Will I get a Chase Sapphire?

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Will I get a Chase Sapphire?

Postby beriko9413 » Mon Jan 20, 2014 7:57 pm

I am 19 years old and currently have a Chase Freedom which I have had for 7 months with a $700 credit limit. I also have $8,750 in student loans. I am looking for a second credit card preferably with chase and I did not want to apply for the Slate card. I have never left a balance on my card because I pay everything in full and I have a 705 credit score. I also have an income of around $14,000 since I am a full time student.

Will I be approved for the regular Chase Sapphire? (not the preferred)

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Postby MemberSince99 » Tue Jan 21, 2014 2:02 pm

There is no way for us to know that. Flip a coin or ask the Magic 8 ball. It would be as accurate as whatever we tell you.

If the underwriting for the Sapphire is the same as for the Preferred my guess is to have a chance you would have to get lucky on recon. Preferred from what I've read has an income requirement (30 or 35k I believe) and they like to see 1 to 2 years history for it I was told by a an analyst. It's always YMMV but if they are the same, I'd say it would be tough to get based on that.

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Postby HookEmHorns » Tue Jan 21, 2014 4:49 pm

I highly doubt it. I'm in school so I have a very low income similar to yours and I was denied due to income. I have a freedom with a $2,000 limit and 2 AMEX cards with zero negatives on my report.

I would just wait till your income increases before applying.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12


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Postby dickey1331 » Tue Jan 21, 2014 6:21 pm

I highly doubt it but hey anything can happen.
Platinum Delta Skymiles $12,900
Marriott Rewards Premier $12,000
Discover IT $12,000
USAA Cash Rewards $11,000
American Express Blue Cash Preferred $10,000
Chase Sapphire Preferred $6,500
Best Buy $6,000
Chase Freedom $4,500
Zales $4,000
Amazon Prime $4,000

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Postby whit » Tue Jan 21, 2014 8:31 pm

Yeah, income is low, unless you have loads stocked away, even then, they like to see how coffers get replenished, not how much is in there necessarily

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Postby randeman » Wed Jan 22, 2014 10:09 am

I also understand that to be approved for the signature version (not sure if there is more than one type of card, mine is signature) you need to have a credit limit on another card of at least $5,000. For your overall credit future, you need not only revolving credit "experience" but also installment experience. If you are going to school on student loans, once you start to pay those back you will have that experience. Car loans and mortgages work, too. If not, you may want to consider getting a small loan. A secured loan (for example one that you get from a credit union with a savings account as collateral) will suffice. Bon chance!
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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Postby whit » Wed Jan 22, 2014 11:20 am

The first part about Visa Signature needing to already have 5k in CL is not true

I've seen students with CL of 2k ish get Sapphire after having the Freedom and nothing else

Also saw a guy get a Sapphire after barely getting Slate (the CL is about 2k too) because he has no credit history (fob, European boat) and because is his income he got it approved despite analysts warning him he wouldn't..he just has the slate approved less then three months prior to app

Also saw his partner get approved for Sapphire, first CC, only has been AU on another card..first time

It really depends on circumstances, based on what Op described, his chances are highly unlikely but hey, never know until you apply.

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