Chase Sapphire Preferred Approval Odds

[Anonymous]

Hello I'm a long time lurker and first time poster. I figured I'd make this post as I have some questions and was hoping for some insight. I have an international trip coming up this year and it seems ideal to apply for the CSP. With this upcoming trip and some other expenses I would have no trouble getting the SUB. Additionally, after this year I will be traveling 1-2 times a year (either domestic or international). Now, my file is thin I only have two cards. The oldest card is a Bank of America Cash Rewrds (1 yrs, 11 mos) the limit is $1,900. The second card is the Amex Everyday (4 mos) the limit  is $6,000. I always pay my cards in full and have never missed a payment. I also make sure to keep a small amount on my cards under 20% utilization when my statement cuts so their is something to report to the credit bureaus. My Income is 40K. My curent Fico scores are as follows; Transunion: 745 and Experian: 741.

Now I'm wondering with the information I provided above do I have a good chance of being approved? Should I let my Amex age longer before applying? Would the CSP be worth the annual fee if I am only planning on traveling 1-2 times a year? As in the future I hope to get the conveted Chase trifecta. 

[simplynoir]

Those stats look fine for the CSP. Have you checked the prequal page to see what offers pop up? As for it being worthwhile getting even only traveling 1-2 times a year it still can be worth it depending on your travel spend and any other dining/travel expenses even when not on the road.

[Anonymous]

Thanks for the reply. I have not checked the prequal page could you please provide me with a link to it? As for the spending I would have to say a majority of it would go to dining as I eat out probably 3-4 times a month.

[simplynoir]

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@Anonymous wrote:

Thanks for the reply. I have not checked the prequal page could you please provide me with a link to it? As for the spending I would have to say a majority of it would go to dining as I eat out probably 3-4 times a month.

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https://www.chase.com/prequalified

And for your travel spend any ideas on a ballpark for expenses that will be incurred during your trips?

[radfam]

I would also suggest checking Chase Credit Journey for possible offers.  Before I got my CSP (and before I had any relationship with Chase), I could never ever get prequals on their prequalification page.  I did see an offer on Chase Credit Journey that turned into an approval.  YMMV but its worth checking.

[Anonymous]

As long as you're not 5/24+ I don't see any issue getting approved here.

[pinkandgrey]

I think you could get it. Chase will probably love your lack of CCs lol

[Remedios]

Chase does not "love" thin or young files, it's actually quite the opposite. 5/24 is in place for a different reason. 

With that said, I think OP has a chance, but I would wait till that Amex is at least 6 months old to show they can handle larger CL for longer period of time because of how thin their file is, short credit history and low(ish) CL on older card.  This is all based on assumption there is no existing banking relationship with Chase. 

Still, I think they have a decent chance 

[Anonymous]

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@Remedios wrote:

This is all based on assumption there is no existing banking relationship with Chase. 

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Just curious what you mean by the above statement and how in your opinion an existing banking relationship with Chase could impact a CC lending decision.

[Remedios]

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@Anonymous wrote:

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@Remedios wrote:

This is all based on assumption there is no existing banking relationship with Chase. 

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Just curious what you mean by the above statement and how in your opinion an existing banking relationship with Chase could impact a CC lending decision.

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I can tell you that in my case, income and chase being primary banking institution were  the reason for the approvals I've received for them.

They were very uncharacteristic for chase in terms of SL with young files, time between the apps, and with being well over 5/24. 

Approvals were for $8k and $16.7K, three weeks apart, oldest open card at the time was slightly over a year old. 

My income, paid off car loan in less than six months, and over 15 years of history with them did wonders for their internal risk score. 

As a primary banking institution, they have much clearer financial picture than a lender who only has our word to go by. At times, I feel like they know more about my finances than I do. 

So, if you have a perfect storm, the relationship helps. 

If you're bouncing checks, overdrafts and barely maintaining any money in the account, relationship will work against you. 

Is that not your experience with your primary bank/CU?