Nowadays, getting certain credit cards requires you to have a specific credit score.
Scores that revolve around the 700s and above will typically be adequate to get you accepted for most travel rewards cards. But having a lower score doesn’t necessarily imply that you can’t earn those cards.
This article will examine data points to identify the undisclosed credit score criteria for the Chase Sapphire Preferred Card. However, although your credit score is a reasonable indication of your approval probabilities, it’s not an absolute science. Chase may still refuse you even if you match the minimum credit score – and may still be approved you even if you’re below it.
A brief look at Chase Sapphire Preferred
The Chase Sapphire Preferred is a favorite and is famous among expert points and miles collectors. But basic vehicle hire insurance and trip delay safeguards apart, it lacks fancy travel features like lounge access.
If you do not have the card in your wallet, it presently gives a sign-up bonus of 60,000 points if you spend $4,000 on purchases in the first three months of account setup. And it generates important Chase Ultimate Rewards points.
Credit score necessary for the Chase Sapphire Preferred
The Chase Sapphire Preferred is generally a great starter card. But you may not be authorized if you don’t have many credit records or only have one credit card in your possession. I’d recommend applying for one of the most acceptable first credit cards or top credit cards for university students if you are brand-new to credit cards.
However, it’s possible to get approved for the Chase Sapphire Preferred as a novice. According to Credit Karma, Chase Sapphire Preferred’s average minimum credit score is 736. And the usual low score is 646. So while the mean credit score for approvals is “good” to “very good,” impeccable credit history isn’t essential.
Many additional variables play into qualification beyond your credit scores, such as your salary and the average age of your credit accounts. Another significant component that’s often ignored is your connection with the bank. For example, suppose you’ve been a longtime Chase client and have high amounts in your bank accounts with them. In that case, studies suggest that you may have greater approval odds (particularly if you register in a branch) (mainly if you apply in addition).
Finally, even if you’re considering the Chase Sapphire Reserve, you may want to apply for the Chase Sapphire Preferred first. After all, it’s generally easier to get authorized for the Sapphire Preferred than the Sapphire Reserve. And enrolling in the Chase Sapphire Preferred now will let you get that sign-up bonus of 60,000 points. Then, if you want to enjoy the privileges on the Sapphire Reserve at a later date, you can request a product change.
How to calculate/check your credit score?
Under no conditions must you pay with your money to get your credit score checked. Almost all credit cards come with a free FICO score calculator. And there are many additional ways to check your credit score for totally free.
Many free resources can help you keep even better track of your score and its determinants. You may also utilize these services to challenge any information on your score that isn’t true or looks to be fake. You might even consider subscribing to a credit monitoring service, such as the myFICO credit monitoring service.
Factors that impact your credit score
Before you start applying and registering for any credit cards, it’s crucial to understand the variables that make up your credit score. After all, the very act of using for a new line of credit will impact your score.
While the specific algorithm for determining your credit score isn’t public, FICO is upfront about the elements they analyze and the weightings they use:
- Payment history: 35 percent of a FICO score shows your payment history. So, if you become behind in making loan payments, this aspect of your credit score will suffer. And the more protracted and more recent the delinquency, the more profound the detrimental impact.
- Amount owing (credit utilization): 30 percent of your FICO score comprises the relative magnitude of your present debt. For instance, your debt-to-credit ratio is the sum of your loans divided by the total amount of credit accessible across all your accounts. Many people suggest that having a debt-to-credit ratio below 20 percent is better, but it’s not a magic figure.
- Maximum Length of credit history: 15 percent of your score indicates the average size of all accounts on your credit history. The average size of your funds might be a significant effect if you have a low credit history. It can also be an issue for people who quickly open and shut accounts.
- New credit: Your most recent accounts decide 10 percent of your credit score. So, this element of your credit score will suffer if you’ve lately created too many accounts. For instance, receiving a lot of new credit is one symptom of financial trouble.
- Credit mix: 10 percent of your score is tied to how many credit accounts you have, such as mortgages, auto loans, credit loans, and retail credit cards. While having a diversity of loan kinds is preferable to having just one type, no one advocates taking out additional loans merely to increase your credit score.
One key element to consider about the Chase Sapphire Preferred is your average age of accounts. While a lengthier credit history will increase your score, many lenders focus on the one-year cutoff. That implies that having an average age of funds of more than a year can go a long way toward enhancing your likelihood of acceptance. But, you can have problems being authorized with 11 months of credit history – even if your numerical credit score is good.
Finally, if you have any bankruptcies listed on your credit record, Chase could be hesitant to accept you for a new line of credit. It’s crucial to realize that your credit profile is more than simply a number. In fact, your credit profile is a collection of information submitted to the issuer to examine your creditworthiness.
Consequently, there’s no hard-and-fast rule with a precise credit score that will automatically get you accepted (or refused) for the Sapphire Preferred.
What can I do if I get rejected?
Once you’ve discovered why Chase denied you, you may phone the reconsideration line. Tell the customer care agent on the phone that you just applied for a Chase credit card, were startled to discover Chase denied your application, and would like to speak to someone about getting that decision reviewed. From there, it’s all up to you to make a case and convince the agent why Chase should accept you for the card.
For example, if Chase denied you limited credit history, you may appeal to your excellent record of on-time payments. Or, if Chase rejected you for late payments, you might explain that those were a long time ago, and your current history has been excellent.
Chase is also famously known to limit a customer’s overall credit line across all cards. You may successfully overcome a refusal by proposing to relocate unused credit from an existing card to the new one.
Conclusion
The Chase Sapphire Preferred is an amazing option for individuals just starting in the world of points and miles, especially with the current 60,000-point sign-up bonus. So hopefully, you won’t have problems being accepted. But bear in mind that Chase will likely instantly reject you if any of the following apply to you:
Already have a Sapphire card (including the Chase Sapphire Reserve and the no-annual-fee Sapphire card) (including the Chase Sapphire Reserve and the no-annual-fee Sapphire card).
- Received a sign-up bonus from any Sapphire card in the previous 48 months.
- Opened five or more cards across all issuers in the previous 24 months.
Although the average acceptable credit score is relatively high, you shouldn’t let that frighten you away. After that, Chase will evaluate numerous additional things. Your greatest hope for maintaining your score on a soundtrack is making on-time payments, keeping your closing balances low, and being reasonable about the accounts you open and shutter. Establishing a financial statement with Chase might also aid your case. But, as the adage goes, your mileage may vary.
