topic Re: CSP Chances? in Credit Cards

CSP Chances?

Anonymous — Sun, 28 Apr 2013 22:56:09 GMT

After reading several posts here in the past, I decided to join this forum. I've found it to be very informative.

I was wondering what you think my chances would be for approval for a CSP card.

I understand that I have a rather thin file but may just give it a shot anyway, since I do not have many inquiries on my report.

Cards:

Chase Freedom - $800 limit, $15 currently utilized. Opened November, 2012. I run a good amount of transactions through each month, and pay off weekly so that my balance doesn't get too high and have done so since I got the card.

BOA Cash Rewards - $2,500 limit, $220 currently utilized. Opened August, 2012.

Authorized User, GM Capitol One World Mastercard - $15,000 limit, no more than a few hundred utilized. Added as a user in roughly 2003

Authorized User, Chase Ink - $15,000 limit, no idea what the balance is.

Gross income: $45,000. No loans, no other debt. Perfect payment history.

I also have a Chase Savings Account, opened two months ago for whatever that's worth.

Alternatively, I could ask BOA for a CLI to $5k and let that sit for a few months before applying. Thoughts?

Re: CSP Chances?

Anonymous — Sun, 28 Apr 2013 23:01:32 GMT

Should also mention my credit score: 764 from Credit Karma and 766 from Credit Sesame

Re: CSP Chances?

daybreakgonesXe — Sun, 28 Apr 2013 23:01:36 GMT

@Anonymous wrote:
After reading several posts here in the past, I decided to join this forum. I've found it to be very informative.

I was wondering what you think my chances would be for approval for a CSP card.

I understand that I have a rather thin file but may just give it a shot anyway, since I do not have many inquiries on my report.

Cards:

Chase Freedom - $800 limit, $15 currently utilized. Opened November, 2012. I run a good amount of transactions through each month, and pay off weekly so that my balance doesn't get too high and have done so since I got the card.

BOA Cash Rewards - $2,500 limit, $220 currently utilized. Opened August, 2012.

Authorized User, GM Capitol One World Mastercard - $15,000 limit, no more than a few hundred utilized. Added as a user in roughly 2003
Authorized User, Chase Ink - $15,000 limit, no idea what the balance is.

Gross income: $45,000. No loans, no other debt. Perfect payment history.

I also have a Chase Savings Account, opened two months ago for whatever that's worth.

Alternatively, I could ask BOA for a CLI to $5k and let that sit for a few months before applying. Thoughts?

I highly recommend getting that BOA up, and waiting until August 2013. Therefore, you're oldest individual account will be a year old, your Chase card has a bit more history, and you'll be more in line for an instant approval or strong recon success.

Good luck, and all the best!

Re: CSP Chances?

09Lexie — Sun, 28 Apr 2013 23:03:43 GMT

Welcome to the forum!

If you are able to get a CLI on BoA IMO that would be best. It has been said that Chase does not look at AU's on credit apps. Also based on the toy CL I would be surprised if they give you a $5k CL without at least showing some kind of CLI on your Freedom.

Im not sure if the Chase Ink may help.

Re: CSP Chances?

09Lexie — Sun, 28 Apr 2013 23:04:52 GMT

You need your real FICO cs and pull your CR's. CK and CS are FAKOs

Re: CSP Chances?

Anonymous — Sun, 28 Apr 2013 23:09:47 GMT

i say just go for it. you probably will have to recon but its only an inquiry and if u fail by august that inquiry wont matter

Re: CSP Chances?

09Lexie — Sun, 28 Apr 2013 23:34:10 GMT

@jaraico

What do you mean 'if you fail by August that inquiry won't matter'?

Re: CSP Chances?

FinStar — Sun, 28 Apr 2013 23:53:08 GMT

@Anonymous wrote:
i say just go for it. you probably will have to recon but its only an inquiry and if u fail by august that inquiry wont matter

Sorry, but this is not a well-thought out strategy. The OP's chances for getting approved the CSP, even via the reconsideration route, are slim to none. So, why waste a HP when the OP has a better opportunity to apply or be considered in the future?

Re: CSP Chances?

improvingmycredit — Mon, 29 Apr 2013 00:01:11 GMT

+1 @ 09Lexie!
Inqs matter for a year and with regards to FICO and stay on the report for 2 years. Though depending on the profile, the inq may make little effect, if the card app goes to manual review- all inqs matter to the underwriters.
A note on AUs. While it is true that in manual review- Chase underwriters don't take into account these accounts, there is proof that being a AU may get you through the instant approval requirements and this bypass manual review.
Like the others have recommended- try and get one of your other CLs up to 5K and you will likely have an excellent chance at instant approval.
Also to Lexie's point- the Ink account likely doesn't help or hurt you because it is a business account and typically they don't report on personal CRs as AU.

Re: CSP Chances?

myjourney — Mon, 29 Apr 2013 00:04:53 GMT

@09Lexie wrote:
Welcome to the forum!

If you are able to get a CLI on BoA IMO that would be best. It has been said that Chase does not look at AU's on credit apps. Also based on the toy CL I would be surprised if they give you a $5k CL without at least showing some kind of CLI on your Freedom.

Im not sure if the Chase Ink may help.

+1 welcome to the forum

Chase like to see other cards with a 5k limit so take that into consideration

Re: CSP Chances?

jamesdwi — Mon, 29 Apr 2013 00:13:29 GMT

I would wait til your chase card is 6 months old, request a CLI, ask for $5000 because you have to pay the card weekly with its current limit and you would like to use the card more but its limit just too small, if they won't approve it you had no chance at a CSP card, minimum credit limit is $5k. If you have to recon the CLI, ask about your chances for a CSP in the future. Once you have a card with a 5k CL, then apply for the CSP.

Re: CSP Chances?

boomhower — Mon, 29 Apr 2013 00:19:31 GMT

@myjourney wrote:
@09Lexie wrote:
Welcome to the forum!

If you are able to get a CLI on BoA IMO that would be best. It has been said that Chase does not look at AU's on credit apps. Also based on the toy CL I would be surprised if they give you a $5k CL without at least showing some kind of CLI on your Freedom.

Im not sure if the Chase Ink may help.
+1 welcome to the forum

Chase like to see other cards with a 5k limit so take that into consideration

This. You'll get denied for not having enough experience at the needed credit line. Chase doesn't like to be the first to give you a large credit line. Try for a CLI on the Freedom of BOA. Or get in with a credit union for the best chances of a larger CL. I'm a fan of DCU unless you are eligible for NFCU.

Re: CSP Chances?

JustJen — Mon, 29 Apr 2013 00:54:29 GMT

I don't buy the Chase likes to see experience at 5k limit as I was granted a Chase United Visa Signature for 10k when at the time my highest CL was maybe 2k, definitely 1.2k; and I'll add my credit score wasn't even in the 700s at the time, I think it was around 660-675. I'll also add that my income is over six figures so maybe that's the difference, I don't know.

They pulled experian and I think my most recent inquiry was 6-12 months old. So with that being said I'd be more concerned about the age of your inquiries and the length of your credit history as others have recommended, and not the fact that you don't have a card over 5k.

Just my opinion.....GL in whatever you decide!

Re: CSP Chances?

Anonymous — Mon, 29 Apr 2013 01:59:38 GMT

inquiries is the easiest thing to recon. just play dumb lol i had 22 inquiries when i got chase southwest amd 13 when i got csp. and most of my histpry was an authorized uset but i do believe every profile is diffetent. but waiting is so overrated.

Re: CSP Chances?

Anonymous — Mon, 29 Apr 2013 02:21:56 GMT

@Anonymous wrote:
inquiries is the easiest thing to recon. just play dumb lol i had 22 inquiries when i got chase southwest amd 13 when i got csp. and most of my histpry was an authorized uset but i do believe every profile is diffetent. but waiting is so overrated.

inquiries is definitely easier to recon as compared to bankruptcy or a charge off. but at the same time it's hard to convince a lender that you're not desperate for credit if you had stacked up a ton of inquiries that's due to credit apps only. if your inquiries are mostly due to mortage / auto loan, it's the easiest thing to explain to recon, provided there's even a need in the first place.

Also, every profile is different like you said. A very thick file with a number of inquiries isn't as bad. A thin file with lots of inquiries on the other hand, might make certain lenders nervous.

As for OP: Like others said, try to get a CLI on your BofA. Chase usually wants you to have another 5K CL card, but that's not a must. Try to make your freedom your primary usage card and you can try applying for it at the 1 year mark of your Freedom. Chase also likes to see usage.

Re: CSP Chances?

FinStar — Mon, 29 Apr 2013 02:35:37 GMT

@Anonymous wrote:
inquiries is the easiest thing to recon. just play dumb lol i had 22 inquiries when i got chase southwest amd 13 when i got csp. and most of my histpry was an authorized uset but i do believe every profile is diffetent. but waiting is so overrated.

Not necessarily - it varies by lender. As you pointed out, everyone's credit experience and results will vary. Just because you decided to "play dumb" does not necessarily translate into other individuals embarking on 22+ inquiries to increase their chance for approval - for any product.

While annecdotally some have achieved success with your stated scenario (albeit using the reconsideration channel vs. qualifying for automatic approval) or not having a good handle on basic credit habits to achieve said goals (e.g. excessive inquiries, etc.); others prefer the opportunity to learn the best approach and position themselves for approval while minimizing any collateral damage to their credit files.

Re: CSP Chances?

Anonymous — Mon, 29 Apr 2013 02:41:21 GMT

@FinStar wrote:
@Anonymous wrote:
inquiries is the easiest thing to recon. just play dumb lol i had 22 inquiries when i got chase southwest amd 13 when i got csp. and most of my histpry was an authorized uset but i do believe every profile is diffetent. but waiting is so overrated.
Not necessarily - it varies by lender. As you pointed out, everyone's credit experience and results will vary. Just because you decided to "play dumb" does not necessarily translate into other individuals embarking on 22+ inquiries to increase their chance for approval - for any product.

While annecdotally some have achieved success with your stated scenario (albeit using the reconsideration channel vs. qualifying for automatic approval) or not having a good handle on basic credit habits to achieve said goals (e.g. excessive inquiries, etc.); others prefer the opportunity to learn the best approach and position themselves for approval while minimizing any collateral damage to their credit files.

also to add.........getting approved is one thing.

but getting approved for the lowest APR rates is another. Usually borderline approvals land you up with the highest and most ridiculous APR rates, so it's essentially forcing you to not leave a balance. Kinda defeats the purpose of having a credit card somewhat.

Re: CSP Chances?

improvingmycredit — Mon, 29 Apr 2013 02:50:29 GMT

@JustJen wrote:
I don't buy the Chase likes to see experience at 5k limit as I was granted a Chase United Visa Signature for 10k when at the time my highest CL was maybe 2k, definitely 1.2k; and I'll add my credit score wasn't even in the 700s at the time, I think it was around 660-675. I'll also add that my income is over six figures so maybe that's the difference, I don't know.

They pulled experian and I think my most recent inquiry was 6-12 months old. So with that being said I'd be more concerned about the age of your inquiries and the length of your credit history as others have recommended, and not the fact that you don't have a card over 5k.

Just my opinion.....GL in whatever you decide!

I agree. ~btw...it was the 6 figure income ~ I do not think that OPs not having a 5K limit is a deal breaker at all. There's too many approvals for this card without the 5K threshold requirement. I just think having it (5K) better improves chances of approval as there are more denials then approvals with this reason. As a matter of fact, I think that the 15K AU limit will more than suffice to get the CSP. I'm more concerned about the rest of the file being so thin. It's the only CC with any real length of history.

OP... what is your AAoA and your real FICO?

Re: CSP Chances?

Anonymous — Mon, 29 Apr 2013 02:54:36 GMT

Thanks for the replies all, much appreciated.

I'll try and increase one or both of the current cards and go from there.

Re: CSP Chances?

improvingmycredit — Mon, 29 Apr 2013 02:56:04 GMT

@Anonymous wrote:
inquiries is the easiest thing to recon. just play dumb lol i had 22 inquiries when i got chase southwest amd 13 when i got csp. and most of my history was an authorized uset but i do believe every profile is different. but waiting is so overrated.

Hey jaraico,

Your statement regarding every profile being different it true and not to be argumentative, but really, this is not good advice... go for the card with the hope of recon if denied. Just because you have a profile that warranted an approval for this card, doesn't mean that wanton apping is a good plan. I agree with you regarding the usefulness of having AU history to get you in the door with many companies and I highly recommend it. Even though many dispute the validity of this, I have personal experience with adding a family member as a AU to get them the limits they now have and one is with Chase.

With all this said, one inq isn't going to hurt too much if there are no big purchases in the near future and this doesn't turn into an app spree. I give the OP 50/50% because of the thin file even with the AU account and no other cards near this minimum 5K limit. To better the chances, I think another 5K plus card is in order.