When should I re-apply for chase sapphire?

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When should I re-apply for chase sapphire?

Postby CCnovice » Tue Aug 16, 2016 11:53 am

Hey everyone,

A couple quick questions from another novice. Reading through the post at the top of this forum from a fellow novice was super helpful, but I have a couple specific questions for my situation.

I applied for a chase sapphire a couple months ago (stupidly, I admit. I was under the impression that being an authorized user on many cards in good status might make me a suitable applicant with my new high-income). I had been using debit cards throughout college and hand't built any individual credit, so I was denied.

In the meantime, I've gotten a starter card and have been careful to keep my credit utilization rate at 7-10%. I need to check my FICO score again soon but immediately after opening the new card, it was 730. My question is: when can I re-apply for sapphire? My job involves a ton of traveling and expensing dinners, and the chase sapphire is really perfect for it. Would waiting 3 months be enough? I've seen 3, 6, and 10 months around the internet and don't know what is actually the accepted answer on this.

I'll also add that I was an authorized user on another sapphire account in my family, and my Chase credit risk score was very high (850 out of 900), and high is considered good in that system. Does this make any material difference even though my individual credit is still fairly new?

Or because of my previous denial from Chase, should I apply for an airline or hotel card before returning to re-apply for sapphire?

Really appreciate any advice. Thanks!

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Re: When should I re-apply for chase sapphire?

Postby kdm31091 » Tue Aug 16, 2016 4:56 pm

Chase doesn't generally like to be someone's first card. While you now have a different card, it's still very young. To save you time and headache, I will give you a generalization. Chase generally is not going to extend you a card until you've demonstrated use of a card(s) for a year or more, and even then, that usually is a lower end product like Freedom. CSP requires a 5k minimum limit, which is difficult to achieve when you're just starting.

I would put that card out of your mind for the time being and focus on what you CAN obtain. Chase is a great bank with good products but they are not really wonderful for starting out IMO and they are not flexible. If they approve you now at some absurd APR and limit you are stuck with it for the life of the account. CLIs are rare and APR reductions don't happen.

Instead, I suggest a lender like Discover, who is generally more receptive to young files and very flexible with the account over time. Another great bank is Bank of America, IMO -- they may not approve you for a huge starting limit but again, they're flexible over time. I'd research some card offerings from those few banks and go from there, put the Sapphire out of your mind for right now. Good luck.

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Re: When should I re-apply for chase sapphire?

Postby MemberSince99 » Mon Aug 22, 2016 7:13 am

Let your new card report for six months then apply again.

If denied call their credit analyst number and ask for reconsideration. Tell them how you really want to use it for your travel and point out your years of being their customer and how you really want to do that business with chase rather than the competition.

I'd say that will give you a decent shot.

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Re: When should I re-apply for chase sapphire?

Postby takeshi » Mon Aug 22, 2016 9:19 am

CCnovice wrote:My question is: when can I re-apply for sapphire?

It's never just about score or time. What were the denial reason(s) from Chase? Have those been addressed?

CCnovice wrote:I've seen 3, 6, and 10 months around the internet and don't know what is actually the accepted answer on this.

You'll always find all sorts of info out there on the intertubes and you have to consider your sources as well as validate, corroborate, etc. Again, it's never just about time. A person's credit could sufficiently improve in any of a number of timeframes. A person's credit may never sufficiently improve. It's all about the specifics of the person's credit profile.

I would guess that your problem was not having any of your own established tradelines since you mentioned that you were relying on being an AU on other accounts. 6 months is a generic suggestion with the new account you have but it's not a guarantee that you'll get approved at that point. I would guess that you need to invest more time and effort in building your credit before going for the CSP again. 1 card new card is a very thin and young profile unless you happen to have other credit accounts reporting that you have not mentioned.

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