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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Can a PC to CSP scratch that itch for me?

I'm doing my very best to stay in the garden...  I haven't applied for anything besides car loans for almost a year, and haven't added any cards since 2011.

 

I am debating whether or not to contact the Chase EO with the hope of getting a product change to make my 10k Freedom into a CSP.  I know that if I do that I lose out on about $595 between the first year fee waiver and bonus points, but bear with me for a moment.

 

-I am considering a home loan in the next twelve months, so I really shouldn't leave the garden.  Even a tenth of a point will cost me 800 bucks over the life of a mortgage.

 

-A new inquiry and a hit to my AAOA, plus having a new account reporting are all items I'd rather not have on the report.  Agian, the extra interest cost isn't worth it.

 

-I already have 5 revolvers and one NPSL.  I don't want or need to increase this number, so if I applied, I would likely end up closing another card.  I have enough credit to use what I want and still report low utilization.

 

-Between the bonus categories in the online mall and extra points dividend, I will easily cover the annual fee, so it won't cost me money to own the card.

 

-Maybe with a little finessing I can get the EO to waive the AF or offer me some bonuses.  Worth a try, right?

 

The 500 dollars would be nice, but it's not really an option for me as I am definitely not applying for the card anytime soon, so the question becomes more along the lines of whether the 95 dollar fee is worth it.  Of course this all hinges on convincing the EO to soft me, PC me, and in general hook me up with a special deal.  Also, I am curious about authorized users.  My wife is an AU on it; would that increase the AF?

 

What this all comes down to is personal enjoyment.  I think it would be amusing to have a metal credit card, kind of like a trophy in my rebuilding progress.  It won't present a financial gain worthy of the effort, but neither will it actually cost me any money to own.  So essentially, it's something fun and free.

 

So how 'bout it?  Should I try for the PC?  Also, anyone have EO email contacts handy?  My google is broken.  :smileyvery-happy:

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013
0

Re: Can a PC to CSP scratch that itch for me?

[ Edited ]

p- wrote:

I'm doing my very best to stay in the garden...  I haven't applied for anything besides car loans for almost a year, and haven't added any cards since 2011.

 

I am debating whether or not to contact the Chase EO with the hope of getting a product change to make my 10k Freedom into a CSP.  I know that if I do that I lose out on about $595 between the first year fee waiver and bonus points, but bear with me for a moment.

 

-I am considering a home loan in the next twelve months, so I really shouldn't leave the garden.  Even a tenth of a point will cost me 800 bucks over the life of a mortgage.

 

-A new inquiry and a hit to my AAOA, plus having a new account reporting are all items I'd rather not have on the report.  Agian, the extra interest cost isn't worth it.

 

-I already have 5 revolvers and one NPSL.  I don't want or need to increase this number, so if I applied, I would likely end up closing another card.  I have enough credit to use what I want and still report low utilization.

 

-Between the bonus categories in the online mall and extra points dividend, I will easily cover the annual fee, so it won't cost me money to own the card.

 

-Maybe with a little finessing I can get the EO to waive the AF or offer me some bonuses.  Worth a try, right?

 

The 500 dollars would be nice, but it's not really an option for me as I am definitely not applying for the card anytime soon, so the question becomes more along the lines of whether the 95 dollar fee is worth it.  Of course this all hinges on convincing the EO to soft me, PC me, and in general hook me up with a special deal.  Also, I am curious about authorized users.  My wife is an AU on it; would that increase the AF?

 

What this all comes down to is personal enjoyment.  I think it would be amusing to have a metal credit card, kind of like a trophy in my rebuilding progress.  It won't present a financial gain worthy of the effort, but neither will it actually cost me any money to own.  So essentially, it's something fun and free.

 

So how 'bout it?  Should I try for the PC?  Also, anyone have EO email contacts handy?  My google is broken.  :smileyvery-happy:

 

 


Don't touch anything!!  You want a home?  Leave everything else alone.  See that wallet of your's?  It has everything you should need already.  Get the house...then circle back around and get the CSP.

 

my two pennies. :smileyhappy:

 

EDIT:  I dont mean to sound harsh.  That home reason in my book overrides all else. :smileyhappy:


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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Can a PC to CSP scratch that itch for me?

Pilotdude wrote:  Don't touch anything!!  You want a home?  Leave everything else alone.  See that wallet of your's?  It has everything you should need already.  Get the house...then circle back around and get the CSP. (my two pennies. :smileyhappy:...I dont mean to sound harsh.  That home reason in my book overrides all else. :smileyhappy:

 

Lol...  That wasn't too harsh.  We agree that my report needs to stay clean, and it's already better than it was when I got my last home loan.  But if I can convince the Chase EO do do the PC with a soft pull, my report won't show any changes or inquiries.  And scratching that itch makes it easier to resist the temptation to app.

 

I'm in a decent position and getting better.  My utilization and mix is perfect, and I am working my last few very old derogs hard.  I am still involved with the BBB and Verizon, which may turn into a lawsuit before it's over, and recently sent a GW to the WFDS to beg for mercy on a couple of very old lates.  I'm pushing for high 700's before th home app, but we'll see how it goes.

 

Thanks for the feedback.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Can a PC to CSP scratch that itch for me?

"1/10th of a point can cost me $800 in the life of a mortgage"

 

$500 now  > $800 over 30 years imo

 

Kinda like if you win$500 a week for life lottery ticket, with the rate of inflation in 30 years $500 a week won't mean anything in 20+ years.

 

Personally people REALLY REALLY over value inquiries and effects of AAOA in this forum, I obtained 4 credit cards a month ago, my score went down by 2 points, then increased by 6 points after all the accounts hit. It's because the new balances drowned down my debt ratio (below 4% reported anyways) but scores bounces back nicely after 6 months 95 - 100% or better. although OP's scores are pretty borderline for prime rates. I wouldn't sweat it too much I'm 99% sure you'll get the best rates if you get one now or later.  


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Can a PC to CSP scratch that itch for me?

distantarray wrote:    500 now  > $800 over 30 years imo...Personally people REALLY REALLY over value inquiries and effects of AAOA in this forum...

I hear ya...  but who knows if it will be a tenth, or more, or less, or nothing.  The smart thing would be for me to garden as long as there's a mortgage on the horizon.  And since I'm obsessing about all facets of the FICO, maximizing AAOA is part of my unhealthy obsession.  

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Contributor
withaspark
Posts: 80
Registered: ‎01-10-2013
0

Re: Can a PC to CSP scratch that itch for me?


distantarray wrote:

$500 now  > $800 over 30 years imo


As much as I like my CSP...you couldn't convince me to give up the sign up bonus...who knows...if you resist the tempation and apply the day after closing on your mortgage, Chase might have a 50,000 or 100,000 pt signup bonus waiting for you. I certainly wouldn't give up the signup bonus by PC'ing especially just for a few extra months with a cool card.

 

YOU CAN DO IT!!!!!

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

Re: Can a PC to CSP scratch that itch for me?


withaspark wrote:

distantarray wrote:

$500 now  > $800 over 30 years imo


As much as I like my CSP...you couldn't convince me to give up the sign up bonus...who knows...if you resist the tempation and apply the day after closing on your mortgage, Chase might have a 50,000 or 100,000 pt signup bonus waiting for you. I certainly wouldn't give up the signup bonus by PC'ing especially just for a few extra months with a cool card.

 

YOU CAN DO IT!!!!!


So tough... both sides of this argument have very good points.  Me personally I would go with the sign up bonus!

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
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Can a PC to CSP scratch that itch for me?

no matter what i'm sure the op will be fine applying 99.9% sure he won't change his mortgage since he's looking in a year. General rule of thumb is don't app 6months before looking for a mortgage.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Can a PC to CSP scratch that itch for me?


distantarray wrote:

no matter what i'm sure the op will be fine applying 99.9% sure he won't change his mortgage since he's looking in a year. General rule of thumb is don't app 6months before looking for a mortgage.


Right...  I'm looking in a year, but my lovely wife has already talked to an agent and we've looked at two houses.  If the right opportunity comes along it could be next month.  Or next year.  Or two years.

 

In the meantime I don't get a shiny new toy.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
0

Re: Can a PC to CSP scratch that itch for me?

Maybe...  If I end up waiting to app, I can just close another card.  I already have more than I need.

 

The Orchard is my oldest...  If Cap1 finishes the transition, and PC's me to another green cash, maybe I should close the newer one after I am approved for CSP.  Then I would only have 1 Cap1 card, but two chase cards.  The hit to my AAOA wouldn't be too bad, I guess.

 

 

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL


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