With only one CC is it a good idea to try for the Sapphire?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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With only one CC is it a good idea to try for the Sapphire?

Postby BradyD » Tue Mar 19, 2013 3:11 pm

Hi all,

I just recently (opened in January) got a Discover It card with a $6,000 limit. I also want to open a big-name Visa/MC for those non-discover takers out there. General financial standing:

  • $70,000 gross salary
  • 745 TU FICO
  • 728 EQ FICO
  • 6,000 in student loan debt (Great Lakes)
  • 27,000 car loan

I'm a bit worried about my EQ report because I have 6 inquiries on it, including one from Chase a year ago when I was denied, and a lot more ignorant about how credit works (otherwise I wouldn't have applied).

Would it be a stupid idea to apply for the Sapphire w/ my Discover only being open for a few months and 6 inquiries on my Equifax (if they pull from there)?

Thanks for any input!

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Postby fittiger » Tue Mar 26, 2013 10:28 pm

Did you ever apply?

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Postby Robrus1 » Thu Mar 28, 2013 8:46 am

I say go for it. If Discover gave you 6K, you must be some sort of royalty (JK). I think you'll be approved, but that's just my humble opinion.
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

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Postby MemberSince99 » Thu Mar 28, 2013 5:49 pm

I agree a 6k starting limit from Discover is massive, they are kind of the next step up from Cap One in terms of limits.

What do you have to lose but an inquiry? If you are declined, you can recon.

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Postby exdoll » Fri Mar 29, 2013 1:27 am

Yes, Discover can be conservative with there limits they started me out with only 4500 and a year an 8 month later now 7000. The fact that you have a 6000 limit is good because chase underwriting need to see you have a mini line of 5000 from some other credit .The Chase Sapphires card are visa signature that means a mini line of 5000 plus you will get. I would wait 3 more months to season you to 6 months and than do a little recon and than strike . I have CSP card, I did the same thing but I bank at chase and had a freedom for over a year.When you bank at chase they treat you a little better than a guy of the street.... example they drop the 3000 in 3 months to 2000 and got to know my 8700 credit line in 1 minute when I check my online account .

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