Chase Sapphire Requirements

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
57 posts
LtCheese
Green Member
Green Member
 
Posts: 11
Joined: Thu Jul 04, 2013 10:52 am
Location: Cincinnati OH

Postby LtCheese » Sat Sep 21, 2013 8:40 pm

RewardHop wrote:Don't take this the wrong way, but if you are a student, do you really need a CSP? Do you get greater benefits from it than the annual fee or another card without an annual fee might provide?


My logic is that I will be able to take advantage of the travel bonuses in the near future and dining is one of my bigger regular spending categories. This is just my thinking.


RewardHop
Centurion Member
Centurion Member
 
Posts: 307
Joined: Wed Jan 02, 2013 3:43 pm
Location: USA

Postby RewardHop » Sun Sep 22, 2013 12:41 am

LtCheese wrote:My logic is that I will be able to take advantage of the travel bonuses in the near future and dining is one of my bigger regular spending categories. This is just my thinking.


I get that UR points can be transferred to an airline/hotel/etc or booked through them with a 20% bonus but CSP is still only 2% on dining. If you are able to put a lot on the Freedom's 5% categories and move those points to the CSP, it could be worth it.

Have you considered a Citi Forward? That card is 5% on Restaurants and Fastfood; note though redemption is generally 4% unless you have a Citi TY card or wait for redemption sales. The US Bank Cash+ is straight up 5% cash back but it may be harder for you to get. Both of these have no annual fees.

The Citi Forward is the one you should be able to get without a problem. The CSP and Cash+ may be a stretch for you. Those 2 cards are $5000 minimum limits.[sapphirepreferred].[/sapphirepreferred]
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

the_one092001
Green Member
Green Member
 
Posts: 11
Joined: Sat Sep 28, 2013 3:24 am
Location: United States

Postby the_one092001 » Sat Sep 28, 2013 4:15 am

Sorry to butt in, but this particular thread seems relevant to my question and it seems better to ask here than to start a new thread for something already being discussed:

I applied for the CSP a little over a week ago, and just got the denial notice in the mail today. I'm considering calling the reconsideration line, but a general sense of my chances would be helpful.

First off, the background:

-1 credit card to my name, a BoA student card with a $1,000 CL, open for 4+ years, paid on time and almost never used.
-Listed as an authorized user on one other card, a Chase United Club card with $30,000 CL (which I rarely use, but the balance by other users does appear on my report). Always paid in full.
-Experian score is 750. TU and EQ return errors when attempting to use their online free credit report service.
-3 credit pulls aside from Chase's. Two are infuriatingly from Comcast three days apart, when I signed up for internet/cable service. One from my apartment building when I applied to move in.
-Listed income of ~$27,000
-No other accounts with Chase
-No other loans of any kind

The listed reason for rejection is 'Not enough accounts opened long enough to establish a credit history,' and Experian, the only report I could access, indicates no data for months before December 2011, even though I've had the card since August 2009 (when I entered university). All months since then show correct payment (nothing was charged, anyway). The Chase United card shows proper payment from mid-2012 (when the account was opened) to the present.

I've seen others mention here that they've gotten approved with shorter credit histories, but with higher incomes, and I'm wondering if calling would simply result in another denial due to low income. It seems likely despite the lack of mention since most others have said over $30,000 yr for approvals.

The denial notice stated that it was due to a Equifax credit pull, but my Experian report specifically lists a pull from Chase on the same day I made the application, from their credit card division.

And before anyone asks, yes, CSP does fit my intended use, as I travel quite a bit for school and leisure, usually including an international trip each year, for which the lack of foreign transaction fee would be a boon in and of itself. In fact, I already have an international trip planned for the summer, and likely more in the coming years.

That aside, any other comments on the likelihood of approval on other similar cards like Freedom and normal Sapphire? Any other advice is welcome, as this is rather new for me.

Malt
Green Member
Green Member
 
Posts: 15
Joined: Sat Jan 12, 2013 2:25 pm
Location: NC

Postby Malt » Sat Sep 28, 2013 4:40 pm

They pulled both EX and EQ when I applied for mine. When I initially asked about applying for mine with limited credit history (shorter than yours reported on EX and TU) the advice I was given was to apply for a freedom card and use it for 6+ months before applying for the CSP. Allegedly having a history with the bank helps in getting the CSP with a thin file. I applied for the freedom card and got the 7-10 message and immediately called the backdoor number. Had to answer a few questions but was approved for a modest limit.

TL :D R, maybe apply for the freedom first then apply for the CSP after 6+ months of usage on the freedom card.

the_one092001
Green Member
Green Member
 
Posts: 11
Joined: Sat Sep 28, 2013 3:24 am
Location: United States

Postby the_one092001 » Sat Sep 28, 2013 6:21 pm

Called Chase today and upon talking with them it turns out it has nothing to do with my actual credit, the CSR said my rent was too high relative to my stated annual income. He also said that because of that reason, it would prevent me from getting any other accounts, even lower level credit cards.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Sun Sep 29, 2013 8:24 am

Malt wrote:They pulled both EX and EQ when I applied for mine. When I initially asked about applying for mine with limited credit history (shorter than yours reported on EX and TU) the advice I was given was to apply for a freedom card and use it for 6+ months before applying for the CSP. Allegedly having a history with the bank helps in getting the CSP with a thin file. I applied for the freedom card and got the 7-10 message and immediately called the backdoor number. Had to answer a few questions but was approved for a modest limit.

TL :D R, maybe apply for the freedom first then apply for the CSP after 6+ months of usage on the freedom card.


+1. This is a good idea @ the_one092001.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

the_one092001
Green Member
Green Member
 
Posts: 11
Joined: Sat Sep 28, 2013 3:24 am
Location: United States

Postby the_one092001 » Sun Sep 29, 2013 3:14 pm

Robrus1 wrote:+1. This is a good idea @ the_one092001.


I tried. They blocked me based on my income relative to my rent, and also mentioned that because of it, I couldn't even get a lower-level card. I wrote a longer post about it but it's still sitting in moderator purgatory, as this one likely has been.

whit
Centurion Member
Centurion Member
 
Posts: 508
Joined: Tue Aug 13, 2013 10:04 pm
Location: ca

Postby whit » Sun Sep 29, 2013 5:49 pm

^you can still get the freedom as there are freedom cards floating around with a $300 dollar limit, but then again, not to put words into Chase's mouth

they're taking everything into consideration.
your score
your debt to income ratio
your credit history
and so forth

sapphire starts at 5k for CL. if your rent is somewhere in the 1k-2k that means of your salary, almost half is going towards the rent.

sucks but I have seen students get rejected for united cards and CSP because they are taking on six figure loans and currently unemployed. it doesn't matter that they get a sum every quarter (its bundled in the loan) to support themselves with their living. one kid was going to buy a laptop regardless, he just wanted to get the united card and put it on that so with the introductory bonus..he would pay in full.

still that was a trial to get him approved and that was only after getting the rep to close his slate card of about 5k in CL and then finally approving the application (initially declined because of debt to income ratio)

he got approved for the slate card before he went to school.

the_one092001
Green Member
Green Member
 
Posts: 11
Joined: Sat Sep 28, 2013 3:24 am
Location: United States

Postby the_one092001 » Sun Sep 29, 2013 6:58 pm

whit wrote:^you can still get the freedom as there are freedom cards floating around with a $300 dollar limit, but then again, not to put words into Chase's mouth

they're taking everything into consideration.
your score
your debt to income ratio
your credit history
and so forth

sapphire starts at 5k for CL. if your rent is somewhere in the 1k-2k that means of your salary, almost half is going towards the rent.

sucks but I have seen students get rejected for united cards and CSP because they are taking on six figure loans and currently unemployed. it doesn't matter that they get a sum every quarter (its bundled in the loan) to support themselves with their living. one kid was going to buy a laptop regardless, he just wanted to get the united card and put it on that so with the introductory bonus..he would pay in full.

still that was a trial to get him approved and that was only after getting the rep to close his slate card of about 5k in CL and then finally approving the application (initially declined because of debt to income ratio)

he got approved for the slate card before he went to school.


It's actually more than that. ~70%. But I have most fortunately been able to avoid taking out student loans.

Well, my only option now is to see if Chase allows the option just added to TILA Reg Z that allows 'reasonable expectation of access' income to be considered as the basis of extending credit. It would allow me to include expenses covered by a non-applicant on my behalf as income, which is important since this includes a number of things such as tuition which are paid in full and not debt obligations. It would more than double my listed income, while rent remains my only debt obligation.

The major question then is whether Chase allows this, as the amendment to Regulation Z only says that banks may allow it. A few recent articles indicate though that Chase stopped accepting joint accounts for this reason though, as joint accounts required for stay-at-home spouses to list their spouse's income are no longer required under the new provision (which is not limited to spouses).

whit
Centurion Member
Centurion Member
 
Posts: 508
Joined: Tue Aug 13, 2013 10:04 pm
Location: ca

Postby whit » Sun Sep 29, 2013 8:24 pm

is it supplemental income? or maybe a roommate that is helping pay down the rent? parental support?

i'm curious, do you currently bank with Chase?

Certain states allow spouse's income to be added, community states i believe.

The other thing is when you're applying for a card they ask what is your gross annual income, they give examples of what can be considered income, and they also place in ( ) that basically it is income you wish to rely on to repay your debts.

You have thirty days (typical) from the time of the app to try and get the decision turned around, just because the first rep ran that through, doesn't mean its hopeless.

If you really want to get approved and believe you can handle that type of CL responsibly then you should call back, explain what you mean by almost double your income with no debt obligations besides the rent, and see if the rep can do a consideration.

another route is, if you currently bank with Chase, to dump 10k into the savings, to ask for that special consideration--given on paper your gross annual income is 29k but, you obviously have other sources of income/$$. (or prove you can save considerable amount of money, so another plus, looks responsible)

one of the things the analyst will do, if it is at their disposal, is to review your ck/sv account and see the type of deposits you get, the amount you spend, etc etc when trying to approve.

Ex--I had someone who came from overseas, haven't been in the US for more then 6 months. Getting the Slate for him the first time around was hard enough, had to do the special consideration (got declined automatically) because of lack of credit (never had a US cc) and of course, lack of history..he just moved here for goodness sake.

But he has a really good job (one of Google's many divisions) and was making close to 200k a year. Of course, initially he didn't have that much funds sitting in his account, but by the time it was getting close to the half year mark he came back and said he really really wants the sapphire preferred.

even though he was advised by the cc analyst to not to try for a cc for another 6 months minimum (since he just opened the slate a few months ago) he wants to try anyways.

he tries and gets auto declined.

we placed a special consideration and the rep calls and asks the same qs on the app..how much he makes..who he works for..etc etc..by now his account has over 10k easily times 8.

you know what the rep says..I can see he gets a dd of x every two weeks and literally did the math over the phone with me, plus saw he got bonuses recently..that added up to the amount we placed on the special consideration form.

finally got him approved for a measly 5k.

i say that because given the amount of income he makes, plus how much he parked, it seems small. but then again he only has been in the US for about six months at that point.

And getting two cards, prime, even if one is no frills like Slate, isn't bad at all for someone with virtually no credit.[sapphirepreferred].[/sapphirepreferred]



Return to “Visa & MasterCard”

Who is online

Users browsing this forum: No registered users and 2 guests