Cancelling Sapphire to Get Reserve
I am hoping to switch from a Chase Sapphire Preferred to Reserve card in a way that maintains my eligibility for the sign-up bonus; however, I'm worried that cancelling my Sapphire will negatively affect my chances of being approved for the Reserved.
Is it possible (probable even?) that my Reserve application would be denied if I recently 1) transferred the Sapphire credit limit to the Chase Freedom card I have, and then 2) cancelled the Sapphire?
I've had the Sapphire for approximately 4 years (i.e. I have not received any signup bonus within the past 24 months). Still, I'm worried that it will be ground for denial if I cancel / apply too quickly. Am I being too cautious? How long should I wait between cancelling and applying?