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 » Wed Mar 05, 2014 3:29 am

BTW, just checked all three (3) credit scores using Amex credit secure and my scores are a lot higher than I knew them to be.

Experian- 652
Equifax- 670
Transunion- 679

I remember a month or two ago I got a letter from Chase telling me why they declined to approve me for the Freedom card and they listed my FICO score at 630. Can someone shed some light on this? Am I missing something or is there another score I should know about? This is all new to me.

The good news in all of this is that I have no negative public records in my profile either. Nothing shows as defaulted or charged off which is a good thing. It turns out that I only missed 2 payments as well. I also have all my accounts still current dating back to 2005 when I first opened a line of credit--Total accounts is ten (10). Average age of credit is 5.7 and oldest age of credit is 8.7.

Looks like there's light at the end of the tunnel! :)


samhradh
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Postby samhradh » Wed Mar 05, 2014 5:19 am

I have no experience with Credit Secure. My guess is as you're paying the balances down, your FICO is improving. I am going through the same process as my first 0% intro APR rate card will expire in Oct this yr. My FICO went from 771 to 784 in one month.
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 » Wed Mar 05, 2014 11:49 am

samhradh wrote:I have no experience with Credit Secure. My guess is as you're paying the balances down, your FICO is improving. I am going through the same process as my first 0% intro APR rate card will expire in Oct this yr. My FICO went from 771 to 784 in one month.


How do I get the one (1) FICO score everyone keeps referring to?

I have these three (3) now and can't seem to figure out what my real credit score is.

I guess my score has been going up since I've been making payments on time and bringing the balance down.

FutureBillionaire
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Postby FutureBillionaire » Wed Mar 05, 2014 12:34 pm

KanyeWest wrote:
Here's some of my history and facts about me.

Bio:
Age: 27
Average Credit age: 5.7 years
Oldest card age: 9 years
Income: $90k before bonus
Field of profession: Finance/Banking
FICO score: 635
No student debt or loans

Credit Cards:
American Express Blue: $2344 out of $4000
Best Buy: $0 out of $1800
Bloomingdale's: $1300 out of $1600
Chase Freedom: $1025 out of $2800 (No longer active)
Discover It: $0 out of $8000
Macy's: $0 out of $2000


I thought you had a Black Card. Also, how are North and Kim?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

linuxmachine
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Postby linuxmachine » Wed Mar 05, 2014 1:40 pm

KanyeWest wrote:How do I get the one (1) FICO score everyone keeps referring to?

I have these three (3) now and can't seem to figure out what my real credit score is.

I guess my score has been going up since I've been making payments on time and bringing the balance down.


There are MANY scores, but only 3 scores that you care about, the 'classic' FICO score from each bureau: Experian, Equifax and TransUnion. The ones you got aren't FICO, but PLUS scores. PLUS is scoring method developed by Experian, and they basically pull your report from all the bureaus and apply their scoring method on the report. Typically, these type of scores are generous, and most often times are a few points to a few dozen points higher than the FICO score creditors use to determine credit. It would be safe to take your PLUS scores and subtract anywhere from 10~30 points to get a conservative approximation of your FICO.

I think you can buy your 'real' scores from MyFICO (run by Fair Isaac.. who own the FICO formula) for about 20 bucks a pop ($60 for all 3 bureaus). If all you care about are for credit card approval, I'd check the credit pull database (just google for it) to see which bureau the credit card you are interested in uses to determine your worthiness. Experian seems a popular choice for a lot of cards, with Equifax being next most popular. For loans, like auto and home, they will look at all 3 and either decide on the median or come up with a composite score. The CSP pulls from Experian, so you could just buy 1 report/score to minimize costs.

KanyeWest
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Postby KanyeWest » Thu Mar 06, 2014 9:44 am

linuxmachine wrote:There are MANY scores, but only 3 scores that you care about, the 'classic' FICO score from each bureau: Experian, Equifax and TransUnion.


Credit Secure by Amex already gives me scores from all three credit bureaus.

linuxmachine
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Postby linuxmachine » Thu Mar 06, 2014 11:01 am

KanyeWest wrote:Credit Secure by Amex already gives me scores from all three credit bureaus.


Yea. Those are plus scores. Not fico.

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otter
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Postby otter » Thu Mar 06, 2014 2:42 pm

Wow... I didn't know the Sally Struthers Correspondence School was handing out degrees in finance!
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

KanyeWest
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Postby KanyeWest » Thu Mar 06, 2014 6:55 pm

otter wrote:Wow... I didn't know the Sally Struthers Correspondence School was handing out degrees in finance!


What's this supposed to mean, wise guy?

FYI, I went to HBS and now work for Goldman Sachs. That Sally Struthers was really on to something, huh?

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otter
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Postby otter » Thu Mar 06, 2014 8:00 pm

KanyeWest wrote:What's this supposed to mean, wise guy?

FYI, I went to HBS and now work for Goldman Sachs. That Sally Struthers was really on to something, huh?


Sorry, perhaps I'm being a little quick to "bite the newbie" but it seems really ironic that someone who could be "booksmart" enough to get an MBA from Harvard Business and get a job with Goldman Sachs could be so clueless when it comes to personal finance.
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



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