topic Re: CIP or CSR or CSP... 9 Hard Pulls... in Credit Card Applications

CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 20:29:53 GMT

Hey all,

I am new-ish in my credit journey and am looking for some direction. I have split goals here. 1) I want a business card at some point, but sooner the better 2) I also want points for travel.

but my credit history is aggressive. Credit Karma tells me the following

TransUnion: 724 Equifax:734

6% utilization

CL: 10,300 (Freedom 6,700 - Discover it - 3000 - QS 600)

9 AAoA (oldest line 1y 6m, newest line 3m)

4 Total Accounts (QS, Discover It, Freedom, and Mortgage)

9 Hard Inquiries (Last pull June 22nd, 4 are from last 365 days, 4 more before then)

The hard inquiries are my biggest concern here with going for the Ink Preferred. I am prequalified for the CSP, but I think I want the CSR for the travel credits and 1.5 transfer rate. Basically, how good of a shot do I have at the Ink Prefered, if not should I be safe going for the CSR over the CSP? Or do I wait till some of these hard pulls fall off?

Re: CIP or CSR or CSP... 9 Hard Pulls...

RSX — Fri, 04 Oct 2019 20:21:51 GMT

Look up Chase 5/24 before applying. There are threads on here that explain it

Re: CIP or CSR or CSP... 9 Hard Pulls...

CreditInspired — Fri, 04 Oct 2019 20:24:24 GMT

@Anonymous wrote:
Hey all,
I am new-ish in my credit journey and am looking for some direction. I have split goals here. 1) I want a business card at some point, but sooner the better 2) I also want points for travel.
but my credit history is aggressive. Credit Karma tells me the following
TransUnion: 724 Equifax:734
6% utilization
9 Mos average credit history (oldest line 1y 6m, newest line 3m)
4 Total Accounts (QS, Discover It, Freedom, and Mortgage)
9 Hard Inquiries (Last pull June 22nd, 4 are from last 365 days, 4 more before then)

The hard inquiries are my biggest concern here with going for the Ink Preferred. I am prequalified for the CSP, but I think I want the CSR for the travel credits and 1.5 transfer rate. Basically, how good of a shot do I have at the Ink Prefered, if not should I be safe going for the CSR over the CSP? Or do I wait till some of these hard pulls fall off?

Hi and welcome

First, get your FICO scores! Your CK scores doesn't tell us what your credit profile look like. IMHO, I think your chances at getting another Chase card is next to nil. Why? Your AAOA is too new and your inquiries are too numerous. Also, there are two thing you should worry about: (1) If you were to get an approval, it may be a toy limit, and (2) your Freedom could get shut down if you keep applying for credit.

Also, are there are any CCs in your pocket that exceed $5K CL because I think this is the SL for a CSP and Chase does not want to be the first one to give out a large limit. Let us know.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 20:29:18 GMT

@RSX wrote:
Look up Chase 5/24 before applying. There are threads on here that explain it

I should be under 5/24 because I only have 3 credit lines for cards. I was assuming mortgages don't count, but either way I'd still only be at 4/24. I'm only looking to add one card right now.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 20:28:50 GMT

@CreditInspired wrote:
@Anonymous wrote:
Hey all,
I am new-ish in my credit journey and am looking for some direction. I have split goals here. 1) I want a business card at some point, but sooner the better 2) I also want points for travel.
but my credit history is aggressive. Credit Karma tells me the following
TransUnion: 724 Equifax:734
6% utilization
9 Mos average credit history (oldest line 1y 6m, newest line 3m)
4 Total Accounts (QS, Discover It, Freedom, and Mortgage)
9 Hard Inquiries (Last pull June 22nd, 4 are from last 365 days, 4 more before then)

The hard inquiries are my biggest concern here with going for the Ink Preferred. I am prequalified for the CSP, but I think I want the CSR for the travel credits and 1.5 transfer rate. Basically, how good of a shot do I have at the Ink Prefered, if not should I be safe going for the CSR over the CSP? Or do I wait till some of these hard pulls fall off?
Hi and welcome

First, get your FICO scores! Your CK scores doesn't tell us what your credit profile look like. IMHO, I think your chances at getting another Chase card is next to nil. Why? Your AAOA is too new and your inquiries are too numerous. Also, there are two thing you should worry about: (1) If you were to get an approval, it may be a toy limit, and (2) your Freedom could get shut down if you keep applying for credit.

Also, are there are any CCs in your pocket that exceed $5K CL because I think this is the SL for a CSP and Chase does not want to be the first one to give out a large limit. Let us know.

Chase already gave me a $6,700 limit on the Freedom. They also Pre-qualed me for the Saphire Preferred. So I figured I'd have some shot at getting one of these three. Unless there Pre-qual isn't accurate. Also, why would you say that my Freedom could get shut down?

Re: CIP or CSR or CSP... 9 Hard Pulls...

CreditInspired — Fri, 04 Oct 2019 20:36:22 GMT

@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:
Hey all,
I am new-ish in my credit journey and am looking for some direction. I have split goals here. 1) I want a business card at some point, but sooner the better 2) I also want points for travel.
but my credit history is aggressive. Credit Karma tells me the following
TransUnion: 724 Equifax:734
6% utilization
9 Mos average credit history (oldest line 1y 6m, newest line 3m)
4 Total Accounts (QS, Discover It, Freedom, and Mortgage)
9 Hard Inquiries (Last pull June 22nd, 4 are from last 365 days, 4 more before then)

The hard inquiries are my biggest concern here with going for the Ink Preferred. I am prequalified for the CSP, but I think I want the CSR for the travel credits and 1.5 transfer rate. Basically, how good of a shot do I have at the Ink Prefered, if not should I be safe going for the CSR over the CSP? Or do I wait till some of these hard pulls fall off?
Hi and welcome

First, get your FICO scores! Your CK scores doesn't tell us what your credit profile look like. IMHO, I think your chances at getting another Chase card is next to nil. Why? Your AAOA is too new and your inquiries are too numerous. Also, there are two thing you should worry about: (1) If you were to get an approval, it may be a toy limit, and (2) your Freedom could get shut down if you keep applying for credit.

Also, are there are any CCs in your pocket that exceed $5K CL because I think this is the SL for a CSP and Chase does not want to be the first one to give out a large limit. Let us know.

Chase already gave me a $6,700 limit on the Freedom. They also Pre-qualed me for the Saphire Preferred. So I figured I'd have some shot at getting one of these three. Unless there Pre-qual isn't accurate. Also, why would you say that my Freedom could get shut down?

Because Chase doesn't like aggressive credit-seeking behavior.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 20:46:09 GMT

Cool, so what’s reasonable amount of time to wait until I look for another card?

Re: CIP or CSR or CSP... 9 Hard Pulls...

RSX — Fri, 04 Oct 2019 20:50:03 GMT

Maybe wait until that June one is 6 months +. So Jan 2020

Re: CIP or CSR or CSP... 9 Hard Pulls...

RSX — Fri, 04 Oct 2019 20:52:03 GMT

I appd a Chase Amazon in 2018. Then I appd a Chase United this March. This was before I found this site. I got both, but didn't know their rules, so I always like to make sure someone knows how serious Chase is

i have learned the same with UsBank.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 20:54:33 GMT

Awesome, I’m in no rush. I’d just like to capitalize on the rewards. That said, can you help me understand how the pre qualified stuff plays into this? It just seems wired that “best practice” is to wait when I have an offer on the table.

Re: CIP or CSR or CSP... 9 Hard Pulls...

RSX — Fri, 04 Oct 2019 21:00:17 GMT

Well I think Chase was telling you

you want the CSR. But they only pre qual'd you for the CSP. So wait until your HP's age and then see if there is a pre qual for what you really want.

I know they do PC but I think you have to wait 1 year. So you might as well get the card you want right from the start.

Re: CIP or CSR or CSP... 9 Hard Pulls...

addicted_to_credit — Fri, 04 Oct 2019 21:14:20 GMT

Honestly if chase says you pre qualify and it’s showing a solid interest rate you’re probably good to go. WITH THAT BEING SAID, chase does not like multiple apps/inquiries they could approve the card and the day it arrives in the mail, it and your freedom card could be shut down. There’s tons of threads on here about chase and the adverse action (AA) they take when they see something they don’t like. When you apply they are soft pulling your reports frequently even after you get the card. I’d recommend reading up on it before you pull the trigger and if you still want to roll the dice, well that’s up to you...

Good luck and welcome!

Couple of things:
Get your FICO scores, vantage scores are trash (credit karma, credit sesame....etc)

Specify what the inquiry’s are for - x amount auto, x amount credit card, x amount mortgage.... auto and mortgage inquiries allow for multiple pulls to be counted as 1 (14 day window I believe) even though each one shows on your credit report.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Fri, 04 Oct 2019 21:21:58 GMT

That’s super helpful. Thanks so much. That really helps me understand why I may not want to take a pre qual offer. Any other suggestions on a fair amount of time to wait until my next application?

Re: CIP or CSR or CSP... 9 Hard Pulls...

addicted_to_credit — Fri, 04 Oct 2019 21:33:05 GMT

The general rule of thumb is 6 months minimum, a lot of it is profile dependent, it doesn’t take much to shake up a thin file (new to credit) thicker files may be able to get away with a little more aggressive behavior. Credit is like the hare and the tortoise, be the tortoise and you’ll be fine.

Re: CIP or CSR or CSP... 9 Hard Pulls...

Anonymous — Sun, 06 Oct 2019 14:09:37 GMT

With Chase you can get "pre-qualified" or "pre-approved"... these are 2 different things. "Pre-qualified" is just an offer to apply for a card, this is similar to getting those offers in the mail. You have about the same chance of being approved as if you cold apped for the card. If you see "pre-approved" in the Just For You offers on the website, and the details show a specific CL and APR% (as opposed to a range of APRs), then you're pre-approved and it's (almost) a sure bet you'll get the card if you apply. Pre-approved offers can also bypass 5/24 in most cases, while pre-qualifications can still be denied for 5/24.

But in any case, I'd wait until your youngest account is over 6 months before attempting to apply. Longer is better, and if you can garden long enough to get most of those inquiries off your report that will improve your chances as well.

Sometimes you can get in-branch pre-approvals that don't show on the website. If there is a branch near you, give that a try when you're ready to go for a new card.

If you find you can't get CSR, get the CSP (it offers 60K UR points for $4k spend, compared to CSR's 50k points). Keep it for a year, and if its limit is 10k or higher (or you can get a CLI to this amount), you can then upgrade it to the CSR.