Need Advice: Chase Sapphire Preferred, Reserve, and Freedom

QuestionsNeed Advice: Chase Sapphire Preferred, Reserve, and Freedom
Vilma Waid asked 4 years ago

I need all of you wonderful people’s advice! My current credit information:

 

  • Chase Freedom – $ 7,000 limit
  • Chase Sapphire Preferred  – $ 7,600 limit
  • BoA Alaska Airlines – $ 8,000 limit
  • Credit Karma – 757/759
  • FICO: 773
  • Annual salary: $ 50,000

I’ve been reading a lot about the Chase Sapphire Reserve and all the amazing perks, so I definitely want to get it! I know that it’s possible to “upgrade” from my Preferred card, but I rather do it as a new applicant to be eligible for all of the promos they offer. What do you think my odds are in getting approved based off my information above? 

 

(Also, if I do get approved, should I cancel my Preferred? I know that a lot of people “downgrade” the Preferred to the Freedom. I already have the Freedom, and it’s my longest line of credit and has no annual fees. Would it hurt to cancel my Preferred – if I get approved for the Reserve?) 

 

I stress out about these things too easily, so any information or advice you guys have is greatly appreciated!

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