Requirements for the 2014 Chase Sapphire Preferred

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jbenz316
 
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Requirements for the 2014 Chase Sapphire Preferred

Postby jbenz316 » Wed May 21, 2014 1:48 pm

Hi Everyone - *first time poster*

I'm trying to gauge my chance of getting approved for a CSP card.
I just checked my Equifax number through FICO and it's 726.
My current salary is 51,700.
I have a $10K student loan that I'm paying off (all payments on time).
I have a Gap Visa (GE Capital Retail) credit card with a limit of 3K that I've paid on time and is currently under 30% utilized.
My name is on a shared Capital One Premium card which has a limit of 19K, under 30% utilized and all the payments are on time. I didn't think those types of cards counted towards me, but it shows up on Credit Karma under my credit cards (i know that Credit Karma isn't the most trustworthy, however).
I have been banking with Chase with a checking account since May '12 and opened a savings account last month - to hopefully help my chances of getting approved for the CSP.

Taking all this into account, what would your best guess be as to my potential approval for the CSP card? If I don't go for that card, I'll probably just go for the Freedom and call it a day.

Thanks to everyone in advance for helping out, I'm glad I found this forum!!

- jbenz316


MemberSince99
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Postby MemberSince99 » Wed May 21, 2014 2:33 pm

I give you 76.9295929383939% odds, increasing to 81.212301201% if you recon. Both are approximations, because at some point you run out of digits that are actually meaningful.

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Postby haikuginger » Wed May 21, 2014 3:36 pm

MemberSince99 wrote:I give you 76.9295929383939% odds, increasing to 81.212301201% if you recon. Both are approximations, because at some point you run out of digits that are actually meaningful.


Usually somewhere between the 0th and the 1st digits.

More seriously, I'd say that you have as good a shot as anyone. It's not an exact science; the only people who can tell you for sure work for Chase. You want to know for sure, you've got to apply.

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djrez4
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Postby djrez4 » Wed May 21, 2014 4:02 pm

MemberSince99 wrote:I give you 76.9295929383939% odds, increasing to 81.212301201% if you recon. Both are approximations, because at some point you run out of digits that are actually meaningful.


I'd say both of your numbers are off by at least 1.2x10-17%.

(Sorry, superscript doesn't work here.)
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Postby Battery111 » Wed May 21, 2014 6:29 pm

Honestly, based on the info you've provided it sounds like the odds are in your favor. Unless you already have a ton of inquiries I would think you have little to lose by trying. I was instantly approved and portions of my profile weren't as good as yours. The one thing you don't mention is AAoA but really at the end of the day you've just got to go for it if it's a card you want and think you will use.

Remember for the signup bonus you need to spend $3k in the first three months. This is pretty easy to do if you shift all of your spend to it, but just keep that in mind.
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Postby thom02099 » Thu May 22, 2014 6:47 am

jbenz316 wrote:Hi Everyone - *first time poster*

I'm trying to gauge my chance of getting approved for a CSP card.
I just checked my Equifax number through FICO and it's 726.
My current salary is 51,700.
I have a $10K student loan that I'm paying off (all payments on time).
I have a Gap Visa (GE Capital Retail) credit card with a limit of 3K that I've paid on time and is currently under 30% utilized.
My name is on a shared Capital One Premium card which has a limit of 19K, under 30% utilized and all the payments are on time. I didn't think those types of cards counted towards me, but it shows up on Credit Karma under my credit cards (i know that Credit Karma isn't the most trustworthy, however).
I have been banking with Chase with a checking account since May '12 and opened a savings account last month - to hopefully help my chances of getting approved for the CSP.

Taking all this into account, what would your best guess be as to my potential approval for the CSP card? If I don't go for that card, I'll probably just go for the Freedom and call it a day.

Thanks to everyone in advance for helping out, I'm glad I found this forum!!

- jbenz316


Two things:

1) Go back to the FICO site and pull your Experian score. That's more important than the Equifax score, since Chase usually (but not always) pulls Experian. Also, the EX score will likely be higher than the EQ score, since it's the 08 model and EQ has not migrated all users to the 08 model (Beacon 9.0 version).

2) While looking at the EX report, check your inquiries. Chase can be sensitive to inquiries. Also, go back and check your EQ for inquiries. My guess is, based on what you've provided, your inquiries are low, unless you've applied for credit recently, besides for the CSP card.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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Postby MemberSince99 » Thu May 22, 2014 6:58 am

With all the time spent typing and speculating, an application could have been made that would give the answer.


And Chase is the best lender to recon with in my own personal experience if declined. Rather than try to get the wisdom of the budding Nostradamus's on here, it would be more productive to just give it a shot and recon if declined. I know everyone new the first thing out of their "pen" is "What are my odds of getting card XYZ?" but seriously no one here knows that, anymore than we can tell you the odds of a hurricane hitting Florida this year, or if it will rain in Chicago next week. And even if we could, with crystal clarity tell you "You have an 80% chance of approval, 50% of instant, and it rises to 87% if you recon 3 times", what would that mean? Odds are if you are set on applying you will anyway, and probably already have by the time you read these answers, and if you really want it, don't let a few nay opinions sway you go for it. So it's pretty much all pointless.

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djrez4
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Postby djrez4 » Thu May 22, 2014 9:17 am

MemberSince99 wrote:. . . or if it will rain in Chicago next week.


It will rain in Chicago next week. ;)
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jbenz316
 
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Postby jbenz316 » Thu May 22, 2014 12:30 pm

Thanks for the responses (and humor) everyone! I took your advice, just applied, and got approved for the CSP preferred card with a 10.5K credit line! Thanks again

Cheers,

- jbenz316

MemberSince99
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Postby MemberSince99 » Thu May 22, 2014 12:37 pm

Wow. Congrats. That's twice what I have and I've had the card for a year with them now.


Sometimes I dream of closing all the cards but Associated and Amex Gold. It would make my life a hell of a lot easier (and better), I probably won't, but it's times like these it does cross my mind. I can't really do much until I decide what to do about my living/work situation, but when the dust settles I would think there will be changes. That's all I'm saying for now. I may look to simplify my life, and since at that point maximum score means nothing to me, I will be free to do what I want to accomplish that. And honestly having those two cards would make my life a lot easier. Might hang on to BofA, but I really don't WANT a pocketful of cards - I got them to let them compete for my business, but frankly none of them are really competing and don't seem to want it. I'm thinking I might oblige them and be done with it.



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