Applied for CSP - "Yearly Income not Enough"

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go2014
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Applied for CSP - "Yearly Income not Enough"

Postby go2014 » Sun Feb 02, 2014 6:36 pm

I applied for the Chase Sapphire Preferred and called the reconsideration line after it gave me a "application needs further review message", and the rep told me that I was denied because of insufficient income, not my credit score (which is around 750 with experian & TU). She told me to report back if I have a higher income to report, which I will when I have taxes done for 2013, but it won't be much more than I stated. She of course could not give me a required income amount, so I'm assuming it's subjective. I stated $24,000 annual on the app- actual is probably around $27,000. I'm not sure that $3,000 will help, so my question to everyone here is: Do you think there is a way to convince them to approve me for the card even if my income is still insufficient? I already have a chase freedom card with a limit of $3500, but I'm not sure if that helps in convincing them.


MemberSince99
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Postby MemberSince99 » Sun Feb 02, 2014 9:07 pm

I would guess no, but you could call and try again. I do think I read that the minimum income is 35k for this so getting it would be a stretch, but stranger things have happened - maybe if you get the right analyst and butter them up how you are looking to make Chase your primary lender and you need it for travel so you'll be putting some spend on it and that sort of thing could pull it off.

MrMosby
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Postby MrMosby » Sun Feb 02, 2014 9:45 pm

go2014 wrote:I applied for the Chase Sapphire Preferred and called the reconsideration line after it gave me a "application needs further review message", and the rep told me that I was denied because of insufficient income, not my credit score (which is around 750 with experian & TU). I stated $24,000 annual on the app- actual is probably around $27,000.


At $27,000 do you really want a card with an AF?
Everyday Preferred $45K | Amex Platinum NPSL | Citi Hilton HHonors Reserve $45K | Delta Platinum $30K | Chase Sapphire Preferred $64K | Citi Hilton HHonors $45K | Discover IT $25K

takeshi
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Postby takeshi » Mon Feb 03, 2014 8:57 am

I don't think so but that's just an opinion with no factual basis or evidence to back it up. It's generally said that Chase looks for at least $5K limits on other cards for the CSP, FWIW.

whit
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Postby whit » Mon Feb 03, 2014 10:25 am

MrMosby wrote:At $27,000 do you really want a card with an AF?


and that's before taxes

go2014
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Postby go2014 » Mon Feb 03, 2014 3:17 pm

I should point out that I was in school for half the year, and made my first "yearly" income during the second half of the year.

ivotedale
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Postby ivotedale » Mon Feb 03, 2014 9:45 pm

I thought I read somewhere on the forum that this card is marketed towards a demographic that earns more than $120k/ year, though I've heard of others being approved on it around $40k/ year. CS standard card is probably a little more lenient in its requirements, but who knows.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

WS6R6
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Postby WS6R6 » Mon Feb 03, 2014 11:50 pm

MrMosby wrote:At $27,000 do you really want a card with an AF?


Don't act like $95 dollars a year is a lot of money. It doesn't take anywhere near $27k in spending to get well more than the annual fee back and if you travel and use the card daily, that is perfectly fine. No you won't get a sh*t load of rewards like somebody who spends 100k a year but that's a given. FWIW I was approved for CSP with 25k income on the app so there's your answer for minimum required income ;)
Travel 3x, Groceries + Gas 2x: [color=Orange"]AmEx PRG[/color] (Closed)
Restaurants + Travel 2x: [color=navy"]Chase Sapphire Preferred[/color]
Groceries 3%, Gas + Department Stores 2%: [color=blue"]AmEx BCE[/color]
Dining + Entertainment 2x: [color=navy"]Citi Thank You Preferred[/color]
Hotels 5x: [color=Black"]Chase Marriott Rewards Premier[/color]
Rotating 5%: [color=darkorange"]Discover It[/color], [color=blue"]Chase Freedom[/color]
Restaurants 5x: [color=lime"]Citi Forward[/color]
Gas 5%: [color=gray"]PenFed Platinum Rewards[/color]
Future: [color=red"]US Bank Cash +[/color]

MemberSince99
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Postby MemberSince99 » Tue Feb 04, 2014 6:56 am

Looks like another case of YMMV as it always seems to be.



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