New 2013 Chase Sapphire Preferred Requirements

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kli319
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New 2013 Chase Sapphire Preferred Requirements

Postby kli319 » Thu Sep 12, 2013 10:09 am

I currently have a Visa from a local credit union with a $2,000 CL. I've had it for approximately a year. I would like to get rid of it and go to something like the Chase Sapphire Preferred for the better rewards and also because the only way I can pay my Visa bill is to go to the credit union in person and pay them in cash, their online banking doesn't work for bill pay.

I checked my my FICO score today and it was 728 from Equifax. TransUnion had no score. Here is some other info: I'm 24, so I have a somewhat limited credit history. Mostly I had $20k in student loans, which is now paid off. I also have a $10k balance remaining on a car. Zero late payments on anything. Income is $50k.

In your estimation, is this enough to get approved for this card's requirements, or should I aim lower?

On an unrelated general credit note, the car dealership told me that I should make at least 13 payments on the car to maximize my credit score. Is that true, or would it be fine to pay it off faster?

Thanks for any input!


Money card
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Postby Money card » Thu Sep 12, 2013 10:48 am

You have 1 major credit card. You have a good credit score and a positive loan history. The annual income is high enough in my opinion. I think all in all, it's enough to give the application a shot with your odds.
If you do get turned down try applying for a Discover card and another major bank card that's easier to get like Capital One. But my guess would be your qualifications will be good enough for the Sapphire Preferred.

hematino
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Postby hematino » Thu Sep 12, 2013 10:59 am

Your income is definitely fine, I have a Sapphire Preferred and my annual income is a little lower than yours. I was somewhere in the 720s when I got approved. The only thing they might use against you is that your history is somewhat limited as you stated, and maybe that you have no prior relatioship with Chase. But thankfully it IS Chase, because they are notoriously flexible with the calls in case you get denied. If this happens don't lose hope, just mentally prepare yourself for the call and be able to handle anything they throw at you with honesty and with a little luck, you may still get an approval. If you need to make this call, they're inevitably going to ask you why you want the card, so be ready to tell them about unique benefits (such as no foreign transaction fee). Whatever else you say, don't mention anything about the rewards or sign on bonus IMO.

The application doesn't let you choose which version but regardless of whether you apply for the Visa Signature or the World Mastercard Elite version, the minimum credit limit is $5000. If you decide to take the plunge, good luck!!
Now she's eyeless.
The snakes she held once
Eat up her hands.

kli319
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Postby kli319 » Thu Sep 12, 2013 3:08 pm

Thanks for the input. In case this helps anyone else, I applied today for the preferred and I was instantly approved. At least I think so. The approval screen said I was instantly approved for "CHASE SAPPHIRE CARD" and that it would be arriving in 7-10 days. The application definitely said preferred, and so did the terms of service that I agreed to. Is this consistent with other people's experience on the screen they see after they apply? Or did I get automatically get downgraded to the normal Sapphire?

lucasoil4u
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Postby lucasoil4u » Thu Sep 12, 2013 3:23 pm

we will have to wait and see. Let us know what you get!

Ratfacedudeguy
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Postby Ratfacedudeguy » Thu Sep 12, 2013 7:08 pm

I've seen a couple other threads where others have shared the same experience. I think it's just the way that the approval messages populate. Like you said, since you applied under the terms and conditions of the Preferred, that should be the one you're getting.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

kli319
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Postby kli319 » Thu Sep 12, 2013 10:24 pm

Thanks again for all the information guys. Today I got an email confirming it was in fact the Preferred. This was the first correspondence from them (Sept 12th) and I applied on Sept 8th. Just thought I would put it out there in case it helps anyone else.

This review about the Sapphire Preferred was also extremely helpful and I recommend reading it before applying.



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