Is it time for Sapphire preferred yet?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
7 posts
crux
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Is it time for Sapphire preferred yet?

Postby crux » Wed Feb 06, 2013 8:11 pm

Hi everyone,

Just signed up today.
I'm thinking of applying for a sapphire preferred some time later down this year. It matches my spending behavior very well and the perks are very good for me.

Currently I have a CK of 723 and they indicated that I have a 'fair' chance with sapphire preferred, and a 'good' chance for sapphire.

I currently make $100,000 / yr. I've used the freedom for 4 months so far with a $1k limit, paid off everything and never missed a payment. I spend near the $1k limit/mo every month, sometimes more, but I pay it off weekly, and my available credit goes back up to 1000 a few days after. Sadly, this 1000 limit is not sufficient for my spending and I end up using my check card instead for rental cars and plane tickets. I travel a lot both for work and personal time. In fact, every weekend I fly somewhere.

Sadly the freedom is my first and only credit card in the US since I've been out of the country most of my life (though I'm an American citizen). Should I bother applying for the preferred or sapphire? I don't want a hard pull for nothing.

Any advice is very much appreciated!


Robrus1
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Postby Robrus1 » Fri Feb 08, 2013 9:15 am

I'd get the Sapphire Preferred for the no foreign transaction fees in your case, but I'd wait until I had at least 6 months of on time payments before applying, but that's just me.
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

DavidNY
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Postby DavidNY » Fri Feb 08, 2013 11:05 am

I agree with Robrus, I'd wait until you have at least six months of credit history to apply for anything.

CSP has no preset spending limit and a minimum $5k credit line.

MemberSince99
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Postby MemberSince99 » Fri Feb 08, 2013 12:32 pm

+1. Congrats.

crux
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Postby crux » Sat Feb 09, 2013 6:34 pm

Thanks! I'll send an app later in April /May when it has become 6 months. Is there anything else I could do to increase my chances in the meantime?

I'm going to try to get my freedom utilization below 5% at the end March.
I don't know if that would much compared to 15%

Robrus1
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Postby Robrus1 » Fri Feb 15, 2013 2:40 pm

Not really, just pay on time. That is THE most important thing. In my opinion, whether you have 5% or 15% utilization won't make much of a difference, if any, in their approval process.
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

crux
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Postby crux » Fri Feb 15, 2013 6:01 pm

Alrighty. Thanks!
Just checked a few minutes ago and I got an auto CLI to 1500.
It's looking good so far.



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