Hi all, I've been lurking these forums for quite a bit over the past months, but this is my first time posting. I've learned a great deal from reading the posts of others in this time, and so I wanted to share my recent approval(s) as a data point for others to reach conclusions on.
Last Thursday (5/12), I applied for the Chase Sapphire Preferred online. These were the relevant background data going into the application:
Credit Scores: EQ 702, TU 720, EX 696
Inquiries (since Jun. 2015): Equifax 5, TransUnion 4, Experian 11
Chase Checking/Savings Account opened Mar. 2016
Credit History: 10 months
Cards:
- Discover it, $2000 CL (since Jul. 2015)
- Amazon Prime Store Card (from Synchrony Bank), $2800 CL (since Feb. 2016)
- AMEX BCE, $2000 CL (since Mar. 2016)
- Chase Freedom, $600 CL (since May 2016)
Given this data, CSP was clearly a stretch, and so I wasn't planning to apply till next year at least. However, last Thursday (5/12) I did my routine check of the Chase Prequal site, and to my surprise I was prequalified for Freedom, Slate, and CSP (I cold-applied for the Freedom last week, and got a message to call in to verify info, after which I was approved for $600).
I couldn't resist the app, given the prequal, and given that the CSP is the last card I want, and so I applied. I got the message online that my app needed further review, their goal was to notify me within 10 days, but that it might take up to 30 days, etc. (I was double-pulled on EX and TU.) I called the automated line, which told me that my application is under review and I would get a response in 2 weeks. I read on various threads that '2 weeks' is a good sign and that I shouldn't call in, so I did just that, and this morning (Monday 5/16) the automated line told me that I was 'Approved' with a $5000 CL and my card was coming in 10 business days - the CSP also showed up on my Chase account page.
A few theories I thought my application potentially provided evidence for:
- Reliability of Chase's Prequal Site - I was quite worried about not being approved, given my recent applications and the difficulty I had in getting in with Chase (I was rejected 4 times since Jun. 2015, including 3 sets of double pulls on EX and EQ, before getting that $600 Freedom), and also given that I didn't have an existing card with $5000 CL or more. Also, my credit history was very short for the CSP. But I guess being prequalified gives one reason to be optimistic even despite these worries.
- The '2 Weeks' Message Being More Likely Positive
More speculative thoughts:
- The prequal showed up less than a week after I got approved for the Freedom - for that matter, the prequal also offered me the Freedom at an APR that was 4% lower than what they gave me. I guess being an existing Chase cardmember does make a difference on the prequal?
- The prequal also showed up literally a few days after my AMEX BCE first reported - (this is conspiracy-theory-level speculation here) perhaps Chase really does care about poaching customers from AMEX?
In any case, I just wanted to say thank you to everyone here for your informative posts, without which I wouldn't have had the information to get this approval - you all are awesome!
P.S. No more apps for me for a long long time!