Chase Sapphire Preferred

[Anonymous]

Hey everyone!

So, I am in the process of rebuilding my credit. Currently my 8 scores are Eq:612, TU: 652, Exp: 640. I was just approved for the Chase Freedom and Freedom Unltd at 3.3k a piece. I already have the Chase Amazon card (aged 2 years) with a CL of 2k. All have 0% utilization. My income is 46k a year. 

So my worries are: Do I have too much credit with Chase already for them to give me another card? Is my credit worthiness good enough for that card?

Do I stand a shot at getitng the Sapphire Preferred so I can complete the Chase Trifecta and start working on travel points?

[Anonymous]

as long as you are below 5/24, i don't think this would be a problem. However, I do think you should focus on getting better score before applying.

as long as you will get CSP/CSR eventually, you can start cumulating points with freedom/freedom unlimited now, and use them when you get CSP/CSR later.

[xaximus]

I would not apply for the CSP at this time. Also, if you applied for both Freedom and Freedom UL, chances are, one may get cancelled. Chase is not allowing multiple apps. Generally, you want to space Chase apps atleast 3-6 months a part. As far as the CSP - I don't think you have the requisite scores for an approval. I would definitely wait until they are closer to 700 if anything. As always, it's up to you.

[Anonymous]

Thank you both for the advice. I will just start using the two (hopefully neither gets cancelled) and wait it out for a bit. My score should see some improvement over the next few months as I pay my loan down. Any other improvements I can make to it at the moment are just time based.

[Anonymous]

I concur with previous responses and your plan. Stay under 5/24 and get your scores up with some good account aging and regular use and PIF. Use the AZEO method to maximize scores the month prior to applying. Typically you’ll need to get a credit line with $5K to get the CSP. I’ve seen and heard of exceptions, but that seems to be the standard. I know you’re in a hurry, I’m an impatient person too. But to build quality credit over quantity and have it be matched to your spend and your goals takes time and patience. Hang in there, it looks like you’ve got a good goal and are following a plan!

[Shadowfactor]

I advise you to wait on the CSP app.

I think you did very well with the freedom / freedom unlimited approvals for your current scores. You didn’t give a lot of details on your profile but those approvals are with decent SL’s given your scores.

Chase is one lender where it’s definitely better to air on the side of caution. They are a shutdown happy bank if they feel like you played the system with too many recent new accounts. Obviously this is a YMMV situation but I’ve seen a lot of DP’s about this topic.

You will need a $5000 CL to get approved for CSP. Some banks play fast and loose with visa signature/infinite credit lines but chase does not.
It’s 5K for CSP and 10K for CSR.

I would use your new cards for a minimum of 6 months and stay under 5/24 if the CSP is important to you.

Chase has recently changed their offers so you may even get a new chase offer for the CSP with the SL shown. This won’t happen overnight but given some time and responsible credit use it will likely come

If it doesn’t......... well there’s always American Express 😉

[Anonymous]

@Jatyro91: I concur with all of the sage advice above, yeah I don’t see an approval with your scores ... garden and keep your utilization in check, PIF if possible. Wait until you’re north of 700 for sure and have a little payment history on your existing cards with them.

[Remedios]

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@Shadowfactor wrote:
I advise you to wait on the CSP app.

I think you did very well with the freedom / freedom unlimited approvals for your current scores. You didn’t give a lot of details on your profile but those approvals are with decent SL’s given your scores.

Chase is one lender where it’s definitely better to air on the side of caution. They are a shutdown happy bank if they feel like you played the system with too many recent new accounts. Obviously this is a YMMV situation but I’ve seen a lot of DP’s about this topic.

You will need a $5000 CL to get approved for CSP. Some banks play fast and loose with visa signature/infinite credit lines but chase does not.
It’s 5K for CSP and 10K for CSR.

I would use your new cards for a minimum of 6 months and stay under 5/24 if the CSP is important to you.

Chase has recently changed their offers so you may even get a new chase offer for the CSP with the SL shown. This won’t happen overnight but given some time and responsible credit use it will likely come

If it doesn’t......... well there’s always American Express 😉

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Major giggles on the last sentence 

[Anonymous]

So, an update, I got both the Freedom and Unltd card in the mail. Used both, both worked. So, yay, they didn’t cancel either one. I am still holding strong on waiting on my CSP app.

Just to add some details for people who replied:

The two things killing my score are a paid collections that’s only 6 months old. No luck on GW thus far. It’s with SW Credit Systems and from what I found they are particularly difficult. The other main factor keeping my score low is credit age.

I’ve had the Chase Amazon cars with them for 2 years, so I’ve already built up some trust with Chase. Maybe that’s why I was approved for the other two?

Either way, I will continue to wait on the CSP. I appreciate you all and your added insight!

[Caught750]

Jatyro,
Some history on my rebuild (because it covers your CA and building a relationship with Chase). 13 months ago, almost to the date, I applied for Freedom. Shot down. Got upset, wanted Chase went for Slate a few days later, shot down again. Reconned, UW says "no go with your paid CAs" (5 years old). I opened Chase checking and put a little money in it.

Fast forward to May of last year, I applied for Hyatt (over 5/24 but before all cards were subject to it) and instant approval at $8,600 highest APR.

5/24 covers all cards at this point. Jan 31st I stop in at the branch and chat with the teller (I'd talk to the banker about rebuilding, liking the cards alot, blah blah when she wasn't busy, just being friendly), deposit some money, check for in branch pre approvals. Teller says there are some and to chat with the banker. 7 months of relationships, the CA fell off, and at 14/24 I get an instant approval on CSP for $17,200 at the lowest APR.

Relax, build history, use your cards, and in time you will get the CSP. Don't rush, waste HPs, or end up with a lousy approval to do it though.