topic Re: Recon CSP in Credit Cards

Recon CSP

Anonymous — Thu, 27 Jun 2013 19:31:45 GMT

Just apped for the Chase Sapphire Preferred card for the benefits/points bonus. I got the "Application under review, check back in two weeks" message and tried the automated status line. No information on there either, so I called up the recon line for app status. Person on phone said application was denied (after putting me on hold for about a minute), and cited the reasons (Too many inquiries, 1 new card from Chase over a month ago, two other new cards, debt ratio because of student loan (although she said payments were deferred on that...implying that maybe that is fine)).

Card portfolio:

Chase Freedom- $2.5K Opened April 13

Amex Blue - $2K Opened April 13

Discover - $750 Opened Nov 12

Cap One - $500 Opened May 12

Barclays - $250 Opened April 13

BOA - $700 - Opened May 13

I know CSP requires line of $5K. I was thinking that I am due for an Amex 3x CLI in a few weeks, and may bump that up to 6K limit. Also got a recent auto CLI from Discover. Also, no bad things on report, spotless payment history.

Is it worth calling the recon line again for a second time? I kind of only called the first time to seek application status, and wrote down denial reasons. The person on the phone seemed rather rushed so I figured I'd wait to recon. I figured I already took the HP for this application.

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 19:40:29 GMT

The CSP is one of their top tier cards, and the generally like to to see the 5 k limit before they grant the card. I have seen it where someone got approved without it but they had great income like 70,000+ and had a good amount of low limit cards. From your profile it seems they want you to build some payment history with Chase with that Freedom before they give you more credit on another card.. Let the accounts age, and then after you AMEX CLI reports you can try again but its a 50/50 shot. Always can recon again with a different rep since you did already take the HP and it can't hurt to try again!

Re: Recon CSP

JaeJae12 — Thu, 27 Jun 2013 19:40:35 GMT

I don't think they will approve because I was in the same place as you like 2 months ago, but I had no cards under 1000, since you got the chase freedom they will want to see you use it first... Just like me.... And also having a CL of 5k+ or similar is better

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 19:45:04 GMT

Chase would prefer you already have a 5k limit though that isn't an absolute requirement. I would recommend you try again in 6-12 months.

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 19:50:16 GMT

Although I agree with the others about Chase I also think why not try again?. Chances are slim with the recent accts and relatively low CL's but its worth trying. In the future it's always best to app when your cr are optimal and coincide with that lenders standards for approval.

Good luck if you decide to recon.

Re: Recon CSP

JaeJae12 — Thu, 27 Jun 2013 20:19:58 GMT

Off topic but I wish someone can make a post of there experience getting the CSP( as I want one too ...)...

From denial towards finally getting it lol...( not through recon), like what did they to finally getting approved

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 20:38:35 GMT

Jae, it really isn't hard to get the CSP. Manage your finances well, and let time do the rest. That's all there is to getting most of the credit cards out there. The only exceptions are those really hard to get cards such as the centurion, palladium, etc because there's a minimum asset / spend requirement.

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 20:59:21 GMT

Not so much the limits on your other cards but more like the history with your cards. I would have waited for that CLI on the Amex and then went for it after it reported. Think that would have done it

Re: Recon CSP

kobe2012 — Thu, 27 Jun 2013 21:01:58 GMT

@Anonymous wrote:
Jae, it really isn't hard to get the CSP. Manage your finances well, and let time do the rest. That's all there is to getting most of the credit cards out there. The only exceptions are those really hard to get cards such as the centurion, palladium, etc because there's a minimum asset / spend requirement.

I agree with enharu.... before I got my first chase card, I thought that CSP is only for people with really high income.... but after reading so much success stories on this forum, I think it's just another credit card that almost anyone of us can get.... with decent scores and ok income... and chase is also great on recons .... although I do not have this card, I do have two chase cards, freedom and slate that were both approved on recon, only 6 months apart between approvals... my freedom card that went from $500 to $1000 to $5000 in 6 months...... (cli denied but reconned from 1k to 5k w/ no hp).... I'm thinkin twice now if I want this card, other than it's metal, I do not think i have a use for it since I do not travel much.... but maybe....

Re: Recon CSP

JaeJae12 — Thu, 27 Jun 2013 21:05:18 GMT

I'm in the garden waiting to reapply Lols( I want the card cus my Fam travels quite abit.. For vacations

Re: Recon CSP

myjourney — Thu, 27 Jun 2013 21:06:55 GMT

@Anonymous wrote:
Not so much the limits on your other cards but more like the history with your cards. I would have waited for that CLI on the Amex and then went for it after it reported. Think that would have done it

IMHO

Chase didn't see enough history with them yet.

You have only had a chase card for 2 months and possibly 1 of those months it didn't report to CR.

Thus maybe 1 statement cut 2 at the most...not enough time for a picky lender like chase

You need to wait at least 6 months and try again

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 21:07:22 GMT

What was your income?

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 21:42:20 GMT

If you have a clean report, build 6 months of credit history with chase. If you have many inquiries, let them age before applying. Make sure to use the chase card heavily even if it only has a $500 limit.

Remember, the 5k limit requirement has been proven to be false approval after approval.

If you don't have a clean report, your results will probably vary.

Re: Recon CSP

red259 — Thu, 27 Jun 2013 22:04:28 GMT

@Anonymous wrote:
Just apped for the Chase Sapphire Preferred card for the benefits/points bonus. I got the "Application under review, check back in two weeks" message and tried the automated status line. No information on there either, so I called up the recon line for app status. Person on phone said application was denied (after putting me on hold for about a minute), and cited the reasons (Too many inquiries, 1 new card from Chase over a month ago, two other new cards, debt ratio because of student loan (although she said payments were deferred on that...implying that maybe that is fine)).

Card portfolio:

Chase Freedom- $2.5K Opened April 13
Amex Blue - $2K Opened April 13
Discover - $750 Opened Nov 12
Cap One - $500 Opened May 12
Barclays - $250 Opened April 13
BOA - $700 - Opened May 13

I know CSP requires line of $5K. I was thinking that I am due for an Amex 3x CLI in a few weeks, and may bump that up to 6K limit. Also got a recent auto CLI from Discover. Also, no bad things on report, spotless payment history.

Is it worth calling the recon line again for a second time? I kind of only called the first time to seek application status, and wrote down denial reasons. The person on the phone seemed rather rushed so I figured I'd wait to recon. I figured I already took the HP for this application.

Give it six months with your Chase Freedom so they can get to know you. PIF heavy use. Get your CLI on Amex and any other cards where it can be done with a SP. If Amex puts you over 5k then you should be in good shape depending on your CS. I was denied for CSP because of lack of revolvers, so I got a 3k Freedom and 5k venture. After six months I am hoping to go back and get the CSP, although I am anticipating having to recon to do so. Your problem is low CLs, but that should change if you get bumped up by Amex.

Re: Recon CSP

911gt34life — Thu, 27 Jun 2013 22:35:08 GMT

the same thing happen to me but look like you took too long to call them if i was you i would call them up few more time.

Re: Recon CSP

Anonymous — Thu, 27 Jun 2013 22:55:53 GMT

I would recon at least 3 times, see if you can see a pattern on what the reps are telling you and maybe you can fine a way to convince them other wise! But like others have said your probably gonna have to wait for your cards to age.

Re: Recon CSP

toppers555 — Fri, 28 Jun 2013 00:44:06 GMT

In my opinion you have to many new accounts. you need to let those age at least 6-12 months.

Re: Recon CSP

Revelate — Fri, 28 Jun 2013 05:10:58 GMT

@Anonymous wrote:
If you have a clean report, build 6 months of credit history with chase. If you have many inquiries, let them age before applying. Make sure to use the chase card heavily even if it only has a $500 limit.

Remember, the 5k limit requirement has been proven to be false approval after approval.

If you don't have a clean report, your results will probably vary.

While I absolutely agree with you, there's incredibly few individual things from an underwriting perspective that are either automatic approval or outright rejection worthy.

Underwriting decisions are based on a collection of datapoints for risk analysis, and while we've had some anecdotal reports of CSP approvals that appeared to be more head-scratching than even my Amex approvals to me, I think it's reasonable to say that having a tradeline greater than 5K helps to some extent.

That said, virtually anything can be reconned sucessfully with Chase; however, a slew of recent accounts including the Freedom aka Chase starter card, is a difficult walk with what amounts to 1.25 years history to a CSP. I'd probably try my luck once more without expecting anything... though assuming the credit market stays similar through this time next year, I'll certainly be reconning my own CSP decision if I get denied, and probably twice at that as well.

Re: Recon CSP

oztsvi — Fri, 28 Jun 2013 10:58:22 GMT

i got approved after having my freedom for three weeks, and with no other cards with a 5k limit.

csp is my first 5k limit...every case is deifferent

Re: Recon CSP

Anonymous — Fri, 28 Jun 2013 17:05:24 GMT

@oztsvi wrote:
i got approved after having my freedom for three weeks, and with no other cards with a 5k limit.
csp is my first 5k limit...every case is deifferent

If you don't mind, what AAoA did you have when you applied for it?