Chase Sapphire Preferred Credit Score: What You Need to Know

Chase Sapphire Preferred® usually requires an excellent credit score (720+). But this is not the only deciding factor. Find out how to improve your odds.

How to Get Approved for Chase Sapphire Preferred

To start enjoying benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Ultimate Rewards Hotel Credit, apply for the Sapphire Preferred. The Chase Sapphire Preferred Card is one of the most popular travel reward cards on the market.

But it's not so easy to get.

If you're unsure about your eligibility but have an above 700 credit score, still apply for Chase Sapphire Preferred for a chance to earn rewards when dining and traveling.

We break down the different factors Chase will usually consider, and what you can you do to maximize your chances.

We'll explain more below. But first, let's highlight the current Chase Sapphire Preferred promotions you should not ignore.

What is the Best Chase Credit Card Promotion?

What Credit Score Is Needed for Chase Sapphire Preferred?

A credit score of at least 700 is usually required to be approved for the Chase Sapphire Preferred card. Most cardholders have scores over 720, but there's no official score requirements to get the mid-level credit card.

You usually need an excellent credit score. But sometimes, even that won't guarantee an approval. And sometimes, you can be approved with a lesser-than-excellent score too.

There are multiple "credit scores" available. But in general, 720 is considered an all-around excellent score.

Most Chase Sapphire Preferred cardholders have "excellent" scores over 720. Some people have even gotten approved with "good" credit scores under 700.

If you're passionate about traveling and have an excellent credit score, check out the Chase Sapphire Preferred.

The credit score is not the only thing that Chase considers when reviewing your application. They will look at other factors as well. We go over what they are below.

Is It Hard to Qualify for Chase Sapphire Preferred?

Many things are taken into account during the decision process. Consider these factors to help improve your Chase Sapphire Preferred approval odds:

• Your credit score: Chase will usually pull your credit report from a couple of the three credit bureaus (Equifax, Experian, and TransUnion). Your scores may be different across each bureau. So banks will usually look at more than one to get a more complete overview.

• Your total open cards: A lot of open cards could mean that you're not good at handling your money. Or that you open a lot of cards for the sign-up bonuses. Chase is looking for loyal customers, so they may not want to invite you into the Sapphire family.
  What is the 5/24 rule? Chase has a 5/24 rule. If you've opened 5 credit card accounts in the past 24 months, your Chase application will not be approved. This applies to cards with any bank (not just with Chase). So make sure you prioritize this application over any others.
  

• Your total credit limit: The minimum credit limit is $5,000 for the Chase Sapphire Preferred. If you're new to credit and have low limits with your other credit cards, Chase may not be comfortable approving you for $5,000 either.

  And on the other hand, if you have too high of a credit limit from your cards, you may not be approved either. That would come off a red flag that you're asking for more credit. This leads to the next factor.

  In short, Chase Sapphire Preferred Card offer tremendous value for their $95 annual fee. And the card is now offering a deal that's practically their best offer.

• Your credit utilization: This means how much of a balance you're carrying compared to your total limit. Ideally, you should never go over 30%. A high percentage is a signal that your income does not support your spending.

  It's best if you apply for the Chase Sapphire Preferred after you have paid off your balance on your other cards. Let's say you have a month where you made a few large purchases. Wait to apply until after you've paid them off.

• Your recent hard inquiries: People have reported being rejected because there were too many inquiries on their credit recently. This tells banks that you're desperate for credit. If you're very interested in this card, apply for it first before other card applications.

If you think you may not meet any of these factors, it doesn't mean you can't get approved. Read on.

If You Don't Get Approved for Chase Sapphire Preferred Card

If you get a rejection, it may not be the end. Here are a couple of things you can do.

• Call the reconsideration hotline: If you believe you have great credit and meet the criteria, you can talk to a representative. Chase has a line where you can explain your situation. This can help them better understand you and possibly reconsider the decision. Here are some tips:
  • Be polite and ask if there's any more information you can provide.
    
  • Be ready to explain any recently opened credit accounts or credit inquires. Maybe you took out a mortgage or just switched to a new cell phone provider.
    
  • Explain why you want the travel card. Don't just talk about the sign-up bonus. Talk about how you would use it (maybe you travel frequently and love their travel partners).
    
  • Most of all, be courteous. Don't seem desperate for credit.

  The reconsideration number is 1-888-270-2127.

• Work on building your credit: If you still get denied, or you know you're not quite there yet, then just work on building your credit.
  • Work on paying off the balances on your other credit cards. Don't miss or be late with any payments.
    
  • You can ask for credit limit increases on your other cards, which will 1) help with the credit utilization ratio, and 2) show Chase that you can be trusted with credit.
    
  • Refrain from opening new credit accounts, unless it's for something other than a credit card (like a mortgage or car loan).

Remember, you don't only have one chance. You can apply again after your credit has improved.

How Credit Score is Determined

© CreditDonkey

Your credit score is made up of five factors:

• Payment history (35%): Do you pay your bills on time and do you have a balance?

• Credit utilization (30%): How much credit you're using compared to what you've been given

• Length of your credit history (15%): Length of time you've had credit accounts and activity

• Types of credit (10%): What kind of credit you have (credit cards, car loan, student loan, etc.)

• New credit (10%): # of new applications for credit or inquiries

Bottom Line

Chase Sapphire Preferred Card is not the easiest card to get, but don't be discouraged. Just having an excellent credit score does not mean guaranteed success. Nor does a less-than-excellent score mean automatic rejection. There are many factors that go into the final decision. But the bottom line is that it all depends on how well you can manage credit. Good luck.

At Chase's Secure Site Chase Sapphire Preferred® Card lets you earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. Points can be transferred 1:1 to leading frequent travel programs including airline transfer partners. The card has no foreign transaction fees. The card also comes with premium travel and purchase protection benefits (including trip cancellation/trip interruption insurance and auto rental collision damage waiver). There is a $95 annual fee. Intro APR for Purchases Intro APR for Balance Transfer Regular APR Annual Fee N/A N/A 20.99% - 27.99% Variable $95