topic Re: Question About CSP in Credit Card Applications

Question About CSP

Anonymous — Thu, 30 Jun 2016 13:17:41 GMT

I just recently decided to get my first credit card. I will be making a car purchase soon and figured I could put part of the downpayment on my new card and rack the rewards.

I've been reading some other blogs and though I'd post my situation to see what everyone thinks.

My 3 credit scores are in the 710-760 range. I have never had a personal credit card, but have been an authorized user on my dad's cards for many years. His history dates 30+ years with an average of 16 years. I presume my credit scores are driven by his very healthy credit. I have only had one hard pull (from Comcast). I'll be starting a new job with a Big 4 Accounting firm in a month, making 51K. I have been banking with Chase for 5 years.

After looking around my dream card was the CSP, but it seems like a longshot. I checked prequals and did not have any offers, although they said it may be beacuse I opted out of offers (I don't recall ever doing that). If they truly do count my dad's credit as mine (since I'm an authorized user), then I should have most of the boxes checked off. I decided to apply, and got the wait 30 days email response.

My second favorite card (non-Chase) was the Amex BCE. I went to Amex website and was prequaled for the BCE, American Express Everyday, and American Express Everyday Preferred. Applied immediately for BCE and got approved with a 1K CL and an intro offer of $250 after first $1k spent.

My question, if I was approved for an AMEX BCE, what are the odds I am also approved for the CSP? Is there any number I can call to improve my odds? Thanks for all the advice!

Re: Question About CSP

CreditCuriosity — Thu, 30 Jun 2016 13:28:49 GMT

IMO you have a good shot with the Amex in your case you want the BCE along with Discover. The problem with you having no personal credit or credit cards ever in your name although an AU is just that you don't really have history, just AU history and that has indeed helped your score, but you have yet to prove yourself. This is where the problem lies with the CSP. Sure you could try, but most likely you would be declined as this is a Visa Signature card with a min CL of 5k. Chase "typically" likes to see a year of credit before offering you a card of theirs, especially the CSP. Others might have different feelings, but if I were you I would apply for the Amex BCE if that is what you want and you most likely will be approved and possibly go for the Discover card which most likely you would be approved for as well and then garden for 6 months and check back with Chases website monthly until the CSP appears and then grab it at that time whether it is 6 months to a year. Pre-qualification sites are never guaranteed, but Chase's is pretty solid. Amex you shouldn't have a problem with as they like thin and clean profiles. Best of luck if you move forward in whatever way you choose!

Edit: BTW, welcome to the forums.

Re: Question About CSP

Anonymous — Thu, 30 Jun 2016 13:58:10 GMT

Thanks for the advice. Assuming this first app is denied, should I call recon? If so what is a good strategy to use?

Re: Question About CSP

CreditCuriosity — Thu, 30 Jun 2016 14:07:05 GMT

@Anonymous wrote:
Thanks for the advice. Assuming this first app is denied, should I call recon? If so what is a good strategy to use?

Are you referring to Amex or CSP? Amex doesn't really recon and honestly don't think you would have to recon as it should yield and approval.. With regards to CSP if you apply and are declined although as stated I would wait on the CSP then obviously I would recon which you have 30 days to do with the same HP. I would honestly hold off on that particular card though or Chase overall for now until you get some history of your own under your belt

Re: Question About CSP

Anonymous — Thu, 30 Jun 2016 14:20:46 GMT

I would apply for the CSP right now. I applied back in Feb when my scores were right around 700 and was instantly approved. That was my first credit card but I did have a healthy credit history with a mortgage, auto loans current and paid off. I also bank with chase which I believe made a huge difference.

Re: Question About CSP

Anonymous — Thu, 30 Jun 2016 14:43:58 GMT

Thanks for sharing your experience. I've sent in the application (I actually did yesterday). But I wasn't instantly approved. Waiting to hear back but they said it could take 30 days and the only way I'll know is via snail mail. Is there a phone number to call and check on the status of the application? Thanks!

Re: Question About CSP

CreditCuriosity — Thu, 30 Jun 2016 15:26:58 GMT

Can call this automated system and follow the prompts to check the automated status, at this point I would avoid talking to a CSR and/or UW.

800-436-7927

If it say two week message or 30 day it is being reviewed. If it says 7-10 days by automated phone most likely a denial. After checking I would suggest waiting it out and checking the # daily or every few days to see if it changes. Phone system kinda gives away the current status of the application.

Re: Question About CSP

RonM21 — Thu, 30 Jun 2016 21:23:08 GMT

And try to be patient because the 30 days have yielded some nice approvals, not always denials. Best of luck.

Re: Question About CSP

Anonymous — Thu, 21 Jul 2016 15:21:47 GMT

Sorry, forgot my login so had to make a new account. I am the OP. As an update, I was denied for the CSP. I recon'd and was told that there were two reasons I wasn't approved. 1) I don't have enough credit history although he said that in and of itself wasn't enough to deny me. 2) The main reason was that he said I didn't make enough to warrant a minimum $5K CL card. That's a fine enough reason although I disagree. I make $51K in a small market city and have a nice rainy day fund built up with Chase (I've been banking with them for 5 years now, both checking and savings). But I wasn't going to argue with the man. I thanked him politely and hung up.

The guy said that my profile looked good enough to apply for most any other of their cards though. I thought I better get in with Chase, plus I like the bank, so I decided to app for the FU and figured I could accumulate UR there until I could get the CSP.

I applied and got approved after a fraud call. But here's the kicker: my CL is $10K. How can this be possible? If I can get a $10K CL with the FU, how come I can't get a $5K CL with CSP? Is there a difference in the risk of the two cards so they're willing to exte3nd more credit with FU??

I'm confused, need some advice from some of you veterans. Thanks in advance.

Re: Question About CSP

Anonymous — Thu, 21 Jul 2016 15:44:13 GMT

@Anonymous wrote:

I applied and got approved after a fraud call. But here's the kicker: my CL is $10K. How can this be possible? If I can get a $10K CL with the FU, how come I can't get a $5K CL with CSP? Is there a difference in the risk of the two cards so they're willing to exte3nd more credit with FU??

The empirical evidence we have from your story would suggest yes for the bolded. The FU's 1.5% back on everything is not a top-line rewards but the effective 2.25% back on the CSP along with the awesomeness of the UR would potentially attract higher risk people. At the end of the day, none of us really know what/why Chase is thinking. We just see the results. Use the Freedom Unlimited well and you'll be rewarded. I was like you a year ago (not even an AU history actually) and now am able to qualify for most cards out there. Also your strong history with Chase contributes to the high CL as well, they seem to treat them well. My SO (strong AU history, nothing else) also has a strong history with Chase through her dad and got $3k more CL than I did on the normal Freedom.

As a side note, if you're not spending $5000+ on travel/dining, you wouldn't even make enough back on the CSP to make up for the annual fee, so maybe you're better off without it!

Re: Question About CSP

Anonymous — Thu, 21 Jul 2016 16:13:43 GMT

P.S. I would recon CSP a second time even though you already got the FU. Never know what another senior analyst might say!

Re: Question About CSP

SouthJamaica — Thu, 21 Jul 2016 17:24:13 GMT

@Anonymous wrote:
Sorry, forgot my login so had to make a new account. I am the OP. As an update, I was denied for the CSP. I recon'd and was told that there were two reasons I wasn't approved. 1) I don't have enough credit history although he said that in and of itself wasn't enough to deny me. 2) The main reason was that he said I didn't make enough to warrant a minimum $5K CL card. That's a fine enough reason although I disagree. I make $51K in a small market city and have a nice rainy day fund built up with Chase (I've been banking with them for 5 years now, both checking and savings). But I wasn't going to argue with the man. I thanked him politely and hung up.

The guy said that my profile looked good enough to apply for most any other of their cards though. I thought I better get in with Chase, plus I like the bank, so I decided to app for the FU and figured I could accumulate UR there until I could get the CSP.

I applied and got approved after a fraud call. But here's the kicker: my CL is $10K. How can this be possible? If I can get a $10K CL with the FU, how come I can't get a $5K CL with CSP? Is there a difference in the risk of the two cards so they're willing to exte3nd more credit with FU??

I'm confused, need some advice from some of you veterans. Thanks in advance.

You're giving them too much credit for rationality.

Give it 6 months, take good care of your Freedom Unlimited card, and I'm sure you'll be able to get the CSP card down the road.

Re: Question About CSP

jawbrkr — Sun, 24 Jul 2016 15:54:39 GMT

@Anonymous wrote:
Sorry, forgot my login so had to make a new account. I am the OP. As an update, I was denied for the CSP. I recon'd and was told that there were two reasons I wasn't approved. 1) I don't have enough credit history although he said that in and of itself wasn't enough to deny me. 2) The main reason was that he said I didn't make enough to warrant a minimum $5K CL card. That's a fine enough reason although I disagree. I make $51K in a small market city and have a nice rainy day fund built up with Chase (I've been banking with them for 5 years now, both checking and savings). But I wasn't going to argue with the man. I thanked him politely and hung up.

The guy said that my profile looked good enough to apply for most any other of their cards though. I thought I better get in with Chase, plus I like the bank, so I decided to app for the FU and figured I could accumulate UR there until I could get the CSP.

I applied and got approved after a fraud call. But here's the kicker: my CL is $10K. How can this be possible? If I can get a $10K CL with the FU, how come I can't get a $5K CL with CSP? Is there a difference in the risk of the two cards so they're willing to exte3nd more credit with FU??

I'm confused, need some advice from some of you veterans. Thanks in advance.

I can understand your confusion. It makes no sense why they would approve you for a $10K Freedom Unlimited but deny you for a $5K CSP. We will never fully comprehend how these credit card issuers work or what the underwriting process takes into consideration. What you can do is, after 1 year, convert your FU to a CSP if you really want the card and avoid a HP. But the downside if you do it this way, you will forfeit any signup bonus that comes with applying.

Re: Question About CSP

Anonymous — Sun, 24 Jul 2016 16:36:30 GMT

I would call recon again. Explain to them that you were just approved the CFU for 10k and that you'd like te CSP to take advantage of the UR program. If they still don't approve then you can offer up some of the CL from your CFU. I've heard that Chase can be willing to transfer CL to approve you for another card. Offer them 5k from your new CFU to open the CSP at 5k. Good luck!

Re: Question About CSP

Anonymous — Sun, 24 Jul 2016 20:57:59 GMT

@Anonymous wrote:
I would call recon again. Explain to them that you were just approved the CFU for 10k and that you'd like te CSP to take advantage of the UR program. If they still don't approve then you can offer up some of the CL from your CFU. I've heard that Chase can be willing to transfer CL to approve you for another card. Offer them 5k from your new CFU to open the CSP at 5k. Good luck!

Great suggestion. Many banks are willing to do credit transfers for new products but perhaps the CSP is an exception because of the great rewards. Try it and let us know OP!

Re: Question About CSP

Anonymous — Tue, 26 Jul 2016 04:41:36 GMT

They offered to split my CL from CSP to open FU in the reverse situation so definitely give that a shot.

Re: Question About CSP

Anonymous — Tue, 26 Jul 2016 21:36:55 GMT

@Anonymous wrote:
They offered to split my CL from CSP to open FU in the reverse situation so definitely give that a shot.

This just worked for me as well. Auto offer to transfer CL from Freedom to FU after being denied the FU initially (2 apps 2 weeks within each other)