topic Re: CSP chances Stats included in Credit Cards

CSP chances Stats included

pats23 — Sat, 23 Mar 2013 20:34:50 GMT

OK few questions, hope somepeople have the time for input.

CSP is my goal card right now

Stats cap1 card 300 limit 5 years $0 balance

orchard bank 300 limit 1 year $0 balance

awful cards

Discover more card $2000 limit $0 balane this card will hit 6 months next month

Chase Freedom $3,500 limit Use this card for everything have put close to 10k in last 7 months on it, always PIF and they gave me a $500 auto CLI at 6 month mark.

Car loan 23k 389/month hits 6 month mark next month

Car loan for 8k on CR paid off early

student loan for 9k

Income 70k

EQ score on this site 707 before paying off 1000 balance on discover so will prob rise a few points. not really sure on other CB scores but I know all three of my reports are identical so most likely similar, no lates ever, nothing bad what so ever.

inquaries 8 in the last year....5 from my car loan at dealership 1 from capone 2 from chase.....

0 inquaries in the last 6 months(been in the garden)

So now the question is I have heard CSP is impossible to get without previous card with5k limit? true not true? what do you think my chances of getting this card if I apply next month? should I wait another 6 months? and if I need a 5k limit what would be the best way to get it? AMEX then 3x CLI?

All input is appreciated, sorry for the layout and typos

Re: CSP chances Stats included

Voodard — Sat, 23 Mar 2013 21:20:58 GMT

I think your EQ score is borderline for the CSP and your credit file is too thin. You have a bunch of installment loans, but those don't mean as much as revolving trade lines. Are you trying to avoid a inquiry hit on your credit? If you want the CSP card that bad, go ahead and apply. If Chase declines, call the recon line and ask them to move your Freedom card to the CSP. They may be willing to work with that. Good luck!

Re: CSP chances Stats included

Cdnewmanpac — Sat, 23 Mar 2013 21:36:22 GMT

Honestly, you will be a much stronger candidate in 5 months. Chase weighs your history with them quite a bit and your freedom will be a year old by then. Your inquiries will be minimal or gone, your newest card will be almost a year old. I wouldn't app for an Amex just for the credit limit. You CAN get a csp without another 5 k card, it's just harder.

Re: CSP chances Stats included

pats23 — Sun, 24 Mar 2013 12:21:08 GMT

what path would you suggest to strengthen my credit file?

Re: CSP chances Stats included

LS2982 — Sun, 24 Mar 2013 12:33:40 GMT

I agree that you should wait until your freedom hits the 1 year mark, youll be in a better position for it.

Re: CSP chances Stats included

pats23 — Sun, 24 Mar 2013 12:36:30 GMT

@LS2982 wrote:
I agree that you should wait until your freedom hits the 1 year mark, youll be in a better position for it.

should i do anything in the mean time? apply for a amex or a different card or SP a jcrew card just to get more credit. or am I better letting HP fall off and accounts I have age?

Re: CSP chances Stats included

Anonymous — Sun, 24 Mar 2013 12:59:08 GMT

My highest limit was 1.7k when I was approved for the 5k CSP. My score was 732 though with a long AAoA and multiple lines/recently paid off car. I agree with letting your Freedom age a bit.

Re: CSP chances Stats included

Anonymous — Sun, 24 Mar 2013 13:06:56 GMT

@OP

Don't apply for anything in the meantime. This will allow your current trade lines to age thus putting you in a better position once you apply for the CSP. If you apply for new credit, you will look to lenders as in pursuit of new credit, which is regarded as risky to lenders.

So as others have stated, sit tight and once your 12th statement cuts for your Freedom card take a shot at it.

Also I would try increasing that Capital One credit limit as well. Search the forums, there's help on how to get it increased via EO Capital One Office if a regular CLI request isn't working through Customer Service. Good luck.

Re: CSP chances Stats included

pats23 — Sun, 24 Mar 2013 21:41:03 GMT

Figured I would update you guys, I couldn't resist and Appd for the CSP card and was give the 10 day message and called recon. She told me the only reason I was declined was due to my lack of history with credit. just not enough history. She was very nice. I then asked about rolling my 3.5k freedom into getting CSP card and she said that is deffinetly a possibilty but I have a small balance on my chase freedom from everyday purchases, so she said pay it off wait for it to post then call back and they can see what they can do. she said she put a note on my account that this was discussed so hopefully it works out in a few days!!! really want this card as I am going to europe for 3 months in june and this would be an Ideal travel card!

Re: CSP chances Stats included

Anonymous — Sun, 24 Mar 2013 21:45:51 GMT

Good luck. Hopefully it works out.

Re: CSP chances Stats included

SnackTrader — Sun, 24 Mar 2013 21:47:20 GMT

Well at least you found out where you stand. But once again it is very frustrating for us here on the forum to provide accurate advice in your best interest, and to watch you ignore that advice. I hope things work out for you, but try to trust the experts next time...you were denied for the exact reason others warned you about.

Re: CSP chances Stats included

pats23 — Sun, 24 Mar 2013 21:51:43 GMT

@SnackTrader wrote:
Well at least you found out where you stand. But once again it is very frustrating for us here on the forum to provide accurate advice in your best interest, and to watch you ignore that advice. I hope things work out for you, but try to trust the experts next time...you were denied for the exact reason others warned you about.

If you look at the first person that responded they suggested I try and suggest rolling over my freedom.....So I did use the advice. I understnad your frustration but I figured I could afford the pull and if denied apply again in 6 months as it would only be 1 inquary in a year regardless.

Re: CSP chances Stats included

Anonymous — Sun, 24 Mar 2013 21:52:14 GMT

@ SnackTrader

All we can do is suggest and give our opinion. Ultimately, it's up to the OP to listen.

However, I agree with you 110%...very frustrating. 😒

Re: CSP chances Stats included

Anonymous — Sun, 24 Mar 2013 21:55:56 GMT

@pats23

Yes, the first person 'suggested' rolling over the Freedom. They also said this first...'I think your EQ score is borderline for the CSP and your credit file is too thin'
So, like the CSR and all the others stated, wait and your chances for approval would be better- but what's done is done.

Again, good luck.

Re: CSP chances Stats included

pats23 — Sun, 24 Mar 2013 22:04:05 GMT

@Anonymous wrote:
@pats23

Yes, the first person 'suggested' rolling over the Freedom. They also said this first...'I think your EQ score is borderline for the CSP and your credit file is too thin'
So, like the CSR and all the others stated, wait and your chances for approval would be better- but what's done is done.

Again, good luck.

of course I should have listened! It's just so hard! The app itch is worse than poison ivy! but yes I understand asking for advice than ignoring people is annoying, I apolgize a little bit, but we are all guilty of doing what one wants