"Approved!"

Chase Sapphire® Card Review
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Written by: ericdewayne on 2012-04-30

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ericdewayne's review: I applied for, and was approved, for this card in September of 2011. At the time my credit report was fairly dismal. 670 FICO. 8 inquiries, one paid off account from collections in '09, one 30 day late in '08, and a $20,000 car loan. USAA Rewards mastercard was my only card with a limit of $2000. It totally blew me away when I was approved for this card with a $5000 limit. I PIF every month and rack up points on this like crazy. 2x on dining is nice and the Reward Zone Mall has some stores that offer up to 20x points. Their service is EXCELLENT with a real person picking up the phone every time on the first ring. No automation at all. You also get all the perks with the visa signature that you usually think of with AMEX. (travelers insurance, concierge, exclusive access to events) The card also looks and feels really different than other cards. The numbers, experation date, and visa signature logo are also printed on the back. People look at me a differently when I hand them this card. Most think its like the amex centurion. With my credit report the way it was at the time I think I slipped through the cracks when I was approved for this card. Loving it though!

12 Comments

Comment 1 by wanderer
Re: Approved! on 2012-04-30

Top shelf! This is a premium prime card from a picky premium card issuer. NICE!!! This makes one feel important and special. Congrats! JP Morgan Chase doesn't give thses cards away.
Comment 2 by ericdewayne
Re: Approved! on 2012-04-30

Thanks! I put all purchases and bills on this card (aprox 100K/year) and always PIF with this card. I recently paid off 4 store branded cards that I carried balances close to the limit on. My credit/debt ratio should be around 95%/5% now. I'm waiting for all these accounts to report this. My score should shoot up dramatically after. I'm gunning for a blue cash next, then I might be content.
Comment 3 by creditcardaddict
Re: Approved! on 2012-04-30

Yeah! me to my scores are in the low 700's but I owe on like 4 credit cards as soon as I pay them off my scores should as well shoot up because I applied for their slate visa and wasn't approved beacuse of my debt that was the ONLY reason. I comfort my self by saying "at least it was because I owe too much not because of any type of BK or collection" Everytime I apply for any prime card its the exact same reason "too much debt".... Oh and yes CONGRATULATIONS! Feel proud of carrying that card in your wallet.
Comment 4 by creditcardaddict
Re: Approved! on 2012-04-30

Oh yea I also have a mortgage loan and 2 auto loans. So yeah too much debt right now :)
Comment 5 by creditcardaddict
Re: Approved! on 2012-04-30

Hey when you mention "one paid off acount from collections" when you paid it off did it help your credit score because a co-worker has a small collection that he owes will it help him if he paid it off? Thanks!
Comment 6 by ericdewayne
Re: Approved! on 2012-04-30

It didn't affect my score when I paid off my account in collection. It was on there from 6 years ago and only had a year until it fell off. I didn't realize at the time that any collection activity effects your report terribly. Doesn't matter if it says paid or owes. When I paid it off, it reset my date of last activity to the date of payment in 2009. So now I have an additional 7 years after 2009. Because I paid it off it will now be on my credit report for a total of 13 years... Paying off that account in collections was one of the dumbest thing I've ever done. It would have been off of my report 2 years ago. Now I have this thing for another 5 years... Supposedly it drops your score 100 points?
Comment 7 by bc8787
Re: Approved! on 2012-04-30

Yes, if a collection is already on your report, it will stay on there even if paid so its no use to pay it unless its a deficiancy balance (i/e repoed car that you never got back and it got sold ay auction for less than what you owe). the only way you will win in a collection acct is if you prove that its not yours and it gets taken off as if it were never there at all. so if you have a collection just let it sit there. it starts to not count against your score the longer its there. kudos on the sapphire card! I love Chase they have been very good to me with my freedom card.
Comment 8 by creditcardaddict
Re: Approved! on 2012-04-30

In this case its a medical bill of $283 dollars so its better to ignore right? He is planning to pay it but according to what you guys are telling me he should just leave it.
Comment 9 by ericdewayne
Re: Approved! on 2012-05-01

The only reason I would pay it is if creditors are calling his work or something. As long as the phone calls aren't annoying him I wouldn't pay it. It affects the FICO the same either way. All paying it will do is reset the date of last activity and the 7 year clock. Then he's got 7 more years of it affecting his report after it's paid. I wish somebody would have explained this to me before I paid mine. It's 2012 now and I have this collection still on my report that first went on it in 2003. Instead of falling off years ago, it reset the date to 2009, and now I have another 4 years of this thing haunting me. All over $65 not paid to a cable provider...
Comment 10 by creditcardaddict
Re: Approved! on 2012-05-01

Alright well thanks for all your help and for the information I appreciate it a lot!!
Comment 11 by ericdewayne
Re: Approved! on 2012-05-04

CLI today after 7 months of use from $5000 to $15000
Comment 12 by creditcardaddict
Re: Approved! on 2012-05-04

WHOA!!! thats great!! 5,000 to 15000?..... CHASE loves you already! Congrats!
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