topic Re: Can I get the CSP Bonus again? in Credit Cards

Can I get the CSP Bonus again?

gnay — Thu, 24 Mar 2016 04:29:13 GMT

Hi, long story short,

Dec, 2013 Opened CSP

Jan, 2014 Received the signup bonus

Dec, 2014 Downgraded to regular CS

Mar, 2016 Accont still active

I am thinking about closing the CS and applying for the CSP again. Since it has been more than 24 months since I got the first bonus, will I be able to get the bonus second time around?

Also, what would be the best way to move the limits? by calling in or through SM?

Thanks in advance!

Re: Can I get the CSP Bonus again?

Imperfectfuture — Thu, 24 Mar 2016 04:31:56 GMT

If you can meet the 5/24 rule, you would be eligible. No one can predict unless you app. I find calling the eo and lending departments prior helps in my decisions, but I know the appropriate questions to ask.

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 04:32:27 GMT

Yes, you can qualify for the bonus since it's been >24 months. Now, that being said, have you opened more than 5 new accounts in the last 24 months?

As far as consolidating CLs, it can be requested either way, SM or phone.

Re: Can I get the CSP Bonus again?

gnay — Thu, 24 Mar 2016 04:41:13 GMT

@FinStar wrote:
Yes, you can qualify for the bonus since it's been >24 months. Now, that being said, have you opened more than 5 new accounts in the last 24 months?

As far as consolidating CLs, it can be requested either way, SM or phone.

I checked that I have opened 4 new cc's in the past 2 year period along with 1 line of credit and an auto lease. Does Chase' 5/24 rule only account for credit cards?

Re: Can I get the CSP Bonus again?

myjourney — Thu, 24 Mar 2016 04:53:00 GMT

@gnay wrote:
@FinStar wrote:
Yes, you can qualify for the bonus since it's been >24 months. Now, that being said, have you opened more than 5 new accounts in the last 24 months?

As far as consolidating CLs, it can be requested either way, SM or phone.
I checked that I have opened 4 new cc's in the past 2 year period along with 1 line of credit and an auto lease. Does Chase' 5/24 rule only account for credit cards?

No all accounts so you would have 6/24

However a thick file we've seen cases of being approved anyway

Thin file YMMV

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 04:54:29 GMT

@gnay wrote:
@FinStar wrote:
Yes, you can qualify for the bonus since it's been >24 months. Now, that being said, have you opened more than 5 new accounts in the last 24 months?

As far as consolidating CLs, it can be requested either way, SM or phone.
I checked that I have opened 4 new cc's in the past 2 year period along with 1 line of credit and an auto lease. Does Chase' 5/24 rule only account for credit cards?

Only one way to find out OP! It's been reported that it includes all accounts, then we've also seen that some tradelines are not particularly "included" in the mix, such as PLOC or something similar. That being said, it's not something set in stone for every profile, but the majority has been declined in one form or another for "too many accounts in X number of months". So, YEMV. Yet, we've also seen evidence of others who were able to get approved despite the 5/24 rule.

Re: Can I get the CSP Bonus again?

Anonymous — Thu, 24 Mar 2016 05:05:08 GMT

I'm not sure why anyone thinks that 5/24 includes anything other than credit cards.

Seems like people just repeating a misunderstanding. The denial reason is for 5 or more credit cards in the last 24 months, not 5 mortgages, 5 auto loans, or 5 personal lines of credit.

The OP is therefore at 4/24 and should at least not be denied for too many credit cards in the last 24 months.

Re: Can I get the CSP Bonus again?

myjourney — Thu, 24 Mar 2016 05:09:09 GMT

@Anonymous wrote:
I'm not sure why anyone thinks that 5/24 includes anything other than credit cards.

Seems like people just repeating a misunderstanding. The denial reason is for 5 or more credit cards in the last 24 months, not 5 mortgages, 5 auto loans, or 5 personal lines of credit.

The OP is therefore at 4/24 and should at least not be denied for too many credit cards in the last 24 months.

Sorry to say it's 5 accounts not 5 CC's Lol

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 05:11:11 GMT

@Anonymous wrote:
I'm not sure why anyone thinks that 5/24 includes anything other than credit cards.

Seems like people just repeating a misunderstanding. The denial reason is for 5 or more credit cards in the last 24 months, not 5 mortgages, 5 auto loans, or 5 personal lines of credit.

The OP is therefore at 4/24 and should at least not be denied for too many credit cards in the last 24 months.

Because the declined letters specifically state "accounts" that's why. Unless you are an UW for Chase or know the actual algorithm, then there's really no misunderstanding on what's printed on the letter.

Here's the common reasons cited as the top reasons:

Too many credit or loan accounts have been opened in the last 24 months (this reason is also on par with the word "recently" absent the 12/24 months language)

Too many recent requests for credit or review of your credit.

Get the picture now?

Re: Can I get the CSP Bonus again?

Anonymous — Thu, 24 Mar 2016 05:11:51 GMT

Case in point Lol

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 05:15:25 GMT

@myjourney wrote:
@Anonymous wrote:
I'm not sure why anyone thinks that 5/24 includes anything other than credit cards.

Seems like people just repeating a misunderstanding. The denial reason is for 5 or more credit cards in the last 24 months, not 5 mortgages, 5 auto loans, or 5 personal lines of credit.

The OP is therefore at 4/24 and should at least not be denied for too many credit cards in the last 24 months.
Sorry to say it's 5 accounts not 5 CC's Lol

Exactly. It appears wanderingbuilder is the one misundersating. The letters with the reasons (for those who have been declined) speak for themselves.

Re: Can I get the CSP Bonus again?

Anonymous — Thu, 24 Mar 2016 05:19:29 GMT

I'm sorry you seem offended FinStar, but i have seen plenty of members of this forum who's experiences support that the limitation is 5 credit cards, not 5 accounts of all types of credit combined.

If you're just going to be upset because someone doesn't agree with your opinion you may want to avoid Internet forums.

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 05:25:18 GMT

@Anonymous wrote:
I'm sorry you seem offended FinStar, but i have seen plenty of members of this forum who's experiences support that the limitation is 5 credit cards, not 5 accounts of all types of credit combined.

If you're just going to be upset because someone doesn't agree with your opinion you may want to avoid Internet forums.

I'm not upset nor offended. Just pointing to factual information that people have shared (letter-wise), not just on MF but other forums as well. I'm not looking for your agreement. We are simply explaining to the OP the YEMV scenarios. Again, since you're not a Chase UW nor can confirm how their algorithms work, it's all an assumption. By that same token, other individual's experiences are not going to mirror that for the OP. And, as you noticed in my first post, I simply stated to the OP the various scenarios that had been cited by others and the OP was welcome to try.

This isn't rocket science, just an application with any possible outcome.

Re: Can I get the CSP Bonus again?

gnay — Thu, 24 Mar 2016 05:26:37 GMT

Thanks for the input. I guess it is a YMMV situation. Will it be ok to apply for CSP while having the CS open & without affecting the bonus eligibility? Does CHASE treat those two as independent products? There is no real reason to close the CS if I were to get declined for CSP.

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 05:28:22 GMT

@gnay wrote:
Thanks for the input. I guess it is a YMMV situation. Will it be ok to apply for CSP while having the CS open & without affecting the bonus eligibility? Does CHASE treat those two as independent products? There is no real reason to close the CS if I were to get declined for CSP.

Yes OP, you can apply with the CS still active. This shouldn't affect the bonus eligibility since CS and CSP (while in the same family) are considered separate products.

Re: Can I get the CSP Bonus again?

myjourney — Thu, 24 Mar 2016 05:37:54 GMT

@FinStar wrote:
@gnay wrote:
Thanks for the input. I guess it is a YMMV situation. Will it be ok to apply for CSP while having the CS open & without affecting the bonus eligibility? Does CHASE treat those two as independent products? There is no real reason to close the CS if I were to get declined for CSP.
Yes OP, you can apply with the CS still active. This shouldn't affect the bonus eligibility since CS and CSP (while in the same family) are considered separate products.

Correct

Also to note if approved and you don't need the CS you can roll that limit into CSP

Good luck should you pull the trigger I'll be pulling for you

Re: Can I get the CSP Bonus again?

FinStar — Thu, 24 Mar 2016 05:41:12 GMT

@myjourney wrote:
@FinStar wrote:
@gnay wrote:
Thanks for the input. I guess it is a YMMV situation. Will it be ok to apply for CSP while having the CS open & without affecting the bonus eligibility? Does CHASE treat those two as independent products? There is no real reason to close the CS if I were to get declined for CSP.
Yes OP, you can apply with the CS still active. This shouldn't affect the bonus eligibility since CS and CSP (while in the same family) are considered separate products.
Correct
Also to note if approved and you don't need the CS you can roll that limit into CSP
Good luck should you pull the trigger I'll be pulling for you

Yes, let us know the outcome once you decide to take the plunge OP!