Advice (apply for CSP or wait)?

[elegia]

I was planning on staying in the garden but just saw the business about the Chase Sapphire Preferred annual fee going from $95 to $150 and wondered if I should try to lock in the $95 fee while I can. I'm pre-qualified for the CSP, Freedom, and Slate on the Chase website.

Here's my situation: Currently in grad school with two more years to go, so I don't do much travel now (on average once, maybe twice a year max), but it's likely that I'll end up in a job that will require some travel. I'm not thrilled about paying an AF for a card that won't do me much good for at least a couple years (although the first year waiver is nice), but I'm wondering if it would be better to try and get my foot in the door now (and if I even could). I have slowly been working on my credit file over the past year, and have maintained excellent credit that whole time, but my scores took a dip recently from new accounts. Also, due to student loans and only working part-time during the school year (full-time summer), my DTI ratio is awful. I have two student loans that are disbursed twice a year, so my AAoA basically isn't going anywhere for quite some time since I am basically guaranteed to have 2 new accounts reporting every 6 months. And of course, my DTI will only get worse as well.

Current stats:

AAoA: 9 months

Oldest: 3 years, 2 months

Inquiries: 4 EX, 3 EQ, 1 TU

Total CL: $30,900

Student loans: slightly <$30,000 (deferred)

Income: $28,000

FICO score is 725 (TU). Regarding inquiries, 1 (EX) is over a year old, 1 (EX/EQ) is just short of 5 months old, 1 (EX/EQ) is 4 months old, 1 (EQ) is 3 months old, 1 (EX/TU) is 2 months old. Util is generally 1-5% every month. I was prepared for being in a bleak credit position over the next few years, so I planned ahead and decided to get in some apps and garden those cards while I sat it out. I opened two credit cards in June and one in August. My student loans were disbursed in August, and will be disbursed again at the end of December/early January.

I'd be in the best position to apply for anything in December just because of aging (and after that, things will only get harder), but not sure that 1) I'd still be able to take advantage of the $95 AF then and 2) if I'd even have a chance anyway (I know Chase pre-quals are supposed to be gold, but my DTI looks questionable to me, personally). And of course, my main question is whether I should even apply or not! On the one hand, I had always kind of planned on getting the CSP eventually when it would be more suitable (but didn't want to jump the gun early because of the AF). On the other hand, I'm concerned that I may not even have to do much travel after all (jinx?) and that they may nerf the rewards by then, or that a better card might come out.

Advice on whether to bite my lip and apply now/in December or just hold off for several years to see if I want it then?

[CreditCuriosity]

I personally would wait if I were you.. You stated you have two years until you graduate...  You have high credit lines in comparison to your income already, although obviously you are responsible with your credit being able to get those lines w/your income.  It will be just as easy or easier to get come two years and save yourself some cash unless you having a burning desire to keep up with the "Jones".  Just my 2 cents.

[Imperfectfuture]

First off, that thread is inaccurate, and there is no guarantee of grandfathering af, also, it's best to combine freedom with csp, otherwise, since you are in with Barclay's, why not consider arrival?

Most folks have a history with chase before getting the sapphire preferred. At this time, student status and all, I would personally say no, but I tend to run conservative with credit (as does chase).

Another way to look at it, do you need the card? Right now no, from your own admission. Second, if you were the bank, with no history, would you kend you money?

Credit pulls database and whogavemecredit can give approval odds.

[go_FICO_self]

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@elegia wrote:

I was planning on staying in the garden but just saw the business about the Chase Sapphire Preferred annual fee going from $95 to $150 and wondered if I should try to lock in the $95 fee while I can. I'm pre-qualified for the CSP, Freedom, and Slate on the Chase website.

Here's my situation: Currently in grad school with two more years to go, so I don't do much travel now (on average once, maybe twice a year max), but it's likely that I'll end up in a job that will require some travel. I'm not thrilled about paying an AF for a card that won't do me much good for at least a couple years (although the first year waiver is nice), but I'm wondering if it would be better to try and get my foot in the door now (and if I even could). I have slowly been working on my credit file over the past year, and have maintained excellent credit that whole time, but my scores took a dip recently from new accounts. Also, due to student loans and only working part-time during the school year (full-time summer), my DTI ratio is awful. I have two student loans that are disbursed twice a year, so my AAoA basically isn't going anywhere for quite some time since I am basically guaranteed to have 2 new accounts reporting every 6 months. And of course, my DTI will only get worse as well.

Current stats:

AAoA: 9 months

Oldest: 3 years, 2 months

Inquiries: 4 EX, 3 EQ, 1 TU

Total CL: $30,900

Student loans: slightly <$30,000 (deferred)

Income: $28,000

FICO score is 725 (TU). Regarding inquiries, 1 (EX) is over a year old, 1 (EX/EQ) is just short of 5 months old, 1 (EX/EQ) is 4 months old, 1 (EQ) is 3 months old, 1 (EX/TU) is 2 months old. Util is generally 1-5% every month. I was prepared for being in a bleak credit position over the next few years, so I planned ahead and decided to get in some apps and garden those cards while I sat it out. I opened two credit cards in June and one in August. My student loans were disbursed in August, and will be disbursed again at the end of December/early January.

I'd be in the best position to apply for anything in December just because of aging (and after that, things will only get harder), but not sure that 1) I'd still be able to take advantage of the $95 AF then and 2) if I'd even have a chance anyway (I know Chase pre-quals are supposed to be gold, but my DTI looks questionable to me, personally). And of course, my main question is whether I should even apply or not! On the one hand, I had always kind of planned on getting the CSP eventually when it would be more suitable (but didn't want to jump the gun early because of the AF). On the other hand, I'm concerned that I may not even have to do much travel after all (jinx?) and that they may nerf the rewards by then, or that a better card might come out.

Advice on whether to bite my lip and apply now/in December or just hold off for several years to see if I want it then?

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while I think you can get the csp (you even mentioned having it offered on prequals), i'd still wait on applying for it - you have too many question marks to justify getting it so early.

also remember to focus on finishing first than maximizing rewards!

[Anonymous]

AAoA is kinda low...

I'd wait.

[MoreRewards]

If I we're you I'd wait. You don't need it. If you really want to try knock yourself out you might get approval. But don't know that I would for the $95 AF as I'm sure they could still change it to whatever they want in the future?

[Anonymous]

Honestly, you should wait.  Get a card with a rewards/cash back program that matches your needs right now (or at least in the short term).  If you don't do a lot of travel or you don't eat out a lot then there's no point in getting the CSP...there are cards out there that would be a better match for you.  I won't deny that the CSP sign-up bonus is great but you want to plan to reach the spending limit in the most cost effective way.  This is all independent of the AF because Chase waves the first year anyways.

[elegia]

Alright, I'll wait - thanks for the advice, everyone!