying interest on it. 

 

"paying it over time," really only helps in the very beginner phase of credit, to build a history of payments. But, even that's not worth paying a lot of interest. Once you have an established positive history then decreasing or paying off debt is by far the biggest factor in getting into the excellent range (740+).

Message 4 of 11
Highlighted
Valued Contributor

Re: Chase Sapphire Reserve Approval Great SL

Thanks for the advice, I will take it and just pay them down.   

Message 5 of 11
Highlighted
Community Leader
Senior Contributor

Re: Chase Sapphire Reserve Approval Great SL

I’m sorry about your wife Smiley Sad But huge congrats on that massive SL! That’s one of the best starts I’ve seen for this card!

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Best Buy Visa: 3k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 6 of 11
Highlighted
Super Contributor

Re: Chase Sapphire Reserve Approval Great SL


@workingfor850 wrote:

It's been two years since I applied for any credit whatsoever.  About 4 years ago I began a rebuild and made great progress going from upper 400's to mid to high 600's in about 9 months and total CL of about 100k spread over lenders like NFCU, Citi and Cap One.  Two years ago I decided to leave it all alone and maintain low balances and let the scores grow because I had plenty of available credit.  Then a year ago my wife was diagnosised with cancer and all the plans went out the window.  With just about everything maxed out to pay for her needs, travel to specialized care etc my scores took a significant hit. She passed and I have been using some of the life insurance to pay down debt.  I have chosen to do this over about a year to maximize the score recovery as all of the simulators seem to indicate this method results in more stronger scores than paying it all at once.  I recently became a Chase Private Client and thought that perhaps despite the high utlization and scores in the low 600's perhaps my relationship would result in an approval.  Last night I was bored and decided to give it a shot and was instantly approved with a SL of $48,500.  I was pretty shocked and am happy.  My next highest SL is with NFCU at $22k.  


Condolences on your wife's passing. Congratulations on the CSR and the high limit.

 

I wouldn't pay attention to the simulators; your scores would do just as well by paying it all down.

 

 


Total revolving limits 653000 (575000 reporting)

Message 7 of 11
Highlighted
Frequent Contributor

Re: Chase Sapphire Reserve Approval Great SL

My condolences as well...

 

In regards to the approval... HUGE. Congratulations. Proof that gardening and watering those little baby fico scores will grow into monster limits! Congratulations!

Starting scores - 480 - 11/05/18
Current Scores -





Message 8 of 11
Highlighted
Super Contributor

Re: Chase Sapphire Reserve Approval Great SL

Indeed that is one Great SL bar none. Congrats! on building back to some breathing room.

 

Terrible ordeal to cope with when it comes to a loss that close. Went through something similar and it's no picnic picking up the pieces if we ever really do.

 

 

1-1cbdefghijkl
Rebuild Begin 7/22-FICO alternating avg's 650 + - I'm so in the drink UGH
1213444ind
Message 9 of 11
Highlighted
Regular Contributor

Re: Chase Sapphire Reserve Approval Great SL

My condolences go out to you.

Congrats on that huge SL & Welcome to the Chase Club!! I would agree that paying most eventhing to at least below 10%, if not off. No reason to pay interest in your case. Also, I saw the scores in your sig were a bit outdated... might I recommend heading over to creditchecktotal.com (now Experian) where you can get an update on all three reports for $1? You have 7 days to cancel/downgrade your membership to the free version afterwards. Smiley Wink

Current: Gardening...


FICO 8: EX:TU:EQ:

As of Aug 2020. Total CL: $46,600; Goal: $50,000
Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.