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New Member
whjc
Posts: 4
Registered: ‎06-25-2012
0

Question/Chances on CSP

So recently my 30 day late from PayPal fell off my credit report(Goodwill), about two weeks ago, and i'm starting to consider applying for the CSP.

First off, i've read numerous times Chase wants to see you with a $5000 credit line to even be considered the CSP but does it matter if its not on a prime card? I have a $5400 credit line on my HHGregg GE store card but I wasn't sure this applied.

Second, I was wondering what my chances are on getting the CSP. My credit profile is a little thin but I hope to get some inputs.

Heres a view of my credit
TU: 722
EX: 719
AAoA: 2years 11months

Income: $30k+

HHGregg GE: $0/$5400 - 2 years
Capital One Platinum: $0/$300 - 5 years
Barclay Apple: $162/$2200 - 2 years
Discover More: $29/$1000 - 5 months
BofA Cash 123: $77/$1200 - 5 years
AMEX ZYNC: $1547/NPSL - 6 months

Let me know if you need any more information!
Valued Contributor
daybreakgonesXe
Posts: 1,855
Registered: ‎11-17-2012
0

Re: Question/Chances on CSP


whjc wrote:
So recently my 30 day late from PayPal fell off my credit report(Goodwill), about two weeks ago, and i'm starting to consider applying for the CSP.

First off, i've read numerous times Chase wants to see you with a $5000 credit line to even be considered the CSP but does it matter if its not on a prime card? I have a $5400 credit line on my HHGregg GE store card but I wasn't sure this applied.

Second, I was wondering what my chances are on getting the CSP. My credit profile is a little thin but I hope to get some inputs.

Heres a view of my credit
TU: 722
EX: 719
AAoA: 2years 11months

Income: $30k+

HHGregg GE: $0/$5400 - 2 years
Capital One Platinum: $0/$300 - 5 years
Barclay Apple: $162/$2200 - 2 years
Discover More: $29/$1000 - 5 months
BofA Cash 123: $77/$1200 - 5 years
AMEX ZYNC: $1547/NPSL - 6 months

Let me know if you need any more information!

Scores look on par and your lineup doesn't look too bad; i think you have a good shot :smileyhappy: Yes, a lot of people, and even Chase, recommend having a credit limit of $5000 before apping for CSP...Maybe you can see if Discover will give you a soft CLI? Even then, it likely won't be much...Many also say that Chase doesn't consider store cards, but not sure how really true that is...

 

When I just applied for my Freedom, I had absolutely no experience with anything above $1800 (my JCP card limit at the time). I also just had my Orchard Secured at $1500 and the Shell at $400. Last December I applied the first of the month when I saw my CK go to 701. BAM! Instant approval for, get this: $7000!!! The only thing even close to that amount was my student loans.

 

If Chase can trust me, with no prior credit limit even close to that amount, with a $7000 limit on a Freedom (not even their premier card), then I think they'll trust you with a mimimum of $5000 on a CSP :smileyhappy: best of luck!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

EQ FICO 708 TU FICO 747 Credit Karma (TU) 776 Transrisk 799/990 Credit Sesame (EX) 754 Credit.com (EX) 753 VantageScore 3.0 712
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Question/Chances on CSP


whjc wrote:
So recently my 30 day late from PayPal fell off my credit report(Goodwill), about two weeks ago, and i'm starting to consider applying for the CSP.

First off, i've read numerous times Chase wants to see you with a $5000 credit line to even be considered the CSP but does it matter if its not on a prime card? I have a $5400 credit line on my HHGregg GE store card but I wasn't sure this applied.

Second, I was wondering what my chances are on getting the CSP. My credit profile is a little thin but I hope to get some inputs.

Heres a view of my credit
TU: 722
EX: 719
AAoA: 2years 11months

Income: $30k+

HHGregg GE: $0/$5400 - 2 years
Capital One Platinum: $0/$300 - 5 years
Barclay Apple: $162/$2200 - 2 years
Discover More: $29/$1000 - 5 months
BofA Cash 123: $77/$1200 - 5 years
AMEX ZYNC: $1547/NPSL - 6 months

Let me know if you need any more information!

Congrats on your GW! :smileyhappy:

 

It seems like you're borderline for CSP. I've read many posts of people being declined for CSP and then get Freedom or Slate. CSP has pretty high criteria for approval.

 

#1, Have you tried to CLI your current cards? You've had BOA, Discover and Apple for years. It seems like you could get a healthy CLI from them, even if it means a HP.

 

#2, Pay down your balances to zero on all cards except one. Your balances are low, but I saw my FICO plummet 14 pts when a $12 balance posted on a $2500 CL visa because I missed the pmt cut-off time and the stmt cut w/a bal. So, if you pay your Disover and BOA to 0, your FICO will probably go up maybe 20pts, is my guess. Also, I've noticed a difference based on the # of CCs reporting a bal vs the # of CCs you have. Since you have 4 out of 6 CCs reporting, that's a high ratio. So you may notice an even higher FICO increase.

 

#3, Be sure you're looking at the REAL FICO and not a FAKO.

 

#4, Wait for your CLIs and 0 bals to post to your CR and re-check your FICO. (I have ScoreWatch, so I get this automatically and don't need to pay to repull my FICO.)
 

With higher CLs and FICO, I think you 'll stand a decent chance.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
0

Re: Question/Chances on CSP

^^^^^^^^^^^ what she said 


GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
0

Re: Question/Chances on CSP

Like the others, I think your chances of getting the card instant approved are low. You might do better on recon, but that leads to a question:

 

Why do you want this card? With 30k in income, it is going to be a struggle to run enough through the card just to offset the annual fee. If you have a job that requires a lot of travel or dining out that your company reimburses, then this card makes sense (and should get you approved on recon). But otherwise this doesn't seem like a great choice long term. What the CSP does really well is accumulate points that can be converted into airline miles or hotel points. Are you traveling enough that being able to top off your hyatt or united accounts is useful? Do you spend much time overseas, where the no FTF feature can really help?

 

Honestly, most people are better off with cash back cards than miles cards unless they are accumulating enough butt in seat miles outside of credit card spend that they can leverage the card miles effectively. Why not look at the freedom, bce, etc.?

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Valued Member
iloverewards
Posts: 65
Registered: ‎12-30-2012
0

Re: Question/Chances on CSP

[ Edited ]

I'm new to all this so not as knowledgable as many others here, but I just wanted to share my recent CSP app.

 

I applied on 12/19/12 with a 747 Experian, 40K income, and no credit cards with CLs over 5K. My highest CL was like 3200.  I had high utilization on my best buy and medium utilization on my discover. Other than that, the rest of my 10K of available credit across various cards had no balance (total utilization ~12% per KC). I was instantly approved for 5K. However, I was on a small app spree and had just been approved for 10K with a cap one venture minutes earlier but I don't think chase could've seen that yet since the did the apps back to back. that's just my theory. I feel like your numbers aren't that far off from mine so maybe you have a shot?

Chase Sapphire Preferred | Freedom | IHG Rewards Club
Citi Dividend | Simplicity | AAdvantage
Discover It
Capital One Quicksilver
Amex Blue Cash
Barclay Arrival | NFL Extra Points
Bank of America Better Balance Rewards
US Bank Platinum Visa
Valued Contributor
jamesdwi
Posts: 1,905
Registered: ‎09-16-2011
0

Re: Question/Chances on CSP


Cdnewmanpac wrote:

Like the others, I think your chances of getting the card instant approved are low. You might do better on recon, but that leads to a question:

 

Why do you want this card? With 30k in income, it is going to be a struggle to run enough through the card just to offset the annual fee. If you have a job that requires a lot of travel or dining out that your company reimburses, then this card makes sense (and should get you approved on recon). But otherwise this doesn't seem like a great choice long term. What the CSP does really well is accumulate points that can be converted into airline miles or hotel points. Are you traveling enough that being able to top off your hyatt or united accounts is useful? Do you spend much time overseas, where the no FTF feature can really help?

 

Honestly, most people are better off with cash back cards than miles cards unless they are accumulating enough butt in seat miles outside of credit card spend that they can leverage the card miles effectively. Why not look at the freedom, bce, etc.?


+1

 

The income thing is what had me wondering,with a possible net income of 20k would make hte 5k CL rather pointless after you are done with any intro zero APR deals. But if someone else is paying the bills.. its understandible.  

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 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.

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