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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Anyone get approved for a CSP with negatives on report

I'm wondering if anyone has gotten approved for a CSP with anything negatvie on your report?  I applied for the freedom card about 5 months ago and was denied with a 660 but my utilzation was really high and I had quite a few low limits.  Since then I have paid down my balances and my equifax through myFico is currently 704 and I been approved for the Discover more (converted to IT) and an AMEX Green card.  here are my current accounts

 

credit one 1.2K

capital one 2K

capital one  4K

Valero   700

Orchard Bank 1.5K

Local CU 1K

Discover 1.2K

AMEX Green NPSL

GECRB 3.4K

 

I only have balances on 4 of my credit cards, and the highest balance on any of the cards is under 30%.  My overall utilization is 12% and my AAOA is 4 years and my oldest account is 10yrs 1mon

 

I have 0 late paymenets (100% on time) and also have 3 car loans that were paid in full and a current car loan of 1 year (starting balance was 50k) I also have a closed credit card still on my reports with a 13K limit and 100% on time

 

I have a PAID charge off from Chase that is 6.5 years old (will fall off my report in June) this is my one and only negative (it was for 400$)  at the time my highest limit was 1700 and I had about 5K in available credit, I'm triple that now

 

when I was denied for the freedom the rep told me on recon that the only reason I was denied was because of my high utilization and that I had a couple of cards that were close to their limits.  I mentioned the C/O from Chase and he said that since it was paid and so old that it had no bearing on his decision only my utilization did  

 

Anyone think I have a shot at getting approved for a CSP?

 

I'm about to be spending quite a bit of money on a honey moon and furniture so I would like to apply before my balances start going back up

 

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Anyone get approved for a CSP with negatives on report

I did not have success with the CSP. They denied me last week after recon. The next day I applied for a Freedom and was conditionally approved for the Freedom after recon. I had to fax in my SS card and proof of address and they said call back in a week for final details.

I have never done business with Chase so they were never burned. I have a 9 yr, 4 mo ch 7 on my report. The biggest issue with the CSP was that I have no CCs with a $5000 limit since the min limit on the CSP is $5000. I plan to reapply for it in two years.

I don't know. If they told you Util was the only concern, I would try again once your Util goes down. But I don't know if they live up to what they say yet as I am still in limbo with a "looking to approve" statement from them. I will know in a week if they kept their word as far as approval or not for the Freedom. I will update when I get the final verdict.

You could always call back and get another Rep to review your info and see if they say the same thing. That would give you more confidence that what they are telling you is true.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Anyone get approved for a CSP with negatives on report


MovingForward_2012 wrote:
I did not have success with the CSP. They denied me last week after recon. The next day I applied for a Freedom and was conditionally approved for the Freedom after recon. I had to fax in my SS card and proof of address and they said call back in a week for final details.

I have never done business with Chase so they were never burned. I have a 9 yr, 4 mo ch 7 on my report. The biggest issue with the CSP was that I have no CCs with a $5000 limit since the min limit on the CSP is $5000. I plan to reapply for it in two years.

I don't know. If they told you Util was the only concern, I would try again once your Util goes down. But I don't know if they live up to what they say yet as I am still in limbo with a "looking to approve" statement from them. I will know in a week if they kept their word as far as approval or not for the Freedom. I will update when I get the final verdict.

You could always call back and get another Rep to review your info and see if they say the same thing. That would give you more confidence that what they are telling you is true.

I did call twice, they both said the same thing (this was 4 months ago)

 

my utilization was went from 60% to 12%...  i just don't want to burn an inq if there is no chance i will get it

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Frequent Contributor
OhioCPA
Posts: 471
Registered: ‎03-29-2011
0

Re: Anyone get approved for a CSP with negatives on report

Chase will blacklist people who have burned them in the past. With your charge off still reporting as well as no accounts in the $5,000 plus range I doubt you have much of a chance at the CSP.

 

Get one of your cards over $5,000 and wait for the CO to fall off and you might have a chance.

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Established Contributor
toppers555
Posts: 552
Registered: ‎09-28-2012
0

Re: Anyone get approved for a CSP with negatives on report

I would have to agree I do not see you being apporved for csp. No 5k limits and co on file .



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Anyone get approved for a CSP with negatives on report

I was thinking the same thing, but when both the analysts told me that had no bearing I got my hopes up...

 

I think I will apply for a n AMEX Delta after the first of the year and worst case it's a SP...  I run about 2k a month through my green card so hopefully if i get approved it will be a decent limit that will grow fast

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Anyone get approved for a CSP with negatives on report

Try for the Freedom first.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Anyone get approved for a CSP with negatives on report

I think they trick people. They successfully tricked me into applying for CSP. Then when I was denied, I talked with a loan specialist there and he was shocked the CSRs said that I should apply with no problems. Did you call the loan department to get this info?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Anyone get approved for a CSP with negatives on report

Yes I called the backdoor number and spoke to an analyst when I applied for the Freedom in October

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Frequent Contributor
OhioCPA
Posts: 471
Registered: ‎03-29-2011
0

Re: Anyone get approved for a CSP with negatives on report


ryanbush wrote:

I was thinking the same thing, but when both the analysts told me that had no bearing I got my hopes up...

 

I think I will apply for a n AMEX Delta after the first of the year and worst case it's a SP...  I run about 2k a month through my green card so hopefully if i get approved it will be a decent limit that will grow fast


This seems like a better plan. Even if the Delta doesn't have a high initial credit limit it should grow rather quickly.

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