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CSP- apply now or wait?

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Ditovera
New Contributor

CSP- apply now or wait?

I wanted to apply for CSP...Initially was looking to get JP Morgan select ( for the hidden TL) but was told on this forum you need endorsement so that's out the door.

Anyways I have opened 5 new accounts between may/June ( 4 cc and 1 Auto loan). 2CC's are store cards. My question ; amex card( which was opened in late June will be up  for 61 day cli soon inital limit was( $9600), should I wait or apply now for CSP? Profile is as follows : thx in advance for all suggestions and advice!

 

Income: 62k

AAOA: 2 years 9 months

Oldest account: 7 years-student loans

Car loan 18K- $308 per month

Current cards and scores are in Signature

Baddies: BOA CC opened 2008- 120days late paid and closed FEB./2011. Should be falling off in about a year FML!

Inquires: EX 7 ( 3 will be a year old in SEP), TU 4 ( 2 will be a year old in SEP), EQ  3 ( 2 will be a year old in SEP)

 

Message 1 of 21
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drinkthekoolaid
Valued Member

Re: CSP- apply now or wait?

I would say pull the trigger, you have another card with a a $5000 limit and you have good card history... Even though you had 120 day late you paid in full and account was closed and that was some years ago. Worst case scenario you qualify for 5000 min limit that the CSP carries. If you were to get message Chase has awesome recon line and you have an excellent shot of explaining the little negative in your report. Like I said earlier I would pull the trigger.. I'm on the iPhone so it wasn't showing the scores you have, but I assume you are at least 700+ or close too it??
AMEX BCE - $27,000 ~ Chase Sapphire Preferred VISA SIGNATURE- $24,000~ AMEX Platinum -$NPSL ~ Citi Diamond Preferred $10,000
USAA MASTERCARD - $10,000 Commerce Bank Visa $8,000~
USAA Student VISA - $1,000 ~ Chase Freedom - $500
Message 2 of 21
Ditovera
New Contributor

Re: CSP- apply now or wait?


@drinkthekoolaid wrote:
I would say pull the trigger, you have another card with a a $5000 limit and you have good card history... Even though you had 120 day late you paid in full and account was closed and that was some years ago. Worst case scenario you qualify for 5000 min limit that the CSP carries. If you were to get message Chase has awesome recon line and you have an excellent shot of explaining the little negative in your report. Like I said earlier I would pull the trigger.. I'm on the iPhone so it wasn't showing the scores you have, but I assume you are at least 700+ or close too it?


Here are my scores... Very tempting. I was just thinking about 3x cli on amex. I was going to ask 2x around 20k. would that help at all?

Fico EQ-692 score tracker
Fico EX-695 (06/16/2013)
Fico TU- 691(03/24/2013

Message 3 of 21
drinkthekoolaid
Valued Member

Re: CSP- apply now or wait?

Close enough, I would say wait for the AMex 3xCLI only if you didnt have a $5000 min cc already. But since you do already I wouldnt say that would change much at all. I would pull the trigger!! Smiley Happy

AMEX BCE - $27,000 ~ Chase Sapphire Preferred VISA SIGNATURE- $24,000~ AMEX Platinum -$NPSL ~ Citi Diamond Preferred $10,000
USAA MASTERCARD - $10,000 Commerce Bank Visa $8,000~
USAA Student VISA - $1,000 ~ Chase Freedom - $500
Message 4 of 21
drinkthekoolaid
Valued Member

Re: CSP- apply now or wait?

Let me know what you decided to do!?

AMEX BCE - $27,000 ~ Chase Sapphire Preferred VISA SIGNATURE- $24,000~ AMEX Platinum -$NPSL ~ Citi Diamond Preferred $10,000
USAA MASTERCARD - $10,000 Commerce Bank Visa $8,000~
USAA Student VISA - $1,000 ~ Chase Freedom - $500
Message 5 of 21
Ditovera
New Contributor

Re: CSP- apply now or wait?

I will apply in SEP, I am hoping when those inquires age to a year my score might possibly hit 700's Idk. But i agree on the amex 3xcli shouldn't make a big difference. 

Message 6 of 21
drinkthekoolaid
Valued Member

Re: CSP- apply now or wait?

INQ stop affecting you score after 6 months of being on the report and drop off after 2 years. So I don't think a year will do much to your score in regards to the INQ.. What is your current UTIL at?

AMEX BCE - $27,000 ~ Chase Sapphire Preferred VISA SIGNATURE- $24,000~ AMEX Platinum -$NPSL ~ Citi Diamond Preferred $10,000
USAA MASTERCARD - $10,000 Commerce Bank Visa $8,000~
USAA Student VISA - $1,000 ~ Chase Freedom - $500
Message 7 of 21
Ditovera
New Contributor

Re: CSP- apply now or wait?

I see, well my current utli is as follows

 

Macys Amex 0/3800

BCE 970/9600

Capital one 400/1250

Discover 300/1200

James Allen 0/1800

 

Overall 9.5% 


@drinkthekoolaid wrote:

INQ stop affecting you score after 6 months of being on the report and drop off after 2 years. So I don't think a year will do much to your score in regards to the INQ.. What is your current UTIL at?


 

Message 8 of 21
longtimelurker
Epic Contributor

Re: CSP- apply now or wait?


@drinkthekoolaid wrote:

INQ stop affecting you score after 6 months of being on the report and drop off after 2 years.


Really?  I think the impact decreases by six months, but they are still factored into the score for a year.

Message 9 of 21
drinkthekoolaid
Valued Member

Re: CSP- apply now or wait?

See that's up for debate, I know I have read it both ways... Longtime might be right, but I have always though 6 months. 

AMEX BCE - $27,000 ~ Chase Sapphire Preferred VISA SIGNATURE- $24,000~ AMEX Platinum -$NPSL ~ Citi Diamond Preferred $10,000
USAA MASTERCARD - $10,000 Commerce Bank Visa $8,000~
USAA Student VISA - $1,000 ~ Chase Freedom - $500
Message 10 of 21
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