Chance of Chase sapphire preferred approval

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hmsbeagle
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Chance of Chase sapphire preferred approval

Postby hmsbeagle » Wed Aug 27, 2014 10:29 pm

Hi. I'm new to the forum and it certainly is a great resource.
Today I applied for a CSP and got a message telling me that I'll be notified in writing in 10-14 days. I'm worried that this means I'll be denied. My credit score from the three bureaus is in the 770-780 range and I have two other credit cards. One Amex with an account age of 10 years and a spending limit of 16k and all Bank of America visa with a limit of 3k. I've never missed a payment and my income is in the 50k range and when combined with my wife's income we are at 100k.

Do you guys think I stand a chance of getting approved?
Thanks


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PlyrStar93
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Postby PlyrStar93 » Wed Aug 27, 2014 11:22 pm

You got the 10-14 days message, that doesn't mean you are denied--just like doesn't mean you are approved.

Your score is pretty good assuming it's FICO, while I would not be able to give exact probability about approval, your credit seems to be great and you should be fine with this application.

Should you want a faster decision, call the recon number and discuss your application. Many people got decisions by calling them, though there are a few end up with "still being reviewed" even after calling. Just give it a try as there is nothing to lose.
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hmsbeagle
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Update

Postby hmsbeagle » Thu Aug 28, 2014 8:21 am

I called the recon line and the friendly rep verified my info and told me to fax them a photocopy of my driver's license/ ID to verify my address and date of birth since I don't have an account with Chase and that a decision will be mailed in the following weeks.

Has this ever happened to anyone with Chase? This is the first time I've had to do this for a credit card and leaves me wondering if I'll be denied.

takeshi
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Postby takeshi » Thu Aug 28, 2014 1:32 pm

Yes, verification has happened to other people -- and not just Chase. Verification is entirely different from approval.

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nismoZtuner
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Postby nismoZtuner » Thu Aug 28, 2014 1:38 pm

hmsbeagle wrote:I called the recon line and the friendly rep verified my info and told me to fax them a photocopy of my driver's license/ ID to verify my address and date of birth since I don't have an account with Chase and that a decision will be mailed in the following weeks.

Has this ever happened to anyone with Chase? This is the first time I've had to do this for a credit card and leaves me wondering if I'll be denied.



YES, It happened to my friend but only because he recently received documents to be here in the US-His social security was fresh i guess. So he applied for the Ritz Carlton card from Chase and his application was on hold. He wasn't approved on the spot like I have before with the Marriott Rewards Premier or the Chase Sapphire Preferred.

He didn`t want to call chase but at the end I convinced him, when he called they asked him to very his information and send proof of identity.. he also had the same issue with bank of america.

with Citi, Capital one, American Express and Discover he didn't have any issues.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 28, 2014 2:06 pm

hmsbeagle wrote:Hi. I'm new to the forum and it certainly is a great resource.
Today I applied for a CSP and got a message telling me that I'll be notified in writing in 10-14 days. I'm worried that this means I'll be denied. My credit score from the three bureaus is in the 770-780 range and I have two other credit cards. One Amex with an account age of 10 years and a spending limit of 16k and all Bank of America visa with a limit of 3k. I've never missed a payment and my income is in the 50k range and when combined with my wife's income we are at 100k.

Do you guys think I stand a chance of getting approved?
Thanks


It is true that nothing is guaranteed when it comes to applications. What I can say, though, is I've seen people with a somewhat worse credit history and a lower income get a CSP. Making timely payments on an Amex for 10 years is definitely something that will impress credit analysts.

If your application has a weakness, it's that the card is marketed towards people with higher incomes. Some people do get approved with incomes under 40k, though. I think the 'high income' element is more a marketing goal than a strict underwriting rule.

I like your odds. You should also know, for what it's worth, most people on here would much rather have 10 years of good history with Amex than a CSP!
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nismoZtuner
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Postby nismoZtuner » Thu Aug 28, 2014 6:00 pm

CarefulBuilder14 wrote:It is true that nothing is guaranteed when it comes to applications. What I can say, though, is I've seen people with a somewhat worse credit history and a lower income get a CSP. Making timely payments on an Amex for 10 years is definitely something that will impress credit analysts.

If your application has a weakness, it's that the card is marketed towards people with higher incomes. Some people do get approved with incomes under 40k, though. I think the 'high income' element is more a marketing goal than a strict underwriting rule.

I like your odds. You should also know, for what it's worth, most people on here would much rather have 10 years of good history with Amex than a CSP!


Hahah me I'm making about $30k, 22 yrs old credit score of 747 (when I applied) and was an Iinstant approval with a limit of 5800.. I applied in a chase bank so the CSR filed the application for me.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

papelet
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Postby papelet » Fri Aug 29, 2014 11:55 pm

Sounds a little weird... I know people with 2 years of credit history and 40k income being instantly approved. I was not an instant but just had to call recon and explain that, at that time, I had a high balance because of my gold card (now cancelled) had 5 inquires but reminded her 2 of them were going to disappear within weeks. The lady put me on hold just to come back to tell me I was approved.
Wish you the best of luck. Give them another call, you never know
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1st. Express NEXT --------------$1,990
2nd.Cap1 Platinum MC ---------$3,250
3rd. Discover IT -------------------$5,600
4th. CSP Visa Signature --------$13,000
5th. Citi TY Pref World MC ------$5,900
6th. Freedom Visa Signature ---$7,900
7th. Amex Blue Cash Everyday-$18,000
8th. Barclays Arrival+ WEMC---$13,000

hmsbeagle
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Update : Approved

Postby hmsbeagle » Tue Sep 09, 2014 5:53 pm

Just to update the thread. I was ready to fax the required documents and called chase just to confirm that I had the correct fax number and the rep told me that the documents were no longer needed and that she would process the application at this moment. 2 minutes later she came back on the line and approved me for $9600.
Thanks everyone for your help and info.

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nismoZtuner
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Postby nismoZtuner » Wed Sep 10, 2014 7:51 pm

hmsbeagle wrote:Just to update the thread. I was ready to fax the required documents and called chase just to confirm that I had the correct fax number and the rep told me that the documents were no longer needed and that she would process the application at this moment. 2 minutes later she came back on the line and approved me for $9600.
Thanks everyone for your help and info.


Just looked at your location you live in PR- about 4 months ago I was in San juan and also Fajardo!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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