topic Re: Goal card: CSP in Credit Cards

Goal card: CSP

Anonymous — Thu, 26 Feb 2015 19:06:43 GMT

I think my target card for a future app is the CSP. I could crush the $4000 spend in 3 months for the bonus and I can pile up points that will far outweigh the AF. That being said, I have a ton of balances currently (see this thread: My journey to zero balances) that I'm working to pay down and I feel like I probably need to get my scores up first, see sig for current scores. At what point would people recommend app'ing for this card? My DW has a Freedom card that we could share the UR with from the CSP, that's why I think its probably the right card.

I don't expect to be able to apply for this until sometime next year so just looking for feedback.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 19:27:46 GMT

If you already have a good relationship with Chase, you are more likely to get approved. My credit score wasn't that hot and had some baddies from 2013 and before, but I had Freedom, Amazon, direct deposit checking and a car loan paid off in 2011. I received a preapproval in December that prompted me to join myfico forums. I finally applied in January and was instantly approved for $5K. Transferred CL from Amazon so the CSP is now 7K. I have had no credit problems with chase. Income is 50K. My utilization was near 0% at time of application, however, so that might impact your application. I spent the 4K right away, got the bonus and paid off the balance, so my utilization is back to 1% again.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 19:34:59 GMT

Thanks for the info. I've been with Chase since they acquired Bank One in 2004 or 2005. Two checking accounts and multiple CC's (Slate, Slate, Freedom (DW), and BP Gas. Unfortunately with my current balances where they are, I couldn't afford to pay off the $4000 spend, and picking up another balance isn't what I want to do right now.

BTW, if it matters for this discussion, income is $120K.

Re: Goal card: CSP

chalupaman — Thu, 26 Feb 2015 19:37:34 GMT

@Anonymous wrote:
I think my target card for a future app is the CSP. I could crush the $4000 spend in 3 months for the bonus and I can pile up points that will far outweigh the AF. That being said, I have a ton of balances currently (see this thread: My journey to zero balances) that I'm working to pay down and I feel like I probably need to get my scores up first, see sig for current scores. At what point would people recommend app'ing for this card? My DW has a Freedom card that we could share the UR with from the CSP, that's why I think its probably the right card.

I don't expect to be able to apply for this until sometime next year so just looking for feedback.

I think CSP was my easiest approval and I had been with Chase since August of last year. It was the closest I ever got to instant approval too without having to call lending department for verification too.

Re: Goal card: CSP

sccredit — Thu, 26 Feb 2015 20:03:34 GMT

@Anonymous wrote:
Thanks for the info. I've been with Chase since they acquired Bank One in 2004 or 2005. Two checking accounts and multiple CC's (Slate, Slate, Freedom (DW), and BP Gas. Unfortunately with my current balances where they are, I couldn't afford to pay off the $4000 spend, and picking up another balance isn't what I want to do right now.

BTW, if it matters for this discussion, income is $120K.

Kudos to you for thinking it through logically!

Re: Goal card: CSP

kdm31091 — Thu, 26 Feb 2015 20:18:32 GMT

@Anonymous wrote:
Thanks for the info. I've been with Chase since they acquired Bank One in 2004 or 2005. Two checking accounts and multiple CC's (Slate, Slate, Freedom (DW), and BP Gas. Unfortunately with my current balances where they are, I couldn't afford to pay off the $4000 spend, and picking up another balance isn't what I want to do right now.

BTW, if it matters for this discussion, income is $120K.

Good for you for being smart about it and not just going for it as soon as you want it. You sound like you are actually thinking it through and getting it when the time is right, not now just because.

It's unfortunately a somewhat rare sight to see but a great one. Some just impulse app the minute they decide they want something.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 20:26:45 GMT

Good for thinking it through. The card isn't going anywhere so when you are ready to apply I'm sure you'll have no issue being approved.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 20:38:00 GMT

Hi again. I looked at your link after I replied. Wow, quite an assortment of debt there. My $115K is all tied into a home equity line of credit that has given me fits over the years. I had to enter therapy and other forms of treatment to get my finances in line, which is why I canceled two of my 8 credit cards yesterday. I kept 6 (including AMEX senior gold and 5 cards with a 20K total CL) and want a no-AF AMEX revolver to increase my AAoA (have 24 years of history with AMEX-but doubt they'll give it to me because of my bad history). I know you have good income ($120K), but have you looked at debt consolidation options? Your interest in yet another credit card (CSP) concerns me, that you may have issues similar to mine. I hope that is not the case. I would suggest contacting a credit counselor to get some advice. I know you're trying to go it alone but a little guidance might help. You came here like I did and this helps, but I hope you can explore all your options. I'm 54 and it took a long time to learn my lesson. I hope you are a better student.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 20:42:36 GMT

That's what I'm shooting for as well. Considering my luck with Chase in the past (having checking account in negative balance for 1 year with no collections, getting Chase Freedom with a 620-ish score) I'd say the odds are pretty good as long as I get rid of a few collections that have been recently added since I last applied. I apped for the Amazon Rewards card and was declined based on those.

Re: Goal card: CSP

Anonymous — Thu, 26 Feb 2015 21:15:34 GMT

@Anonymous wrote:
Hi again. I looked at your link after I replied. Wow, quite an assortment of debt there. My $115K is all tied into a home equity line of credit that has given me fits over the years. I had to enter therapy and other forms of treatment to get my finances in line, which is why I canceled two of my 8 credit cards yesterday. I kept 6 (including AMEX senior gold and 5 cards with a 20K total CL) and want a no-AF AMEX revolver to increase my AAoA (have 24 years of history with AMEX-but doubt they'll give it to me because of my bad history). I know you have good income ($120K), but have you looked at debt consolidation options? Your interest in yet another credit card (CSP) concerns me, that you may have issues similar to mine. I hope that is not the case. I would suggest contacting a credit counselor to get some advice. I know you're trying to go it alone but a little guidance might help. You came here like I did and this helps, but I hope you can explore all your options. I'm 54 and it took a long time to learn my lesson. I hope you are a better student.

Fortunately I'm not at a point where I feel like I need help from counseling. I've talked to them before and I've never been super impressed with the idea. To me it seems like a bailout. Because of the money my parents gave me for closing on the house and having some left over, I was able to pay off 5 of my cards. I'll be able to use that money to pay down my debt, albeit slowly, while also putting some money into savings. I feel like putting myself in debt consolidation is only going to take me backwards with the progress I've made with my credit scores.

As for the CSP, my plan is to close a lot of the cards on that spreadsheet once I have my utilization under control. I want the CSP so that when the debt is paid down, I'm able to spend money on rewards cards that I'm already spending daily on my debit card. For the first time ever, I finally feel like I'm getting things under control. I'm 36 and I've been flying by the seat of my pants financially since I turned 18. I just bought my first house and because of the increase in payment over my rent, it forced me to wake up and start getting things in line.

Re: Goal card: CSP

Anonymous — Fri, 27 Feb 2015 02:22:55 GMT

Bump for more input.

Re: Goal card: CSP

Anonymous — Fri, 27 Feb 2015 02:28:59 GMT

I had a reply typed out earlier and I hope that you don't take offense but with your current cc debt why are you even talking about another credit card? When you say things like how fast you could meet the $4000 spend bonus and then earn a lot of points it makes me think that's what got you into trouble in the first place. It's easy to spend the money to meet a spend requirement for a bonus but you have to have the money to pay off the cc. You owe according to your chart over $50K in cc debt. I'd focus on that before even thinking about the CSP or any other card.

Re: Goal card: CSP

Anonymous — Fri, 27 Feb 2015 02:43:50 GMT

I ran up the debt being laid off in 2002, then moving to a high cost of living area with a small salary with a wife and a child. I lived paycheck to paycheck for a long time. I'm much more cognizent of how to use credit now than I was when I ran up the debt. The last time I used a credit card was around Thanksgiving. I appreciate the sentiment, and as I said, I'm not planning on getting a new card until most, if not all, of this debt is paid off.

Re: Goal card: CSP

Anonymous — Fri, 27 Feb 2015 02:50:58 GMT

@Anonymous wrote:
I ran up the debt being laid off in 2002, then moving to a high cost of living area with a small salary with a wife and a child. I lived paycheck to paycheck for a long time. I'm much more cognizent of how to use credit now than I was when I ran up the debt. The last time I used a credit card was around Thanksgiving. I appreciate the sentiment, and as I said, I'm not planning on getting a new card until most, if not all, of this debt is paid off.

Ok sounds like a plan and I understand the debt. I just have seen too many people doing it the way I described. When you're ready the CSP is a great card and maybe by then they'll lower it back to the $3K spend requirement. It had just changed when I got mine but right then I needed a new fridge and oven so that took care of most of the $4K

Re: Goal card: CSP

Anonymous — Fri, 27 Feb 2015 03:04:50 GMT

When I said I could easily hit the $4000 in spend, it's just the sheer fact that right now we spend $600 a month just on groceries. All that runs through my Chase debit card right now. All I'm trying to do (once the debt is paid off) is turn that same exact spend into rewards.