Chase Freedom v. Chase Sapphire Preferred

[rtw]

Curious to hear members thoughts as to when and whether I should try to get my foot in the door with Chase with either their Freedom or Sapphire Preferred. I understand that the Freedom is easier to qualify for and I was already denied last month even after recon, but after reading some of the information here I'm wondering if I should bide my time, get my scores up and apply for the Sapphire Prefferred. I have two cards now that are both over 5K (PSECU 15K and Citibank 8.5K).  

[Anonymous]

I wouldn't mess with a card that I didn't want.  I decided to get a Freedom first, but only because I wanted it as well.  The Freedom is a pretty good way to earn some extra points you can then transfer to the Sapphire.  If I hadn't wanted a Freedom too, I would have just waited and applied for the Sapphire at about the same time I did anyway.

[iMacDrew]

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@rtw wrote:

Curious to hear members thoughts as to when and whether I should try to get my foot in the door with Chase with either their Freedom or Sapphire Preferred. I understand that the Freedom is easier to qualify for and I was already denied last month even after recon, but after reading some of the information here I'm wondering if I should bide my time, get my scores up and apply for the Sapphire Prefferred. I have two cards now that are both over 5K (PSECU 15K and Citibank 8.5K).  

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We can't really help you too much with the info you've provided. What's your util looking at, what were reasons for denial, and baddies etc. With those scores I'd say hold off till 680+ fico. For the sapphirepreferred I'd go 700+. They're both good cards it just depends which if not both would fit into your lifestyle. 

[rtw]

Thanks. Current overall utilization is at 17%. When I originally applied last month overall utilization was at 28% and two cards were at 80-90%. Baddies 30 day late from 2010 and 30 day late from 2009. One paid collection (MIdland will not gw.) The two cards focused on during recon are now at 0% and 62% utilization. Only two reasons given in denial letter: "Balances on accounts are too high compared to credit limits" and "The outstanding debt on your credit accounts is too high"  

[migliogiorni]

Hmmm I would get that other card uti lower before applying again.  Seems like you want Saphire so def wait till your uti is around 1 to 8 percentage, GL.

[p-]

I was in mid to high six's when I got freedom, but was denied for Sapphire when right at 700, mainly because of too many accounts less than a year old. 

[LS2982]

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@migliogiorni wrote:

Hmmm I would get that other card uti lower before applying again.  Seems like you want Saphire so def wait till your uti is around 1 to 8 percentage, GL.

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I agree, and I wouldn't go for Sapphire. Get the Freedom card once your util. is below 9%.

[YahComb]

i was approved for sapphire and freedom 9-10 days ago, apps minutes apart. had the same EQ 695 i have now, 2 accounts at 12 months, 2 at 6 months, 2 within last 4.

It's possible my sapphire was approved based on Experian score (by far my cleanest report, 3 total inq since feb vs 7 on EQ, none since april on either report) since chase pulled EQ and EX for me and the freedom was approved based on Equifax. But ill never know since sapphire only has one APR, and thus they don't have to send a score telling you why you didn't get better terms. Utizilation was at 61/8600 (rounds to 1%).

I was denied for Freedom @ 7 months history back in march with EQ FICO 690ish and under 10% utilization.

Sapphire is not super-prime but, it seems theyre probably at least as dfficult as the Freedom used to be. You'd be much safer bet closer to 700s.

[rtw]

Thanks folks. The more I think about it the more I'm leaning toward the Sapphire. I'm going to bide my time and wait until my scores are above 700. I figure I can app for the Amex BCP and the Sapphire at the same time. If I get approved for the BCP that should mean I can get the Sapphire. I'm back in with Amex so any app going forward would be a soft pull if denied. That's my plan.

[iMacDrew]

thats a good plan, patience! good luck. maybe january you can app so you can backdate your amex if youre ready by then.