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.