Good morning everyone.  A few weeks ago, I did an 8 card App-O-Rama.  One of my top credit cards to apply for was the Chase Sapphire Preferred Credit Card.  I previously opened a Chase Sapphire Preferred Credit Card back in August 2012 which I then downgraded to the Chase Sapphire (Basic) Credit Card in August 2013 which I then converted to the Chase Freedom Credit Card in November 2013.  Since I received the sign up bonus back in August 2012, I waited the necessary 24 months to reapply.

When I first received the Chase Sapphire Preferred Credit Card, the sign up bonus was 40,000 Chase Ultimate Rewards Points after spending $3,000 in 3 months.  The current sign up bonus is 40,000 Chase Ultimate Rewards Points after spending $4,000 in 3 months.  Long story short, I was low on Chase Ultimate Rewards Points (aren’t we all?) and I had waited long enough to reapply, so I was ready to apply for my second Chase Sapphire Preferred Credit Card.

Side note: Doctor of Credit and a few other blogs and forums are reporting that Chase has really cracked down on approving applications for people that have more than 5 credit inquiries total during the last 2 years.  I (foolishly) ignored those warnings and insisted that my previous 3 years with Chase, 16 total approved Chase credit cards (8 currently open), and reconsideration call skills would be enough to get approved for the Chase Sapphire Preferred Credit Card.

Spoiler alert: it wasn’t enough.   Continue reading →