topic Re: CSP- apply now or wait? in Credit Cards

CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 12:33:10 GMT

I wanted to apply for CSP...Initially was looking to get JP Morgan select ( for the hidden TL) but was told on this forum you need endorsement so that's out the door.

Anyways I have opened 5 new accounts between may/June ( 4 cc and 1 Auto loan). 2CC's are store cards. My question ; amex card( which was opened in late June will be up for 61 day cli soon inital limit was( $9600), should I wait or apply now for CSP? Profile is as follows : thx in advance for all suggestions and advice!

Income: 62k

AAOA: 2 years 9 months

Oldest account: 7 years-student loans

Car loan 18K- $308 per month

Current cards and scores are in Signature

Baddies: BOA CC opened 2008- 120days late paid and closed FEB./2011. Should be falling off in about a year FML!

Inquires: EX 7 ( 3 will be a year old in SEP), TU 4 ( 2 will be a year old in SEP), EQ 3 ( 2 will be a year old in SEP)

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 13:06:31 GMT

I would say pull the trigger, you have another card with a a $5000 limit and you have good card history... Even though you had 120 day late you paid in full and account was closed and that was some years ago. Worst case scenario you qualify for 5000 min limit that the CSP carries. If you were to get message Chase has awesome recon line and you have an excellent shot of explaining the little negative in your report. Like I said earlier I would pull the trigger.. I'm on the iPhone so it wasn't showing the scores you have, but I assume you are at least 700+ or close too it??

Re: CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 13:21:45 GMT

@drinkthekoolaid wrote:
I would say pull the trigger, you have another card with a a $5000 limit and you have good card history... Even though you had 120 day late you paid in full and account was closed and that was some years ago. Worst case scenario you qualify for 5000 min limit that the CSP carries. If you were to get message Chase has awesome recon line and you have an excellent shot of explaining the little negative in your report. Like I said earlier I would pull the trigger.. I'm on the iPhone so it wasn't showing the scores you have, but I assume you are at least 700+ or close too it?

Here are my scores... Very tempting. I was just thinking about 3x cli on amex. I was going to ask 2x around 20k. would that help at all?

Fico EQ-692 score tracker
Fico EX-695 (06/16/2013)
Fico TU- 691(03/24/2013

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 14:08:21 GMT

Close enough, I would say wait for the AMex 3xCLI only if you didnt have a $5000 min cc already. But since you do already I wouldnt say that would change much at all. I would pull the trigger!!

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 15:13:55 GMT

Let me know what you decided to do!?

Re: CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 15:17:55 GMT

I will apply in SEP, I am hoping when those inquires age to a year my score might possibly hit 700's Idk. But i agree on the amex 3xcli shouldn't make a big difference.

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 15:23:36 GMT

INQ stop affecting you score after 6 months of being on the report and drop off after 2 years. So I don't think a year will do much to your score in regards to the INQ.. What is your current UTIL at?

Re: CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 15:31:54 GMT

I see, well my current utli is as follows

Macys Amex 0/3800

BCE 970/9600

Capital one 400/1250

Discover 300/1200

James Allen 0/1800

Overall 9.5%

@drinkthekoolaid wrote:
INQ stop affecting you score after 6 months of being on the report and drop off after 2 years. So I don't think a year will do much to your score in regards to the INQ.. What is your current UTIL at?

Re: CSP- apply now or wait?

Anonymous — Tue, 20 Aug 2013 15:32:37 GMT

@drinkthekoolaid wrote:
INQ stop affecting you score after 6 months of being on the report and drop off after 2 years.

Really? I think the impact decreases by six months, but they are still factored into the score for a year.

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 15:37:34 GMT

See that's up for debate, I know I have read it both ways... Longtime might be right, but I have always though 6 months.

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 15:39:30 GMT

Great UTIL, If it were me I wouldn't wait, but maybe someone else will chime in and give you their opinion.

Re: CSP- apply now or wait?

Anonymous — Tue, 20 Aug 2013 15:58:58 GMT

@drinkthekoolaid wrote:
See that's up for debate, I know I have read it both ways... Longtime might be right, but I have always though 6 months.

Well, on this site:

http://www.myfico.com/CreditEducation/New-Credit.aspx

How many recent inquiries you have

An inquiry is when a lender makes a request for your credit report or score. Inquiries remain on your credit report for two years, although the FICO® Score only consider inquiries from the last 12 months. The FICO Score has been carefully designed to count only those inquiries that truly impact credit risk, as not all inquiries are related to credit risk.

Re: CSP- apply now or wait?

missjae — Tue, 20 Aug 2013 15:59:53 GMT

@Ditovera wrote:
I wanted to apply for CSP...Initially was looking to get JP Morgan select ( for the hidden TL) but was told on this forum you need endorsement so that's out the door.
Anyways I have opened 5 new accounts between may/June ( 4 cc and 1 Auto loan). 2CC's are store cards. My question ; amex card( which was opened in late June will be up for 61 day cli soon inital limit was( $9600), should I wait or apply now for CSP? Profile is as follows : thx in advance for all suggestions and advice!

Income: 62k
AAOA: 2 years 9 months
Oldest account: 7 years-student loans
Car loan 18K- $308 per month
Current cards and scores are in Signature
Baddies: BOA CC opened 2008- 120days late paid and closed FEB./2011. Should be falling off in about a year FML!
Inquires: EX 7 ( 3 will be a year old in SEP), TU 4 ( 2 will be a year old in SEP), EQ 3 ( 2 will be a year old in SEP)

I was approved for the Sapphire in July with similar a similar profile. I even had 2 baddies (a collection account and a 30 day late). I also have tons of inquiries, but most are over 1 year old. They pulled EX that has 1 credit inquiry within the last year, but over 6 mos old. They also pulled TU which had 2 inquiries from a few days before. I didn't have to recon, but I did initially get a 30 day message. They called me to verify my identity due to an FA, then approved me for the 5K.

Not sure how the inquiries would affect your approval odds, but if you feel more comfortable waiting, then do so. I would imagine that it will either help you or have no impact on their decision. If you did apply and don't get instant approval, you could recon and explain the inquiries. Good luck on whatever you decide to do.

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 16:12:31 GMT

Thanks for the info LongTime

Re: CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 16:18:45 GMT

I couldn't help myself!!!!!!!!!!!!

Approved for $5000! Awesome thx guys now how do i insert an image!?

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 16:26:08 GMT

HAHA welcome to the CSP family !!! Now time to garden!

Re: CSP- apply now or wait?

Ditovera — Tue, 20 Aug 2013 16:27:57 GMT

@drinkthekoolaid wrote:
HAHA welcome to the CSP family !!! Now time to garden!

You def convinced me drinkthekoolaid! I will be gardening for a very long time!! hahahah

Re: CSP- apply now or wait?

DaveSignal — Tue, 20 Aug 2013 16:34:29 GMT

drinkthekoolaid wrote:
See that's up for debate, I know I have read it both ways... Longtime might be right, but I have always though 6 months.

It is 1 year. I know this because I have watched my score drop from an inq and seen in rise again when the inq falls off 1 year later.

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 16:41:54 GMT

Thanks for the added info, I will be sure to note that!

Re: CSP- apply now or wait?

drinkthekoolaid — Tue, 20 Aug 2013 16:41:21 GMT

Your Welcome, glad to help!!!