Will I qualify for Chase Sapphire Preferred?

[sdmelzer]

Hello all, just a quick question about my qualifications.

I am currently a grad student in a program that does not allow work (part or full time) during the first year. Thus, I have no work income. I do have good credit history though. I currently hold 4 Visa credit cards, always paid off, no balances, with credit lines of approximately 2k each. 

I do also have a history with Chase, and have been a Freedom cardholder for about 2 years. It is my primary card, and it has a limit of 4k. What are the chances of Chase approving me for a Sapphire Preferred given that my income is mainly a mix of scholarship and government loan money until summer internships kick in?

[Creditaddict]

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@sdmelzer wrote:

Hello all, just a quick question about my qualifications.

I am currently a grad student in a program that does not allow work (part or full time) during the first year. Thus, I have no work income. I do have good credit history though. I currently hold 4 Visa credit cards, always paid off, no balances, with credit lines of approximately 2k each. 

I do also have a history with Chase, and have been a Freedom cardholder for about 2 years. It is my primary card, and it has a limit of 4k. What are the chances of Chase approving me for a Sapphire Preferred given that my income is mainly a mix of scholarship and government loan money until summer internships kick in?

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have you checked the chase pre-qual to see if anything is being offered to you?

Depending how they ask on the app and you answer the income thing I don't think you will have a problem from a credit and history stand point... your chase internal score is probably higher because of the history you have and paid off... Id just apply.

[newUser0]

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@Creditaddict wrote:

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@sdmelzer wrote:

Hello all, just a quick question about my qualifications.

I am currently a grad student in a program that does not allow work (part or full time) during the first year. Thus, I have no work income. I do have good credit history though. I currently hold 4 Visa credit cards, always paid off, no balances, with credit lines of approximately 2k each. 

I do also have a history with Chase, and have been a Freedom cardholder for about 2 years. It is my primary card, and it has a limit of 4k. What are the chances of Chase approving me for a Sapphire Preferred given that my income is mainly a mix of scholarship and government loan money until summer internships kick in?

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have you checked the chase pre-qual to see if anything is being offered to you?

Depending how they ask on the app and you answer the income thing I don't think you will have a problem from a credit and history stand point... your chase internal score is probably higher because of the history you have and paid off... Id just apply.

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+1

I would just apply and then recon if Denial.

You already have $4k on Freedom, So you can offer them to move some of the CL to CSP, if they can't give you the min Credit of $5k

[blondy250]

Don't know why these other posters are saying what they are, they should know better. I'd say by what you've stated you have maybe a 20% chance, I do agree checking the Chase prequalification would be a good idea.

[Creditaddict]

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@blondy250 wrote:

Don't know why these other posters are saying what they are, they should know better. I'd say by what you've stated you have maybe a 20% chance, I do agree checking the Chase prequalification would be a good idea.

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2 years history with chase at $4k... OP will probably get approved for $18k!! pending they don't put $8k as annual income!

[blondy250]

He has no income, the end. 

[Creditaddict]

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@blondy250 wrote:

He has no income, the end. 

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because of the program he is in... should be able to use the scholarships, family support, summer work, etc.... income reporting is what you can "reasonably access to repay debts" clearly with a currently paid off chase freedom op is not on the verge of looosing it.

[_jb_]

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@Creditaddict wrote:

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@blondy250 wrote:

He has no income, the end. 

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because of the program he is in... should be able to use the scholarships, family support, summer work, etc.... income reporting is what you can "reasonably access to repay debts" clearly with a currently paid off chase freedom op is not on the verge of looosing it.

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I agree. Loans/scholarships that are paid out to you I believe count as "income" as they can be used for living expenses. I would add them (only what isn't going directly towards tuition, etc.) and put that as your income. If you have a serious S/O that you live with, you might think about putting that as well.

[lg8302ch]

Can't you wait until you can work and report "real" income? 

[sakhalin070]

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@lg8302ch wrote:

Can't you wait until you can work and report "real" income? 

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This.

The CSP is a Visa Siggy so the minimum CL is $5000.

When I was in college I had a small work income, and I checked the Chase pre-qualify site almost every month to see if I qualified for the CSP out of curiosity.  I didn't see the offer pop up on the screen until after college and had a higher income.

But yeah, like others have said, I would check the Chase pre-qualify site first.