topic Re: Odds for CSP? in Credit Cards

Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:47:39 GMT

Hello all, long time browser but just signed up today.

I am 19 and have been eyeing the CSP ever since I could apply. I'd like the card to be my "go to" along with my Amex, but after applying ~2 months ago I got the 7-10 day message, and was denied due to 5 open accounts in 24 months.

As you can imagine, being 18 it was a very exciting time with the Quickesilver being my first approved credit card. Never missed a payment, and raised the $250 limit to $5,000. Since then I have applied (haven't been denied..till now):

Quicksilver - $5,000 - oldest card, so it will always stay open no matter what

Target $1,000 - closed (5% discount on everything sounded good..at the time, cancelled 2 months ago.)

J. Crew - $10,000 limit - actually use this a lot

Best Buy, not the Citi one - $10,000 limit - use a lot

PayPal Credit - $4,000 - used for two purchases

Amex everyday - forget the limit - closed two months ago (don't need with gold)

Amex blue cash - $15,000 - closed two months ago (don't need with gold)

Amex Gold - no pre set - current main card

I spend on average $2,000 monthly on the Amex (I use it for everything unless Amex isn't taken unless it's BB, Jcrew, and sometimes I use Quicksilver to keep them happy), have a 3% utilization rate currently with a credit score of 748 with transunion and 725 with equifax. Never missed a payment, etc. I actually thought I had a shot with CSP, probably could have saved a HP if I did research on the 5 card in 24 months bugger...

Now that it's been 3 months or so since my last CSP application, and only four cards report as open (which is what it should be), would it be worth a shot to try to app again? What you guys do?

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:47:37 GMT

Welcome to Myfico. What was the first reason for denial?

Re: Odds for CSP?

ddemari — Tue, 10 Nov 2015 00:48:41 GMT

your credit score is good but i assume you still have 5 cards open in the past 24 months? then its going to be a no go.

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:49:33 GMT

Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:50:05 GMT

Yep, didn't know how deep they go into that. This is gonna be a long two years if so!

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:50:06 GMT

Sorry mate, if you were denied for 5/24 (5 card/24 month) then closing card won't help. A closed card will still appear in your report for 10 years and Chase will still know that you openned it in the last 24 months. You will need to wait a bit longer...

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:51:42 GMT

@Anonymous wrote:
Sorry mate, if you were denied for 5/24 (5 card/24 month) then closing card won't help. A closed card will still appear in your report for 10 years and Chase will still know that you openned it in the last 24 months. You will need to wait a bit longer...

That's what I thought, except the rep made it sound like it was because I had so many active at once, not in general. Maybe he didn't get it ether. lol

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:52:04 GMT

@Anonymous wrote:
Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.

Don't apply if that was the reason given - see red. Sorry..

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:52:56 GMT

Eek, not the news I wanted to read. Anything similar to CSP you would recommend?

@Anonymous wrote:
@Anonymous wrote:
Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.
Don't apply if that was the reason given - see red. Sorry..

Re: Odds for CSP?

ddemari — Tue, 10 Nov 2015 00:53:43 GMT

Agreed, its not one of those things where chance is going to let you in. since they are strict on their in house cards.

Re: Odds for CSP?

CreditCuriosity — Tue, 10 Nov 2015 00:57:47 GMT

@Anonymous wrote:
Eek, not the news I wanted to read. Anything similar to CSP you would recommend?
@Anonymous wrote:
@Anonymous wrote:
Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.
Don't apply if that was the reason given - see red. Sorry..

Looking for a travel card? Cause you say similiar to CSP as the CSP is meant to be a travel card if used correctly.

Probably the most similiar aka travel cards would be the likes of

Citi Prestige, Amex Platinum, Barclay's Arrival+, Ritz Carlton and the list continues.. Unfortunately you will not be able to get a UR card aka CSP/Freedom until you have under 5 CL's in 2 years.

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 00:56:37 GMT

@Anonymous wrote:
Eek, not the news I wanted to read. Anything similar to CSP you would recommend?
@Anonymous wrote:
@Anonymous wrote:
Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.
Don't apply if that was the reason given - see red. Sorry..

The Citi Prestige, Citi AA etc.. But the prestige has a hefty annual fee. These are travel cards..

Re: Odds for CSP?

ddemari — Tue, 10 Nov 2015 01:00:28 GMT

Arrival+ and CSP i have, I honestly dont know much about their actual redemption values but if you want a travel card, Arrival + has the 2% miles per dollar, no foreign transaction fees and sign up bonus.

and 10 dollar less annual fee after the first year lol.

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 01:03:30 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you! I was denied by Chase after getting the recondsieration line to admit my issue as 5 cards in 24 months. I quote: "There is litteraly nothing wrong with your credit report, except the rule my manager informed me 8 active cards was the reason for denial. Closing the cards would be a good start."

Obviously he couldn't tell me what to do or give credit advice, but I caught his drift.
Don't apply if that was the reason given - see red. Sorry..

Re: Odds for CSP?

DeeBee78 — Tue, 10 Nov 2015 01:08:51 GMT

@Anonymous wrote:
Hello all, long time browser but just signed up today.

I am 19 and have been eyeing the CSP ever since I could apply. I'd like the card to be my "go to" along with my Amex, but after applying ~2 months ago I got the 7-10 day message, and was denied due to 5 open accounts in 24 months.

As you can imagine, being 18 it was a very exciting time with the Quickesilver being my first approved credit card. Never missed a payment, and raised the $250 limit to $5,000. Since then I have applied (haven't been denied..till now):

Quicksilver - $5,000 - oldest card, so it will always stay open no matter what
Target $1,000 - closed (5% discount on everything sounded good..at the time, cancelled 2 months ago.)
J. Crew - $10,000 limit - actually use this a lot
Best Buy, not the Citi one - $10,000 limit - use a lot
PayPal Credit - $4,000 - used for two purchases
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I spend on average $2,000 monthly on the Amex (I use it for everything unless Amex isn't taken unless it's BB, Jcrew, and sometimes I use Quicksilver to keep them happy), have a 3% utilization rate currently with a credit score of 748 with transunion and 725 with equifax. Never missed a payment, etc. I actually thought I had a shot with CSP, probably could have saved a HP if I did research on the 5 card in 24 months bugger...

Now that it's been 3 months or so since my last CSP application, and only four cards report as open (which is what it should be), would it be worth a shot to try to app again? What you guys do?

It doesn't matter how many cards you have "open," its how many you've opened. You've opened eight.

As an aside, you're absolutely crazy to close two Amex revolvers.

Re: Odds for CSP?

noobody — Tue, 10 Nov 2015 02:05:43 GMT

citibank premier is very similar to CSP. arrival plus would be a bad choice for most people long term expect all u want is signing bonus your score is good, just waiting for chase relax 5/24 rule or when u fit in that rule

Re: Odds for CSP?

9CLINE — Tue, 10 Nov 2015 02:47:52 GMT

Welcome 2 the forum....and glad to have ya...
I'd say unless you are in need of a travel card right now, I would just wait and let what I have grow,,then just get the CSP or other options that may come available in the next 21 mths..
Good Luck on your journey !!!

Re: Odds for CSP?

Anonymous — Tue, 10 Nov 2015 15:17:18 GMT

@DeeBee78 wrote:
@Anonymous wrote:
Hello all, long time browser but just signed up today.

I am 19 and have been eyeing the CSP ever since I could apply. I'd like the card to be my "go to" along with my Amex, but after applying ~2 months ago I got the 7-10 day message, and was denied due to 5 open accounts in 24 months.

As you can imagine, being 18 it was a very exciting time with the Quickesilver being my first approved credit card. Never missed a payment, and raised the $250 limit to $5,000. Since then I have applied (haven't been denied..till now):

Quicksilver - $5,000 - oldest card, so it will always stay open no matter what
Target $1,000 - closed (5% discount on everything sounded good..at the time, cancelled 2 months ago.)
J. Crew - $10,000 limit - actually use this a lot
Best Buy, not the Citi one - $10,000 limit - use a lot
PayPal Credit - $4,000 - used for two purchases
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I spend on average $2,000 monthly on the Amex (I use it for everything unless Amex isn't taken unless it's BB, Jcrew, and sometimes I use Quicksilver to keep them happy), have a 3% utilization rate currently with a credit score of 748 with transunion and 725 with equifax. Never missed a payment, etc. I actually thought I had a shot with CSP, probably could have saved a HP if I did research on the 5 card in 24 months bugger...

Now that it's been 3 months or so since my last CSP application, and only four cards report as open (which is what it should be), would it be worth a shot to try to app again? What you guys do?
It doesn't matter how many cards you have "open," its how many you've opened. You've opened eight.

As an aside, you're absolutely crazy to close two Amex revolvers.

Why is it crazy? They are cards I won't use ever again, silly to have them open?

Re: Odds for CSP?

kdm31091 — Tue, 10 Nov 2015 15:24:27 GMT

@Anonymous wrote:
@DeeBee78 wrote:
@Anonymous wrote:
Hello all, long time browser but just signed up today.

I am 19 and have been eyeing the CSP ever since I could apply. I'd like the card to be my "go to" along with my Amex, but after applying ~2 months ago I got the 7-10 day message, and was denied due to 5 open accounts in 24 months.

As you can imagine, being 18 it was a very exciting time with the Quickesilver being my first approved credit card. Never missed a payment, and raised the $250 limit to $5,000. Since then I have applied (haven't been denied..till now):

Quicksilver - $5,000 - oldest card, so it will always stay open no matter what
Target $1,000 - closed (5% discount on everything sounded good..at the time, cancelled 2 months ago.)
J. Crew - $10,000 limit - actually use this a lot
Best Buy, not the Citi one - $10,000 limit - use a lot
PayPal Credit - $4,000 - used for two purchases
Amex everyday - forget the limit - closed two months ago (don't need with gold)
Amex blue cash - $15,000 - closed two months ago (don't need with gold)
Amex Gold - no pre set - current main card

I spend on average $2,000 monthly on the Amex (I use it for everything unless Amex isn't taken unless it's BB, Jcrew, and sometimes I use Quicksilver to keep them happy), have a 3% utilization rate currently with a credit score of 748 with transunion and 725 with equifax. Never missed a payment, etc. I actually thought I had a shot with CSP, probably could have saved a HP if I did research on the 5 card in 24 months bugger...

Now that it's been 3 months or so since my last CSP application, and only four cards report as open (which is what it should be), would it be worth a shot to try to app again? What you guys do?
It doesn't matter how many cards you have "open," its how many you've opened. You've opened eight.

As an aside, you're absolutely crazy to close two Amex revolvers.

Why is it crazy? They are cards I won't use ever again, silly to have them open?

It's not crazy if it suits you. Sometimes people on here act like you've committed a mortal sin by closing accounts. If they don't work for you, that's the only person you have to justify it to!

As far as CSP, I know you mentioned you are young (18)...are you sure your spending/income warrants such a card? A $95 AF is pretty steep for many 18 year olds (unless you make a higher than average income of course). The recommendation for arrival+ I never really understand, as you are paying $89 a year for something you can get for $0 a year with a Double Cash (the arrival+ is 2% on travel redemptions only, where the double cash is 2% for anything). The arrival+ does give a 5% bonus so technically 2.1%, but I believe you'd need to spend many, many, many thousands before it beats a double cash, and then you aren't forced into travel redemptions.

IMO, the only travel cards worth having are the point-based ones: MR cards like amex everyday or UR like CSP, and only then if you travel often (not just once or twice a year). The CSP won't be an option for you for awhile with the number of new accounts, plus you need to ask yourself if you'll really get enough use out of it with the fee. I think the psuedo "travel" cash back cards like Venture and Arrival are merely a waste of money on fees for no extra benefit over free cash back cards, beyond the sign up bonus.

You have a great start and honestly, a Quicksilver is a perfectly good base card. Run the numbers. Will you really gain much in rewards by opening more cards?