Journey to better credit and CSP

[IwantCSP]

I applied for a CSP and was denied a little over a month ago and that's when I came here. I've learned a whole lot from all of you and I'm hoping this thread/topic can be my rebuilding topic where others can let me know if what I've done is right or wrong.

My starting credit score 601 (Transunion, vantagescore)

I had a couple lates 30 days for Target, couple 30 days for Capital One, 90 day late for Nelnet Student Loans, 90 day late for ACS Student Services.

All my credit cards were maxed out because I thought it didn't matter what the balance was as long as I paid it on time - I was even told that you want to leave a balance so that the credit card companies make money off the interest and they'll love you even more. (boy was that wrong)

I applied for Barclay (denied), Citibank (denied), Chase (denied), Amex (denied), Discover (denied) - all last month.

So I've paid off all but one of my credit cards and managed to get a GW removal for Nelnet Student Loans but the other GWs have returned as "accurate reporting". 

My current scores -   644 Transunion, 656 Equifax, 651 Experian.

I have the following cards:

Target Store Card - $200 limit

Capital One Platinum Visa - $1,500

Credit One Bank Visa - $1,300

JCREW Store Card - $250 (one month old)

Buckle Store Card - $250 (one month old)

Express Store Card - $1,400

All cards opened in 2008-2009

What do you guys recommend that I do now so that I can go towards the CSP? 

[IwantCSP]

In my need for an approved to show up on the screen - I applied for a capital one secured mastercard and was approved for $49 deposit for $200 credit line. I want to keep depositing every once in awhile and get that up to a $3,000 credit line since it reports as unsecured - im hoping this will be good for future cards.  Either way, it'll be like a savings account for me.

[frogmiller]

Thanks for posting here, and welcome. I am in the same boat as you, having been denied for a Chase Sapphire Preferred in January, 2014. When I was denied, I called the reconsideration line, and they were very helpful. The one thing that the representative told me is that, since Chase Sapphire is a "Visa Signature Card", which comes with certain concierge privileges and a minimum $5000 limit (for any Visa Signature card), that they want to see experience, or responsible handling, of a credit card line with a similiar balance. 

Unfortunately, at the time I applied I had only one card - a secured Capital One card, with a $900 credit limit, which I have since increased to $1300.  After that conversation, I applied for, and was approved for, cards with a limit of $3,000, and I intend to work that higher if possible with responsible use for six months and then try again.

So, my strategy, and I think my recommendation to you, is to work your existing cards, and try to get a credit limit increase up to $5000 on any one card. That, plus low utilization, and no missed payments, should put you where you want to be for this card. 

Also, the average between the lowest approval score and the average approval score for the CSP is 717, so that's probably a number you want to shoot for.  All the best on your credit journey!

[IwantCSP]

Yeah i dont think ill get big credit limit increases with my current cards so I'm thinking of making the secured one a 3k limit so that future card would be around that amount or higher. 

[IwantCSP]

Just checked my credit report again and Nelnet started reporting it late again!!! Is this even allowed?!  

[IwantCSP]

Applied for a Chase Amazon card and was denied, called recon and they said that I have lates all spread out through 3 years from different accounts. They aren't able to extend me any credit limits across any card because their minimum is $500.

Well this sucks. I can't seem to GW any of the lates because apparently the ones I have lates on are the ones that almost NO ONE can get removed.

[DaveSignal]

Why do you want CSP?  Is it for the no foreign transaction fee?  or the travel + dining rewards?  or the point transfers to travel partners?

I think a good first goal is to build a positive history on the cards that you currently have.  If you need no ForEx, SDFCU offers a secured card that has that benefit + no AF + EMV + it earns rewards points.

[IwantCSP]

To be honest, its the metal of the card. I feel like the CSP with my current credit profile would be a good goal point -- achieve csp and im where i need to be.

I got the capital one secured because it doesnt report as secured, do you know if the SDFCU reports as secured?

[DaveSignal]

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@IwantCSP wrote:

To be honest, its the metal of the card. I feel like the CSP with my current credit profile would be a good goal point -- achieve csp and im where i need to be.

I got the capital one secured because it doesnt report as secured, do you know if the SDFCU reports as secured?

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I don't know, since I don't have one.  I don't think it really matters though.  Lenders don't care if your loans are backed by assets (like a car) or a cash deposit.  They just want to see that you make your payments on time.

But I don't think getting a CSP because it is metal is a good reason if you aren't going to use the travel rewards and are going to be charged an annual fee every year (which I have heard rumors that it could be going up to $149).