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New Member
ficonewbie333
Posts: 8
Registered: ‎03-28-2013
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Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sense?

[ Edited ]

Hi,

 

New to the board, but I've been reading numerous articles over the past few weeks both on credit in general and the Chase Sapphire Preferred. Over the past few days I've had all my disputes settled (paid state taxes liens from a year ago being reported as unpaid and collection accounts which I had no knowledge of - collections were removed - liens were reported paid) and just got my fico score from this site - 706 with Equifax. I have two paid state tax liens on Equifax from about a year ago (each around $1,500 paid 4/12 & 7/12) but no other bad accounts, a history of good payment, and no debt at all. I haven't had a credit card for the past 5 years because I was training myself to use cash and because I was dealing with the tax situation. I'm finally ready to jump back into the credit pool mainly due to the amazing rewards on so many cards . I've used miles in the past, accumulated through flying, to fly around the world for one year from 2006 - 2007 so I know the savings and benefits that points/rewards can offer.

 

I plan on opening a Chase Checking account in the next week or so and then applying for the CSP mid-May.  My plan was to freeze my EX and TU reports and deal simply with EQ (it's my best report and seems to be used more where I live in Nor. Cal) eventually freezing my EQ once I'm approved for either the CSP or the United Explorer because I've read that institutions you have a credit relationship with can still access your report even if it's frozen. I'm hoping that I get approved for one card or the other and then in 6 mo. I'll apply for the card I did not get approved for along with the Chase BA Visa Signature card in order to maximize the HP the second time. I'm not as concerned with my score going down as long as I get approved for the cards.

 

If that works I plan on waiting another six months unfreezing my EQ report and applying for the Citi AA cards (heard about the two browser trick, not sure if its still working or will when I apply) and hopefully either the AMEX SPG or another hotel card (seems like the SPG has the easiest conversion to airline miles which is my main reward interest - I've been obsessed over the past two weeks reading all these mileage accrual websites while waiting for my reports to update). I don't know if I have the patience to be a true churner but getting these cards (I would keep and use the CSP, Explorer, and AMEX SPG) would be nice since I love to travel.

 

My only concern is that I've just started my own consulting business, working with Non-Profits to attain funding, and my income level is not settled. I see self-employed is listed as an option, but if the business is less then one year old will that raise eyebrows and prevent me from getting the card/s even if I have a modest checking account with Chase? I really want the CSP or the United Explorer first for the rental coverage as well. I figure I can build credit with those cards and show on-time payments and the rest of the plan should work?

 

This forum has been amazingly helpful over the past month and I apologize if this topic has been covered already but I didn't see anything specifically like it so I wanted to get some expert opinions.

 

Thanks!

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens


ficonewbie333 wrote:

Hi,

 

New to the board, but I've been reading numerous articles over the past few weeks both on credit in general and Chase Sapphire Preferred. Over the past few days I've had all my disputes settled (paid state taxes liens from a year ago being reported as unpaid and collection accounts which I had no knowledge of - collection were removed - liens were reported paid) and just got my fico score from this site - 706 with Equifax. I have two paid state tax liens on Equifax from about a year ago (each around $1,500 paid 4/12 & 7/12) but no other bad accounts, a history of good payment, and no debt at all. I haven't had a credit card for the past 5 years because I was training myself to use cash and because I was dealing with the tax situation. I'm finally ready to jump back into the credit pool mainly due to the amazing rewards on so many cards . I've used miles in the past, accumulated through flying, to fly around the world for one year from 2006 - 2007 so I know the savings and benefits that points/rewards can offer.

 

I plan on opening a Chase Checking account in the next week or so and then applying for the CSP mid-May.  My plan was to freeze my EX and TU reports and deal simply with EQ (it's my best report and seems to be used more where I live in Nor. Cal) eventually freezing my EQ once I'm approved for either the CSP or the United Explorer because I've read that an institutions you have a credit relationship with can still access your report even if it's frozen. I'm hoping that I get approved for one card or the other and then in 6 mo. I'll apply for the card I did not get approved for along with the Chase BA Visa Signature card in order to maximize the HP the second time. I'm not as concerned with my score going down as long as I get approved for the cards.

 

If that works I plan on waiting another six months unfreezing my EQ report and applying for the Citi AA cards (heard about the two browser trick, not sure if its still working or will when I apply) and hopefully a either the AMEX SPG or another hotel card (seems like the SPG has the easiest conversion to airline miles which is my main reward interest - I've been obsessed over the past two weeks reading all these mileage accrual websites while waiting for my reports to update). I don't know if I have the patience to be a true churner but getting these cards (I would keep and use the CSP, Explorer, and AMEX SPG) would be nice since I love to travel.

 

My only concern is that I've just started my own consulting business, working with Non-Profits to attain funding, and my income level is not settled. I see self-employed is listed as an option, but if the business is less then one year old will that raise eyebrows and prevent me from getting the card/s even if I have a modest checking account with Chase? I really want the CSP or the United Explorer first for the rental coverage as well. I figure I can build credit with those cards and show on-time payments and the rest of the plan should work?

 

This forum has been amazingly helpful over the past month and I apologize if this topic has been covered already but I didn't see anything specifically like it so I wanted to get some expert opinions.

 

Thanks!


Welcome to the forums!!!

 

What cards do oyu currently have??




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
ficonewbie333
Posts: 8
Registered: ‎03-28-2013
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens

None! Zero, Zip, Nada!!! Hence, no debt.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens


ficonewbie333 wrote:

None! Zero, Zip, Nada!!! Hence, no debt.


I would say you have little to no chance in getting a CSP.

 

You need to aquire at least 1-2 CC's and hold them for a year, one of them being in the 5K range. Chase likes to see 1 TL a year old with positive history and you having experience with a 5K limit.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
ficonewbie333
Posts: 8
Registered: ‎03-28-2013
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens

[ Edited ]

I have had a $5k limit with a BOFA card (open in 1999, closed in 2004/2005) which is listed on my EQ report, as well as a revolving Well Fargo credit line for $1800 which is still open. Do you think I might get approved for the United Explorer Card? I got the pre-approval in the mail about a week ago. Also, do you think the rest of the plan (barring the CSP) is sound/ makes sense?

 

Thanks

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens


ficonewbie333 wrote:

I have had a $5k limit with a BOFA card (open in 1999, closed in 2004/2005) which is listed on my EQ report, as well as a revolving Well Fargo credit line for $1800 which is still open. Do you think I might get approved for the United Explorer Card? I got the pre-approval in the mail about a week ago. Also, do you think the rest of the plan (barring the CSP) is sound/ makes sense?

 

Thanks


If you do get approved for united it would probably be a toy limit.

I think your best bet is to app for an unsecured Cap1 and find a local CU to app for their CC. Hold them for 6 months and then try for United. Wait 6 more months then go for CSP.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
scenery_guy
Posts: 958
Registered: ‎07-24-2012
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sens


ficonewbie333 wrote:

Hi,

 

New to the board, but I've been reading numerous articles over the past few weeks both on credit in general and the Chase Sapphire Preferred. Over the past few days I've had all my disputes settled (paid state taxes liens from a year ago being reported as unpaid and collection accounts which I had no knowledge of - collections were removed - liens were reported paid) and just got my fico score from this site - 706 with Equifax. I have two paid state tax liens on Equifax from about a year ago (each around $1,500 paid 4/12 & 7/12) but no other bad accounts, a history of good payment, and no debt at all. I haven't had a credit card for the past 5 years because I was training myself to use cash and because I was dealing with the tax situation. I'm finally ready to jump back into the credit pool mainly due to the amazing rewards on so many cards . I've used miles in the past, accumulated through flying, to fly around the world for one year from 2006 - 2007 so I know the savings and benefits that points/rewards can offer.

 

I plan on opening a Chase Checking account in the next week or so and then applying for the CSP mid-May.  My plan was to freeze my EX and TU reports and deal simply with EQ (it's my best report and seems to be used more where I live in Nor. Cal) eventually freezing my EQ once I'm approved for either the CSP or the United Explorer because I've read that institutions you have a credit relationship with can still access your report even if it's frozen. I'm hoping that I get approved for one card or the other and then in 6 mo. I'll apply for the card I did not get approved for along with the Chase BA Visa Signature card in order to maximize the HP the second time. I'm not as concerned with my score going down as long as I get approved for the cards.

 

If that works I plan on waiting another six months unfreezing my EQ report and applying for the Citi AA cards (heard about the two browser trick, not sure if its still working or will when I apply) and hopefully either the AMEX SPG or another hotel card (seems like the SPG has the easiest conversion to airline miles which is my main reward interest - I've been obsessed over the past two weeks reading all these mileage accrual websites while waiting for my reports to update). I don't know if I have the patience to be a true churner but getting these cards (I would keep and use the CSP, Explorer, and AMEX SPG) would be nice since I love to travel.

 

My only concern is that I've just started my own consulting business, working with Non-Profits to attain funding, and my income level is not settled. I see self-employed is listed as an option, but if the business is less then one year old will that raise eyebrows and prevent me from getting the card/s even if I have a modest checking account with Chase? I really want the CSP or the United Explorer first for the rental coverage as well. I figure I can build credit with those cards and show on-time payments and the rest of the plan should work?

 

This forum has been amazingly helpful over the past month and I apologize if this topic has been covered already but I didn't see anything specifically like it so I wanted to get some expert opinions.

 

Thanks!


Whoa stop the presses! You need to do some rethinking of your card path. Yes, open a Chase checking account. Tell them you have a business (be honest about new and low sales but big future plans etc.) and consider opening a business account with a minimum deposit that you can handle. Get a Federal ID number also. Once in place apply for an Ink product (I suggest Cash or Classic for now as they seem to be easier to get). Bonus categories are sweet. Signup not bad but you will be in the door with Chase and that will be your future path to more cards with them. Be warned it will be a HP on EX period. You will need to recon to get the Ink card but it's almost a shoe in that you will get it. Might be a low limit but do the spend for points and then call and ask for a CLI. 

 

Worth pointing out that by following the path I outlined costs you one HP and then it will never report to personal reports - ever. That's good and bad. Bad for other banks as they can't see the activity but good for you as Chase will want to give you some personal love soon. Once you have a personal Chase card I suggest you do the same with AMEX (business card > personal card after 90 days) then Citi for AA Business or AA personal (Citi no longer plays around so don't do two browser trick - new internal rule is no 2 apps in one day AND no more than 2 apps in 60 days) . 

 

Let the business cards lead your way - it worked great for me. Keep in mind no two cards from same bank in 90 day window. Churn away!

New Member
ficonewbie333
Posts: 8
Registered: ‎03-28-2013
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sen

Hey Scenery_guy,

 

Wow, brilliant! Thanks for that great info! I was looking into that path, but wondering about the United MilagePlus Explorer Business card? Any opinions? The only reason I was hoping to start with the personal cards is that I'm trying to build my credit (and score - even though it's not as important to me, I know it goes hand in hand with better utilization of credit) sooner and as I understand it the business cards are not reported to your personal credit, which can be good and bad as you mentioned.  I'm still undecided on what I'm going to do, but I've waited this long so I guess a few more months wouldn't be horrible, especially if its a pathway to my goal. I plan on talking to the Chase banker when I open my account and seeing what they have to say. I will update when that happens in a week or so if anyone cares. Are there no options in regards to the EX pull, can I request EQ? I definitely am going to open the checking account and the business account sounds good too. Honestly, I'm just really happy and kind of in shock that after all this time and with two state tax liens my score is 706. But, I have no debt, nor collections, and only one inquiry from Chase last July (07/12), so I guess that counts for something. Feel free to give me any more advice. I love hearing these different ideas.

 

Thanks!

Established Contributor
scenery_guy
Posts: 958
Registered: ‎07-24-2012
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sen


ficonewbie333 wrote:

Hey Scenery_guy,

 

Wow, brilliant! Thanks for that great info! I was looking into that path, but wondering about the United MilagePlus Explorer Business card? Any opinions? The only reason I was hoping to start with the personal cards is that I'm trying to build my credit (and score - even though it's not as important to me, I know it goes hand in hand with better utilization of credit) sooner and as I understand it the business cards are not reported to your personal credit, which can be good and bad as you mentioned.  I'm still undecided on what I'm going to do, but I've waited this long so I guess a few more months wouldn't be horrible, especially if its a pathway to my goal. I plan on talking to the Chase banker when I open my account and seeing what they have to say. I will update when that happens in a week or so if anyone cares. Are there no options in regards to the EX pull, can I request EQ? I definitely am going to open the checking account and the business account sounds good too. Honestly, I'm just really happy and kind of in shock that after all this time and with two state tax liens my score is 706. But, I have no debt, nor collections, and only one inquiry from Chase last July (07/12), so I guess that counts for something. Feel free to give me any more advice. I love hearing these different ideas.

 

Thanks!


They might pull EQ if you have EX locked down but I doubt it. Unfortunately those are rules we have to follow and don't really get much input. Still if you are clean on EX with a 706 you should be fine for most anything. Ask the banker when you open the account and see what they say. Might be able to make a call and find out. 

 

The United Mileage Plus Explorer Business is no longer available, the regular version seems to be the only option. I'm a Delta flyer (close to a hub) so I don't have much experience on United. I have actually eyed the card before looking at some routes I fly and it's not bad. Do you really fly a lot? If yes, and that's your airline then by all means it's worth at annual fee in checked bags alone. If you don't fly a lot consider the Chase Sapphire Preferred as a first personal card. To me it's a keeper and I would never let it go to churn another one. 

 

Ask the banker if Chase will frown on one personal and one business application at the same time. I got the CSP last November 30th then got the Ink Bold on December 4th. Keep in mind it was my second Chase Ink card so that might have helped me. Also if you are talking cards with the banker feel out if you could get the Ink Bold or Plus for a higher bonus (or do what I did and get lowest Ink first, make the spend for points and use it for a few months then get the Bold or Plus). I know you can hold 2 business Chase cards. I will be trying for Ink number three soon (yes I will take the points please). 

 

You are doing the right thing, open the accounts and give it some time. Perhaps apply for personal card at the branch when you open accounts so if they decline the banker can make the recon call with you. I firmly believe the relationship helps with Chase.

New Member
ficonewbie333
Posts: 8
Registered: ‎03-28-2013
0

Re: Plan of action for CSP and the next 6 mo to a year including freezing reports. Does it make sen

[ Edited ]

Hey scenery_guy,

 

Thanks again for the great information and support. I really appreciate you giving my questions some detailed thought. From what I've read, having a banking relationship with Chase can help and I plan on taking your advice when speaking with the banker. I travel a bit domestically and internationally (United is at my hub and I'd been a loyal Continental flyer for about 15 years - and used my miles to travel around the world from 2006 - 2007) and I hope to get both the CSP and the United Explorer card at some point (and eventually the AMEX SPG because the transfer rates with many airlines is 1:1 - and I usually stay at local hotels because they're more interesting). I agree that I will never give up the CSP if I'm able to get it. It has so many benefits combined in one card its hard to beat. Even though I hope to churn down the line the three cards I hope to keep as long as I'm around will hopefully be the above mentioned trio (and maybe a Slate in case I need to transfer a balance...). The other reason I like United, is that I find they have the easiest rewards travel booking of any major US carrier. Their website is easy to use (at least for me) and the different tiered rewards enable you to save miles while still using award travel to get to your destination. I recently used the United site to help some friends who had miles book a trip to Italy (business class roundtrip all on Lufthansa - they show partner airlines and allow booking with them very easily as well) and it was incredibly easy. More recently, I had to fly to the east coast for a family emergency and I was able to book a ticket on the same day using my miles. I've played around with AA's and Delta's site and the flight availability seems less frequent when I compare routes on the same day. I don't want to sound like a United cheerleader because I know people have had problems with them, but I've been very lucky and have had nothing but great service and good experiences with them, hence my loyalty.

 

I did see on the Chase site that the United Business Explorer Card is still offered (https://creditcards.chase.com//credit-cards/united-business-credit-card.aspx?OCELL=683K), but maybe its no different then the personal?

 

Anyway, thanks again for all the advice (it has been an immense help) and I will update you with the results in the next couple of weeks, but feel free to pass along any other relevant suggestions/information that may come to mind!

 

 


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