When can I try for the CSR?

[Anonymous]

Before going to the garden I really want to try for the Chase Sapphire Reserve for P2 and myself. We are both currently at 4/24 with the cards below:

P1: BoA Cash Rewards, May 2018, $23,800 CL

Discover IT, May 2018, $2250 CL

Amex Gold, August 2018

Amex Bonvoy Brilliant, February 2019, $12,000 CL

Stated income $120k

FICO8 around 720 - 733

2 inquiries across CRAs

P2: BoA Cash Rewards, May 2018, $10,000 CL

Amex Gold, August 2018

Hilton Aspire, January 2019, $12,000 CL

Amex Platinum, March 2019

Stated income $80k

FICO8 around 720

2 incquiries across CRAs

Neither of us had any US credit history prior to May 2018. I understand we satisfy one of the known requirements, which is to have other cards with credit limits above $10k. However, I am not sure about AAoA, AoOA, AoYA etc.  Clearly we have young files, though they are no longer particularly thin (?). I never get any pre-approvals on the Chase website.  All our cards have been auto-approved so far.

1. What is the earliest I could try and have a good shot at approval?

2. Would it help to have $15k in a new savings account for 3 months with Chase before trying? I am not a current customer.

3. Would it damage my chances if I close the Discover in June once I get the first-year cash match? The discover card has no value in that portfolio anymore and I kind of regret that I got it.

4. If I got it (and maybe MDD the CSP at the same time) could I also add another Amex (would not report for 2 months) or is Chase sensitive to this?

[Anonymous]

I've seen a number of people say that a year's worth of solid credit reporting is critical for Chase to pick you up, especially if you're going after CSR with a $10K minimum SL. I'd be curious to hear what others say here but from everything I've read, it would be better to wait until there's 12 months of solid history before trying to get in with Chase with a cold app.

[HeavenOhio]

You're both at 4/24, which means four cards opened within the past 24 months. Chase will decline at 5/24. It's known as Chase's infamous 5/24 rule. Therefore, don't apply for anything before acquiring your CSRs.

Chase likes to see one's oldest card age to at least a year. And they're sensitive to new accounts. I'd consider applying when your youngest card is at least four months old.

I don't think you'd see much of a score ding for closing Discover. But I think it'd be (slightly) perferable to hang onto it until you have another card or two.

[Anonymous]

I thought 5/24 comes into effect if you already have 5 new accounts in the last 24 months but if you're at 4/24, wouldn't the 5th be a slot that could be occupied by Chase – resulting in no more Chase approvals after that single card?

[Anonymous]

I know about the 5/24 rule and we're fine to apply as it stands with four each. Was more concerned about the age of oldest/average/youngest account if any data points. Also whether I should bother to become a banking customer if it bumps up my chances substantially. Thanks!

[Anonymous]

Banking with a credit card issuer has its upsides because they can see what kind of cash flow they're dealing with instead of being blind to it with someone who is from the outside. 

I've seen way more denials on thin files or less than 1 year history with Chase than with any other issuer. Ultimately, it's up to you but you have to consider whether the chance of denial and the increased inquiry count is worth it.

[xaximus]

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@Anonymous wrote:

Before going to the garden I really want to try for the Chase Sapphire Reserve for P2 and myself. We are both currently at 4/24 with the cards below:

P1: BoA Cash Rewards, May 2018, $23,800 CL - 11 months

Discover IT, May 2018, $2250 CL - 11 months

Amex Gold, August 2018 - 8 months

Amex Bonvoy Brilliant, February 2019, $12,000 CL - 2 months

Stated income $120k

FICO8 around 720 - 733

2 inquiries across CRAs

P2: BoA Cash Rewards, May 2018, $10,000 CL

Amex Gold, August 2018

Hilton Aspire, January 2019, $12,000 CL

Amex Platinum, March 2019

Stated income $80k

FICO8 around 720

2 incquiries across CRAs

Neither of us had any US credit history prior to May 2018. I understand we satisfy one of the known requirements, which is to have other cards with credit limits above $10k. However, I am not sure about AAoA, AoOA, AoYA etc.  Clearly we have young files, though they are no longer particularly thin (?). I never get any pre-approvals on the Chase website.  All our cards have been auto-approved so far.

1. What is the earliest I could try and have a good shot at approval?

2. Would it help to have $15k in a new savings account for 3 months with Chase before trying? I am not a current customer.

3. Would it damage my chances if I close the Discover in June once I get the first-year cash match? The discover card has no value in that portfolio anymore and I kind of regret that I got it.

4. If I got it (and maybe MDD the CSP at the same time) could I also add another Amex (would not report for 2 months) or is Chase sensitive to this?

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See red. Given that your oldest account (listed above, didn't see any other info so I'm assuming only those 4 cards). 

(11 + 11 + 8 + 2)/4 - AAoA - 8 months. Based on that, I would advise on waiting for a bit. I'm more on the play it safe side which means atleast 3-6 months but if you wanna take a chance, I'd still give it atleast 1-2 months prior to applying. 

[Anonymous]

The Sapphire Reserve is a premium card. Something in that leagues is gonna require a credit score above 720, which you appear to have. But as for experience, I would say wait at least a few more months before applying for this.

[Anonymous]

Thanks. I have a long stay abroad coming up from August. Hence the "rush" to try to get it. Hopefully another 2-3 months will do it!

[HeavenOhio]

The trip would be reason enough to apply a little earlier than the ideal. If it doesn't work out, figure that a denial isn't going to be the end of the world and that you can always apply again after letting more time go by.