Today we are going to talk about how to get the Chase Sapphire Card. You guys know I did a video recently where I got denied for Chase because of this 5/24 rule. You can’t have five open accounts in 24 months. Well, I’m going to show you guys what I believe was the real reason I was able to knock that myth completely on its head.
The first thing that I’m going to talk about is this.
I do not condone you guys going out and putting a hard inquiry on your file if you are at five accounts in 24 months.
I’m not saying that everybody can do this.
I’m saying that, because of certain factors, I was able to get a $25,000 Chase Sapphire Preferred card, okay?
But as you know, I was denied for it over the weekend. On the weekend, I applied.
Now, I have an 817 credit score across the board, okay?
I’m itching at the 850, and I will hit it. However, I said, “I’ve got a long credit history.
I’ve got an 815 plus credit score. I’ve never missed a payment, never had a late payment.” Okay? Why…
Because, believe me, I called up. I was fuming. Right?
And I’m getting denied.
I’m like, “What’s going on?
I watched a video, okay?
This is how transparent I am, because when I tell you guys something, I teach what I preach, right?
I watched a video, and this gentleman said, “I was able to get past the 5/24.” Right?
And as an educator and a mentor, I also sometimes need guidance to say, “Hey, maybe it’s something I can do.”
I took the advice, and I’m going to share the advice with you guys today.
Just because you have five accounts opened in a 24 month period, and mine were… believe me, my were in like the 12 month period, just so you know.
They didn’t make it to the 24 months.
I’d been applying like crazy. Okay? In the last year, I’ve got five or more.
Took the advice, called up reconsideration.
I talked to a young lady on Monday.
This is the weekend I get denied. Monday, Tuesday I call back up, and I tell this lady, nice, I’m sweet as sugar.
I said, “Look, I got denied. What do I need to do?” And she’s, “Let me pull up your credit report.”
Now, here’s a little trick.
Number one, I always tell you guys to be nice when you call up reconsideration, because they get a ton of calls, right?
So I’m coming in really, really nice.
I’m building rapport, bada bing, bada boom.
Now, check this out. I tell the lady that I don’t have five accounts.
I don’t know what you’re looking at.
I don’t have five accounts reporting in the last 24 months.
“Don’t worry, Mr. Singles, we’re going to go ahead and check this out.” She puts me on hold and says, “Let me check out your credit report and see what’s going on.” Okay? Comes back.
Now, let me preference this a little bit.
This is like a five to 10-minute hold. “I’m on hold now. What are they doing?” Right?
Comes back five minutes later, eight minutes, later, really, and she’s like, “After further review, we will approve your Chase Sapphire card, Preferred card.
And so let me tell you guys something, just because you have a 5/24 I thought… I actually did a video on this.
I’m like, “You’re not going to get past it.” But the reality is there is no rule of 5/24 written in the contract because if there was, there would not be acceptances.
And I was able to get past it, and here’s why.
When she pulled up my credit report, she said, “You only have four accounts.” I said, “Exactly.
I knew I didn’t have five accounts. How could I possibly have five accounts?”
Now I knew I had five accounts, but what happened was my Wells Fargo line that I got did not report to Experian.
She told me she’s looking at my Experian report.
Somehow my line did not report to Experian yet, so, therefore, when she’s pulling up my Experian report, she’s only seeing four.
Typically I had five but it did not post.
It only posted to Equifax and TransUnion.
That was the saving grace, okay?
Now, so you guys know, I don’t know if that’s the reason, but she told me you only have four.
She also said this to me, okay? She said, “One other reason. Because of your long history, one other reason that I’m doing this approval,” this is like a little bonus I want to share with you guys, “is because your utilization has been under 10% for a full year.”
What I teach, what I preach, when I tell you guys that the magic number is number seven, it may not… Well, you’re like, “Well, I like to pay off my credit cards in full.” Great.
Pay off your credit cards in full, right?
I’m telling you what’s worked for me, and that 7% utilization across the board has been really, really, really generous to me.
I teach the magic number is seven.
That means the total utilization that you’re using on your cards is right around that 7% mark.
She told me I was under 10% for a year, so I said, “Great.” Maybe that’s what it is.
I don’t know if that’s what it is, but this lady was really nice.
They denied me over the weekend.
I even called back over the weekend because I was mad.
I was like, “Applied, got denied, called back. Never been denied for a credit card. Something must be wrong.” “Sir, you have 5 accounts in 24 months.” It’s like, “What the hell?”
So then, boom, I watch a video, I go back and I’m like, “Wait a minute, I don’t have five accounts.” I know Chase typically pulls from Experian, so I’m like, “There are only four accounts.” So I call back up and I’m like, “Look, what do I need to do?” And boom, they approve me.
They approve me because I only have four reporting to Experian in a 24 month period, and that is the report that she pulled.
So again, I don’t condone you guys going out and get a hard inquiry if you’re right at five and you can check.
But I’ll tell you what, I got a $25,000 line of credit from a… I didn’t even expect it, but it was because I was aggressive, because I didn’t give up.
Because I knew where they pulled from, I was able to manipulate the system.
And also, with a long history, and then keeping my utilization for a year, she said, under 10%, the magic number seven I always tell you about could have been the reason why I got approved.
So, guys, history’s extremely important.
Utilization is extremely important.
Remember that 30% of your score is your utilization.
Literally using your cards and then dropping your utilization down to 7%… I mean, if you’re at 50% utilization and you can get it down to seven-under 10%, your score is going through the roof.
It is the second biggest contributing factor other than your payment history.
Set your cards up on Autopay, keep your utilization under 10% if humanly possible.
And if you have to use your cards, just make sure that you pay them before the closing statement date.
Each card has a different statement date.
You want to make sure that if you do use your card to over 20%…
Maybe you have something you need to do.
You got a $5,000 credit card, you need to put 2,000 on it.
Just because you put 2,000 on it does not mean it’s going to report 2,000 out of 5,000, which would be a 40% utilization.
What it means is that you have to find out your closing statement date of that card, and then just pay it off before the card closes out, because what the statement date is what it reports.
If you get it paid off before the statement date, that will report that usage when the cart closes out.
So look for your statement date of each card, and just make sure that you pay it down under preferably 10%.
Under the 10% is where you want to keep it for utilization, and your score will continue to increase.
Guys, need age?
Let me know. That what we do here.
We’re a tradeline company.
We can help you with putting more age on. If you don’t have a lot of age, or maybe you’re brand new to credit, or you’re just starting credit, you need a few tradelines, give us a call. We can help you there.
But I wanted to share this with you guys because I thought that maybe there’s someone else out there that can’t get a Chase card, they really want a Chase card, and maybe this resonates with some people.
So thank you guys for watching Tradeline TV. 904-515-6698, if I can help you in any way, shape, or form.
Thank you guys for watching Tradeline TV.
My name is Mike with Wholesale Tradelines, and until tomorrow, take care.