topic Re: Looking for 2nd Card. CSP/Venture chances?? in Credit Card Applications

Looking for 2nd Card. CSP/Venture chances??

Anonymous — Sun, 04 Oct 2015 05:06:48 GMT

Hello,

I'm looking into getting a second credit card mainly to build credit, and also because I don't like my current card's rewards. I currently have a Discover It card with a 5k limit that's about 10 months old with no negatives. No other credit history.

The big reason why I want to change cards is because I realized that the discover rotating categories are not that great. Most of my money is spent on restaurants/food and travel. Also, since I don't own a car, when the category switches to gas, I get 0 benefit from using Discover over any other cash back card. I've actually calculated my ytd cash back percentage at 1.3%, which I feel like I could do better than.

The other reason is that I recently moved half way across the country for work and plan to visit home every now and then, so having a travel card would be nice. My friend recently recommended the Chase Sapphire Preferred card since you get double points on travel and restaurants which I think I spend most of my money on.

And the sign up bonus for CSP/Venture sounds really nice.

My transunion score (from discover) is around 710 (Just dropped last month from 750 since my utilization was too high, but I just got my credit limit increased to 5k from 2k, so that won't be a problem anymore)
The other two are around 20 points higher than my fico so around 730 probably

I spend around 1.5-2k a month. Rent is around 900 and income is >50k.

What do you think my chances are for getting the CSP or Cap1 Venture (not Venture one)? Or any other advice/comments?
Thanks!

Re: Looking for 2nd Card. CSP chances??

Anonymous — Thu, 01 Oct 2015 02:24:13 GMT

check the prequal site and see what's there

what's your AAoA? they like a few years of credit card experience for the CSP

Re: Looking for 2nd Card. CSP chances??

Anonymous — Thu, 01 Oct 2015 02:32:35 GMT

@Anonymous wrote:
check the prequal site and see what's there

what's your AAoA? they like a few years of credit card experience for the CSP

I already did the prequal and didn't prequal for anything, so it seems CSP is unlikely. As for my AAoA, since my Discover card is the only form of credit I've ever had, itAAoA would be ~10 months.

What other cards with similar travel rewards/sign bonus would be recommended? Preferably VISA. Thanks again!

Re: Looking for 2nd Card. CSP chances??

Anonymous — Thu, 01 Oct 2015 02:35:16 GMT

travel cards are typically a little harder to get, and with your situation, it'll be a bit of a challenge but not to say it's impossible. i just think 10 months is a little short.

there are some cash back cards you can get that can be a temporary fix for the next year or two until you get solid history though

Re: Looking for 2nd Card. CSP chances??

Anonymous — Thu, 01 Oct 2015 02:40:43 GMT

@Anonymous wrote:
travel cards are typically a little harder to get, and with your situation, it'll be a bit of a challenge but not to say it's impossible. i just think 10 months is a little short.

there are some cash back cards you can get that can be a temporary fix for the next year or two until you get solid history though

Do you have any thoughts on the Citi Double cash card and the capital one quicksilver rewards (VISA) card? I figure if I get another cash back card, it has to be a flat rate card.

Also if anyone else has any comments on the CSP or cash back cards, they would be greatly appreciated. Thanks!

Re: Looking for 2nd Card. CSP chances??

Anonymous — Thu, 01 Oct 2015 02:53:28 GMT

i know citi likes clean reports but idk how thick or thin files need to be so hopefully we get some more input here soon. QS is a possibility

Re: Looking for 2nd Card. CSP/Venture chances??

Discover2016 — Thu, 01 Oct 2015 23:27:45 GMT

I got my Sapphire Preferred at only 10 months of credit history, so you don't always need a few years of credit history.

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Thu, 01 Oct 2015 23:29:22 GMT

@Discover2016 wrote:
I got my Sapphire Preferred at only 10 months of credit history, so you don't always need a few years of credit history.

Whoa. Do you mind sharing other info about your credit profile when you were approved? That is encouraging, regardless!

Re: Looking for 2nd Card. CSP chances??

Discover2016 — Thu, 01 Oct 2015 23:31:03 GMT

@Anonymous wrote:
@Anonymous wrote:
travel cards are typically a little harder to get, and with your situation, it'll be a bit of a challenge but not to say it's impossible. i just think 10 months is a little short.

there are some cash back cards you can get that can be a temporary fix for the next year or two until you get solid history though
Do you have any thoughts on the Citi Double cash card and the capital one quicksilver rewards (VISA) card? I figure if I get another cash back card, it has to be a flat rate card.

Also if anyone else has any comments on the CSP or cash back cards, they would be greatly appreciated. Thanks!

I also got my Citi DC with 10mo of credit history, it's a great card and one of my fav. The only way to know honestly is to just apply for CSP/DC and see what happenes. That's what I did, I never thought I could get a CSP, then I just applied and was approved.

Re: Looking for 2nd Card. CSP/Venture chances??

Discover2016 — Thu, 01 Oct 2015 23:35:59 GMT

@Anonymous wrote:
@Discover2016 wrote:
I got my Sapphire Preferred at only 10 months of credit history, so you don't always need a few years of credit history.
Whoa. Do you mind sharing other info about your credit profile when you were approved? That is encouraging, regardless!

Sure I will be glad to help. When I applied for my Sapphire I had 6 inquiries, util was 12% and my oldest account was 10 months old at the time. I also didn't have any credit line above $5,000. So it's not necessary to have a large credit line to get Sapphire which is minimum $5,000.

Re: Looking for 2nd Card. CSP/Venture chances??

Discover2016 — Fri, 02 Oct 2015 00:20:17 GMT

Did you apply?

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Fri, 02 Oct 2015 00:26:14 GMT

@Discover2016 wrote:
Did you apply?

Not yet.
I think I'm going to wait a few weeks for my current billing period to end with my newly raised credit limit to see what happens to my credit score and most likely apply then.

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Fri, 02 Oct 2015 00:32:55 GMT

@Anonymous wrote:
@Discover2016 wrote:
Did you apply?
Not yet.
I think I'm going to wait a few weeks for my current billing period to end with my newly raised credit limit to see what happens to my credit score and most likely apply then.

This is a good plan. I'm curious, though. You have nothing in your report besides the Discover? No loans? No closed accounts? Nothing?

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Fri, 02 Oct 2015 00:36:15 GMT

@Anonymous wrote:
@Anonymous wrote:
@Discover2016 wrote:
Did you apply?
Not yet.
I think I'm going to wait a few weeks for my current billing period to end with my newly raised credit limit to see what happens to my credit score and most likely apply then.

This is a good plan. I'm curious, though. You have nothing in your report besides the Discover? No loans? No closed accounts? Nothing?

Nothing else.

Re: Looking for 2nd Card. CSP/Venture chances??

Blodreina — Fri, 02 Oct 2015 13:56:03 GMT

Sounds like you might benefit from changing your It to the It Chrome, if you spend mostly on restaurants/food. It's 2% on restaurants/gas (1% on everything else).

Re: Looking for 2nd Card. CSP/Venture chances??

jawbrkr — Sat, 03 Oct 2015 05:20:46 GMT

I got my CSP with only 5 months of history. Thin and clean file too. I had it pop up on the prequal site.

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Sat, 24 Oct 2015 18:55:21 GMT

If anyone wanted an update, I ended up applying for the CSP last Monday and got the 7-10 days notice. I called today and found out I was declined, asked for a manual review and told them that my Discover limit was actually 5,000 (when they pulled it it was still listed as 2k). After being put on hold, he told me I was still declined due to lack of credit history.

Dejected, I decided I would apply for an easier card, so I applied for the capital one quicksilver and was instantly approved for 3k limit. I noticed that the quicksilver was listed by capital one as card that required "Excellent Credit," which is the same as the Venture. I figured I would be gardening for a while anyway, so might as well apply for the Venture too. To my surprise, I got an instant approval for that too, 5k!!!

Pretty happy. BTW my scores (before having the 5k discover limit being added) were EXP: 769 TU: 746 and EQ: 768. Chase pulled the EQ only.

Re: Looking for 2nd Card. CSP/Venture chances??

OmarGB9 — Sat, 24 Oct 2015 23:09:46 GMT

Grats! Sorry about the CSP denial. You'll get it eventually I'm sure. BTW also brace yourself for a potential double triple pull (so 6 pulls total) from cap 1 as a worse case scenario. Best case would be one set of triple pulls.

Re: Looking for 2nd Card. CSP/Venture chances??

Anonymous — Sun, 25 Oct 2015 10:58:19 GMT

CONGRATS! Very awesome getting the Venture as they say you need at least 3 years history! this gives me hope Also thanks for taking one for the team on that CSP app kidding! but i too have a thin file with less than 1 year CC history, high 700s Fico i was on the fence about applying...

@Anonymous wrote:
If anyone wanted an update, I ended up applying for the CSP last Monday and got the 7-10 days notice. I called today and found out I was declined, asked for a manual review and told them that my Discover limit was actually 5,000 (when they pulled it it was still listed as 2k). After being put on hold, he told me I was still declined due to lack of credit history.

Dejected, I decided I would apply for an easier card, so I applied for the capital one quicksilver and was instantly approved for 3k limit. I noticed that the quicksilver was listed by capital one as card that required "Excellent Credit," which is the same as the Venture. I figured I would be gardening for a while anyway, so might as well apply for the Venture too. To my surprise, I got an instant approval for that too, 5k!!!

Pretty happy. BTW my scores (before having the 5k discover limit being added) were EXP: 769 TU: 746 and EQ: 768. Chase pulled the EQ only.