topic Re: Chances at CSP in Credit Cards

Chances at CSP

romey050500 — Thu, 30 May 2013 16:58:17 GMT

I really want the CSP and Amex Blue Cash Prefeered card. My current credit score is a 655 Equifax - 656 Transunion I don't know my experian. Here are my current cards and utilization and opened date.

Navy Federal Flagship Visa 0% of 10,000 - Opened April 2008 (1 30 day late in 2010)

Chase Freedom 0% of $7,000 - Opened January 2007 (6 30 day lates. Last one August of 2011)

Discover It - $499/$2000 Opened October 2006 Never Late

Paypal 0% of $100 Opened June 2004 Never Late

Whitney Bank 0% of $2500 Opened June of 2006 (1 30 day late February of 2011)

Capital One 0% of 500 Opened April of 2013 Never late of course

Back in 2006-2008 I had 3 American Express Cards. One time, I paid late on one of the cards. Those cards never usually carried a balance. One time I charged something to one of the cards and forgot, and missed the payment due date. I got a call from them to remind of the late payment, and maybe paid 10 days late. I paid the balance in full as I usually do. The very next day, I got an e-mail saying all 3 of my credit cards had been closed. Am I on some type of blacklist with American Express? That was in January 2009. I also have a 90 day late from Citi from January 2010 on my credit report. There are no other baddies on my report. No collections or judgments. If I had to recon, all those late payments were from when I was in law school and waiting on student loans to kick in. I haven't been late since I graduated and curently make a six figure income. In the last 6 months I have 2 inquires on my credit report. One for the Carnival Mastercard, and the other from Capital One. There are a bunch of student loans and two car loans. Never late on any of them.

Re: Chances at CSP

Anonymous — Thu, 30 May 2013 17:01:07 GMT

I don't know how forgiving they'd be of the late on their own card (and that which has the most lates).

Re: Chances at CSP

romey050500 — Thu, 30 May 2013 17:12:30 GMT

Yea, that's what I was thinking. I was considering calling Chase and doing a product change from Freedom to CSP, then applying for the Freedom again. I was thinking that might be easier. I wanted the 40k points though.

Re: Chances at CSP

romey050500 — Thu, 30 May 2013 18:54:09 GMT

any advice?

Re: Chances at CSP

romey050500 — Fri, 31 May 2013 01:16:31 GMT

Bump

Re: Chances at CSP

Anonymous — Fri, 31 May 2013 01:48:51 GMT

Wile no one can tell you for sure, the lates are killer and I've not seen too many approvals for a score under 700.

Re: Chances at CSP

dodgerslv — Fri, 31 May 2013 02:03:41 GMT

@Anonymous wrote:
Wile no one can tell you for sure, the lates are killer and I've not seen too many approvals for a score under 700.

very true. It seems OP has quite a few lates along with some baddies. I got approved for the Chase Marriott and United Club with my EX score below 700. I have one small paid collection from 2011 and 2 chargeoffs (1 paid, 1 unpaid) from 2007. Those are the only 3 baddies on my EX report but have had excellent payment history the last 2.5 years.

Re: Chances at CSP

Anonymous — Fri, 31 May 2013 02:20:11 GMT

If you have Chase checking or saving account then you might want to apply in local branch.
At least in my case Chase seems to value account relationship.
You can afford to use one HP.
You should auto pay all accounts so that late's could be avoided.
If you do wait for 6 month then chances for approval would be very high.
Generally 30 day late's have less effect on score after 2 years. You need 2 years of clean history for your scores to go above 700.
With your income you would get very high credit limits.

Re: Chances at CSP

blondy250 — Fri, 31 May 2013 02:44:44 GMT

Don't take this the wrong way because you seem to be on the right path, but you have zero chance. It's not worth the hard pull, in another year maybe, if your able to get your scores to 700 and those baddies age.

Re: Chances at CSP

Anonymous — Fri, 31 May 2013 02:46:14 GMT

I would say get your scores above 700 first.

You also had several recent lates on your Freedom card. Kinda put you in a bad position with Chase.

Re: Chances at CSP

parakleet — Fri, 31 May 2013 03:20:26 GMT

Agree with the others - it seems prudent to wait a bit more for the lates to age and get your scores up at least over 700. You may still have a hard time getting instant approval but may have a chance at recon. Chances don't look great right now. My DH's only baddie was a 120+ late from 2008 and he had to recon for approval on his freedom. But ymmv.

Re: Chances at CSP

LS2982 — Fri, 31 May 2013 03:22:55 GMT

@Anonymous wrote:
I would say get your scores above 700 first.
You also had several recent lates on your Freedom card. Kinda put you in a bad position with Chase.

Agreed, the lates will hurt.

Re: Chances at CSP

jamesdwi — Fri, 31 May 2013 04:08:45 GMT

If you want to take a chance, AP for AMEX PRG card, if you get it which is possible, wait for it to report, confirm back dating is reporting, after it is may require some work on your part. to get it, after your score should jump because of the backdating then if you want to give up the Freedom card you can PC it to a CSP and AP for the freedom again in 6 months.

Or if you score jumps enough thanks to AMEX back dating you may want to just AP for the CSP.

Re: Chances at CSP

romey050500 — Fri, 31 May 2013 15:21:32 GMT

thanks for all the info everyone. I'm going to give it some thought.

Re: Chances at CSP

dodgerslv — Fri, 31 May 2013 15:30:34 GMT

@romey050500 wrote:
thanks for all the info everyone. I'm going to give it some thought.

let us know the outcome if you do decide and pull the trigger. Be right by the phone to call the backdoor number if you get the 7-10 or 30 day message and ready to recon. Good luck!!

Re: Chances at CSP

romey050500 — Mon, 03 Jun 2013 21:06:28 GMT

I think I'm going to call and do a PC to the CSP, then apply for the freedom. I wonder if they would let me just take 5k from the freedom just to open the CSP and still leave the freedom open at 2k.

Re: Chances at CSP

FinStar — Mon, 03 Jun 2013 21:21:16 GMT

@romey050500 wrote:
I think I'm going to call and do a PC to the CSP, then apply for the freedom. I wonder if they would let me just take 5k from the freedom just to open the CSP and still leave the freedom open at 2k.

Provided the account is elegible and qualify (if approved), yes. The exposure/limit can be carved out from an existing line as the CSP minimum CL is $5K.