this Chase Sapphire Priority® Card (See rates and fees) is one of the best travel cards on the market. With a $95 annual fee, this is the first choice for frequent and casual travelers, especially those who are newbies receiving travel rewards.
Chase spent $5,000 on purchases in the first three months of opening an account, offering a strong welcome bonus of 75,000 points.
If you are considering filling out an application, you may be wondering: What credit scores do you need to approve? While there are no set numbers to guarantee approval, understanding the card’s requirements can help you measure opportunities.
At TPG, we spend a lot of time discussing how credit scores work, how credit scores affect credit card approvals and what factors issuers think are beyond your score.
Let’s examine sapphire’s preferred credit score requirements and how to improve your chances of getting approval.
Sapphire prefers overview
this Sapphire prefers A long-term favorite among advanced points and Miles collectors and beginners. If you are considering adding it to your wallet, now is a good time to do so.
Sapphire Preferred has earned the ultimate reward points for the hotel and airline partners who can transfer it to the program. It also includes a $50 annual hotel credit for booking through ChaseTravel℠, as well as a 10% bonus on your CardMember Anniversary.
To learn more, read our full review of sapphire preferences.
Sapphire’s preferred credit score
Credit scores in the mid-700s and above are usually enough to get you approved for most travel credit cards. However, a low score does not necessarily mean that you cannot add one of these cards to your wallet.
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this Sapphire prefers Known as one of the best introductory travel credit cards on the market, and beginners can still get approval.
Although you may not need an approved Excellent Credit Score, we recommend that you have a credit score of at least 700 to increase your chances of approval. This score is in the middle of the “good” credit score category, ranging from 670 to 739.
The credit score range using the FICO scoring model is:
- exception: 800 to 850
- very good: 740 to 799
- OK: 670 to 739
- Fair:580 to 669
- Poor:579 and below
Note that while your credit score is a great indicator of your approval odds, it is not absolutely science. Even if you meet the “required” credit score, Chase may still deny you – even if you are below it, it may approve you.
Sapphire’s top pick is considered a great beginner’s card, but if you have very little credit history, or only one, you may not get approved. If you are brand new credit card, we recommend that you first apply for one of the best first credit card or starter cards to help you build your credit.
Many other factors, such as your income and average age of your credit account, exceed your credit score. Chase does not disclose revenue or credit utilization requirements publicly, but higher and lower credit utilization will increase your chances of getting approval.
Another important factor that is often overlooked is your relationship with the bank. If you are a long-term chasing client and have a larger balance in your bank account with Chase, you may have better approval odds (especially if you apply at a branch).
Finally, even if you are focusing on more advanced chase cards, e.g. Chase SapphireReserve® (See rates and fees) You may need to apply for the preferred sapphire first. After all, it is usually easier to get approval for sapphire preference than sapphire reserves.
Then, once you are ready to graduate from a more advanced product, or you want to access the sapphire reserve allowance later, you can request an upgrade card.
Related: Chase Sapphire Preferred and Sapphire Reserve: There are new changes, which card is best for you?
How to check your credit score
In no event will you pay to check your credit score. Many credit cards come with free FICO score calculator. Even if you don’t, there are many other ways to check your credit score for free.
Many free sites can help you better track your scores and their factors. You can even use these services to object to any information in your score that is inaccurate or appears to be fraudulent. If you want more credit services, you can also consider paying for credit monitoring services like Myfico.
Factors that affect your credit score
Before you start applying for any credit card, you must understand the factors that make up your credit score. After all, the behavior of applying for a new credit line will change your score.
Although the exact formula for calculating your credit score is not public, FICO is transparent about the factors they evaluate and the weights used:
- Payment history: 35% of the FICO score represents your payment history. So if you lag behind loan payments, this part of your credit score will be affected. Similarly, the greater the negative impact of crime as it prolongs and gets closer.
- Amount of owed (Credit Utilization): 30% of your FICO score consists of the relative size of your current debt. In particular, your debt ratio is the total amount of your debt divided by the total amount of credit available in all your accounts. Many claim that debt ratios below 20% are the best, but that’s not a magical number.
- Credit record length: 15% of your score represents the average length of all accounts in your credit history. If you have limited credit history, the average length of your account can be an important factor. This can also be a factor for those who quickly open and close accounts.
- New credit: Your recent account has 10% of your credit score. So if you have opened too many accounts recently, this part of your credit score will suffer. After all, getting a lot of new credit is a sign of financial distress.
- Credit portfolio: 10% of the score is related to how many different credit accounts you have, such as mortgages, car loans, credit loans and store credit cards. While mixed loan types are better than having only one type of loan type, we do not recommend improving your credit score based on unnecessary loans alone.
about Sapphire prefersa key factor to consider is your average account age. While a longer credit history will improve your score, many issuers focus on a one-year deadline. This means that an average account age of more than one year may be of great help in increasing your chances of endorsement. But even if your digital credit score is excellent, you may have a hard time getting an 11-month credit history.
If there are any default or bankruptcy in your credit report, Chase may hesitate to approve you to obtain a new credit limit. It is important to remember that your credit profile is more than just a number. In fact, your credit profile is a collection of information to issuers that analyze your reputation.
As a result, there are no hard rules for a specific credit score, which automatically gets you the preferred (or rejected) of sapphire.
Related: 7 things to know about credit before applying for a new card
Chase Sapphire’s preferred application requirements
After checking the credit score, there is another factor related to chasing before applying Chase Sapphire’s first choice.
5/24 Rules
Like most Chase cards, Sapphire’s preferred choice complies with Chase’s 5/24 rule, which states that Chase will automatically reject your application if you have opened five or more personal credit cards (with any issuer) in the past 24 months.
The 5/24 rule encodes it stereotyped into Chase’s system, so the proxy usually cannot overwrite it manually. So if you’re over 5/24, the only option to go after sapphire is to wait until it doesn’t exceed 5/24 again.
Related: Want to open a new chase card? This is how to calculate the 5/24 stand
What to do if your application is denied
If Chase refuses your credit card application, please do not give up. If you receive a rejection letter, you should first check the reason for the rejection. By law, the issuer must send you a written or electronic communication to explain what factors prevent you from getting approval.
Once you figure out why Chase rejects you, you can call the reconsideration line.
Telling you the person who recently applied for a Chase credit card, he was surprised to find that Chase rejected your application and wanted to talk to someone about reconsidering the decision.
From there, you need to set up a case and convince the agent why Chase should approve your card.
For example, if Chase rejects your short credit history, you can point out your on-time payment history. Or, if Chase rejects your missed payment, you can explain that this is a long time ago and your recent history is perfect.
Chase is known to also limit the total credit limit of customers on all cards. By proposing to transfer unused credit from existing cards to new cards, you may successfully overcome the rejection.
There is no guarantee that your phone will work, but if it helps you get the card you want, it’s worth spending 15 minutes on the phone.
Related: Your Guide to Calling Credit Cards to Reconsider Line
Bottom line
this Sapphire prefers It’s a great option for those who are just starting out in the world of points and miles, especially under the current welcome bonus.
Hopefully you won’t have the difficulty of getting approval, but remember that if you have opened five or more cards in the past 24 months, Chase may automatically reject you.
Apply here: Chase Sapphire’s preferred card
