topic Approval Odds/Thoughts in Credit Cards

Approval Odds/Thoughts

Anonymous — Fri, 28 Dec 2018 10:20:32 GMT

Hi everyone,

Happy holidays! I'm planning to apply for the CSR and wanted to see what you thought about my odds and credit profile. I’m based in the SF Bay Area and I believe Chase pulls TU/EX here. I've been eyeing the CSR, as I plan to travel more in 2019.

DP's:

(6) Installment Loans:

Toyota Financial Services: $3506
Dept Of Ed/Navient: $5,493
Dept Of Ed/Navient: $5,485
Dept Of Ed/Navient: $2,105
Dept Of Ed/Navient: $986
Dept Of Ed/Navient: $986

(2) CC's - 3% Revolving Balance:
StateFarm Rewards Visa: $500 SL
Citi Costco Visa: $5,000 SL + ($2,500 CLI received mid-Dec*) = $7,500

Scores (12/5/2018):
myFico EQ8: 729
myFico EX8: 750
myFico TU8: 757
Chase Credit Journey: 763

Other DP's:
Age: 24
Rent: 0 - Live with Parents
Income: ($45/HR * 2,080HR) = $93,600/YR
AAoA: 3yr 2mo
AoOA: 5yr 1mo
0/24 - Age of Most Recently Opened Account: 2yr 3mo
(2) Inquires: (5/2018) + (7/2018) *Both for store payment plans*
(2) 30-day lates: (6/2014) + (12/2017)
Chase College Banking Opened in (7/2015)
CSP, CFU, CF showing fixed % APR pre-approvals on Chase site.

What do you think about my credit profile + approval odds for the CSR?

Thanks!

Re: Approval Odds/Thoughts

Anonymous — Fri, 28 Dec 2018 14:01:33 GMT

Looks good to me, if chase deny you, I would go for a CSP and pc next year (you lose a little sub this way).

Re: Approval Odds/Thoughts

xaximus — Fri, 28 Dec 2018 14:04:59 GMT

IMHO, I think the scores/AAoA/income is okay. The issue that I see is that you don't have any other major CC's besides 2. Personally, I think your profile is a bit thin and CSR usually requires a decently thick profile. Also, I think the minimum approval for the CSR is 10k and Chase does not like being your highest limit line. I would say you're better off applying for the CSP. You'll have a better chance of getting approved for it.

Also - the 2 lates you have - where/who are they from? Have you reached out to see if they can be removed? The one in 2014 shouldn't be impacting anymore but the 2017 one is. I would see what you can do about them.

Re: Approval Odds/Thoughts

Anonymous — Fri, 28 Dec 2018 19:56:47 GMT

Thanks for your input! I'm thinking this will be my backup plan if I apply for the CSR and recon is unsuccessful.

Re: Approval Odds/Thoughts

Anonymous — Fri, 28 Dec 2018 20:01:40 GMT

@xaximus

Thanks for your thoughts. I also agree, my credit card profile is a bit thin.. My biggest concerns is my 8k CL on (2) CC's and the 2 baddies. the 2014 30-day late payment was with Statefarm Bank, and the 2017 30-day late payment was with Toyota Financial Services. I've been trying to get it removed, but I have been hitting a wall. For more information, please visit my other thread here:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Any-recent-GW-luck-with-Toyota-Financial-Services/m-p/5448164#M576969