Chase Credit Card Approval Process

[mr_postman]

With income of 400 to 500k I don't think you need a credit card money talk

[CreditScholar]

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@mr_postman wrote:
With income of 400 to 500k I don't think you need a credit card money talk

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With an income of 400-500k, he definitely does need one. People like this are often time-poor, and they need products that will work with and assist their current lifestyle.

It's not exactly easy to keep that kind of cash on you, and nobody with that kind of income (and corresponding net worth) just leaves that much in a checking account for debit card transactions. There are better places to keep your money instead.

[jamesdwi]

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@Anonymous wrote:

Hi all,

I had a quick question about Chase credit card approvals.  I applied for the Chase Sapphire Preferred card and its pending approval.  My reason for doing so is that I'd like to be able to transfer UR from my Chase Freedom card to FF programs along with the 2x multiplier for restaurants and hotels.

I have CPC checking, a brokerage account with ~$100K, and a Chase Freedom card ($1500 CL).  The Chase Freedom card is old and they refused to increase my credit limit last year two months after I started my new gig.  I've always PIF for the last three years and for a while it was multiple times per month before I opened other credit accounts.  I was in school for the previous two years so income was slim to none.  Income is now in the ~$400-$500K range.  I've moved a lot of my spend to my AMEX Green Card ($10-$15K/mo) and would like to find a way to make better use of Chase.  Credit scores are anywhere from 670 to 690.

The reason I tell you all of this is I wanted to know if Chase will take into consideration other factors besides my credit score when reviewing whether or not to approve me for the Chase Sapphire Preferred card.  Does anybody have a similar experience to me?  Would love to know your thoughts ..

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I would recomend getting your local Chase banker/manager involved perhaps their have been reports that they have backdoor methods to get approvals especially since they have accesss to your financial picture. You should also look into what is holding your score down, with 3 years of PIF I would think you should have better than a 690, perhaps paying your credit cards before the statement cuts if UTL is killing you, if there are some old collections perhaps try for Pay For Delete  or Good Will letters. 

If all else fails you can try for a secured card with a 5k CL or more a few months of that reporting should help your possibilities of getting higher CL's, Who knows perhaps Chases automated approvals didn't take your income seriously and you need to call in for a manual review so they take full account of your income, I find it hard to believe that you are getting turned down with 400k income.  

[Anonymous]

I view credit cards as a great tool for managing spending (especially business expenses that need to reimbursed) along with points/rewards.

You're correct that I have not been paying off balances before the statement date.  I'll pay off multiple times in a month on certain cards, but they always end up reporting a balance to the credit bureaus.  I'm new to the credit improvement game and just found out this can make a sizable difference.  A $5K CL card reporting a $4K balance, etc. can't be helping.  My credit scores seem to remain static in a certain range.

I did not get declined yet, but either way I'll reach out to my banker for assistance.  More than happy to do a secured card if need be.  Thanks everyone for the tips.

[Anonymous]

CreditScholar - CPC requirement is $250K.

[sjt]

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@Anonymous wrote:

I view credit cards as a great tool for managing spending (especially business expenses that need to reimbursed) along with points/rewards.

You're correct that I have not been paying off balances before the statement date.  I'll pay off multiple times in a month on certain cards, but they always end up reporting a balance to the credit bureaus.  I'm new to the credit improvement game and just found out this can make a sizable difference.  A $5K CL card reporting a $4K balance, etc. can't be helping.  My credit scores seem to remain static in a certain range.

I did not get declined yet, but either way I'll reach out to my banker for assistance.  More than happy to do a secured card if need be.  Thanks everyone for the tips.

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Please keep us posted as to what your PC banker does to get you the card.

[Anonymous]

As a quick update - I did not have a chance to call my banker yet.  However, I called the check your application status number and it said I was approved for the card with a $8K CL.  Works for me.

[sjt]

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@Anonymous wrote:

As a quick update - I did not have a chance to call my banker yet.  However, I called the check your application status number and it said I was approved for the card with a $8K CL.  Works for me.

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Congrats.

Be sure to speak with yout banker and have your card upgrade to the CPC version.  I dont know what the additional benefits are, but the annual fee is waived.

[HiLine]

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@Anonymous wrote:

As a quick update - I did not have a chance to call my banker yet.  However, I called the check your application status number and it said I was approved for the card with a $8K CL.  Works for me.

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Congrats! You're such a huge customer to Chase that there's no way they would deny you anything

[scenery_guy]

I'm glad this worked out for you. So far Chase has bent over backwards for me, my local branch banker is awesome and will do whatever is needed to help out. I suggest you get to know your banker better and tell them you expect a higher level of service with that type of cash flow.