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Re: Approvals for CSP with less than 1yr. history ?


improvingmycredit wrote:

distantarray wrote:

Mustangfrank wrote:

Is the general concensus that you need two years Minimum on average for CSP approval.


I got in with 14 months of good history with 2 secured cards and a kays credit card total limits at the time was $3,900 personal and AAOA of under 1 year ymmv. I also got approved for the Freedom card few hours later (apped for Freedom online directly after)

 

Few things I think that helped.

 

1. I was added as an AU on my dad's Sapphire card but only 3 months old

2. I had a 758 credit score at the time of app

3. I have a checking and savings with Chase with over 50k at the time of application

4. I was an Authorized User on 4 of my parents cards (which I manage) but all with less than 14 months of AAOA

5. Chase likes people with multiple accounts apparently cause my friend's 730 credit score with 3 year AAOA and only a Discover card active (no baddies) got only approved for $500 Freedom card....

 

 


+1

OP- I think you have a VERY good shot at instant approval. With your scores, as long as they are indeed FICO and your 10 year history with Amex 10K limit, I think you are a shoo in for instant approval.  Even if your card goes into manual review, I think you will be approved based on your Amex relationship. I say go for it.  I think you will be pleasantly surprised.  An analyst reviewing your account would take into account Amex's trust in you with a 10K limit and a NPSL card.  Just my .02 Smiley Happy. I think the only thing that might really affect your application could be your income.  If this is pretty good (income), then I say NP.


agreed i think op has a good chance, they're more worried about having multiple credit lines with large limits. as long as your utility is low you should be fine, if the op goes to a local Chase location and opens a checking with a few thousand at the sametime will increase his chances a lot whlie applying in person, i don't think he'll have any issues at all.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
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Re: Approvals for CSP with less than 1yr. history ?


Mustangfrank wrote:


 

 

OP- I think you have a VERY good shot at instant approval. With your scores, as long as they are indeed FICO and your 10 year history with Amex 10K limit, I think you are a shoo in for instant approval.  Even if your card goes into manual review, I think you will be approved based on your Amex relationship. I say go for it.  I think you will be pleasantly surprised.  An analyst reviewing your account would take into account Amex's trust in you with a 10K limit and a NPSL card.  Just my .02 Smiley Happy. I think the only thing that might really affect your application could be your income.  If this is pretty good (income), then I say NP.

 

 

My income is very good so that should not be an issue.

The Amex cards have only been active for two months with the 61day 3x CLi coming up next week.

(I will apply increase my BCE from 1K to 3K with the CLi button)

The question is whether to use an HP to try and slip in for the holiday sales push.

I have 3 HP's all with Experian.

The alternative is to wait till February when I have a full year of Credit activity reporting which was always PIF.

 

 


Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years. This Amex backdating is a huge deal and an excellent perk for membership.  On a side note, which revolver with Amex did you get first?  The Amex TE card with the 10K limit or the BCE?  Just curious.  I'm surprised at the huge variation between limits.  Just want this info for future reference. Smiley Happy


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

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Re: Approvals for CSP with less than 1yr. history ?


improvingmycredit wrote:

Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years.


We don't know that. Any automated system that bothers to check payment history can easily tell whether this AMEX account is backdated or not. Plus there is a possibility that Chase use VantageScore or their in-hourse credit score instead.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
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Re: Approvals for CSP with less than 1yr. history ?


trumpet-205 wrote:

improvingmycredit wrote:

Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years.


We don't know that. Any automated system that bothers to check payment history can easily tell whether this AMEX account is backdated or not. Plus there is a possibility that Chase use VantageScore or their in-hourse credit score instead.


Actually- I am very certain about this.  I gained 20+ years of backdating with Amex too with cards showing high limits.  When I apped Chase Freedom- I only had maybe 6 mo history showing cards with high limit but a AAoA of over 7 years because of the backdating.  Approved 11K. As far as Chase was concerned, I had a Amex BCP for 20+ years at 9K. Only other card with similar history was Citi Diamond at 8K at time and newly opened 6 mo before Plus my Amex cards w/ 20 yr history.  With that kind of history and relatively low experience with high limit cards, I never would have been approved for a Freedom Siggy based on your premise.  There is A LOT to be said for Amex backdating.  


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

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Re: Approvals for CSP with less than 1yr. history ?


trumpet-205 wrote:

improvingmycredit wrote:

Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years.


We don't know that. Any automated system that bothers to check payment history can easily tell whether this AMEX account is backdated or not. Plus there is a possibility that Chase use VantageScore or their in-hourse credit score instead.


Any idea how many such automated systems that have that function are used?

 

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Re: Approvals for CSP with less than 1yr. history ?


improvingmycredit wrote:



On a side note, which revolver with Amex did you get first?  The Amex TE card with the 10K limit or the BCE?  Just curious.  I'm surprised at the huge variation between limits.  Just want this info for future reference. Smiley Happy

 

I started with a CAP1 secured card with eight months of excellent payment history.

I applied for the Amex Zync and was instantly approved with NPSL then on a whim I immediately applied for the BCE  and was also approved but for 10K.

I then drove to a local Costco retail store and applied in person for the Amex True Earnings and was approved a few days later.

All three Applications were within about 45 Minutes.

 

I was shocked when I saw the 10K CL on the Amex True Earnings.

 

I had FICO scores in the low 700's and PIF with less then 10% usage.

After I received backdating (i had briefly owned an Amex 29 years ago ) and new cards reported all FICO scores rose above 775 within two weeks.

 

Now I get pre Approvals sent regularly.

I do have a good salary.

 

0 to 775+ in ten months.

I hope this helps some people out there who are starting over.

 

Everything I know about credit I learned from the good people on this board.

Thank You !

 

 

 

 

Amex Zync NPSL 9/12, Amex CostcoTrue Earnings $10K 9/12
Amex BCE $3K 9/12 (Amex Back Dated to 1983)
Chase Sapphire Preferred $17K 11/12, Chase Freedom $7K 11/12
Discover More $750 11/12
CapitalOne Platinum Secured Card 2K 2/12 (Closed 12/12)
FICO: EQ = 804 EX = 802(Amex) TU = 801(Discover)
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Re: Approvals for CSP with less than 1yr. history ?


improvingmycredit wrote:

trumpet-205 wrote:

improvingmycredit wrote:

Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years.


We don't know that. Any automated system that bothers to check payment history can easily tell whether this AMEX account is backdated or not. Plus there is a possibility that Chase use VantageScore or their in-hourse credit score instead.


Actually- I am very certain about this.  I gained 20+ years of backdating with Amex too with cards showing high limits.  When I apped Chase Freedom- I only had maybe 6 mo history showing cards with high limit but a AAoA of over 7 years because of the backdating.  Approved 11K. As far as Chase was concerned, I had a Amex BCP for 20+ years at 9K. Only other card with similar history was Citi Diamond at 8K at time and newly opened 6 mo before Plus my Amex cards w/ 20 yr history.  With that kind of history and relatively low experience with high limit cards, I never would have been approved for a Freedom Siggy based on your premise.  There is A LOT to be said for Amex backdating.  


so that verifies it if it's how it works that the op should have a good chance, without any baddies it seems most people get approved with CSP as long as they have high limits on other cards even with a short AAOA and especially if you have exisiting relationship with them


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
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Re: Approvals for CSP with less than 1yr. history ?

Hey Mustang!!

So what did you decide?  Are you going to app or wait?  Also, I was confused on your post because your Siggy states you only have a 1K limit on your BCE. Smiley Happy. Thanks for the clarification.  You may want to fix that to 10K.  Let us know what you decide-- I am very interested in this outcome.  Smiley Happy


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

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Re: Approvals for CSP with less than 1yr. history ?

[ Edited ]

distantarray wrote:

improvingmycredit wrote:

trumpet-205 wrote:

improvingmycredit wrote:

Actually- with the backdating- your Amex history according to FICO and any automated system will show your cards with Amex as having been active for 20+ years.


We don't know that. Any automated system that bothers to check payment history can easily tell whether this AMEX account is backdated or not. Plus there is a possibility that Chase use VantageScore or their in-hourse credit score instead.


Actually- I am very certain about this.  I gained 20+ years of backdating with Amex too with cards showing high limits.  When I apped Chase Freedom- I only had maybe 6 mo history showing cards with high limit but a AAoA of over 7 years because of the backdating.  Approved 11K. As far as Chase was concerned, I had a Amex BCP for 20+ years at 9K. Only other card with similar history was Citi Diamond at 8K at time and newly opened 6 mo before Plus my Amex cards w/ 20 yr history.  With that kind of history and relatively low experience with high limit cards, I never would have been approved for a Freedom Siggy based on your premise.  There is A LOT to be said for Amex backdating.  


so that verifies it if it's how it works that the op should have a good chance, without any baddies it seems most people get approved with CSP as long as they have high limits on other cards even with a short AAOA and especially if you have exisiting relationship with them


To be honest, I'm not so sure on this.  

 

The only cards mentioned were "similar" lines, what I'd like to know is what other lines existed on the report.  Chase doesn't care about "similar" lines nearly as much as people have made out on this forum; we've seen a number of approvals for a CSP where the existing CL's weren't above 3K even, and some with nothing above 2K.

 

To say payment history doesn't count, especially when it's unarguably the king of FICO scoring, is a little unlikely.  I have to agree with trumpet on this one, at least so far there's no proof that Chase internal systems or underwriting take into account backdated accounts or not.

 

Edit: also have to ask when the CSP approval was, there does appear to be an underwriting change across the board on Chase products around 6/12.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 693, EQ 8 714, TU 8 710, EX 8 724 (05/27/16)
Goal Score: 700 on EQ 04 (01/01/17)


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Re: Approvals for CSP with less than 1yr. history ?

[ Edited ]

I have to agree- there are many "if's" involved.  The jury is out on this one.  I do believe that chances for approval are VERY good. My experience has been that Amex backdating does in fact add payment history to the over-all FICO score as precieved by instant approval algorithms.  I believe that OPs score and AAoA because so high along with history of high limit accounts for many years will not trigger any issues on instant approval formula.  Only way to know is if Mustangfrank decides to app.  We are all basing our advice on experience here.  This will be one more for the books.


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

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