Chase Sapphire Preferred

[Anonymous]

I was prequalifed for the CSP but when I applied I got the we need to take longer to look at your account message. A few days later I was denied. I'm 24, my credit score is in the 770s, and I have three cards with a total CL around 10k and have had the oldest card for 4 years this summer. The letter said my 20k income was not high enough. Was just curious what people think/know their income requirement is. I called and asked for more information but all they could give me was that I wasn't high enough.

[kidink1911]

Chase is pretty strict on their income requirements- especially for the CSP or the CSR (which are their top two cards). I can attest that the income is a major determining factor in approval or denial.

Due to the starting limits of the CSP and CSR Chase wants to ensure that their approvals are able to pay their charges (I earn over 100K a year and I was instantly approved).

You may want to look at the Chase Freedom or Freedom Unlimited, use it wisely and watch it grow, then PC to the CSP or CSR at later date. Call Chase and see if they will do a recon on your application for their lower tier card. Hope this helps.

[Anonymous]

I actually already have the Chase Freedom. I got it last summer when I decided that I wanted the CSP, so I could start earning points. But now I am done with college, and I have enough bills/things to buy to get the signup bonus. I'm pretty frugal, and have money saved up from jobs I've worked but being a recent graduate I don't have a high paying job yet. I had a scholarship for college so I didn't have to pay any loans or anything for school. 

[mkhan1093]

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@Anonymous wrote:

I was prequalifed for the CSP but when I applied I got the we need to take longer to look at your account message. A few days later I was denied. I'm 24, my credit score is in the 770s, and I have three cards with a total CL around 10k and have had the oldest card for 4 years this summer. The letter said my 20k income was not high enough. Was just curious what people think/know their income requirement is. I called and asked for more information but all they could give me was that I wasn't high enough.

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Nobody ever really knows what's going on in the minds of these banks, and their underwriters/algorithms. I think the biggest thing might be if it was your first Chase card - based on my experience, Chase has treated their current customers pretty well when it comes to credit cards. A card with less perks like the Freedom (Unlimited) i think is certainly a lot easier to get (the FU was my first venture into Chase) when you have nothing prior. Good luck!

EDIT: Just saw your post above about having the Freedom. Suggestion would just be to keep calling recon and don't give up even if the first 3 or 4 times they say they can't do anything!

[Anonymous]

Try to recon by offering to move most of your limit from your freedom card to the CSP.

Chase usually* won't let you get above 30-40% of your income in available credit. And since the starting limit minimum for CSP is 5k...

*This is the case most of the time. YMMV

[Anonymous]

What's your limit on the freedom? Total util?

Income makes sense though since Chase seems shy of running up the ratio high. To give the minimum $5k they would've had to push 75%...

[Anonymous]

$2000, use maybe 5%. I have a capital one quicksilver card that is my primary card. I only use my freedom for the 5% that counts.