Apply for card now or wait until collection item is removed? Which card?

[Anonymous]

I totally understand your point and your post gave me cold feet - so I didn't put in an application at Chase yet. To be honest, there are some perks of the AMEX Platinum that speak to me more (HHonors Gold, SPG Gold, Marriott Gold, Roadside Assistance, etc) but the Chase 100k bonus and $600 in credits make it  seem like a no brainer, no? Even if just for those items alone. I don't see any reason I can't jump on this offer now, and then in 3-4 months get the AMEX also for the perks it provides - hopefully getting a 75k-100k bonus miles offer along the way. 

I do love to travel, but realistically I probably only buy 2-3 plane tickets per year. I stay in hotels a little more frequently, although I"ve been using AirBnb recently (does this qualify under "Travel" category?). I originally was considering a cash-back card instead of a rewards card, but the conversion of UR to cash seems pretty equal doesn't it? THen you also get the added 1.5x reward miles if using for travel. 

I also need to get a card like the AMEX Preferred to give me cash back on Groceries since that's one of my larger recurring expenses. My overall spending in order probably be: 

Utilities

Groceries

DIning

Gas

Travel

[bourgogne]

---

@Anonymous wrote:

I totally understand your point and your post gave me cold feet - so I didn't put in an application at Chase yet. To be honest, there are some perks of the AMEX Platinum that speak to me more (HHonors Gold, SPG Gold, Marriott Gold, Roadside Assistance, etc) but the Chase 100k bonus and $600 in credits make it  seem like a no brainer, no? Even if just for those items alone. I don't see any reason I can't jump on this offer now, and then in 3-4 months get the AMEX also for the perks it provides - hopefully getting a 75k-100k bonus miles offer along the way. 

I do love to travel, but realistically I probably only buy 2-3 plane tickets per year. I stay in hotels a little more frequently, although I"ve been using AirBnb recently (does this qualify under "Travel" category?). I originally was considering a cash-back card instead of a rewards card, but the conversion of UR to cash seems pretty equal doesn't it? THen you also get the added 1.5x reward miles if using for travel. 

I also need to get a card like the AMEX Preferred to give me cash back on Groceries since that's one of my larger recurring expenses. My overall spending in order probably be: 

Utilities

Groceries

DIning

Gas

Travel

---

you sound like you know what end is up.  I am not a amex nor a charge card fan.  the only reason I have mine is nostalgia and I am pretty sure it will turn into an ED when theh af comes up.  the cap1 and nfcu were rebuild cards, nothing more.  penfed for gas + m2 loan.  freedom for 5%, fu for everything else and the csr for travel and dining.  i like simple.  I dont care about the # of cards I have I only care about points.  I think chase has the most flexable points scheme.  the customer service is a dream to deal with - I have done so many pc's and cl shifts I have lost count.  us based.  prg is not for the most part.  service is a big deal for me.  I think you should get the csr, pair is with a freedom at some point, wait for plat incog/vpn deal in the future and get it if you so desire.  capture the points, pay the af and then burn the card if you dont want it a year from now

[Anonymous]

The deed is done! I officially have a CSR credit card!!  ($10k limit, instant approval in-branch)

I was hoping for a higher limit, but given that it's my only revolving credit line it makes sense. I'm going to wait until next week to see how it affects my scores:

- HP inquiry: -1

- Adding a new credit line: +/-1

- New limit (no credit lines before): +1

- Low utilization: +1

- Lower Avg Account Length: -1 

I'm excited to be a Chase CSR cardholder and start taking advantage of the benefits. I'm already signed up to go get my TSA PreCheck completed next week and take advantage of that perk. Now I need to get spending to ensure I get my bonus (shouldn't be a problem). 

Thanks again for all the help and advice! There were several others in the branch waiting to apply for the same card. The banker I worked with said he was applying himself, and that Chase has lost like millions of dollars with this sign-up bonus and that's why they were cancelling it. 

[bourgogne]

---

@Anonymous wrote:

The deed is done! I officially have a CSR credit card!!  ($10k limit, instant approval in-branch)

I was hoping for a higher limit, but given that it's my only revolving credit line it makes sense. I'm going to wait until next week to see how it affects my scores:

- HP inquiry: -1

- Adding a new credit line: +/-1

- New limit (no credit lines before): +1

- Low utilization: +1

- Lower Avg Account Length: -1 

I'm excited to be a Chase CSR cardholder and start taking advantage of the benefits. I'm already signed up to go get my TSA PreCheck completed next week and take advantage of that perk. Now I need to get spending to ensure I get my bonus (shouldn't be a problem). 

Thanks again for all the help and advice! There were several others in the branch waiting to apply for the same card. The banker I worked with said he was applying himself, and that Chase has lost like millions of dollars with this sign-up bonus and that's why they were cancelling it. 

---

excellent, congrats.   I suggest snagging a csp + au for 55K when it comes back on pre-approval in a month.  make the bonus, pc to a no af sapphire, wait a day and then pc to a freedom or fu and then move some of the cl to the csr.  nice amounts of UR to play with

[Anonymous]

So this is strange- 

I received my CSR card and welcome packet and was reading through the information when I saw that it said "Your Credit Score: 653"

This highly contradicts the scores I had most recently seen on both CK and CCT Previously my lowest score (EQ: 661) had received a large bump when my collections item had been removed, and was had recently been shown as 730 on CK. However I just checked my score on CCT and it still shows my EQ score as 661. It still shows the 1 negative account in collections, but when I look at the accounts it shows the item as PAID. How do I get this item removed from my negative history for my actual score? 

I tried calling the debt collector and they told me they have already updated the account to show Paid In Full, so how do I get this account closed and removed from my report now? It's still bringing my EQ score down drastically even though it is Paid. 

[Glkslngr]

Hey! Congrats on your CSR. I was following along to see what your end decision was and I think you made a good one. However, I think you should have waited to pay the collections until you got a written agreement that the item will be removed once paid, called a "pay for delete" letter. What you can do now is send a goodwill letter to the collection agency (you can do a search on the forums for formatting, etc) asking them do remove the item since you paid in full and are looking to continue to build your credit and prosper in life. Make it sound like a tear jerker, how can they say no?? Lol. But good luck, I'm sure other will go more in depth or share ways to have it removed.

[Anonymous]

Well crap. I wish I had known that before. I did ask them when paying if they would remove it and they just said "we update it every 30 days". 

I was hoping it did get removed since it vanished from CK, but apparently that's just showing outstanding payments? When I called the collection agency this morning she said "we have updated it to show as paid" and I asked how we go about getting the account closed and removed altogether and she told me I needed to call Equifax. 

I put in another dispute with Equifax this morning and they told me that the collection agency needs to send them an electronic message to remove this item. I will do some research on the Goodwill letter and try to craft something up to see if they will remove it as a courtesy. I really hope so. Otherwise this will remain on my credit for 7 years even once it has been paid? 

[Anonymous]

BTW, if I recall correctly, the "Credit Score" they're referencing is referred to as CARS (Customer Acquisition Risk Score, or something similar). It is an internal score, calculated using (among other things) information *from* credit bureaus. It's not a FICO score, but a score Chase calculates to determine your risk level. Don't be too thrown off that it doesn't match your FICO.

[Glkslngr]

You can try and dispute it to remove it that way, I just know that to have it removed by ALL bureaus at once instead of having to contact each individually, the letter will come in handy. Also, not all bureaus will delete even if paid, as I had trouble trying to get a paid item off my credit report and the pay for deletion letter was my saving grace. If the collection agency refuses to remove and the bureaus also, I believe you have to wait the 7 or so years to remove it then. The 'update every 30 days' is not a removal necessarily, unless they specifically agree to remove. It is just an update to show its paid. 

[Anonymous]

It says "Scoring System Name: Card Acquisition Risk Score"

Source: Chase Bank USA

- Your credit score is a number that reflects the information in your credit report. We used your credit score to set the terms of credit we are offering you." 

- Scores calculated using this source can range froma low of 250 to a high of 900

Key Factors: 

Delinquincy, Public Record, or Bankruptcy 

NUmber of General Purposes Credit Cards

Number of recently opened accounts not paid as agreed

Number of accounts opened in the past 12 months compared to total accounts

This sucks. It seems like it's going to be a long uphill battle trying to get the collections item removed now that I've already paid it. The worst part is that it technically looks no better on my credit score even though it is now Paid.