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cs916

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Think I'll be approved for Chase Sapphire Preferred (or even reserve)?
Been working on repairing my credit after a nasty divorce and home foreclosure that was completed two years ago. Went from a 540 score to 680 since last June. No collections on credit any more... Been perfect on all payments from last January (2016) until now and keep a very low balance on my credit cards. Of which I have one Capitol One Quicksilver Card I got 5 months ago, and am an authorized user on a CapOne card that is 2 years old with perfect history and Chase card that is 6 months old with perfect history.

I applied for the Sapphire preferred in August and after calling the reconsideration line I wasn't approved. Notice they gave me was because of a collections account on my credit (wasn't on credit karma when I applied but literally hit my credit the day before I submitted my app to chase). It has since been taken off my credit.

So here are my options... I really want the Sapphire Preferred or Reserve. should I apply for them again and risk taking a hot for another inquiry on my credit? Or go for something else I have a better shot at getting right now like the Freedom Unlimited and waiting a bit longer for the Sapphire? Is there a way Chase can just pull my credit once and try for multiple cards at a time?

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I would Wait

Helpful to 2 out of 2 people

I would not re-apply for the Chase Sapphire Preferred (CSP) and I would not apply for the Chase Sapphire Reserve (CSR).  The Reserve has more stringent requirements than the Preferred--so, if you were denied the CSP, you will probably be denied the Reserve. Wait at least a year.

First, based on the info you provided, the average age of your credit is fairly new.  Both the CSP and CSR are considered "luxury" cards and Chase wants to see a substantial history of on-time payments with low utillization.  

Second,  Chase has an unspoken/unpublished  policy of denying applicants if they have applied for 5 cards in 24 months --bank and retail included.  Also, Chase likes to see similar credit lines with other banks/retailers.  The minimum credit line for the Reserve is $10K--do you have a credit card with a $8-10K CL or a card with a $500 CL?  

You are doing a great job with the on-time payments and low utilization.  If you don't "need" another card at this point, don't apply for one.  Try asking for a credit line increase if you need additional available credit and keep the utillization low.

Hope this helps.

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Have you read the information on this site?  It will help you for the rest of your life since you really need to understand exactly how credit works.  That foreclosure is a bad thing on your credit.  And there are three credit bureaus, though the information on Credit Karma is from only two. You may not be qualified for that Chase card right now, and that is okay.  Once you learn about credit and build your score, you will likely get what you want when you want it.

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