topic Re: The road to a CSP. in Credit Cards

The road to a CSP.

Anonymous — Wed, 17 Feb 2016 02:44:02 GMT

I was recently approved for a 2k limit Chase Freedom. I am a Chase banking, savings, and auto loan customer as well. I recieved a prequal for the Freedom and Slate but I only apped for the Freedom. My end-game card is the CSP. I understand Chase likes to see some other 5k limit cards but I only have one other card that meets that requirement, Wal-Mart. Should I increase my WM card usage to show some 5k limit experience? What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app. Thanks inadvance for your help.

Re: The road to a CSP.

myjourney — Wed, 17 Feb 2016 02:47:38 GMT

With a 630 EX score I think you should just build history with Chase and then try later for CSP

I know this isn't what you want to hear but 630 is kind of low for their top tier card

Re: The road to a CSP.

Anonymous — Wed, 17 Feb 2016 02:47:53 GMT

I don't think it's necessary to show usage on your Walmart card. Having history with Chase will help you get the card, but I might wait till your Freedom ages a bit and see about getting your score into the mid 700s to maximize chance for an approval, plus you'd likely get a much better starting line.

Re: The road to a CSP.

Anonymous — Wed, 17 Feb 2016 02:51:34 GMT

@myjourney wrote:
With a 630 EX score I think you should just build history with Chase and then try later for CSP
I know this isn't what you want to hear but 630 is kind of low for their top tier card

Actually thats perfect. I should have my last set of student loans finishing rehab this month and that will clean off all baddies. I'm totally down with waiting. Thanks for the reply.

Re: The road to a CSP.

myjourney — Wed, 17 Feb 2016 02:57:58 GMT

@Anonymous wrote:
@myjourney wrote:
With a 630 EX score I think you should just build history with Chase and then try later for CSP
I know this isn't what you want to hear but 630 is kind of low for their top tier card
Actually thats perfect. I should have my last set of student loans finishing rehab this month and that will clean off all baddies. I'm totally down with waiting. Thanks for the reply.

Good decision and I really think this is the best move for your situation

Even using your Walmart card more defects the purpose

Fact is building history will do more to let them know you can maintain a line of credit and to extend you more

Re: The road to a CSP.

Ghoshida — Wed, 17 Feb 2016 03:10:18 GMT

@Anonymous wrote:
I was recently approved for a 2k limit Chase Freedom. I am a Chase banking, savings, and auto loan customer as well. I recieved a prequal for the Freedom and Slate but I only apped for the Freedom. My end-game card is the CSP. I understand Chase likes to see some other 5k limit cards but I only have one other card that meets that requirement, Wal-Mart. Should I increase my WM card usage to show some 5k limit experience? What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app. Thanks inadvance for your help.

Congrats on your 2k Freedom.

For the CSP, you'll need higher EX score, preferably 700+. Keep checking the Chase Pre-approval Page for offers. Their offers are generally spot on unless you have frozen reports and stuff. (In my case.)

What is / are the reasons for your low score currently? Can you work on any negatives present in your current profile?

If your Walmart card is already 5k, no need to spend extra there. I'd rather spend more on the Freedom and pay in full, thus gaining Chase's confidence and getting some auto CLIs on the Freedom. You can expect some around the 6 month and the 1 year mark. Getting some auto CLI from Chase should be your sign for how Chase feels about you.

Re: The road to a CSP.

Anonymous — Wed, 17 Feb 2016 03:38:29 GMT

@Ghoshida wrote:
@Anonymous wrote:
I was recently approved for a 2k limit Chase Freedom. I am a Chase banking, savings, and auto loan customer as well. I recieved a prequal for the Freedom and Slate but I only apped for the Freedom. My end-game card is the CSP. I understand Chase likes to see some other 5k limit cards but I only have one other card that meets that requirement, Wal-Mart. Should I increase my WM card usage to show some 5k limit experience? What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app. Thanks inadvance for your help.
Congrats on your 2k Freedom.

For the CSP, you'll need higher EX score, preferably 700+. Keep checking the Chase Pre-approval Page for offers. Their offers are generally spot on unless you have frozen reports and stuff. (In my case.)

What is / are the reasons for your low score currently? Can you work on any negatives present in your current profile?

If your Walmart card is already 5k, no need to spend extra there. I'd rather spend more on the Freedom and pay in full, thus gaining Chase's confidence and getting some auto CLIs on the Freedom. You can expect some around the 6 month and the 1 year mark. Getting some auto CLI from Chase should be your sign for how Chase feels about you.

My scores are low only due to one set of student loans that has not cleared rehab but I have made my nine required payments. However I literally never paid this set so its showing several years of non-payment. Lesson learned. I don't know if there is anyway to expedite that process so I don't think there is anything I can really do other than just wait. Which I'm cool with, of course. I'll just listen to you guys and use the Freedom as my main card for now, and pay it off each month. Thank you.

Re: The road to a CSP.

degs138 — Wed, 17 Feb 2016 03:46:57 GMT

Definitely wait for the rehab trade lines to report positive. I went from 670s to 720s when I finished. I got a csp one month later.

Re: The road to a CSP.

Closingracer99 — Wed, 17 Feb 2016 04:02:17 GMT

@Ghoshida wrote:
@Anonymous wrote:
I was recently approved for a 2k limit Chase Freedom. I am a Chase banking, savings, and auto loan customer as well. I recieved a prequal for the Freedom and Slate but I only apped for the Freedom. My end-game card is the CSP. I understand Chase likes to see some other 5k limit cards but I only have one other card that meets that requirement, Wal-Mart. Should I increase my WM card usage to show some 5k limit experience? What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app. Thanks inadvance for your help.
Congrats on your 2k Freedom.

For the CSP, you'll need higher EX score, preferably 700+. Keep checking the Chase Pre-approval Page for offers. Their offers are generally spot on unless you have frozen reports and stuff. (In my case.)

What is / are the reasons for your low score currently? Can you work on any negatives present in your current profile?

If your Walmart card is already 5k, no need to spend extra there. I'd rather spend more on the Freedom and pay in full, thus gaining Chase's confidence and getting some auto CLIs on the Freedom. You can expect some around the 6 month and the 1 year mark. Getting some auto CLI from Chase should be your sign for how Chase feels about you.

Not really... I have gotten one CLI from chase on my freedom which was 2 months after I got the card but none since. I have since applied for a total of 7 cards with them which 2 have been closed by me.

Re: The road to a CSP.

DeeBee78 — Thu, 18 Feb 2016 00:51:15 GMT

Someone can correct me if I'm wrong but I believe Chase does not factor retail cards into their lending decisions unless there is a manual review. They want history on major cards, not retail, so having a $5k line on your Walmart card isn't going to help you.

Re: The road to a CSP.

Anonymous — Thu, 18 Feb 2016 01:13:27 GMT

@DeeBee78 wrote:
Someone can correct me if I'm wrong but I believe Chase does not factor retail cards into their lending decisions unless there is a manual review. They want history on major cards, not retail, so having a $5k line on your Walmart card isn't going to help you.

Ugh. That is what I was afraid of. The only "major" cards I have are a Discover IT (secured, 1200 limit) and Capital One MC (secured. 550 limit) so these arent going to help me anytime soon. Good thing I'm patient.

Re: The road to a CSP.

Anonymous — Fri, 19 Feb 2016 19:02:40 GMT

I didn't any 5K credit card before, but I was approved for the csp last month with the minum CL 5k,my EX Fico score was 715 with 5 inquiries and 4 credit cards opened the last 2 years. I have a checking account with them with almost 20K,maybe this helped.

Re: The road to a CSP.

Anonymous — Fri, 19 Feb 2016 22:34:02 GMT

My father had a $3000 PNC Visa and a $3500 grocery store card when he applied and was approved for his CSP. I think the numer of inquiries (or actually, lack thereof), AAoA and DTI is much more important then the CL of your other cards. Of course already having a high limit card helps a lot, but it's not a prerequisite.

@Anonymous wrote:
I was recently approved for a 2k limit Chase Freedom. I am a Chase banking, savings, and auto loan customer as well. I recieved a prequal for the Freedom and Slate but I only apped for the Freedom. My end-game card is the CSP. I understand Chase likes to see some other 5k limit cards but I only have one other card that meets that requirement, Wal-Mart. Should I increase my WM card usage to show some 5k limit experience? What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app. Thanks inadvance for your help.

Re: The road to a CSP.

DeeBee78 — Sat, 20 Feb 2016 00:11:43 GMT

Everyone's profile is different, and Chase has their own internal scoring method as well. The advice I gave OP might not apply to all of you, but that doesn't mean it's incorrect. There have been several denials documented on the forum due to no experience with higher credit limits. In fact, the most helpful negative review of the CSPon Credit Karma says this exact thing.

OP's highest limit on a major is $2k on the Freedom they just got. Coupled with a 630 EX score, CSP is not happening anytime soon.

Re: The road to a CSP.

EAJuggalo — Sat, 20 Feb 2016 00:37:40 GMT

Why not get a Capital One unsecured and use the methods found on here to get that up to a high limit relatively quickly? By my figuring a Quicksilver One and a Platinum should be able to be a No Annual Fee Quicksilver with at least a $3k limit in 6 months.

Re: The road to a CSP.

Anonymous — Mon, 22 Feb 2016 04:29:06 GMT

@EAJuggalo wrote:
Why not get a Capital One unsecured and use the methods found on here to get that up to a high limit relatively quickly? By my figuring a Quicksilver One and a Platinum should be able to be a No Annual Fee Quicksilver with at least a $3k limit in 6 months.

I don't have any pre-qual results on the capital one site. I'm thinking I only got the Chase Freedom was my perfect auto loan payment history and my checking/savings accounts with them.

Re: The road to a CSP.

takeshi74 — Mon, 22 Feb 2016 13:45:20 GMT

@Anonymous wrote:
My end-game card is the CSP.

Have you acutally run the numbers for you spend and looked at how you'd redeem with Ultimate Rewards to maximize rewards value? Do you have enough spend for a program like UR?

@Anonymous wrote:
What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app.

The best strategy for any creditor/product is to idenitfy deficiencies with your report and work on addressing them. Creditors do not simply match limits. Limits factor into revolving utilization which factors into Amounts Owed but even that isn't the only factor that matters.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Your scores indicate to me that there are concerns with your credit. You can either educate yourself and assess your own reports or disclose enough to us to give you feedback.

@Anonymous wrote:
Should I increase my WM card usage to show some 5k limit experience?

Do not rely on usage. Your entire credit profile and your income determine the limit you qualify for with any creditor/product. We don't know the specifics of Chase's underwriting criteria for the CSP but we do know the typical weights of factors with FICO. You don't want high revolving utilization reporting.

@Anonymous wrote:
Actually thats perfect. I should have my last set of student loans finishing rehab this month and that will clean off all baddies.

If you have derogs then you certainly want them removed. Apply when your reports are in the best shape possible. That means 100% postiive Payment History with no derogs, low reported revolving utilization, among other things. Most of the other factors really just take time and responsible management to build.

Re: The road to a CSP.

Anonymous — Mon, 22 Feb 2016 19:25:52 GMT

@takeshi74 wrote:
@Anonymous wrote:
My end-game card is the CSP.
Have you acutally run the numbers for you spend and looked at how you'd redeem with Ultimate Rewards to maximize rewards value? Do you have enough spend for a program like UR?

I would use the Freedom only for the 5% categories. All other purchases (rent, utils, bills when possible, and regular spend) would go on the CSP. I'm thinking 35-40k per year would pipe through.

@Anonymous wrote:
What would be the best strategy to go for the CSP? Chase pulled TU 685 and EX 630ish upon the Freedom app.
The best strategy for any creditor/product is to idenitfy deficiencies with your report and work on addressing them. Creditors do not simply match limits. Limits factor into revolving utilization which factors into Amounts Owed but even that isn't the only factor that matters.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Your scores indicate to me that there are concerns with your credit. You can either educate yourself and assess your own reports or disclose enough to us to give you feedback.

There are certainly concerns, my student loans from 2010. I have completed the rehab program (which will remove the derogs) and I am just waiting for a new buyer to be found for the loan. Once that happens my report should be squeaky clean.

@Anonymous wrote:
Should I increase my WM card usage to show some 5k limit experience?
Do not rely on usage. Your entire credit profile and your income determine the limit you qualify for with any creditor/product. We don't know the specifics of Chase's underwriting criteria for the CSP but we do know the typical weights of factors with FICO. You don't want high revolving utilization reporting.

Noted. I'm paying stuff off in full or carrying less than 10% of a balance across all lines.

@Anonymous wrote:
Actually thats perfect. I should have my last set of student loans finishing rehab this month and that will clean off all baddies.
If you have derogs then you certainly want them removed. Apply when your reports are in the best shape possible. That means 100% postiive Payment History with no derogs, low reported revolving utilization, among other things. Most of the other factors really just take time and responsible management to build.

This is my main (only?) hurdle right now. Gosh if I could go back six years and smack myself I would. Thank you for all the info. All the replies here have been very helpful. Looks like the road to CSP will take a bit but I don't mind. I'll get there.