Chances of getting approved for Chase Sapphire Preferred?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 1:56 pm

linuxmachine wrote:You're chances are unlikely given your credit score and history. However, you are free to try and call the reconsider line if you get denied. The only thing going for you at this point is your 170K income (including bonus), but your credit background has more weight in this decision. I'd pay out the Chase balance in full and build up your score back up to 700 before giving it a shot.

You said you wanted the CSP for travel benefits. Which benefits were you primarily interested in?


Yeah, paying off the Freedom down to $0 has been priority #1 for me. It's currently at $1025 right now and I plan on making a $500 payment by the 22nd of this month. I want to have this paid off by the end of April.

The benefits that attract me to the CSP:

1) 1:1 points for practically any travel airlines miles program.
2) 2x points on travel and dining are also very attractive mixed in with the no international transaction fees.
3) 20% off travel from Chase Ultimate Reward is another reason.
4) The biggest thing would probably be the 7% annual points dividend.

Needless to say, I do love that the card is made of metal and has a chip with signature :)


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otter
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Postby otter » Tue Mar 04, 2014 3:38 pm

KanyeWest wrote:Chase closed the account because I didn't use the card for some time and missed a few payments. The account didn't go into default, because the balance remained and i'm paying it off now.


If Chase closed a card which is arguably one of their entry level cards because you missed payments, it's not likely that they are going to approve you for their top-of-the-line card especially when you haven't paid off the Freedom card yet.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

linuxmachine
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Postby linuxmachine » Tue Mar 04, 2014 5:17 pm

KanyeWest wrote:Yeah, paying off the Freedom down to $0 has been priority #1 for me. It's currently at $1025 right now and I plan on making a $500 payment by the 22nd of this month. I want to have this paid off by the end of April.

The benefits that attract me to the CSP:

1) 1:1 points for practically any travel airlines miles program.
2) 2x points on travel and dining are also very attractive mixed in with the no international transaction fees.
3) 20% off travel from Chase Ultimate Reward is another reason.
4) The biggest thing would probably be the 7% annual points dividend.

Needless to say, I do love that the card is made of metal and has a chip with signature :)


1. UR and Amex have some exclusive partnerships that make it hard to redeem if they are not a direct transfer partner. You will have to decide whether you want United or Delta, Southwest or JetBlue/VirginAmerica, etc. If you have an airline preference, now is the time to decide which program you'd like to enlist in.

2&4. From a points perspective, I think you're really limiting yourself by discarding the Freedom. If you spend in the 5% categories, you could redeem those points for transfer/discounts as well (hitting all the categories in full is 30k points a year). Not only that, but if you have a checking account with them, all points accrued through the Freedom get a 10% bonus applied at the beginning of the following year. It's basically a higher percentage dividend.

3. The 20% discount is if you book through UR portal and 100% in points. As long as this is not a showstopper for you, then that's fine. When I first heard about 20% off, I thought I could get the 20% discount and pay with my card, which would allow me a lot of extra points on top of the discount. However, this is not the case. :(

I think overall, it takes a lot of effort to maximize CSP's true potential. With the CSP alone, I'm not sure if it's worth it. I would suggest maybe looking at the BarclayCard for the straight 2.2% fixed value. Given your credit constraints, however, it might not be a bad idea to try going for the CapOne Quicksilver card for 1.5% back until you heal your credit. The Quicksilver should be easier to get.

KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 5:23 pm

linuxmachine wrote:1. UR and Amex have some exclusive partnerships that make it hard to redeem if they are not a direct transfer partner. You will have to decide whether you want United or Delta, Southwest or JetBlue/VirginAmerica, etc. If you have an airline preference, now is the time to decide which program you'd like to enlist in.



I already know that I want to link the card to Delta right away. I don't fly the other airlines nearly as much. I may consider Virgin though.

Can you please tell me more about the Freedom? I applied for the Freedom a few weeks ago and was declined. Partly because of my low FICO and that I had a balance remaining on a close chase card.

I applied for the BarclayCard world arrival, and was denied. Cant find a number to call to reconsider. It's funny because I applied for Discover It yesterday and was approved with a $8000 limit.

CC Deville
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Postby CC Deville » Tue Mar 04, 2014 6:50 pm

KanyeWest wrote:I already know that I want to link the card to Delta right away. I don't fly the other airlines nearly as much. I may consider Virgin though.

Can you please tell me more about the Freedom? I applied for the Freedom a few weeks ago and was declined. Partly because of my low FICO and that I had a balance remaining on a close chase card.

I applied for the BarclayCard world arrival, and was denied. Cant find a number to call to reconsider. It's funny because I applied for Discover It yesterday and was approved with a $8000 limit.


So you have applied for another Freedom and a BarclayCard and both were declined? These are clearly signs that you need to stop applying for credit.

Stop applying (each inquiry lowers your score-yes only slightly-but when you don't have a high score to begin with each inquiry does hurt)
Pay off your Freedom (I get it now, the account is not charged off, just closed by grantor) in full
Pay down the Blue and Bloomies cards

If you do these things by the end of summer your FICO could jump to 675.

And before you apply, go see if you are pre approved from the Chase website (AFTER you get to a 675) to see what pops up.

CC Deville
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Postby CC Deville » Tue Mar 04, 2014 6:52 pm

KanyeWest wrote:I'm from NYC, so, I don't really have rent to pay.

.


I don't understand...you live with family or you inherited something? Rent control? If it is true that you don't have rent to pay and no loans to repay, than a huge chunk of your income should be going to pay down the debt. And at $90K a year, that should be easy to do.

linuxmachine
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Postby linuxmachine » Tue Mar 04, 2014 6:52 pm

KanyeWest wrote:I already know that I want to link the card to Delta right away. I don't fly the other airlines nearly as much. I may consider Virgin though.

Can you please tell me more about the Freedom? I applied for the Freedom a few weeks ago and was declined. Partly because of my low FICO and that I had a balance remaining on a close chase card.

I applied for the BarclayCard world arrival, and was denied. Cant find a number to call to reconsider. It's funny because I applied for Discover It yesterday and was approved with a $8000 limit.


Can't link Chase to Delta. You'll have to transfer to KoreanAir miles, and then redeem them on a Delta flight. This is not only a lot of work, but you don't get MQMs, which help towards any sort of elite status.

If you want direct transfer to Delta, you are better off with Amex. You could even get one of the co-branded cards and get extra perks like free checked bag and companion fares. Plus, you get access to elite status (medallions) based on your travel and spending.

As for the Freedom card, it has rotating categories every quarter that give 5% cash back up to 1500 spend. They hit some big categories like gas, restaurants and amazon/dept stores within a given quarter, making it somewhat easy to get a total of 30K points on 6k spend, unless you have a really low spend. But in that case, maybe rewards cards aren't for you, and you should look into perks instead.

samhradh
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Postby samhradh » Tue Mar 04, 2014 8:17 pm

KanyeWest wrote:What are my chances of getting the Chase Preferred Card? If I can't get it now, what would I have to do to get it?


I think you have no chance of getting approved.

If you still decide the CSP is the right card for you (given your Delta preference the CSP is not ideal) then you need to:
1) Pay off all outstanding credit card debts.
2) Stop applying for new credit cards. Nurture your current cards until your debts are gone.
3) Wait six months for the recent denials you experience to fall off your report.
4) After all of the above, check to see if you are pre-qualified for the CSP via Chase's website.

The above advice is pretty much a reiteration of CC Deville as they're important points.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 11:44 pm

CC Deville wrote:So you have applied for another Freedom and a BarclayCard and both were declined? These are clearly signs that you need to stop applying for credit.

Stop applying (each inquiry lowers your score-yes only slightly-but when you don't have a high score to begin with each inquiry does hurt)
Pay off your Freedom (I get it now, the account is not charged off, just closed by grantor) in full
Pay down the Blue and Bloomies cards

If you do these things by the end of summer your FICO could jump to 675.

And before you apply, go see if you are pre approved from the Chase website (AFTER you get to a 675) to see what pops up.


Thanks for the advice. I will take it. Very helpful.

I plan on paying down the Freedom card first, then working on paying down the Bloomies card by the end of April.

The Blue has the lowest APR out of all my cards (12.99%). I'm hoping to get the balance on that lower.

I'll also look to use the pre-approved tool before I apply too.

KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 11:45 pm

CC Deville wrote:I don't understand...you live with family or you inherited something? Rent control? If it is true that you don't have rent to pay and no loans to repay, than a huge chunk of your income should be going to pay down the debt. And at $90K a year, that should be easy to do.



I'm fortunate enough to live in an apartment that my parents own rent free. You're right. Should be able to pay off my debt quicker. I'm determined to do so.



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