topic Re: CSR app in Credit Card Applications

CSR app

Anonymous — Mon, 22 Apr 2019 21:04:36 GMT

AMEX and Chase have been my two go to cards for the past few years. After 25 years with Amex, we had a disagreement (they didnt want to increase my total exposure by a measily $5k), so I decided to put my eggs in Chase basket, and apped for the CSR to replace Amex (Gold and HHonors). Got the "we will review and get back to you asap" message.

I have been with Chase over 15 years, have $67k in card limits ($0 balance due) between southwest and United cards (which I would consolidate into CSR), as well as checking and investment accounts. i'm even a chase stockholder ($100k in my holdings).

Hopefully they value my relationship with them?!

Re: CSR app

Anonymous — Mon, 22 Apr 2019 21:09:13 GMT

You should have no issues being approved (at worst, they'll want to move some CL over)

Re: CSR app

Remedios — Mon, 22 Apr 2019 21:36:42 GMT

@Anonymous wrote:
AMEX and Chase have been my two go to cards for the past few years. After 25 years with Amex, we had a disagreement (they didnt want to increase my total exposure by a measily $5k), so I decided to put my eggs in Chase basket, and apped for the CSR to replace Amex (Gold and HHonors). Got the "we will review and get back to you asap" message.

I have been with Chase over 15 years, have $67k in card limits ($0 balance due) between southwest and United cards (which I would consolidate into CSR), as well as checking and investment accounts. i'm even a chase stockholder ($100k in my holdings).

Hopefully they value my relationship with them?!

Regardless of your "relationship" with Chase, if your signature is correct, you have three maxed out cards.

I think that could harm your chances at the approval as lender will not only look at their own cards, but entire profile.

Those maxed cards are the reason Amex would not give you a CLI.

Re: CSR app

Anonymous — Mon, 22 Apr 2019 21:50:11 GMT

Remedios,

Yeah I was wondering if that was the reason. Such short sighted decision if that's the case. O% rate cards, so payments just reduce principal. I made almost $20k from those "maxed out cards". BT used to buy investments that have increase over 20% since I bought them! Will pay them off with cash once 0% rate matures.

Re: CSR app

simplynoir — Mon, 22 Apr 2019 21:57:13 GMT

@Anonymous wrote:
Remedios,

Yeah I was wondering if that was the reason. Such short sighted decision if that's the case. O% rate cards, so payments just reduce principal. I made almost $20k from those "maxed out cards". BT used to buy investments that have increase over 20% since I bought them! Will pay them off with cash once 0% rate matures.

Assuming that short sighted decision comment was directed at AMEX/Chase I don't see that at all the banks pulling your reports whether SP or HP don't see 0% rate cards they see high balances being reported month after month.

Re: CSR app

Remedios — Mon, 22 Apr 2019 22:11:28 GMT

@Anonymous wrote:
Remedios,

Yeah I was wondering if that was the reason. Such short sighted decision if that's the case. O% rate cards, so payments just reduce principal. I made almost $20k from those "maxed out cards". BT used to buy investments that have increase over 20% since I bought them! Will pay them off with cash once 0% rate matures.

I understand, but your CR does not clarify why cards are maxed. It appears the same whether we're talking about BT or inability to pay.

If you get a denial, try again once those cards are paid.

Also, your current app may bring some scrutiny on Chase's part as you've invited them to look closer at your report, so I'd watch those cards

Re: CSR app

Anonymous — Wed, 24 Apr 2019 09:11:33 GMT

Day 3 waiting to hear from CSR on my app, reminded me of some lyrics to a Tom Petty song:
"The waiting is the hardest part
Every day you see one more card
You take it on faith, you take it to the heart
The waiting is the hardest part".

Re: CSR app

Cred4All — Wed, 24 Apr 2019 11:34:26 GMT

Op I do hope you're approved, but like previously said, regardless of who/what/where/when/or why, that 100k of current balance in the signature should be a priority to pay down and ultimately off. Per signature and to the bank they see 85% Util, 88% Util, and 91% Util. We all know and it's almost religion that Chase can be quite the selfish non-sharing friend who invites you over, gives you a seat, but doesn't let you play with anyone else. Aside from that and if you're below 5/24, all is well with the world!

Re: CSR app

Anonymous — Wed, 24 Apr 2019 12:04:58 GMT

Cred4All: 100k?? I have $0 balances paying interest, and 3 cards I accepted a 0% offer and invested the cash, which has made me about $20k. I will not live my life by the rules, when I can make money off OPM!!

Btw, I have over $250k in cash and marketable securities to pay off those 0% cards when the rate expires in a few months. Until then, why would I pay back 0% before i need to??

Re: CSR app

Cred4All — Wed, 24 Apr 2019 12:11:39 GMT

I'm not saying I disagree with the 0% methodology, just that regardless of that the fact you're using it to your advantage which is great, that the banks will still see the high utilization on the balance on paper. Again, we're merely giving some data points as to what Chase likely sees and takes into consideration on a new card app.

23/27k DISCOVER MORE
22/25k BARCLAYS
20/22k BOFA SPIRIT

I use my Discover currently as the 0% card for things that come up and have no rush to move the balance sheet much on that either. That being said, I keep it well below 20-28% as to not adversely affect my score or profile. YMMV, but as long as one is not seeking more credit or loans, having those 0% APR balances isn't a big deal, especially with your profile. It becomes a big deal only when app'ing for another card, loan, etc.

Re: CSR app

Anonymous — Wed, 24 Apr 2019 13:34:26 GMT

I hear you. I just think the reliance on UTIL is too heavily weighted. Why give someone a line of credit/credit card, but then say "we really dont want you to use more than 10-20% of it!!" If that's the case I need each card to have $100k+ limit!

The past few years I've been in the garden using 0% offers to show high use. I'd invest the cash and at end of BT offer would repay and ask for CLI to get higher card limits.

Other than a car loan last year and Wells Fargo personal line this year, I havent app for new credit in almost 5 years. The CSR is my only app anytime soon (probably going to consolidate the Southwest and United cards as better rewards/flexibility thru CSR ). At some point I'll work on CLI from US Bank (but they hard pull), otherwise back in the garden I go.

Re: CSR app

Remedios — Wed, 24 Apr 2019 13:14:19 GMT

@Anonymous wrote:
Cred4All: 100k?? I have $0 balances paying interest, and 3 cards I accepted a 0% offer and invested the cash, which has made me about $20k. I will not live my life by the rules, when I can make money off OPM!!

Btw, I have over $250k in cash and marketable securities to pay off those 0% cards when the rate expires in a few months. Until then, why would I pay back 0% before i need to??

I dont think anyone here is telling you which rules to live by or when/how to pay off your cards.

The responses you're getting are simply in a context of applying while cards appear maxed out.

Re: CSR app

SarahJo — Wed, 24 Apr 2019 16:26:09 GMT

@Remedios wrote:
@Anonymous wrote:
Cred4All: 100k?? I have $0 balances paying interest, and 3 cards I accepted a 0% offer and invested the cash, which has made me about $20k. I will not live my life by the rules, when I can make money off OPM!!

Btw, I have over $250k in cash and marketable securities to pay off those 0% cards when the rate expires in a few months. Until then, why would I pay back 0% before i need to??

I dont think anyone here is telling you which rules to live by or when/how to pay off your cards.
The responses you're getting are simply in a context of applying while cards appear maxed out.

Yes, this is what I believe as well. If you make the comparison, an issuer looks at your profile at a glance, just like us here, who look at your signature stats. Your reasons for your numbers are your own, but just as we see "at a glance," than can be a decent reflection of the creditor decision, there are always always always exceptions. However, the companies have little time to consider the "why" and focus on digits. Find a system that works for you, as you seem you may have, but expect certain hiccups ;-) Hope all works out in your favor!

Re: CSR app

bourgogne — Thu, 25 Apr 2019 22:20:22 GMT

chase likes clean, I will be amazed if they approve you + you might cause them to look further into the exposure you have with them. hope I am wrong, good luck

Re: CSR app

UncleB — Mon, 29 Apr 2019 21:14:50 GMT

This thread is locked and closed to new messages.

The approval thread can be found here: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/CSR-Approved/m-p/5593544