Chase seems to be throwing the CSP card at me... scores too low?

[McNugget]

Hi! 

Chase seems to be throwing the Sapphire Preferred card at me (constant "you're pre-qualified" notifications) despite my scores being lower than what I think they'd take (TU 674, EQ 679, EX 662).  I am at 45% utilization.   I have 4 pulls on my TU report (1@2017, 2@2018, 1@2019) and 3 from EQ (1@2017, 1@2018, 1@2019).

Wait a few months, or go for it?  We recently started traveling more so the cards seems intriquing, but I've never used anything but a cash back card.  

Also, why are they pushing the CSP so much?

[Remedios]

The prequalification does not mean SP. When you apply, there will be a HP 

[McNugget]

Sorry about that!  I just meant that as "Sapphire Preferred", not soft pull.  I'll see if I can update my post. 

[FinStar]

If the CSP fits the bill as far as travel is concerned and provided your overall profile supports it, you can definitely go for it.

Just be sure to evaluate the product and the UR ecosystem as a whole plus determine based on your lifestyle and potential use, that it fits your needs vs other products.

[Revelate]

Minimum underwriting back in the day I used to track such things was around mid 600's for the CSP after circa 2014 or so.  Amex dropped their UW shorts at the same time as I recall, but at any rate there isn't that much materially different in the market today other than consumer wages and confidence are both up, which means spending is happening.

Not surprised if Chase thinks that the good times are going to last throughout this year anyway that they're pushing credit cards hard.

[Anonymous]

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@McNugget wrote:

Wait a few months, or go for it? 

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My advice is always "wait" when someone asks if they should.  Even if you are approved, it will be with less favorable terms than if your profile were in a better place.  Chase isn't known to give CLIs very often, so you want to make sure that your SL is something you'll be happy with.  In order to give yourself the best chance of that, I'd suggest waiting until your utilization is down to a comfortable place, which will then put all of your scores right about at 700.

[AverageJoesCredit]

My advice would be throw it right back at them. You could really poke an eye out with that thing

[McNugget]

Waiting is exactly what I'm going to do, thank you for that suggestion!

All of my cards will be PIF over the next few months so it just doesn't make sense for me to open another card right now. My new plan is to garden for a while. 🌿🍀🌷

[McNugget]

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@McNugget wrote:

Also, why are they pushing the CSP so much?

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I just read that Chase might be increasing the bonus on the CSP from 50,000 points to 60,000 points, plus awarding 3x points on everything for the first year.  Annual fee won't be waived for the first year.  

Could be why they are pushing the card.

[Anonymous]

There's usually "Featured Cards" for each issuer, the ones that are currently the hottest in the market (the ones that seem to be the most popular). The Sapphire Preferred and Freedom Unlimited seem to be the top 2 cards right now for Chase. They're also advertising the United Explorer Mileage Plus. Because they know how popular the Sapphire Preferred is, they're advertising it even more, getting more people to sign up. They must see real potential to make money from this card.

I have this same ongoing offer from them too. They are very unlikely to approve you with those scores. In fact, they probably won't, and they might not even know those are your scores. In the offer, it even says that this is not a guaranteed approval and that denial is still a possibility. You will want a credit score a bit above 700 before thinking about doing this. Since you say you have 45% utilization, pay down your credit card debt and if you still want this card, then go for it.

In my case, I am currently above 5/24. I'm at 6/24 and drop to 4/24 in October. I opened the Ollo Cash Rewards in August 2017 and closed it a couple of weeks ago because they wouldn't negotiate at all on the annual fee. Wouldn't eliminate it, wouldn't cut it one dollar, wouldn't offer increased rewards, so that was it. I opened Chase Freedom in September 2017. Retail cards do not count when factoring in how many personal cards have been opened in the last 24 months (I have a JCPenney Card). I was at 6/24 when I opened Freedom Unlimited and was able to skirt around 5/24 because my Amex had not been reported yet. I personally have no interest in the Sapphire Preferred and haven't figured out how the Sapphire Reserve is worth it either. My eyes are on an IHG, which is another Chase card, and possibly a Marriott.

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US Bank Cash+ Visa Signature $5000 | Chase Freeom $1500 | JCPenney $1500 | Bank of America Cash Rewards $500 | Discover It Cash Back $3500 | American Express Blue Cash Preferred $6000 | Chase Freedom Unlimited $1500