Invitation for Chase Sapphire Preferred?

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Shofer
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Invitation for Chase Sapphire Preferred?

Postby Shofer » Fri Mar 11, 2016 10:21 am

Hello all.

I've been browsing around here for quite some time and I haven't come up with a stable solution to my inquiry.

Chase has been continuously sending me invitations to get a Chase Sapphire Preferred card. Now I have seen numerous invitations for credit cards in the past that have fine print on being pre-approved, or pre-qualified, or however they want to coin the term. These invitations, however, have come with my APR already stated etc. and they do not mention anywhere in the fine print about being pre-approved at all, just to go to chasesapphiremail.com and claim my card.

I was a little bit skeptical of the invitation. I am young, only 21, but have never had a hiccup with my credit. I currently have 2 cards: a Discover with a 1500 limit and a Best Buy Visa with a 3000 limit, and a car loan for 14000 which was opened in October. I have a 713 credit score, which i felt would be low for the card. I also don't make anywhere near the 'suggested' 120,000 that people say is required.

Chase has sent me an invitation for literally every one of their cards, but this is the only one that does not say pre-approved or anything on there and it already includes all of the APR sheets and information for me.

Is it stupid for me to go through and fill out my details for this card on the website they provided? The website also does not state anything about applying, just for me to fill out minimal information. I've always wanted this card due to its rewards and prestige. What I've found in the Internet is that Chase takes risks on young people with good credit thus far, regardless of their wage, and they typically approve people with as low as a 689 for this card.

What are my chances?


thom02099
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Re: Invitation for Chase Sapphire Preferred?

Postby thom02099 » Fri Mar 11, 2016 2:32 pm

Google "credit pulls database" and you'll find a site that tells you what others have gotten, with what score, and for what credit limit. Searching "chase sapphire preferred" will show that your score (if that 713 is a true FICO score -- what's the source of that score) is certainly within range for doable. Also keep in mind that there are a lot of different scoring models, FICO and otherwise.

That said, we can't predict your chances with any certainty. It's very much dependent on the totality of your credit history. And as far as salary needed, don't know where you got that $120K figure, but I was approved for mine with about half that amount in salary. But I also had a very thick and pristine file at the time too. Again, many factors involved in approvals.

If it's something you want, then apply for it. The worst that can happen is they decline you and you get a HP. Not the end of the world for a young man such as yourself.
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Tubpbs
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Re: Invitation for Chase Sapphire Preferred?

Postby Tubpbs » Fri Mar 11, 2016 8:26 pm

You could also call customer service and ask them any and all questions you have about the mailer. And, one step further, you could call back and do the same with another customer service rep to see if they confirm all the same details as the first rep.
Amex - BCP, Platinum, Business Gold
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takeshi
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Re: Invitation for Chase Sapphire Preferred?

Postby takeshi » Mon Mar 14, 2016 8:58 am

Shofer wrote:Chase has been continuously sending me invitations to get a Chase Sapphire Preferred card.

Do not just respond to offers. Sort out your needs/wants and use that to select products that suit you.

Shofer wrote:Is it stupid for me to go through and fill out my details for this card on the website they provided? The website also does not state anything about applying, just for me to fill out minimal information. I've always wanted this card due to its rewards and prestige.

Based on what I've quoted it's not a good idea IMO. You need to look at your spend and determine if you have sufficient spend to take advantage of a program like Ultimate Rewards. You need to look into which redemption options you can use and how that impacts reward value. You need to run the numbers for your spend and all the way through the redemption process. Best value is generally attained by transferring to travel partners and redeeming via their programs so you need to look at the programs for the travel partners as well.

Prestige doesn't come from a card. Again, select cards that suit you and carefully research and run the numbers for your spend.

Shofer wrote:What I've found in the Internet is that Chase takes risks on young people with good credit thus far, regardless of their wage, and they typically approve people with as low as a 689 for this card.

What are my chances?

We can't tell you your chances. We're not Chase underwriters nor do we have the specifics on the underwriting requirements for the CSP. It's never just about score alone. You can refer to the Credit Pulls Database (Google to find) if desired.

Getting approved is a very low bar. Your credit profile and income (this does matter) not only determine your approval but the limits, APR, etc.

Again, do your research to verify that your spend and spend levels are suited to the UR program. UR, MR, TY, etc generally require a large amount of spend. You don't want to have to take several years to accrue enough to redeem. Take too long to accrue and you run the risk of program devaluations which would make it take even longer.

Shofer wrote:I have a 713 credit score

You don't have just one score. Which scoring model is this? What CRA is it based on? Does Chase use that model and CRA for decisions on the CSP? Always consider the specific model & CRA. Also consider the relevance of a model/CRA combo to a given creditor/product. There are many models used by creditors. For most models you have a score with each of the 3 major CRA's.

Shofer wrote:I also don't make anywhere near the 'suggested' 120,000 that people say is required.

Where did you get that from? 120K isn't required. I wasn't making that much when I was approved. 120K may be suggested as an income level to have enough spend to leverage the rewards program but I don't know what posts you're referring to so I can't really say.

thom02099 wrote:if that 713 is a true FICO score

Don't just rely on "FICO" of oversimplifications such as "true". While most creditors use a FICO, not all do. Even with FICO there isn't just one scoring model. The model & CRA used by the creditor/product are all that matters. If you're looking at a different FICO model and/or CRA as a data source then it will not be relevant to that creditor/product.

thom02099
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Re: Invitation for Chase Sapphire Preferred?

Postby thom02099 » Mon Mar 14, 2016 12:42 pm

thom02099 wrote:if that 713 is a true FICO score

Don't just rely on "FICO" of oversimplifications such as "true". While most creditors use a FICO, not all do. Even with FICO there isn't just one scoring model. The model & CRA used by the creditor/product are all that matters. If you're looking at a different FICO model and/or CRA as a data source then it will not be relevant to that creditor/product.[/quote]

(if that 713 is a true FICO score -- what's the source of that score) is certainly within range for doable. Also keep in mind that there are a lot of different scoring models, FICO and otherwise.

As noted, I said essentially the same thing. :)
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Shofer
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Re: Invitation for Chase Sapphire Preferred?

Postby Shofer » Tue Mar 15, 2016 9:44 am

I appreciate all of the clarification. I got my current 713 score from FICO based on my Discover It notifications that they release monthly. At this point in time, my spend is fairly significant in comparison to my income ratio. However, it isn't enough to take advantage of the UR program, so I appreciate the factor that you guys suggested I sit down and compare my spend to what it should be to make this card advantageous.

I am really just unsure on what cards would work for me, though. Discover's It kind of sucks in my opinion as the cash back is almost never redeemable with what I spend it on so I am looking for something with more clarified cash back. I am looking to rid myself of the Best Buy Visa Card, so I am unsure on which direction to go. I was more or less looking for this card due to its travel rewards, although at the moment my career does not require traveling as much as it will in the future, so that is not a necessity.

I did end up seeing that American Express has the Blue card with some really good cashback options. However, again, I am unsure on qualifications and suggestions for the card. I also saw that people reported that the cash back is not nearly as good as advertised due to merchant restrictions.

I ended up calling the customer service lines for both the Amex Blue Card and I spoke with Chase regarding the Sapphire Preferred. Each time I called they were pushy with both companies to just try to get me to apply, so I really didn't get any enticing information from either source, unfortunately.

Again, thank you all for the assistance.

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Vattené
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Re: Invitation for Chase Sapphire Preferred?

Postby Vattené » Fri Mar 18, 2016 9:59 pm

Travel cards with rewards points systems can be very valuable, but only for certain circumstances. They're definitely not for everyone, so it's better to realize that it's not well suited to you (at this point in time) before applying rather than after. That could always change in the future, though.

Are you referring to the Amex Blue Cash Everyday and Blue Cash Preferred cards (BCE and BCP)? Either could potentially be a good option, but approval odds in your situation are going to be iffy for any prime rewards card. I would guess they are decent if your profile is clean with few recent inquiries, but that is just the nature of building credit. Be aware that there is a $25 minimum redemption (I believe redemption even has to be in $25 increments but I'm not positive). Also, by "merchant restrictions" do you mean the acceptance of Amex? If so, it really shouldn't be much of an issue. Amex is pretty widely accepted now. I would only reconsider if there are places you currently, frequently make purchases and already know they don't take Amex. If you're making purchases in the US it will be fine. You will run into issues once in a blue moon, but if the card is a good match for you it will just be a rare inconvenience. I honestly wouldn't even consider that in my card selection.

Is your current Discover card an it? Just not sure what you mean by not redeemable with what you spend it on? It's cash back, there is no minimum redemption, and you can get it in the form of a statement credit or a deposit to a bank account. You can get more value out of gift cards, but if you don't like their offerings you are guaranteed a 1% return if you take cash (not considering category spending). IMO I don't see how Discover could make it easier.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Shofer
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Re: Invitation for Chase Sapphire Preferred?

Postby Shofer » Sat Mar 19, 2016 9:49 am

Vattené wrote:Travel cards with rewards points systems can be very valuable, but only for certain circumstances. They're definitely not for everyone, so it's better to realize that it's not well suited to you (at this point in time) before applying rather than after. That could always change in the future, though.

Are you referring to the Amex Blue Cash Everyday and Blue Cash Preferred cards (BCE and BCP)? Either could potentially be a good option, but approval odds in your situation are going to be iffy for any prime rewards card. I would guess they are decent if your profile is clean with few recent inquiries, but that is just the nature of building credit. Be aware that there is a $25 minimum redemption (I believe redemption even has to be in $25 increments but I'm not positive). Also, by "merchant restrictions" do you mean the acceptance of Amex? If so, it really shouldn't be much of an issue. Amex is pretty widely accepted now. I would only reconsider if there are places you currently, frequently make purchases and already know they don't take Amex. If you're making purchases in the US it will be fine. You will run into issues once in a blue moon, but if the card is a good match for you it will just be a rare inconvenience. I honestly wouldn't even consider that in my card selection.

Is your current Discover card an it? Just not sure what you mean by not redeemable with what you spend it on? It's cash back, there is no minimum redemption, and you can get it in the form of a statement credit or a deposit to a bank account. You can get more value out of gift cards, but if you don't like their offerings you are guaranteed a 1% return if you take cash (not considering category spending). IMO I don't see how Discover could make it easier.


I was referring to the Blue Cash Everyday. The cash back returns are up to 6%, but the limits that I was talking about in reference to merchant restrictions are about the required merchants to get cash back. For instance, they don't allow you to get cash back from Amazon, or Target, etc. Since those are both major retailers that a lot of my money goes toward, it is counterproductive.

I do have the Discover It. Discover does make it easy, however, again, I am not actually receiving 1% cash back on things. I put every single purchase through that in the labeled categories in order to get as much cash back as I can. I ended up spending 1150$ in 3 months in the respected categories to get the 1% back, and ended up with 62 cents. When I speak with Discover over this, they say the gas stations and restaurants I go to don't come up as restaurants in their system. I find this hard to believe with major corporations like Outback Steakhouse and Marathon gas stations now showing up... That's my major problem with them.

I honestly just want a cashback card that doesn't give bs like that.

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Vattené
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Re: Invitation for Chase Sapphire Preferred?

Postby Vattené » Sat Mar 19, 2016 12:34 pm

Oh, I see. Yes, if you don't spend much at merchants coded as grocery stores then you will probably come out ahead with a card that simply gives 1.5% or 2% on everything.

That Discover nonsense is BS. I would escalate that if I were you. It's one thing to say certain merchants aren't coded in the 5% category (you can actually look at your account online to see the merchant classification and check if it agrees with what they tell you), but you should at least be getting 1% on all spending. Ask a CSR to explain exactly how your cash back was figured. They can see how much you spent in a billing cycle and how much cash back was given to you, so if that's less than 1% it shows that something is not right. If they tell you that you need to wait and this happens consistently when your statements cut, I would try to take it higher. There's no excuse for that. I understand wanting to give your business to someone else, but you should at least get the rewards you've already earned.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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