topic Re: Chances of CSP Approval in Credit Cards

Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 16:26:29 GMT

I'm contemplating applying for the CSP in the future. I believe Chase will pull EX once again. I recently (nearing up on 3 weeks) applied for the Freedom and was approved instantly through the website for $1200.

Here is the rundown on my EX report:

CS: 728 (pulled from experian's site)

Revolving Debt: 1%

Oldest Account: 1.1 yrs

AAoA: 0.4 yrs

Inquiries: 7 hard inquiries (report shows 8 inquiries though - two on the same day - auto loan)

Three of the inquiries on the report are from the last 12 months. The rest are older with the oldest falling off on 1/19/2015.

Of the three inquiries from the last 12 months, the dates are as follows:

Amex 3/24/14

Chase: 6/9/14

BoA: 6/9/14

Provable income is set between $24,000-$25,000.

I tried using Chase's pre-approval link but nothing appeared. I used the pre-approval link prior to applying for the Freedom with no avail.

What are my odds of approval if I were to apply at the very moment? Is it best to wait a certain time frame before applying for the CSP? If so, how long?

Re: Chances of CSP Approval

yudeology101 — Fri, 27 Jun 2014 16:31:41 GMT

The number of INQs + short overall AAoA may not look good the CSP, but credit card game is always YMMV. My advice is to wait a lil' bit longer and let your new accounts age, i don't think there's no rush for the CSP with your other great cards in your wallet. Assuming that you have a clean profile, i would suggest wait a bit and you won't be disappointed later on when you get a monster starting CL when ready.

Best of luck.

Re: Chances of CSP Approval

Dw4250 — Fri, 27 Jun 2014 16:32:27 GMT

@Anonymous wrote:
I'm contemplating applying for the CSP in the future. I believe Chase will pull EX once again. I recently (nearing up on 3 weeks) applied for the Freedom and was approved instantly through the website for $1200.

Here is the rundown on my EX report:
CS: 728 (pulled from experian's site)
Revolving Debt: 1%
Oldest Account: 1.1 yrs
AAoA: 0.4 yrs
Inquiries: 7 hard inquiries (report shows 8 inquiries though - two on the same day - auto loan)

Three of the inquiries on the report are from the last 12 months. The rest are older with the oldest falling off on 1/19/2015.

Of the three inquiries from the last 12 months, the dates are as follows:
Amex 3/24/14
Chase: 6/9/14
BoA: 6/9/14

Provable income is set between $24,000-$25,000.

I tried using Chase's pre-approval link but nothing appeared. I used the pre-approval link prior to applying for the Freedom with no avail.

What are my odds of approval if I were to apply at the very moment? Is it best to wait a certain time frame before applying for the CSP? If so, how long?

I know CSP have an income requirement; not certain what it is though. What is your actual FICO score? You should have received it when you apped for the Freedom and BOA (in the same letter you got your card). Credit Sesame score is basically worthless (from a FICO perspective).

Re: Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 16:34:13 GMT

@yudeology101 wrote:
The number of INQs + short overall AAoA may not look good the CSP, but credit card game is always YMMV. My advice is to wait a lil' bit longer and let your new accounts age, i don't think there's no rush for the CSP with your other great cards in your wallet. Assuming that you have a clean profile, i would suggest wait a bit and you won't be disappointed later on when you get a monster starting CL when ready.

Best of luck.

Yes, my profile is a clean one. No lates or baddies. I was thinking waiting till my Freedom/BoA card hits 6 months would be best.

Re: Chances of CSP Approval

Closingracer99 — Fri, 27 Jun 2014 16:35:00 GMT

@Dw4250 wrote:
@Anonymous wrote:
I'm contemplating applying for the CSP in the future. I believe Chase will pull EX once again. I recently (nearing up on 3 weeks) applied for the Freedom and was approved instantly through the website for $1200.

Here is the rundown on my EX report:
CS: 728 (pulled from experian's site)
Revolving Debt: 1%
Oldest Account: 1.1 yrs
AAoA: 0.4 yrs
Inquiries: 7 hard inquiries (report shows 8 inquiries though - two on the same day - auto loan)

Three of the inquiries on the report are from the last 12 months. The rest are older with the oldest falling off on 1/19/2015.

Of the three inquiries from the last 12 months, the dates are as follows:
Amex 3/24/14
Chase: 6/9/14
BoA: 6/9/14

Provable income is set between $24,000-$25,000.

I tried using Chase's pre-approval link but nothing appeared. I used the pre-approval link prior to applying for the Freedom with no avail.

What are my odds of approval if I were to apply at the very moment? Is it best to wait a certain time frame before applying for the CSP? If so, how long?

I know CSP have an income requirement; not certain what it is though. What is your actual FICO score? You should have received it when you apped for the Freedom and BOA (in the same letter you got your card). Credit Sesame score is basically worthless (from a FICO perspective).

Chase doesn't send your Fico score but some internal score.... The only Credit card approval that gave me my actual score so far is citi bank with my Equifax score

Re: Chances of CSP Approval

heyarrnold — Fri, 27 Jun 2014 16:35:36 GMT

You should probably wait. Let your inquiries age, and your AAOA increase.

I've heard from others that the minimum approved limit for a CSP is 5k, and that Chase likes to see another CC on your report with at least 5k on it as well. I may be mistaken.

Re: Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 16:37:52 GMT

@Dw4250 wrote:
@Anonymous wrote:

I know CSP have an income requirement; not certain what it is though. What is your actual FICO score? You should have received it when you apped for the Freedom and BOA (in the same letter you got your card). Credit Sesame score is basically worthless (from a FICO perspective).

By CS I meant 'credit score' - sorry for the miscommunication. I forgot what my score was when Chase pulled it and have already shredded these papers.

Re: Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 16:39:15 GMT

@heyarrnold wrote:
You should probably wait. Let your inquiries age, and your AAOA increase.

I've heard from others that the minimum approved limit for a CSP is 5k, and that Chase likes to see another CC on your report with at least 5k on it as well. I may be mistaken.

I do have an Amex BCE which is currently at $6k.

Re: Chances of CSP Approval

yudeology101 — Fri, 27 Jun 2014 16:39:37 GMT

@Anonymous wrote:
@Dw4250 wrote:
@Anonymous wrote:

I know CSP have an income requirement; not certain what it is though. What is your actual FICO score? You should have received it when you apped for the Freedom and BOA (in the same letter you got your card). Credit Sesame score is basically worthless (from a FICO perspective).
By CS I meant 'credit score' - sorry for the miscommunication. I forgot what my score was when Chase pulled it and have already shredded these papers.

If you have pulled your score from the EX site, the score from there is still a FAKO score.

Re: Chances of CSP Approval

heyarrnold — Fri, 27 Jun 2014 16:45:33 GMT

@Anonymous wrote:
@heyarrnold wrote:
You should probably wait. Let your inquiries age, and your AAOA increase.

I've heard from others that the minimum approved limit for a CSP is 5k, and that Chase likes to see another CC on your report with at least 5k on it as well. I may be mistaken.

I do have an Amex BCE which is currently at $6k.

My apologies. I did not hover over your CC's Let me look at what my AAOA was when I applied, and what cards I had. One sec.

EDITED:

Okay, my AAOA was 1.25 years at the time of application. And my overall available credit was 20k.

Re: Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 17:37:39 GMT

From the sound of things, it seems best that I stay in the garden for awhile till my accounts age a bit.

I was hoping to make a few large purchases that I have to make (within the next month or two) with the CSP to claim the signup bonus and use that for my vacation next year.

Re: Chances of CSP Approval

heyarrnold — Fri, 27 Jun 2014 17:42:55 GMT

@Anonymous wrote:
From the sound of things, it seems best that I stay in the garden for awhile till my accounts age a bit.

I was hoping to make a few large purchases that I have to make (within the next month or two) with the CSP to claim the signup bonus and use that for my vacation next year.

Give your accounts 6 months to age. December is not too far away You will have the card very soon!

Re: Chances of CSP Approval

Anonymous — Fri, 27 Jun 2014 17:49:00 GMT

Would it be best to put most of my payments through my Freedom to show Chase usage and then PIF for the next 6 months?

I'm saving my Freedom's signup bonus for when I get the CSP and can utilize the combo of signup bonuses.

Hopefully Chase doesn't rid of that signup bonus this year!

Re: Chances of CSP Approval

heyarrnold — Fri, 27 Jun 2014 17:57:02 GMT

@Anonymous wrote:
Would it be best to put most of my payments through my Freedom to show Chase usage and then PIF for the next 6 months?

I'm saving my Freedom's signup bonus for when I get the CSP and can utilize the combo of signup bonuses.

Hopefully Chase doesn't rid of that signup bonus this year!

That would definitely increase your internal score with them!

I've had my CSP for less than a year. It will be one year in August. I heavily use the card and have always PIF.