topic Re: Apply for CSR now or wait? in Credit Cards

Apply for CSR now or wait?

justrelax — Mon, 02 Jan 2017 21:03:10 GMT

I've decided to apply for the CSR either this month or next. Here's an idea of current stats:

Scores: 722 EQ/733TU/739EX

AAoA: 7y11mo

Utilization: approx 25% (will be at or near 0% in the next few weeks)

Inquiries: 4

Income: $185k

No concerns about 5/24.

Should I wait for my utilization to show zero next month? The MyFico simulator says that my scores should be in 760s or 770s after the update to the utlization.

Thanks in advance! Really enjoying learning more and more about playing the FICO game to win!

Re: Apply for CSR now or wait?

rlx01 — Mon, 02 Jan 2017 21:10:52 GMT

What's the utilization in $ terms?

Re: Apply for CSR now or wait?

grillandwinemaster — Mon, 02 Jan 2017 21:14:38 GMT

@justrelax wrote:
I've decided to apply for the CSR either this month or next. Here's an idea of current stats:

Scores: 722 EQ/733TU/739EX
AAoA: 7y11mo
Utilization: approx 25% (will be at or near 0% in the next few weeks)
Inquiries: 4
Income: $185k

No concerns about 5/24.

Should I wait for my utilization to show zero next month? The MyFico simulator says that my scores should be in 760s or 770s after the update to the utlization.

Thanks in advance! Really enjoying learning more and more about playing the FICO game to win!

You don't want zero utilization. This will actually cost you Fico points. You want all your credit cards to report zero, with 1 credit card between 1% and 9% utilization in order to maximize your scores.

You will more than likely be approved now AND/OR later. IMHO, the extra points You will gain by maximizing your Fico score could possibly get you a larger starting limit.

Re: Apply for CSR now or wait?

rlx01 — Mon, 02 Jan 2017 21:17:44 GMT

Limit is determined by income and DTI, not really by score.

S/he would most likely get a 35k line. Just need to know how much $ 25% represents.

Re: Apply for CSR now or wait?

justrelax — Mon, 02 Jan 2017 21:18:33 GMT

$15,000/$60,000

Re: Apply for CSR now or wait?

BronzeTrader — Mon, 02 Jan 2017 21:39:39 GMT

I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO.

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

Re: Apply for CSR now or wait?

Anonymous — Mon, 02 Jan 2017 21:43:42 GMT

@BronzeTrader wrote:
I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO.

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

Isn't that what the whole forum does? Is speculate? What is so funny about that?

Re: Apply for CSR now or wait?

rlx01 — Mon, 02 Jan 2017 22:25:06 GMT

OP: do you bank with Chase or have any other Chase cards?

If it were me, I'd wait until my util was lower. Then again I applied with 11k/169k on my reports and was approved for 35k. Similar story for the wife.

Income a little north of 200k, and we're CPC.

Re: Apply for CSR now or wait?

rlx01 — Mon, 02 Jan 2017 22:30:21 GMT

Oh, I forgot to add. If 15/60 is typical for you then I'd go for it. I don't mess around with micro-optimizing FICO by decreasing reported util because I like interest free 55 day loans, but I'm always between 9-11k/month.

Re: Apply for CSR now or wait?

BronzeTrader — Tue, 03 Jan 2017 00:17:20 GMT

@Anonymous wrote:
@BronzeTrader wrote:
I remember a previous thread on someone guessing his own CSR CL. It took about 5 whole pages or longer. It was pretty funny IMO.

Do not remember how much he got, but I think in low $20k range, much below his expectation.....

Isn't that what the whole forum does? Is speculate? What is so funny about that?

What is so important of a starting CL? $40K makes him a big shot? And $10K CL makes him poor? Not at all.

He can certainly applies first, then report back about his CL. To share about the experience....

Re: Apply for CSR now or wait?

grillandwinemaster — Tue, 03 Jan 2017 00:39:22 GMT

@rlx01 wrote:
Limit is determined by income and DTI, not really by score.

S/he would most likely get a 35k line. Just need to know how much $ 25% represents.

So what came first? The chicken or the egg??

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

What came first, the chicken or the egg?

Re: Apply for CSR now or wait?

BronzeTrader — Tue, 03 Jan 2017 01:03:16 GMT

@grillandwinemaster wrote:
So what came first? The chicken or the egg??

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

What came first, the chicken or the egg?

Yes. Even the income is not so clear. Some people include his/her SO/Spouse income, some do not. Some youngsters include their parent's income as their own (they have no income in college). Even the income itself can be the gross wage/salary, after IRA etc. And CC companies can't actually verify the income.

But the CC companised can clearly see the total CL and total debt. So the total utilization. Personally I do not think it makes any difference if it is below 10% utilization. But I do not work for a CC company.

Re: Apply for CSR now or wait?

MLS_Fan — Tue, 03 Jan 2017 02:47:18 GMT

I applied for the CSR(4th Chase card) with a 9% utilization and 50k income. Fico score of 785 and 2 inquiries. I applied last week Friday and the website said it would verify my account. I thought I got denied and decided not to call. Today I checked my account online and saw the CSR account under my accounts. They lowered the credit limit from my CSP to 12k and gave me 15k limit on the CSR. Perhaps lower the utilization as others have said, it can only improve the odds right?

Re: Apply for CSR now or wait?

rlx01 — Tue, 03 Jan 2017 03:03:25 GMT

I'm unclear what's being argued at this point. OP specifically asked about util. It has very little to do with percentages and everything to do with amounts owed.

The picture is very different if someone has 15k reported balances with an income of 50k than it is for someone with 185k.

Re: Apply for CSR now or wait?

Revelate — Tue, 03 Jan 2017 15:00:05 GMT

@BronzeTrader wrote:
@grillandwinemaster wrote:
So what came first? The chicken or the egg??

Utilization is a large component of one's Fico score. The lower his utilization, the higher his score. The higher his utilization, the lower his score. DTI is a correlation of his score without having to bring income into the equation, which would be considered income bias through out the masses.

What came first, the chicken or the egg?
Yes. Even the income is not so clear. Some people include his/her SO/Spouse income, some do not. Some youngsters include their parent's income as their own (they have no income in college). Even the income itself can be the gross wage/salary, after IRA etc. And CC companies can't actually verify the income.

But the CC companised can clearly see the total CL and total debt. So the total utilization. Personally I do not think it makes any difference if it is below 10% utilization. But I do not work for a CC company.

Sure they can if they think it's an issue. There's multiple 3rd party income verification sources and they can always simply ask for paystubs or tax returns.

Also, if we're talking small CL's you're probably right, but if there's someone with 49/50K in aggregate utilization (98%), what would any rational risk modelling say about the use case for this newly applied card? At some point for anyone who isn't absurdly wealthy (the majority of us) there's a limit where beyond that we're going to default via BK or similar, banks will at least try to avoid that if possible, they aren't big fans of losing money to be sure.

Compared to my trivial utilization, where it's just not likely I'm going to run up the balance and default and if I do change my behavior, they're going to to know way in advance before it gets that far and have the opportunity to deny charges too along the way. Sure, if someone is making 185K as someone else suggested and has a cheap living situation, then 50K is solvable in under a year, but that's more than I make and I do OK on national consumer averages as far as income goes.

That said, I sorta doubt the 25% would kick you out from a CSR with that income, but I also think the Chase bonuses would've already gone away if they were killing it in January. I think Chase is still in wait and see mode, which is unfortunately different from my use case where I'm looking at 9 months for 5/24 and would do better on a good travel card right now.

Re: Apply for CSR now or wait?

rlx01 — Tue, 03 Jan 2017 19:22:47 GMT

TPG is claiming the bonus drops down to 50k on 1/12. So if OPs new lower balances aren't going to be reflected by then, they should apply now.

If they decline, you can always recon and say balances are now zero (since you have 30 days) and still get the 100k bonus if approved.

Re: Apply for CSR now or wait?

Revelate — Tue, 03 Jan 2017 19:26:18 GMT

@rlx01 wrote:
TPG is claiming the bonus drops down to 50k on 1/12. So if OPs new lower balances aren't going to be reflected by then, they should apply now.

If they decline, you can always recon and say balances are now zero (since you have 30 days) and still get the 100k bonus if approved.

Ah hadn't read that today, maybe not so much in wait and see mode after Q4 hehe.

Re: Apply for CSR now or wait?

myjourney — Tue, 03 Jan 2017 19:48:21 GMT

As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017

TBD

Re: Apply for CSR now or wait?

rlx01 — Tue, 03 Jan 2017 20:16:44 GMT

@myjourney wrote:
As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017
TBD

That's not confirmed though. This is:

Re: Apply for CSR now or wait?

myjourney — Tue, 03 Jan 2017 20:29:14 GMT

@rlx01 wrote:
@myjourney wrote:
As far as CSR 100k offer being cut to 50k Jan 12, 2017 it is also being reported that the 100k offer will still be available in branch offices until March 11, 2017
TBD
That's not confirmed though. This is:

Yeah I saw that but they never confirm in branch offers

Ink cards 70k offer went on for years while online 70k was rarely seen (example)