topic Re: CSP/CSR Approval Odds (or WFP) in Credit Card Applications

CSP/CSR Approval Odds (or WFP)

Anonymous — Fri, 26 Jun 2020 19:20:14 GMT

(posted this in the wrong forum, apologies)

Been eyeing the CSP/CSR for a while.... got my util down to under 4% (of 93k), 72k annual income, 2 new cards in the last 24mo. (IKEA & Amex BCE)

My only worry is HP's - I refinanced at the beginning of the year and have 2 pulls from home loans (all within a day of each other)

I have:

(2) HP's - Ikea, Amex

(2) HP's - related to homeloan/refi

(2) from BofA - I'm not sure what these were, they were a while ago - one was due to fall off June 11th

(1) from SBA - for a small business loan that has not gone through or been accepted.

Zero Derogatory marks.

Last pull of scores:EX 789, TU 811, EQ 772

Thoughts? Should I wait til more HP's fall off and do the CSP/CSR in spring of next year when i'll be down to 3HP's? Or do they weight them that much...

Alternately, I was thinking about applying for WFP card...

Re: CSP/CSR Approval Odds (or WFP)

Anonymous — Fri, 26 Jun 2020 19:49:31 GMT

I should add (esp with CSR being a min 10k) - I have one card over 10k currently that's mine, BOFA @ 12.5k, my next highest are Ikea cobranded at 9k and a citi card at 5.5k, Discover at 4.8k.

If I apply for reserve and am not approved, would they recon me for a prerred w/out another hp?

Re: CSP/CSR Approval Odds (or WFP)

Credit4Growth — Fri, 26 Jun 2020 21:27:25 GMT

Summation of my opinion, Yes 😀

go for the CSR!

FYI, Chase does recons...

1 recon per app, & their decisjon is final.

👍Score are great for an approval. - Check

😉Having Util paid down is always good and should help with DTI. - Check

🤔Inquiries may not mean as much but they yours seem a little high (in my opinion)...

You did not list how many per bureau nor give a date when any fall off.

You mentioned being 2/24 with 4 inquiries from earlier this year with just those in the past 90-180 days you should be fine however this is a more restricted banking environment we are currently in.

**Your own history/profile should help tip things in your favor verse your worry of the number current inquiries. You have years of history, OT payments and apparently at least a decent mix.

You should be pleasantly approved!** 👍

For your consideration let's get a few questions out of the way.

1. How long have you had the BofA card?

2. How long (months or years) has its limit been at or over $10K? - with everything else you have mentioned, and if the limit has been over $10K for 6 months or more I would pull the trigger if this as my next goal card.

3.IF and Only If you Must apply now but still have wavering concerns, would you consider the CSP, at least for 1yr?

- I don't know if you totally ruled it out.

Bottom line comparison for the next 60-90 days if your not traveling much within that time period...

(a) Extra shopping multiplier for both cards (groceries/redemption or something)...

(b) SUB similar.

Edited to clarify

Re: CSP/CSR Approval Odds (or WFP)

Anonymous — Mon, 29 Jun 2020 00:49:47 GMT

@Credit4Growth wrote:
Summation of my opinion, Yes 😀
go for the CSR!

FYI, Chase does recons...
1 recon per app, & their decisjon is final.

👍Score are great for an approval. - Check - EX just went up to 802; I now have two scores of three in the 800's -- I'm so proud of this. (my credit was in the low 500's about 8 years ago)
😉Having Util paid down is always good and should help with DTI. - Check down to 2%

🤔Inquiries may not mean as much but they yours seem a little high (in my opinion)...
You did not list how many per bureau nor give a date when any fall off. - the higher is with experian, TU & EQ show only 1 oddly. One will fall of my EX this moth. ANother in December.

You mentioned being 2/24 with 4 inquiries from earlier this year with just those in the past 90-180 days you should be fine however this is a more restricted banking environment we are currently in.

**Your own history/profile should help tip things in your favor verse your worry of the number current inquiries. You have years of history, OT payments and apparently at least a decent mix.

You should be pleasantly approved!** 👍

For your consideration let's get a few questions out of the way.

1. How long have you had the BofA card? Opened in 2016, 7k limit, bumped to 12.5k about a month ago.
2. How long (months or years) has its limit been at or over $10K? - with everything else you have mentioned, and if the limit has been over $10K for 6 months or more I would pull the trigger if this as my next goal card.

3.IF and Only If you Must apply now but still have wavering concerns, would you consider the CSP, at least for 1yr?
- I don't know if you totally ruled it out. I haven't, but if I do the CSP, can I "upgrade" to the CSR?

Bottom line comparison for the next 60-90 days if your not traveling much within that time period...
(a) Extra shopping multiplier for both cards (groceries/redemption or something)...
(b) SUB similar.
(c) Big difference in annual fee - I don't think your too concerned about this if you truley desire the CSR.

Edited to clarify

Re: CSP/CSR Approval Odds (or WFP)

Credit4Growth — Mon, 29 Jun 2020 01:12:05 GMT

@Anonymous

I had really hoped you would have provided additional information.

Banks have tightened up recently. It is probably true your ods will be better in a few months when some inquiries have dropped off - you did not list how many per CRB. that could have helped given that your choice of cards are from two very conservative FI's.

Honestly, I habe been wondering since the OP, what is with these 3 particular cards? They do have similar point catagories so let us know which categories matterthe most to you.

Where, if not one but 2 categories do you believe you will gain the most from your current and future spending patterns?

I really do hope that answering the last question will help you narrow down a card.

I believe your odds are currently about the for the CSP/WFP... without gaining abit more info from you. That said, CSP/WFP odds are greater in your favor than the CSR at this point

Re: CSP/CSR Approval Odds (or WFP)

Anonymous — Mon, 29 Jun 2020 12:28:17 GMT

Good Morning,

I did supply additional information - I replied after your questions. I was on my phone and the browser wasn't cooperating so I just didn't make it diff colors, I've bolded/edited below for clarification.

Also to add, my AAoA is 4.8 years; oldest is 9 years.

👍Score are great for an approval. - Check - EX just went up to 802; I now have two scores of three in the 800's -- I'm so proud of this. (my credit was in the low 500's about 8 years ago) EQ is 785, TU is 811

😉Having Util paid down is always good and should help with DTI. - Check down to 2%

🤔Inquiries may not mean as much but they yours seem a little high (in my opinion)...

You did not list how many per bureau nor give a date when any fall off. - the 7 are with EX; TU & EQ show only 1 oddly. One will fall of my EX this month. Another in December. Two more in April/May 2021.

You mentioned being 2/24 with 4 inquiries from earlier this year with just those in the past 90-180 days you should be fine however this is a more restricted banking environment we are currently in.

**Your own history/profile should help tip things in your favor verse your worry of the number current inquiries. You have years of history, OT payments and apparently at least a decent mix.

You should be pleasantly approved!** 👍

For your consideration let's get a few questions out of the way.

1. How long have you had the BofA card? Opened in 2016, 7k limit bumped to 12.5k about a month or two ago.

3.IF and Only If you Must apply now but still have wavering concerns, would you consider the CSP, at least for 1yr?

- I don't know if you totally ruled it out. I haven't, but if I do the CSP, can I "upgrade" to the CSR at some point? I know you can't have more than one Sapphire product.

Bottom line comparison for the next 60-90 days if your not traveling much within that time period...

(a) Extra shopping multiplier for both cards (groceries/redemption or something)...

(b) SUB similar.

Edited to clarify

Re: CSP/CSR Approval Odds (or WFP)

Anonymous — Fri, 03 Jul 2020 13:07:29 GMT

So I decided to start with the Freedom Unlimited since I can transfer points. I thought it better to get established with chase, plus with travel kind of on the halt right now... And several HPs falling off by end of year. I will try for CSR end of this year.

I applied for CFU last night and got a decision pending. Called, it said 2 weeks. This morning I called again and to my surprise, I was approved at 14.99% with a $13,700 line!

Re: CSP/CSR Approval Odds (or WFP)

Remedios — Fri, 03 Jul 2020 13:57:59 GMT

Congrats!

This thread is now locked, feel free to start approval thread in the Approvals forum.