Need guidance -- will I be approved -- Chase Sapphire Preferred

[Anonymous]

Thank you quantum001,

Your ideas sound very good.

One question -- can you clarify whether you feel I need to have a 5000 limit on ONE of my cards.

Or would a cumulative 5000 limit on all my cards work?

Also, what AMEX cards would you recommend going for.

Thanks.

[Remedios]

@Anonymous  There is a tendency around here to suggest Amex, because "it grows".  A lot of people end up with cards that may not be the match for their financial needs, but hey...it's available 

If Amex is what you want, by all means, go for it.

Personally, I think you need time to age the new cards a bit.

[Anonymous]

I agree with most of what was posted here in reply to OP's question. I would suggest waiting to show you can handle a larger CL, meaning your secured cards dont have the magnitude that the CSP will automatically come with. While a lot of your correlating factors are sufficient (FICO scores), id say one of your primaries is not. your current history with CLs. Chase may view your limited (secured CC) as a negative and fail to approve you for a Mid tier card. as you mentioned cap one already declined you. 

If you in dire needs for a new CC, id suggest trying a more entry level card (disco, chase freedom...) 

Ultimately though, Remedios said it best, work on improving those Secured cards, graduate them, improve your CL, and hopefully in a few months those "negative" factors will improve enough to allow you bigger and better cards. just my .02

good luck in your endeavors!

[joltdude]

For chase to consider you for CSP YES you really should have a limit of at least 5K on one card.... not split up between multiple cards..

[Adkins]

I would go for a freedom or freedom unlimited first. As others have stated, you don't have a single card with a limit over $5K. Chase generally doesn't like to be your first card with a high limit. Also, even though you have a nice loan payment history, your credit card use is fairly new. Chase likes to see 6-12 months of responsible credit card use. Once you are a customer, you'll be able to see (with a green check mark) when a CSP is an option. Plus, you can use the Freedom or FU spend towards your pool of points once you have a CSP. 

[bourgogne]

great advice here.  pixie dust lol.  check the pre-qual, you will not see a csp because your profile is not there yet.  aside from scores, chase loves history and income, meaning history with them and history with others.  I would recommend something from amex not because I like their cards because overall I don't but because they are easy to get and a 3x sp to grow.  you have to start somewhere and they will throw a card any nearly anyone.  check their pre-qual and app away.

[xaximus]

I highly suggest either going with a lower tier card as others have stated like the Freedom/Freedom UL or another lender such as Amex or Discover. They are known to work well with thin files and generally have good limits if not, allow quick CLI increases. As others have stated, time is your best friend. I would definitely get away from the predatory lenders first. Add an Amex and a Discover to your cards and remove any subprime lender.

[Anonymous]

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@Remedios wrote:
Common wisdom is around a year of credit history (it can happen sooner but with low SL), no BKs, income and some pixie dust.
I think you'd benefit greatly from just gardening for another 6 months.


Have you tried the prequal link?

Hi Remedios -- in this post did you mean to say "it can happen sooner but NOT with low SL?"

Thanks for the clarification.

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[Remedios]

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@Anonymous wrote:

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@Remedios wrote:
Common wisdom is around a year of credit history (it can happen sooner but with low SL), no BKs, income and some pixie dust.
I think you'd benefit greatly from just gardening for another 6 months.


Have you tried the prequal link?

Hi Remedios -- in this post did you mean to say "it can happen sooner but NOT with low SL?"

Thanks for the clarification.

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Chase may approve you for one of their core cards, but low SL is possibility because of short history with revolving credit.

I guess what I'm trying to say is Chase likes you to get ingredients, prep the food, cook it, set the table,then ask if they are hungry. 

I dont see CSP happening at this time, Freedooms are a possibility. 

[EAJuggalo]

Look at a Freedom or Freedom Unlimited.  I went from a Freedom as my first credit card in 15 years to a CSP in about 15 months.  Once you are a Chase Credit Card customer they seem to be more inclined to offer you more and better cards.