Chase Sapphire Preffered

Discussion in 'Newbies' started by IberianNomad, Feb 4, 2013.  |  Print Topic

  1. IberianNomad

    IberianNomad Silver Member

    Good Evening Folks,

    First I'd like to thank you for all the incredible information everyone is putting out here, I know you guys and gals are definitely helping me out, so thank you.

    I just applied for the Chase Sapphire Preferred (seemed like the most flexible card) and they notified me that it would take approximately 10 days to get a response back which I thought was unusual since my last credit check score was over 800, thoughts? My second question is, should I apply for any other specific CC now to take advantage of this "hard pull", maybe United or any other offers? I'm planning on visiting Europe this summer and do travel frequently from the Northeast to South Florida...please advise!

    Thank you

  2. servo

    servo Silver Member

    Time to call the reconsideration line for Chase. If your last Chase application was less than 91 days ago, it might be because of that. Otherwise, who knows. Most people have success with their recon call if they didn't lie on their app and are willing to move credit from other Chase accounts around. Sometimes they just want to verify some personal info from the app. See this thread for the recon phone numbers:
  3. edekba

    edekba Gold Member

    your score might be over 800 ... but do you have a good long history or is it because you don't have a lot of activity?

    Also maybe you have 0 relationship history with Chase.

    Also Chase doesn't do the one hardpull = multicard thing. If anything apply for other Banks ... therefore they won't see this Chase pull.
    GoodBoy likes this.
  4. boondr

    boondr Gold Member

    How long ago did you check your score? I don't want to be the negative one, but hope something bad didn't happen to it via inaccurate negative or identity theft.
  5. IberianNomad

    IberianNomad Silver Member

    I was deployed for quite some time and once I returned made some significant purchases around April and saw my credit score so maybe it's time I take another look.
  6. IberianNomad

    IberianNomad Silver Member

    I have never applied for a chase card so hopefully that's one of the reasons. I'll call them today, are there any current offers I should jump on (airline wise that i could merge with the CSP). Regarding the hard pull, Am i safe to apply for any other card today (after calling Chase Recon) and it won't NEGATIVELY impact my credit?

    Thank you!

  7. servo

    servo Silver Member

    Every card application will temporarily have a negative impact on your score. However, over 6 months time, that negative should be wiped out if you're paying everything on time and have new access to credit which helps your utilization rate. As edekba said, try going for another app at a different bank - unfortunately, most of the airline partners of the Sapphire are also Chase partners. Therefore, rather than choosing by airline, I'd choose by alliance partners where you could make separate bookings using miles. I'd recommend the US Airways MC from Barclay's Bank. Your Sapphire miles could be transferred to United and you could use your US Airways miles for star alliance flights as well as United (until American merges with USAir, that is).
    sharris503, malikguy and edekba like this.
  8. sharris503

    sharris503 Silver Member

    I think we should take a step back because I think you are misunderstanding something. You should always assume that every time you apply for a credit card it will show up on your credit history as a hard pull. Sometimes if you apply for two cards from the same lender on the same day that will show up as one pull, but that is not always the case. So just assume one credit app equals one pull.

    Second, it is best to apply for all your cards on one day. This way other lenders won't see that you have applied for multiple cards in a very short period of time. When lenders see that huge red flags go off and you will most likely be denied and then you have the fun part of calling reconsideration lines to plead your case.

    Third, try to spread you apps around to lenders that pull from different credit bureaus. This way you don't build up a lot of pulls on any one credit bureau. The best way to know what lenders pull from which bureau is to pay for a credit monitoring service and watch where they pull from. I use Citi Identity Monitor which is only $5 per month with this link.

    Finally, since you are new to this, don't dive head first into the deep end. A lot of people get themselves in trouble by reading success stories and go out and apply for 5 or 6 cards at once. Next thing they know they have $15k in minimum spending to do in 3 months and no idea how to do it. Or they spend money they dont' have to meet the minimum spend and can't make their payments.

    The CSP is a great card to start with. I would meet your minimum spend on that and see where you are at when you are done. Then on your next churn add a couple of more cards into the mix. It is ok to be cautious. Remember you are in this for the long haul. No need to rush.
  9. rharrigill
    • Original Member

    rharrigill Silver Member

    I agree with this. If I were in your shoes now, I wouldn't apply for any more cards for another 90+ days.
    GoodBoy and sharris503 like this.
  10. IberianNomad

    IberianNomad Silver Member

    Well called Chase and they approved me on the spot so now waiting to physically get the card. I'll stick to the much appreciated advice and take it "easy". Goal right now is to get those 40K bonus points!

    Much grateful for all the help!

    GoodBoy, rodeojones, servo and 4 others like this.
  11. andrewhyde

    andrewhyde Active Member

    Congrats, make sure to make the minimum spend and enjoy the points!
    GoodBoy and IberianNomad like this.
  12. Jenny & Curt
    • Original Member

    Jenny & Curt Gold Member

    I would advise creating a spreadsheet to make sure you track your minimum spend carefully (like netting out credits against your spend), in order that you do not miss out on the bonus. Best not to make any "newbie" mistakes, eh? ;)
    PHLFlyer, GoodBoy, sharris503 and 3 others like this.
  13. WhiteDesert

    WhiteDesert Silver Member

    This is excellent advice. Indeed, I would advocate using spreadsheets to track many of the intricacies of the miles and points gameobsession. I've personally gotten to the point where I'm tracking bloody everything, including things like exactly where I am in meeting my Freedom quarterly bonus spend. You can certainly take it to an extreme (*points at self*), but spending a little more than the minimum amount of energy on tracking what you spend and how that money is generating points can be very helpful.
    PHLFlyer, GoodBoy and sharris503 like this.
  14. garyflys

    garyflys Active Member

    I got my Chase Sapphire Preferred and met the spend within the first days. So how long does it take the bonus points to post??? Thanks
  15. infamousdx

    infamousdx Silver Member

    As with all Chase cards, any bonuses will post when your statement closes (or a few days after).
    GoodBoy likes this.
  16. rodeojones

    rodeojones Silver Member

    Is there a baseline for how many pulls are too many from one credit bureau or a number that one would want to stay away from? I would assume that were talking about within a one year period??

    EDIT: I signed up for the service you recommended. Still trying to figure it all out but I like how you get both your score and credit info. Thanks for the link!
    servo and GoodBoy like this.
  17. DealsSeeker

    DealsSeeker Member

    It's also good to mix in cards with $1 spend to receive the bonus. For instance, a good churn would be to apply for the Barclays US Airways cc since the minimum spend is only $1 with a card that has a high spend requirement. This way it makes it easier to spend the minimum required amount on more than one card during a few month period.
    When we apply for cards, we do it all on one day, so that the banks don't see each other's pull. It doesn't look good if you are asking for credit from differen't lenders because then they think that you might be a risk (needing money) and might not pay back.

    Another tip would be to apply for business and personal cards from the same bank at the same time. I believe that with Amex there is only 1 hard pull and with Chase there could be 2 (I believe Dansdeals said this)? Please correct me if I am wrong pple!
  18. Jenny & Curt
    • Original Member

    Jenny & Curt Gold Member

    I think tracking spend is a very good budget habit in general.
    infamousdx and servo like this.
  19. Ed Chandler
    • Original Member

    Ed Chandler Silver Member

    For tracking the money side of things, I use Quicken. With a few dummy accounts and some self-imposed rules on how to categorize things, it does a ton of tracking and reporting automatically.

    This is VERY handy when you have a skeptical spouse, because you can track your points-hoarding expenses against the value of the benefits received to show how far "ahead" you are.
    wrxmom and servo like this.
  20. WhiteDesert

    WhiteDesert Silver Member

    I agree. I began tracking my points balances as an outgrowth of my habit of tracking my monthly spending. At some point during the summer of 2010 I got serious about a budget and began attempting to account for every one of my dimes that went in or out. I just opened up an Excel file and created a simple budget spreadsheet. It's evolved somewhat in the last three years, but I've been able to pretty accurately record where all of my money goes. Just having that intel at my fingertips has been an excellent way to discipline spending and it's made saving for larger expenses easier (and it also made me more effective at accumulating savings in general).

    I should probably start using something like Quicken, but so far I've found that an Excel spreadsheet does everything I need.
  21. Jenny & Curt
    • Original Member

    Jenny & Curt Gold Member

    I am a freelance bookkeeper, and I cannot seem to love Quicken. I do love Quick Books, but it's probably too powerful for your purposes. If you are comfortable with spreadsheets, why reinvent the wheel?
  22. Ed Chandler
    • Original Member

    Ed Chandler Silver Member

    I've never met an accountant who does. ;)
    Nevertheless, you're right. Do what works without adding hassle.
    servo likes this.
  23. servo

    servo Silver Member

    Wait, there are skeptical spouses? :p
    Brit likes this.
  24. servo

    servo Silver Member

    I've asked the same question - but the straightest answer I've received is that it's going to vary to your specific situation. I'm assuming here, but I'd guess someone with 15 inquiries in the last 2 years (which is what shows on your report - only the last 2 years of inquiries) with a mid 6 figure income is less likely to trigger a "too many recent inquiries" denial than someone with the same number of inquiries and a $50k salary.
    rodeojones likes this.
  25. Ed Chandler
    • Original Member

    Ed Chandler Silver Member

    Ha. She's come a long way from her original "credit card annual fees are the work of Satan" position.
    servo and WhiteDesert like this.

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