topic Re: Looking to add CSP to my portfolio, do I even qualify? in Credit Cards

Looking to add CSP to my portfolio, do I even qualify?

Youngcredit23 — Sat, 10 May 2014 16:50:14 GMT

I'm approaching 7 months of my credit journey, and so far I have two cards, the American Express Blue Cash Everyday($2,300CL) and the Chase Freedom($500CL). I was looking to add one more card to my portfolio for a total of three cards, until I'm finished with college, on with my real career, and making decent money.

I was looking to add the Chase Shappire Preferred, but through some research, looks like I won't be qualified for this card where I stand now.

-I'm 18, working part time and going to school so my yearly salary with taxes taken out is $6,100.

-I have two revolving accounts, the Chase Freedom that's been open for 6 months and the Amex BCE that's been open for 1 month.

-EXP Fico of 730, Utilization is 0% at the moment, 2 inquiries.

What do you guys think? Any other info you guys need from me to better address the question?

Re: Looking to add CSP to my portfolio, do I even qualify?

MrCollector — Sat, 10 May 2014 17:09:07 GMT

@Youngcredit23 wrote:
I'm approaching 7 months of my credit journey, and so far I have two cards, the American Express Blue Cash Everyday($2,300CL) and the Chase Freedom($500CL). I was looking to add one more card to my portfolio for a total of three cards, until I'm finished with college, on with my real career, and making decent money.

I was looking to add the Chase Shappire Preferred, but through some research, looks like I won't be qualified for this card where I stand now.

-I'm 18, working part time and going to school so my yearly salary with taxes taken out is $6,100.
-I have two revolving accounts, the Chase Freedom that's been open for 6 months and the Amex BCE that's been open for 1 month.
-EXP Fico of 730, Utilization is 0% at the moment, 2 inquiries.

What do you guys think? Any other info you guys need from me to better address the question?

Doubt they will give you a card that has a min $5K limit with $6.1K income. Give it some time before you apply.

Re: Looking to add CSP to my portfolio, do I even qualify?

CF_Frost — Sat, 10 May 2014 17:09:59 GMT

Income, limits, and history could be your downfall here. 3X the Amex when eligible but the income and history would still trouble an analyst IMO. Doesn't hurt that you'll have a history with Chase though. Be patient.

Re: Looking to add CSP to my portfolio, do I even qualify?

Creditaddict — Sat, 10 May 2014 18:58:22 GMT

you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.

I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.

For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.

Consider adding the Discover it now.

Re: Looking to add CSP to my portfolio, do I even qualify?

fot1 — Sat, 10 May 2014 19:06:39 GMT

@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.

Why add the Discover IT card when op has the Freedom card? They are so similair. OP I don't think you could get the CSP at your income and credit lenght.. I f you want to add another card look at maybe adding the Quicksilver card now or Sallie Mae card in 6 months..

Re: Looking to add CSP to my portfolio, do I even qualify?

Creditaddict — Sat, 10 May 2014 19:11:45 GMT

@fot1 wrote:
@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.
Why add the Discover IT card when op has the Freedom card? They are so similair. OP I don't think you could get the CSP at your income and credit lenght.. I f you want to add another card look at maybe adding the Quicksilver card now or Sallie Mae card in 6 months..

good bank to build relationship with.

good rewards that are similar to freedom if you max them out.

I to like the suggestion of getting Sallie Mae!

Re: Looking to add CSP to my portfolio, do I even qualify?

dodgerslv — Sat, 10 May 2014 19:15:26 GMT

i gotta agree with CA, go for either Sallie Mae adn/or Discover.

Re: Looking to add CSP to my portfolio, do I even qualify?

Youngcredit23 — Sat, 10 May 2014 19:16:08 GMT

@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.

When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!

Re: Looking to add CSP to my portfolio, do I even qualify?

Creditaddict — Sat, 10 May 2014 19:18:46 GMT

@Youngcredit23 wrote:
@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.
When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!

the amex computer is something amazing and if they cap at 40% then let them tell you what that is in an instant counter when you apply for the CLI (it's always sp!)

Re: Looking to add CSP to my portfolio, do I even qualify?

Creditaddict — Sat, 10 May 2014 19:19:53 GMT

@Creditaddict wrote:
@Youngcredit23 wrote:
@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.
When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!
the amex computer is something amazing and if they cap at 40% then let them tell you what that is in an instant counter when you apply for the CLI (it's always sp!)

and income questions are usually GROSS which is pre-tax.

Re: Looking to add CSP to my portfolio, do I even qualify?

mongstradamus — Sat, 10 May 2014 19:23:20 GMT

I think shop discover with discover cards Is really under rated. If you do any online shopping at all you can some major cash back imo

Re: Looking to add CSP to my portfolio, do I even qualify?

fargobzn — Sat, 10 May 2014 19:33:16 GMT

@mongstradamus wrote:
I think shop discover with discover cards Is really under rated. If you do any online shopping at all you can some major cash back imo

Agreed, especially when you can stack shop discover with the 5% for shopping online in quarter four.

Re: Looking to add CSP to my portfolio, do I even qualify?

nhl1508 — Sat, 10 May 2014 19:46:55 GMT

@Youngcredit23 wrote:
I'm approaching 7 months of my credit journey, and so far I have two cards, the American Express Blue Cash Everyday($2,300CL) and the Chase Freedom($500CL). I was looking to add one more card to my portfolio for a total of three cards, until I'm finished with college, on with my real career, and making decent money.

I was looking to add the Chase Shappire Preferred, but through some research, looks like I won't be qualified for this card where I stand now.

-I'm 18, working part time and going to school so my yearly salary with taxes taken out is $6,100.
-I have two revolving accounts, the Chase Freedom that's been open for 6 months and the Amex BCE that's been open for 1 month.
-EXP Fico of 730, Utilization is 0% at the moment, 2 inquiries.

What do you guys think? Any other info you guys need from me to better address the question?

I also don't think you would be able to get a CSP now. It is a prime card, and I actually had a hard time to even dare to app for it until I got a pre-approved offer at the branch.

I would say you should try to app for the Sallie Mae. it is an excellent card that can help you a lot during college with 5% on gas, grocery and Amazon purchase.

Re: Looking to add CSP to my portfolio, do I even qualify?

MrCollector — Sat, 10 May 2014 20:06:16 GMT

@Youngcredit23 wrote:
@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.
When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!

Ask for the 3x CLI, the worst that will happen is they will counter. If they deny you, that means you wouldn't have gotten a CLI at any number.

Re: Looking to add CSP to my portfolio, do I even qualify?

Anonymous — Sat, 10 May 2014 21:52:24 GMT

Also, why the CSP at this point with that income. Getting it for the year for the bonus is fine (if 2k/3K spend in three months isn't an issue) but this is a card that only makes sense with a lot of spend. The value proposition is based on the transferability of UR points to partner programs, and to do this you need a fair number of points, and thus a lot spend (after the initial bonus). You will be paying a $95AF and not getting comparable benefits.

Re: Looking to add CSP to my portfolio, do I even qualify?

Josh2942 — Sun, 11 May 2014 01:16:02 GMT

Deffinteyl wait. I'm 19 with one year history and chase told me they want two years or one year with their card. Plus a 5k or more limit. Some people think it's a myth but credit recon people tell me they want a 5k line. I just got a boost from Barclay to 7,310 so after a year of the freedom I will be apping for the CSP or Hyatt

Re: Looking to add CSP to my portfolio, do I even qualify?

Youngcredit23 — Sun, 11 May 2014 02:22:50 GMT

@MrCollector wrote:
@Youngcredit23 wrote:
@Creditaddict wrote:
you also want to give your full income pre-tax if you ask me... I usually say income of at least $12k a year if applying for bigger cards like CSP.
I would also do your 3x cli requerst with Amex if the $2300 was your starting limit.
For chase, I would check the pre-qual online and not cold apply for that card right now if you don't have an offer.
Consider adding the Discover it now.
When the ask for income on applications, are they asking for pre-tax? I've assumed on both applications for the Freedom and BCE that they were asking for post-tax income.

I'm also hesitant to ask for the 3X CLI on my BCE. I recently just read on a thread that Amex revolvers like to cap of at 40% of your given income. If that's the case, my current $2,300 CL is pretty close to 40% of my income.

No prequalifieds on the Chase right now so looks like I need to be patient. Thanks!
Ask for the 3x CLI, the worst that will happen is they will counter. If they deny you, that means you wouldn't have gotten a CLI at any number.

Will do. The only one other thiing I am considering with the 3X CLI is if I do hit Amex's internal limit, would that stop me from being able to apply for other cards of theirs.

Should I update the post-tax income I gave them and give them my gross income instead?

Re: Looking to add CSP to my portfolio, do I even qualify?

Youngcredit23 — Sun, 11 May 2014 02:25:05 GMT

@Anonymous wrote:
Also, why the CSP at this point with that income. Getting it for the year for the bonus is fine (if 2k/3K spend in three months isn't an issue) but this is a card that only makes sense with a lot of spend. The value proposition is based on the transferability of UR points to partner programs, and to do this you need a fair number of points, and thus a lot spend (after the initial bonus). You will be paying a $95AF and not getting comparable benefits.

I guess I was considering the CSP because of the 2X points on dining, and to be honest, I do spend a lot on dining. I do understand your point though that to fully maximize the benefits of this card that I would need a larger income to support the spending I would need to do to make this card useful since it does in fact have an anual fee.

Re: Looking to add CSP to my portfolio, do I even qualify?

mongstradamus — Sun, 11 May 2014 02:28:38 GMT

another question i would ask if you are looking at CSP , can you hit the 3000 spending limit to accrrue the 40k points ?

Re: Looking to add CSP to my portfolio, do I even qualify?

Youngcredit23 — Sun, 11 May 2014 02:33:00 GMT

@Josh2942 wrote:
Deffinteyl wait. I'm 19 with one year history and chase told me they want two years or one year with their card. Plus a 5k or more limit. Some people think it's a myth but credit recon people tell me they want a 5k line. I just got a boost from Barclay to 7,310 so after a year of the freedom I will be apping for the CSP or Hyatt

Thanks for the heads up. When they said they want 5k or more limit, is that with one of their own cards, or just another 5k tradeline in general?

Btw, nice line of cards with one year of history. I'm slacking lol.