topic Re: Good timing for CSP? in Credit Cards

Good timing for CSP?

Makersmark23 — Sat, 28 Jun 2014 20:20:22 GMT

Hello,

im new new to posting here but I've been viewing topics for months. Since most of you provide helpful info I want to get some opinions...

background: I have a fico of 776. My TU is 723 according to credit karma (is this reliable?) I don't know the other 2, but a recent mortgage pre-approval told me my middle score of the 3 was 740.

my income is 60k per year, I'm 27 years old, and have $40,000 in student loan debt. I also have $8000 on an auto loan. I have never missed a payment on anything thus far in my life.

my cards are as follows...

capitalone quicksilver, 3k ( dated for 2011)

chase Amazon card, 1.5k (2011)

discover it, 6.5k (2013)

amex prg, Npsl April (2014)

looking back, I wanted a travel card and picked the Amex but had I done more research, the CSP would have been the better choice. I want to get an Amex bcp at some point but the prg is going next March.

i currently have 2 inquiries on my credit, one of which is Amex the other is capitalone mortgage pre-approval. In your opinion, do I have a good shot at CSP, and is it a bad time to apply for the card with an upcoming mortgage?

i want it for the no foreign transaction fees for my honeymoon in September, and the sign up bonus of course. Aside from that there is a little itch for a new high end card

your advice ice is much welcomed.

Thanks!

Re: Good timing for CSP?

E150GT — Sat, 28 Jun 2014 20:26:46 GMT

You shouldnt apply if youre in the mortgage process. I did that and while it wasnt a huge deal for me, they did bring it up.

BY the way, the CSP is a great card combined with the freedom and thats all I used this past year. I am only not using it due the fact I am using my ink to hit the sign up bonus.

Re: Good timing for CSP?

coldnmn — Sat, 28 Jun 2014 20:27:04 GMT

Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.

Re: Good timing for CSP?

red259 — Sat, 28 Jun 2014 20:33:21 GMT

@coldnmn wrote:
Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.

How far in advance of applying for a mortgage should you stop applying for new credit? One year?

Re: Good timing for CSP?

Makersmark23 — Sat, 28 Jun 2014 20:43:25 GMT

@E150GT wrote:
You shouldnt apply if youre in the mortgage process. I did that and while it wasnt a huge deal for me, they did bring it up.
BY the way, the CSP is a great card combined with the freedom and thats all I used this past year. I am only not using it due the fact I am using my ink to hit the sign up bonus.

WOuld it be wise to do one before the other, or at the same time?

Re: Good timing for CSP?

Dw4250 — Sat, 28 Jun 2014 20:48:10 GMT

@red259 wrote:
@coldnmn wrote:
Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.
How far in advance of applying for a mortgage should you stop applying for new credit? One year?

I have heard 6 months minimal, but 12 months is optimal. And definitely NO APPING during the process (mortgage companies pull 2-3 times or more from the initial approval process to closing). My re-fi last year was 3 HP x 3...luckily for FICO scoring it all counts as one pull.

Re: Good timing for CSP?

Makersmark23 — Sat, 28 Jun 2014 20:54:30 GMT

@Dw4250 wrote:
@red259 wrote:
@coldnmn wrote:
Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.
How far in advance of applying for a mortgage should you stop applying for new credit? One year?
I have heard 6 months minimal, but 12 months is optimal. And definitely NO APPING during the process (mortgage companies pull 2-3 times or more from the initial approval process to closing). My re-fi last year was 3 HP x 3...luckily for FICO scoring it all counts as one pull

Well I guess I already goofed by applying for Amex in April but that's just something I'll have to live with and learn from.

Re: Good timing for CSP?

Makersmark23 — Sat, 28 Jun 2014 23:11:45 GMT

So as far as my credit history details go based on what I have provided, do I seem to have good odds with CSP?

Re: Good timing for CSP?

SamsungHDTV — Sat, 28 Jun 2014 23:15:37 GMT

@Makersmark23 wrote:
So as far as my credit history details go based on what I have provided, do I seem to have good odds with CSP?

Yes, you should be approved easily. But do wait until you close on your house. As soon as you close, you apply for CSP, get approved, call Chase and they will happily rush the card to you in 2 business days with no charge.

Re: Good timing for CSP?

Makersmark23 — Sun, 29 Jun 2014 01:15:46 GMT

And should I apply for freedom and csp at the same time, in a certain order?

Re: Good timing for CSP?

Dw4250 — Sun, 29 Jun 2014 02:00:49 GMT

You're probably fine to apply for both at the same time. I don't think it matters the order.

Re: Good timing for CSP?

nachoslibres — Sun, 29 Jun 2014 03:05:56 GMT

@Makersmark23 wrote:
And should I apply for freedom and csp at the same time, in a certain order?

It shouldn't matter, but the CSP is considered more of a premium card than the Freedom and the CSP is usually harder to get - so I would app for that one first - but would apply for both in the same day.

For some reason I'm craving a whiskey and coke right now.

Re: Good timing for CSP?

fot1 — Mon, 30 Jun 2014 00:25:10 GMT

@red259 wrote:
@coldnmn wrote:
Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.
How far in advance of applying for a mortgage should you stop applying for new credit? One year?

If you have a good file, good scores, income no baddies 6 months would be fine, if you have lower scores andything negative or lower income needs to be a year..

Re: Good timing for CSP?

Anonymous — Mon, 30 Jun 2014 00:35:07 GMT

@fot1 wrote:
@red259 wrote:
@coldnmn wrote:
Welcome to the forum. Do not apply for anything if your getting a mortgage soon. Wait until you have the house closed and then you should be good to go.
How far in advance of applying for a mortgage should you stop applying for new credit? One year?
If you have a good file, good scores, income no baddies 6 months would be fine, if you have lower scores andything negative or lower income needs to be a year..

I think the real issue is: "Will applying (and especially being successful) change my score enough to move me from one band of interest rate to another." Sort of hard to know, but if your score is high enough, a single new account/inq probably won't push you down. But to be safe, people suggest long time frames, like 6 months to a year or more. Which sort of makes sense, since the advantages gained from a new credit card for a year almost certainly won't outweigh getting a worse mortgage rate.