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Valued Member
Yankeefan
Posts: 42
Registered: ‎09-09-2012
0

Options on new credit

A little background:

Per this site TU FICO = 706, EQ FICO = 708. 

AAoA = 9.9 yrs

Income = 72k/Yr

Cap One Plat with 1k limit.  This card has 2 30 day lates that are 3+ yrs old.

HSBC with $740 limit. No bads.

Student loan (direct) $5k balance, no lates.

Two paid off auto loans, no negs.

 

I typically try to cash flow all my purchases and PIF my cards every month. After doing some research on this site, I've come to realize my UTI is killing me.  Currently 45-50%, as I have some bills auto pay to my cards. (I thought this was necessary to keep cards open and CL expanding.) I also discovered my two college era cards will not grow, and offer no real benefits.  

Ive decided its time to step up my credit and get a few rewards along the way. I have set up my cards to show 1.5% UTI when my Oct statement reports. This should provide a fair jump in my FICO's. I would like to get a CSP, AMEX gold, and a Citi product.  I have been receiving per selected offers for the AMEX.  My question is this: can I make the jump from my existing cards to the above, or do I need to set my goals a little lower?

 

Thank you for any advice.

Valued Contributor
jamesdwi
Posts: 1,553
Registered: ‎09-16-2011
0

Re: Options on new credit

You should be good for prime cards once your low UTL reports,   but I would recomend the Premier Rewards Gold Card from amex instead of the regular gold, much better rewards only a slightly higher fee and its waived for the first year usually. To play it safe, apply for Chase freedom, zero dollar AF good rewards see what Credit Limit they give you if its below 5k either recon for a higher limit or keep the card for 6 months and then request a CLI.  For the CSP they like a history of using a card with a 5k or high CL. If you get the AMEX gold card, wait till January and Apply for an AMEX revolver if you want it will give you a free year of backdating, with your scores and income it should be an easy approval. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Valued Member
Yankeefan
Posts: 42
Registered: ‎09-09-2012
0

Re: Options on new credit

I was looking at the CSP because it's a Sig. Does the Freedom have the ability to become a Sig, or do I need a history of higher limit cards to qualify for a Sig?

Moderator
Revelate
Posts: 8,891
Registered: ‎12-30-2011
0

Re: Options on new credit

[ Edited ]

Yankeefan wrote:

I was looking at the CSP because it's a Sig. Does the Freedom have the ability to become a Sig, or do I need a history of higher limit cards to qualify for a Sig?


Welcome to the forums (bah Yankees! :smileyhappy:  Destroyed my Sox tonight).

 

Historically with Chase their policy is they want to see some other lender with a higher credit limit than what you currently have for a 5K+ tradeline (requiprement for a Siggy).  That appears to have changed, and with the current Chase favorable recon policy, all bets are off on anyone getting denied seemingly.  I'm sure there has to be someone on this forum that was denied after 3-4 recons still, but I'm drawing a blank heh.

 

In any event, your scores might be very good once you get the utilization down, and while you'd absolutely get approved for a Freedom (and it does have an option for a Visa Sig), I'm really not so certain if I were you with your history that I wouldn't shoot for the moon now and try for a CSP, and then be prepared to call in an recon multiple times if needed.  The only sticking point you have is you have two cards they may "sneer" at from an underwriting perspective, but both your income, your history, and absolutely your FICO score should meet their criteria for the CSP.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
Yankeefan
Posts: 42
Registered: ‎09-09-2012
0

Re: Options on new credit


Revelate wrote:

Yankeefan wrote:

I was looking at the CSP because it's a Sig. Does the Freedom have the ability to become a Sig, or do I need a history of higher limit cards to qualify for a Sig?


Welcome to the forums (bah Yankees! :smileyhappy:  Destroyed my Sox tonight).

 

Historically with Chase their policy is they want to see some other lender with a higher credit limit than what you currently have for a 5K+ tradeline (requiprement for a Siggy).  That appears to have changed, and with the current Chase favorable recon policy, all bets are off on anyone getting denied seemingly.  I'm sure there has to be someone on this forum that was denied after 3-4 recons still, but I'm drawing a blank heh.

 

In any event, your scores might be very good once you get the utilization down, and while you'd absolutely get approved for a Freedom (and it does have an option for a Visa Sig), I'm really not so certain if I were you with your history that I wouldn't shoot for the moon now and try for a CSP, and then be prepared to call in an recon multiple times if needed.  The only sticking point you have is you have two cards they may "sneer" at from an underwriting perspective, but both your income, your history, and absolutely your FICO score should meet their criteria for the CSP.

 

 


The games don't have the same "feel" when one of the two is not contending. Perhaps next year.  Thank you for the input.  If I go with the Freedom can I request a Siggy or upgrade the Freedom to a CSP in 6-12 mo?

Moderator
Revelate
Posts: 8,891
Registered: ‎12-30-2011
0

Re: Options on new credit

[ Edited ]

Yankeefan wrote:

The games don't have the same "feel" when one of the two is not contending. Perhaps next year.  Thank you for the input.  If I go with the Freedom can I request a Siggy or upgrade the Freedom to a CSP in 6-12 mo?


True that regarding the game tonight.

 

The biggest hurdle for obtaining a signature card is simply getting the 5K tradeline.  What you can do, is get a Freedom now at whatever limit (I'm guessing it might be in the 2-3K range tops), run your entire financial life through that card, and then ask for a CLI probably at the six month mark.  If that gets you to 5K, I suspect you can easily swap to the Freedom Siggy version right then and there, and should be able to PC to the CSP at some point in the future as well though that's probably at month 13 going from a $0 AF card to a card with an AF.  Federal regulations on that one.

 

If you don't mind three-stepping it, that is a workable plan I think; however, there are some more recent CSP acquisition stories on these forums as of late and hopefully someone can give you a more detailed strategy.  Similarly, it's probably worthwhile to search on CSP and Sapphire Preferred in this board to see, but I'm guessing from your use of standard forum acronyms you've already done some of that.  I would discount pretty much every Chase approval thread pre-June this year though, their underwriting changed dramatically on the Freedom and it might've on the CSP as well from some reports, just the Freedom is a more popular card by volume as it's the entry point into all things Chase right now so the CSP doesn't have as much data built up recently on it.

 

I still think I'd take the shot at the CSP directly and see what they said, two inquiries isn't that much more damage (if any) than one in most cases if you need to apply for the Freedom consolation price; honestly, with Chase's current massively-customer-friendly recon policy, it makes sense to go for the card you really want, and make them tell you no.  Just don't even mention the fact you might be better suited currently to their underwriting standards for a Freedom and express that the CSP is the card you really really want (and explain why, good stories help on recons), etc ad naseum heh.  Your shot at a CSP is non-zero based on what we've seen here, it may not be guarunteed, but if that's the tradeline you want I'd go for it once you fix your utilization.  Your FICO should be 720ish, and that's a good place to be for any of Chase's products right now.

 

Also, Chase really seems to want new customers right now... it's a good time to be applying for cards that you want, even if they might be a bit of a stretch historically.  Red-water competition for prime customers, and you're prime.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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