Advise From CSP Holders

[ElMayimbe]

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

[afbar1114]

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@ElMayimbe wrote:

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

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i dont want to burst your bubble but it looks like you may not get it. chase is a hard bank and the csp is even harder...i got it last week with about 3-5 INQs and 50% UTL but I  have the freedom at a $1500 limit as as bank at chase. my last baddie was from 2007 with two lates showing up in the past year 1.5 becasue when i wanted GE to report it paid the refuesed and just reported as  a CO 2x.  my AAoA was about 2-3 years and scores were a lower then yours. your best bet is to get the freedom first and work with that and hold it for at least 6 months and then try for the CSP. With the CSP the min limit is $5k with the freedom then can start you at $500 but with your scores and cards they will start a bit higher. 

[adavis425]

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@ElMayimbe wrote:

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

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You have the cl they'll be looking for, but I think the 8 lates will do you in. Chase is a stickler for derogs. Of course, YMMV. The FICO may be close enough, I know they like scores in the 700s. How recent are the inqs? They'll question you about recent credit apps, but if you have a ready answer, no prob.

[afbar1114]

i cant say why i got united and CSP 5 days apart but my scores were around 638-660. so who knows really maybe freedom helped. 

[ryanbush]

I think everything looks good except those lates, I think once there are 3-4 years old Chase will look past them but not right not...  are they really lates or were they just reported incorrectly?

if they were reported incorrectly you might be able to get past that in the RECON, just be prepared to recon twice.... 

I have a pretty good looking file (5+years AAoA, 100% on time, under 10% utl, 715+ FICO) and had to recon twice to get the CSP last week becuse of a c/o of 400 from 2006, which is my only negative...

I think it will all come down to whoever you RECON with....

I've also found out that if you call later in the evening the loan officers are way nicer and will take more time to talk to you and look over your stuff, i'm assuming that's just because it's not so busy for them

[thom02099]

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@ElMayimbe wrote:

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

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The Good:  From your signature, you've got 2 good limit cards.  Chase (usually)  likes to see another $5K+ card in a file

The OK: Your AAofA is not bad/not great.  Your FICO might hold you back some.  Is that 698 TU or EQ?  Have any idea what your EX might be?  Chase (usually) likes to see 720+ scores for CSP.  Chase will/have approved for other cards with lower scores, but in general CSP is a harder card to get. 

The Iffy:  Those 7 inquiries, depending on how they are spread out.  Chase (usually) pulls EX, so if all 7 are EX and not likely to fall off soon, that's gonna hurt.  If, however, the 7 INQ are spread out, and say you have only 2-3 on EX, then that would not hurt you as much. 

The Bad:  Those Lates.  They're gonna kill your chances, unfortunately.  As others have stated, if they were a bit older, they may not have as much effect.  But Chase is (usually) not very forgiving on fairly recent lates, particularly for CSP.   Dunno what other action you could take regarding these lates.  Recon if denied?  Maybe.  YMMV.

[kwinks]

I say try for freedom first and then after a year go for the csp. 

this is the route I took, and although not ideal it's definitely an easier/ little more safe route Because it allows you to establish credit with them so they can see your purchase and payment pattern. And I personally loooove my freedom, I've made close to $600 in rewards

However, to be brutally honest I am not even 100% sure you will be approved for freedom but you'd have a better chance at reconning this vs csp. 

[chnceit]

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@ElMayimbe wrote:

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

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Yeah like other posters stated your lates will hurt your chance, but could get approved through recon. I suggest you try for the Freedom since the CSP is harder to get. 

[CreditScholar]

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@thom02099 wrote:

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@ElMayimbe wrote:

 I'm looking for some advise regarding app'ing for the CSP card. I'm trying to gauge odds of approval, so I'll give you guys a break down of my credit profile so that I can get some feedback regarding approval odds. Credit profile:

Avg. Age- 3 years 1 month

FICO score as of 12/31/12 698

7 hard inquiries 

Current CC and Limits in Siggy

Baddies: 8 30day late payments, between years 2010/2011- Santander (auto loan)

If anyone is familiar with Santander you will know they have a notorious reputation for reporting incorrect information to credit agencies. Long story short, I filed disputes, wrote letter to BBB, investigated and only had two lates removed-- the 8 stayed. I paid off loan and got out from under Santander. Hoping I can recon CSP if this is questioned. 

So, what do you guys think?

---

The Good:  From your signature, you've got 2 good limit cards.  Chase (usually)  likes to see another $5K+ card in a file

The OK: Your AAofA is not bad/not great.  Your FICO might hold you back some.  Is that 698 TU or EQ?  Have any idea what your EX might be?  Chase (usually) likes to see 720+ scores for CSP.  Chase will/have approved for other cards with lower scores, but in general CSP is a harder card to get. 

The Iffy:  Those 7 inquiries, depending on how they are spread out.  Chase (usually) pulls EX, so if all 7 are EX and not likely to fall off soon, that's gonna hurt.  If, however, the 7 INQ are spread out, and say you have only 2-3 on EX, then that would not hurt you as much. 

The Bad:  Those Lates.  They're gonna kill your chances, unfortunately.  As others have stated, if they were a bit older, they may not have as much effect.  But Chase is (usually) not very forgiving on fairly recent lates, particularly for CSP.   Dunno what other action you could take regarding these lates.  Recon if denied?  Maybe.  YMMV.

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+1. This about sums it up. The inqs already put you in the extremely-iffy category, while that many recent lates will absolutely sink you. You'd be better off waiting until they age.

[HindSight_20_20]

MAN "I love this forum"....       Just Sayin'