Hence, it is not easy to get approval for this credit card. Thus, your credit history and credit score must be good to get this card.
Having said that, what are the approval odds for the Chase Sapphire Preferred Credit Card?
In this article, we will provide you with info on the approval odds for the Sapphire Preferred Credit Card.
Hence, if you want to apply for this card, you need this article to get the info you need.
Thus, let’s get down to what we have for you in this article today.
Chase Sapphire Preferred Approval Odds (Credit Score Needed)
To get approved for this Credit card you need to have a good credit score and credit history.
Generally, you’ll need a credit score of at least 700 and a year of credit history to get this card.
Thus, let’s have a look at different credit card ranges for this Credit Card approval:
750 and above
If you have a credit score of 750 with a year of credit history, you have a 75% chance of approval.
However, if you have a credit score above 750 with 2 years of credit history, you have an 85% to 90% chance of approval.
720 to 746
If you fall in this category with a year of credit history, you still have a good chance of approval.
Hence, you have a 65% chance of approval for this credit card. But, if you have 2 years of credit history your odds are about 705 to 75%.
700 to 719
If you fall under this credit score and have a year of credit history, your odds are 50%.
But if you have 2 years of credit history, you have more chances of approval. Hence, your odds of approval are increased to about 65%.
675 and 699
If you have a credit score of 675 to 699 all hope is not yet lost. Hence, your odds of approval are about 25%.
However, if your credit history is good and you have a high income. Also, if you haven’t signed up for any other card in the past 6 months you can still have hope for this card.
Thus, these factors help increase your chances of approval for this Credit Card.
But, is best to wait and grow your credit to at least 700 before applying for this card.
However, note that your credit score is not the only factor that decides your approval.
Hence, other factors can affect your approval for this Credit Card.
Thus, here are other factors that can affect your credit card approval:
- Credit Utilization Ratio (maintain a low ratio).
- Number of recent credit cards opened in 6 months.
- Then, finally your Credit history.
Chase Sapphire Preferred Credit Card
The Sapphire Preferred Credit Card from Chase has 60,000 bonus points for new cardholders.
You can only qualify for this offer when you spend 4,000 USD in the first 3 months as a new cardholder.
Hence, you can get 5x points when you use your card to purchase travel via Chase Ultimate Rewards.
Also, you can get 3x points when you make purchases at restaurants and supermarkets. As well as on streaming services.
Thus, you can also get 2x on other travel purchases made with your Sapphire Preferred Credit Card.
Then, finally, you can also earn 1x points on all other purchases made using your card.
But, note that this card comes with a $95 annual fee and a variable APR of 21.49%–28.49%.
For more info, visit Chase Sapphire Preferred Credit Card.
Chase 5/24 rule
This rule states that Chase may not approve those who have already been approved for 5 credit cards. Or more credit cards in the last year. Thus these 5 credit cards can be from any other issuer not just Chase.
In summary, you need a good credit history and a good credit score to get this card.
However, make sure you have a low Credit Utilization Ratio and a good credit history.
Also, make sure you’ve opened a few credit cards in 24 months and also have a high income.
But, if your credit score is not up to 700, we advise you to build your credit score before applying for this card
Hence, if you have any questions, drop them in the comment below. Having said that, thank you for reading!