topic Re: Journey to CSP in Credit Card Applications

Journey to CSP

Anonymous — Sun, 03 Jul 2016 04:21:49 GMT

I'm no where near to being approved for CSP, and I'm asking the community to help me achieve my goal. This is my current financial situation:

* I have a revolving debt of 7600 - I'm on track to be PIF by april 2017 and 400 bofa that will clear by then end of July

* I have QS that I use for monthly expenses, and always PIF

What should I do? what are my options?

I thought I should wait until 2017 and app cold turkey or should I app for freedom unlimited on the 1 year mark of my oct 2015 inquiries, garden for a year, and see where I stand then?

Re: Journey to CSP

thummel — Sun, 03 Jul 2016 04:49:35 GMT

My first thought is where do you stand by the chase 5/24 rule? Meaning how many accounts have you opened in the last 2 years? Specifically credit cards.

Re: Journey to CSP

Anonymous — Sun, 03 Jul 2016 07:12:11 GMT

1 Cap QS

Re: Journey to CSP

SouthJamaica — Sun, 03 Jul 2016 12:14:38 GMT

@Anonymous wrote:
I'm no where near to being approved for CSP, and I'm asking the community to help me achieve my goal. This is my current financial situation:
* I have a revolving debt of 7600 - I'm on track to be PIF by april 2017 and 400 bofa that will clear by then end of July
* I have QS that I use for monthly expenses, and always PIF
What should I do? what are my options?
I thought I should wait until 2017 and app cold turkey or should I app for freedom unlimited on the 1 year mark of my oct 2015 inquiries, garden for a year, and see where I stand then?

No one can give you an answer to your question without more information:

1. Describe the breakdown of the revolving debt, including limits and balances

2. Are you paying the QS down before statement cut or after statement cut?

3. Do you have any installment loans out there? If so what is starting amount & present balance?

Re: Journey to CSP

driftless — Sun, 03 Jul 2016 12:55:08 GMT

I would pick up a second credit card and use it responsibly. I am thinking of a Chase Freedom or Chase Freedom Unlimited as a first choice as they would go well with your eventual CSP. Check the Chase pre-qualified site on a regular basis to see if there are any offers. If you are approved for either card I would use it regularly for 6 months before applying for the CSP. IMHO, YMMV. Good luck!

Re: Journey to CSP

RonM21 — Sun, 03 Jul 2016 21:24:43 GMT

Without knowing more detailed info I'd try to get that utilozation down sooner, just to give yourself more time to grow before then. I think you want to see your scores come up more also, and doing that would help.

What was your plan for paying down that debt?

Re: Journey to CSP

Anonymous — Mon, 04 Jul 2016 04:00:20 GMT

It looks like I'm gonna have to garden until april 2017.