Chances of getting approved for Chase Sapphire Preferred?

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KanyeWest
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Chances of getting approved for Chase Sapphire Preferred?

Postby KanyeWest » Mon Mar 03, 2014 3:36 pm

Hello everyone!

This is my first post and I'm really excited to be joining the community. I've recently been more interested in raising my credit score and being smarter with credit cards due to what I've been hearing from people at work. Needless to say, there's so much about credit that I wish I knew 9 years ago when I got my first credit card.

I guess now that I'm "late for the prom", it's never too late to get the wheels moving towards the right direction.

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Chase Freedom: $1025 out of $2800 (No longer active)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've made traveling a top priority of mine and after reading reviews and all the perks and benefits of the Chase Sapphire Preferred, I've come to the conclusion that It's the best card for me.

I know that my FICO score is on the low side (Like I've said earlier, I wasn't smart with credit in the past), but I've been working diligently to bring my debt down and drive my score up as high as it can possibly get.

I was able to run a credit history report and It showed 2 late payments I've made, but one of the Visa cards I had (no longer active) went into collections in 2010 and I ended up defaulting the card. Not sure why that wasn't on the report.

I've been making payments around $300-$400 a months on the Chase Freedom Card to bring the balance down to $0 and I'm working to do the same with the Bloomingdale's card.

I recently applied for the Discover It card and was approved instantly for $8000.

I don't want to keep blabbing. 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?

Thanks!


CC Deville
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Postby CC Deville » Mon Mar 03, 2014 5:28 pm

Well, I will be brutally honest. Your FICO really stinks. I would write a word that rhymes with bucks but CCF doesn't like that. You make $90K a year; you should be able to really knock those balances down within a few paychecks; especially if you do not have any loans. I see that you live in NYC so I guess you could be spending almost all of your money on rent; I will never understand the lure that city has on people.

I am a bit confused about your Freedom card....is it charged off and you are making payments or is it just closed and current after previously being behind? If it charged off, you will need to have it paid in full before you try getting another account with Chase. Frankly, it would help to have it completely paid off before applying with Chase. Do you have checking/savings/money market accounts with Chase? That could help as well because they could see how healthy your cash flow is; but note, nobody can really confirm if having deposits with Chase will help your chances of getting a card.

I would do three (3) things: 1: pay down your debt including paying Freedom in full; 2: bring your FICO up to 675+ and after these two things, 3: go to the Chase.com website and enter your information to determine if you are pre-approved for anything.

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Z06Biker
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Postby Z06Biker » Mon Mar 03, 2014 6:01 pm

Like CC Deville said, with no student debt or loans, even if you're living in NYC, at $90K/year (not including bonuses), why are you still holding relatively small amounts of debt on your cards and only paying $3-400/month down?

And yes...the fact that there is a $1025 balance on your no-longer-active freedom is cause for concern, where Chase is concerned...
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

KanyeWest
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Postby KanyeWest » Mon Mar 03, 2014 8:48 pm

CC Deville wrote:Well, I will be brutally honest. Your FICO really stinks. I would write a word that rhymes with bucks but CCF doesn't like that. You make $90K a year; you should be able to really knock those balances down within a few paychecks; especially if you do not have any loans. I see that you live in NYC so I guess you could be spending almost all of your money on rent; I will never understand the lure that city has on people.

I am a bit confused about your Freedom card....is it charged off and you are making payments or is it just closed and current after previously being behind? If it charged off, you will need to have it paid in full before you try getting another account with Chase. Frankly, it would help to have it completely paid off before applying with Chase. Do you have checking/savings/money market accounts with Chase? That could help as well because they could see how healthy your cash flow is; but note, nobody can really confirm if having deposits with Chase will help your chances of getting a card.

I would do three (3) things: 1: pay down your debt including paying Freedom in full; 2: bring your FICO up to 675+ and after these two things, 3: go to the Chase.com website and enter your information to determine if you are pre-approved for anything.



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

Chase closed the account after non-activity and me missing a few payments--I ended up missing 3 payments. So, I'm not quite sure if it is charged off. I know for sure that the card didn't go into default. It's just closed and chase asked me to pay off the balance.

I do have a checking and savings account with Chase as well. How can I bring up my FICO score up to 675+? I've been making payments on time for the past 6+ months and cut down my debt considerably. I should note that my FICO score at one point was 565 I believe.

MemberSince99
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Postby MemberSince99 » Mon Mar 03, 2014 8:56 pm

I just find it so ironic that so many people who are in the finance/banking/credit industries have poor credit. I've read a bunch of postings like this from people who work in banking and almost universally we aren't talking 800 scores or even high 700s. I read about bill collectors being called by other bill collectors. It just strikes me as really ironic, like a mechanic who can't fix his own car or the IT guru with a crappy computer that doesn't work right.

whit
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Postby whit » Mon Mar 03, 2014 9:21 pm

OP says he/she defaulted, instead of saying screw it and letting it go collections or whatever, when the bill got too high s/he talked to chase and they effectively closed it, then worked out a way to pay off the balance (I'm guessing)

and,

90k in NYC is nothing (no offense op)

I'm guessing after taxes and take aways like 401k deduction, medical, dental etc you're probably looking at anywhere between 5-5.5k a month. maybe even less depending on how you're being taxed, slightly only

rent there if you're by yourself, depending on location, is probably 3-4k a month, think of usual bills like cell phone, water, heat, etc

OP probably doesn't need to drive so metro

some people are meant for cities and others suburb, i can't imagine being in any place other then a metro city, having grown up in SF (actually SF not San Bruno Daly City or whatever) NYC would be a tad better

diff people diff strokes

OP, I would say maybe wait is best, if you can't get the stuff on your credit report cleared (which is what is holding your score down) in your position I would pay off balances and wait

but you can always apply anytime, no one knows until the app is placed whether you're going to get approved or declined

KanyeWest
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Postby KanyeWest » Mon Mar 03, 2014 9:47 pm

whit wrote:OP says he/she defaulted, instead of saying screw it and letting it go collections or whatever, when the bill got too high s/he talked to chase and they effectively closed it, then worked out a way to pay off the balance (I'm guessing)

and,

90k in NYC is nothing (no offense op)


The Chase Freedom account didn't default. I got a letter from Chase one day saying they're closing it due to inactivity and some missed payments. They asked that I just pay off the rest of the balance off, which I'm doing now.

$90k isn't a lot if NYC, but that is before my bonus. I'm expecting to have a $80k bonus by March. I just started my new job last June. This is why I'm able to bring down my debt now. I do get taxed up the wah-zoo though

takeshi
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Postby takeshi » Tue Mar 04, 2014 8:08 am

KanyeWest wrote:(No longer active)

What does this mean? If it's closed then this is really hurting your utilization.

KanyeWest
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Postby KanyeWest » Tue Mar 04, 2014 9:44 am

takeshi wrote:What does this mean? If it's closed then this is really hurting your utilization.


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.

linuxmachine
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Postby linuxmachine » Tue Mar 04, 2014 1:00 pm

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?



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