What Credit Score Do You Need To Be Approved For The Chase Sapphire Preferred Card? – Low CostAdvisor
Editorial Note: We earn a commission from partner links on Low CostAdvisor. Commissions do not affect our editors’ opinions or evaluations.
The Chase Sapphire Preferred® Card offers great perks for occasional to frequent travelers including a generous welcome bonus and rich rewards on travel purchases made through Chase Ultimate Rewards as well as on eligible dining and food delivery services.
It’s recommended that applicants have good to excellent credit scores before applying for this card. Many factors are considered by the bank when you apply for a credit card, and no one score will guarantee an approval.
What Credit Score Do You Need to Get the Chase Sapphire Preferred Card?
Chase does not offer recommendations on its website regarding minimum credit scores, but they do recommend that applicants have good to exceptional credit scores for the reward- and perk-heavy Chase Sapphire Preferred® Card.
FICO categorizes “good” credit as 670-739, “very good” as 740-799 and “exceptional” as 800 and up. Those seeking to get the card will likely have a better chance with a credit score closer to the very good range or better. Keep in mind that there are multiple versions of credit scores available, and the score you check may not be the score used by Chase.
Note that the Sapphire Preferred card is the little sibling of the $550-annual-fee premium Chase Sapphire Reserve® which may make the Preferred a more appealing card to apply for since the highest-end cards tend to be recommended for those with excellent credit.
Card issuers examine other factors in an applicant’s credit history to determine qualification. Payment history, the number of recent inquiries, the amount of debt you’re carrying and annual income are all important aspects of a card application.
Featured Partner Offer
Chase Sapphire Preferred® Card
Up to 5x Reward Rate
Earn 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plusRead More
Excellent/Good (700 – 749)
Offering a rare mix of high rewards rates and redemption flexibility, this card is a dream for frequent spenders on travel & dining – while charging a modest annual fee.
Pros & Cons
- Earn high rewards on several areas of spending
- Transfer points to travel partners at 1:1 rate
- Many travel and shopping protections
- Annual fee
- No intro APR offer
- Best travel rewards are only for bookings through Chase
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.
- Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash’s subscription service. Activate by 03/31/22.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
What factors do card issuers consider?
An applicant’s credit score is the first indication of credit status, but card issuers also evaluate several other factors:
- On-time payment history: While not as heavily weighted as other factors, too many late payments count against a credit score and appear in a credit report for up to seven years.
- Credit utilization rate: A credit utilization rate is the percentage of credit a cardholder is carrying against the total credit they have available across all accounts. Large balances carried over month-to-month can quickly snowball into a high credit utilization rate. It’s generally recommended that, if possible, you keep your credit utilization rate below 30%.
- Number of open accounts (including age of accounts): Card issuers want to know how many credit or loan accounts an applicant currently has open, including how many were opened in the last 12 to 24 months. Too many accounts opened within a short period of time is a major red flag to issuers. It tells a lender that an applicant may be “churning and burning” credit cards to gain access to rewards or sign up bonuses.
- Income and monthly bills: Card issuers also analyze an applicant’s annual gross income and monthly bill payments like rent, mortgages or loans. Lenders want to know that the applicant will be capable of making regular, on-time payments.
- Age: Cardholders in the range of 18 to 22 may find it difficult to qualify for an ultra-premium rewards card like the Sapphire Reserve card because of a short credit history. Issuers want to make sure that an applicant has a sufficient credit history.
Chase may also consider whether the applicant already has a relationship with the institution, like a different credit card, loan or checking account. Another financial account in good standing is a major positive indicator to an issuer.
What to Do if Your Chase Sapphire Preferred Card Application Is Rejected
When an application is rejected, you can inquire about the rejection and petition for approval by contacting Chase’s reconsideration line or by calling the number listed in the rejection letter. By law, card issuers are required to inform rejected applicants of the reason(s) why an application has been denied. Applicants can respond to this information and make their case to a Chase representative using whatever valid evidence they can provide.
It’s been widely reported that Chase has a strict policy against too many accounts open within a short period of time (sometimes referred to as the 5/24 rule). Under this rule, if an applicant has opened five or more accounts in the last 24 months, a card application will likely be rejected. To avoid being denied for the Sapphire Preferred card for having too much activity on your credit profile, make sure you’ve opened fewer than five accounts in the last two years before submitting a new application. This information is readily available on a free credit report from one of the major credit bureaus (Experian, Transunion, or Equifax).
Find the Best Travel Credit Cards For 2022
Find the best travel credit card for your travel needs.
The Chase Sapphire Preferred® Card is a great option for frequent travelers who are looking for a high-value card, but applicants should have good to excellent credit scores if they are considering applying. A score of 700 or higher is recommended. It may be slightly easier to be approved for the Sapphire Preferred card than the Sapphire Reserve card, but Sapphire Preferred cardholders can request a product upgrade down the line as their credit profile improves. If your application is rejected and you don’t believe it should have been, contact a Chase representative to ask for reconsideration.
Post a comment