Chase Sapphire Preferred with no CC History?

[thom02099]

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@Anonymous wrote:

Are there any cards you guys would suggest I apply for, something like Discover It or amercan Express Green?

The average age of my accounts are 3 years, but those are all student loans.

If I always pay my card in full then the utilization for the CRAs is 0%? Is that correct. I wanted to know so I could put close to $1k a month on my CC and then pay it off every billing cycle, and hopefully BoA will increase the CL sooner.

Thanks

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I think if you applied for and got an AMEX Green, this scenario would do some good for you rather rapidly.  Put thru $1k/mo on a Green, pay it off each month, do that for 3-4 months, I think that would be a great beginning for growing your portfolio!  AMEX may also be more inclined to give you one of the revolvers after doing this for about 6 months.  And the sweet thing about AMEX is, your payments are nearly immediately reflected on your account and to my knowledge, there's no limit to the number of payments you make.  If you wanted to split that $1k payments into several smaller payments, all before the due date, you can do that. 

[SnackTrader]

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@thom02099 wrote:

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@Anonymous wrote:

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

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Hey Jay,

Agree with ryanbush on this one.  I think you might have a good chance at an AMEX Green.  Green/Gold charge cards have basically the same underwriting standards, but different AF.  Green is $95/year but is waived the first year.  Good way to get in to a relationship with AMEX.  And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI. 

EDIT:  And the thing about AMEX, it's usually a SP if denied/HP if approved. 

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Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders. 

[longtermgardener]

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EDIT:  And the thing about AMEX, it's usually a SP if denied/HP if approved. 

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That's not true. I applied for AMEX twice and it got declined twice and it was HP both the times. 

[thom02099]

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@SnackTrader wrote:

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@thom02099 wrote:

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@Anonymous wrote:

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

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Hey Jay,

Agree with ryanbush on this one.  I think you might have a good chance at an AMEX Green.  Green/Gold charge cards have basically the same underwriting standards, but different AF.  Green is $95/year but is waived the first year.  Good way to get in to a relationship with AMEX.  And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI. 

EDIT:  And the thing about AMEX, it's usually a SP if denied/HP if approved. 

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Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders. 

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D'oh!  My bad...you're right. 

[SnackTrader]

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@thom02099 wrote:

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@SnackTrader wrote:

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@thom02099 wrote:

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@Anonymous wrote:

I think the AMEX Green would be a great card for your situation and it helps as it doesn't count towards your utilization.

I had a paid charge off and no limits above 4k, I think alot of the reason Chase approved me was because they noticed i had charged over 2k on my green the previous month and they wanted to compete with AMEX

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Hey Jay,

Agree with ryanbush on this one.  I think you might have a good chance at an AMEX Green.  Green/Gold charge cards have basically the same underwriting standards, but different AF.  Green is $95/year but is waived the first year.  Good way to get in to a relationship with AMEX.  And having an AMEX seems to make a difference, at least anecdotally, when applying for cards with comparable card issuers such as Chase or CITI. 

EDIT:  And the thing about AMEX, it's usually a SP if denied/HP if approved. 

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Since when?

Remember, OP has no credit card history except his recent BofA. SP denial last I checked has only been reported by existing Amex holders. 

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D'oh!  My bad...you're right. 

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It happens. Otherwise, I think your right. A green charge would work well to control OP's utilization and has the potential to help with other Amex cards in the future based on what others have reported. 

[Anonymous]

it's a soft pull when denied only if you're already a card member, not on your first card....

[2011beginnings]

I just got approved for a CSP. I've had an AMEX Gold since 2011 and a BofA since 2011. I would say apply for an AMEX charge card and go from there.

[Anonymous]

Thanks for the further replies guys. I just got approved for an Amex Green Card! So excited.

Can anyone please explain how utilization is reported to the CRAs? Or link to website that explains it? I already tried looking here on myFico and it has a very vague description.

Am I correct in saying that I should never charge more than $200 a month to my BoA CC?

Sorry am just confused if utiliztion is the all time balance at any point, or balance not paid in full each month.

Thanks,

Jay 

[Anonymous]

first off congrats... 

secondly, your utilization is going to be based off of your statement balance...  you can charge as much as you want as long as you pay it down before you statement cuts

you really only have to worry about utilization if you're apping for something in the next 30 days 

[navigatethis12]

You should apply for the Chase Freedom if you want a Chase Sapphire Preferred later. My sister had her Freedom for maybe one year and a Bank of America card for about three  or four when she applied for the Sapphire Preferred and was approved. I think having the Freedom would help out more than getting the useless Green.