You can think of the Chase Sapphire Preferred credit score requirement as being 750+. In other words, you generally need excellent credit to qualify. If you’d like to see where your credit stands, and thus get a rough sense for your approval odds, you can always check your latest credit score for free on WalletHub.
While 720 is usually considered the start of the excellent credit range, we recommend 750+ to be on the safe side. Not all companies view score brackets the same way, and not everyone with a high enough credit score will get approved. That’s because Chase Sapphire Preferred’s approval requirements involve much more than just your credit score. The following factors will also play a role:
1. Income – Credit card companies must verify that you can afford a new line of credit before granting one. And how much you make is an important aspect of that. Income is especially significant with top-tier cards such as Chase Sapphire Preferred, which often have high spending limits.
2. Debt – Creditors need to know how much you owe, as this puts your income into context and clarifies your overall ability to pay. In other words, your existing debt obligations tell prospective lenders how much of your money is already spoken for and how much can be used for a new credit card’s monthly payments.
3. Number of applications - Chase is rumored to have an unofficial policy known as the 5/24 rule, which prevents you from opening more than five Chase credit cards in a 24-month period. This shouldn’t be a problem for most people. But it’s good to be aware of, considering how many great Chase credit cards are out there.
In addition to opening too many Chase cards too quickly, some commonly reported reasons for denial include having a short credit history, not having enough income, and past bankruptcies.
Some members of the community also report being approved for Sapphire Preferred with credit scores in the mid-to-upper 600s, but you should take those cases with a grain of salt. They’re certainly not the norm. According to all the anecdotal evidence we were able to dig up, around 7 in 10 people who get approved for Sapphire Preferred have a credit score above 700. And 4 in 10 have scores above 750.
If you don’t think you have what it takes to meet the Chase Sapphire Preferred credit score requirement, the good news is there are plenty of great rewards credit cards for people with good, fair, limited and even bad credit. You can check out WalletHub’s review of 2017’s best rewards cards for each credit level to learn more.
But if you’re confident that your approval odds are high, you can go ahead and get started on your Sapphire Preferred application.