topic Re: I really really really want CSP in Rebuilding Your Credit

I really really really want CSP

Anonymous — Mon, 17 Mar 2014 09:18:16 GMT

Can you guys please help me - I'm getting addicted to applying even though I know that I'll be denied. I just want to be approved for one good card after being denied for the CSP even after doing the recon

I'm not interested in any other cards really right now, I'm just applying for random cards just because i got denied for the CSP.

This is my credit report information and score from transunion...... can you guys please tell me what I need to do to be even ELIGIBLE for the CSP!?

Current credit score (vantage score?) of 616

► COMMENITY/EXPRESS	$1,349 (LIMIT $1,400)	(OPENED 2007)
► BK OF AMER	$336 (LIMIT $400)	(OPENED 2007)
► CAPITAL ONE	$401 (LIMIT $1,500)	(OPENED 2007)	30 day late DEC 2012 30 day late MARCH 2013
J Crew	$0 (LIMIT $250)	(OPENED LAST WEEK)
Buckle	$0 (LIMIT $250)	(OPENED LAST WEEK)
► CREDIT ONE BANK	$1,366 (LIMIT $1,500)	(OPENED 2008)
► TARGET/TD	$4 (LIMIT $200)	(OPENED 2009)	30 day late OCT 2012 60 day late NOV 2012 30 day late Sept 2013

I'm paying down everything to 0 except for the Express one by Friday --- hopefully that'll raise my score up. Other than that, I don't know what to do to even get the chance of getting the CSP. Please help!

I'm 24, $40k year, no bills/no mortage/no rent/no utilities, student loans that are in forebearance.

Inquiries: 3/13/14 discover, 3/15/14 barclays, 3/11/14 amex, 3/11 bank of america (CLI request)

Re: I really really really want CSP

Craaaig — Mon, 17 Mar 2014 09:51:34 GMT

Your utilization % is probably really high due to your credit one bank balance. I would try and get that balance paid to $0 or as close you can before applying for cards ...

Re: I really really really want CSP

Anonymous — Mon, 17 Mar 2014 17:16:48 GMT

do you think id get approved for it if i can knock everything down to under 1% util.

Re: I really really really want CSP

HigherFico — Mon, 17 Mar 2014 17:27:55 GMT

Pay express and creditone. Did you get an adverse credit notice? It will tell you the reason(s) why you were denied

Re: I really really really want CSP

Anonymous — Mon, 17 Mar 2014 17:29:43 GMT

During the recon they told me about the credit limit to balance ratio is too high and then the couple lates that I had

Re: I really really really want CSP

Anonymous — Mon, 17 Mar 2014 20:13:48 GMT

@Anonymous wrote:
During the recon they told me about the credit limit to balance ratio is too high and then the couple lates that I had

That's your reason. Your utilization is too high. They may overlook the lates, depending on how recent they were, but the UTIL is too high on two of your revolvers. Pay those off and your chances will be much greater of being approved.

Re: I really really really want CSP

dearppl — Mon, 17 Mar 2014 21:33:35 GMT

Your utilization ratio is over 60% & you applied two cards within a month & you have some late payments.

I would suggest you slow down a bit, pay off those credit card debts first, and perhaps apply in May. CSP requires good/excellent score, so you definitely need to work on it.

Re: I really really really want CSP

Anonymous — Mon, 17 Mar 2014 22:18:04 GMT

Its honestly so addicting. I blame the forum haha everyones just posting they got approved for a card and their credit isn't good, they have lates and so on. I just wanted ONE approval haha and I was going to be happy.

I just checked the mail literally 5 minutes ago and got a pre-screened offer for the citi diamond preferred card and just couldn't resist. I applied, got denied and tried the recon number and they weren't of any help. So theres another inquiry. this sucks!

Re: I really really really want CSP

Anonymous — Tue, 18 Mar 2014 00:48:55 GMT

@Anonymous wrote:
Its honestly so addicting. I blame the forum haha everyones just posting they got approved for a card and their credit isn't good, they have lates and so on. I just wanted ONE approval haha and I was going to be happy.

I just checked the mail literally 5 minutes ago and got a pre-screened offer for the citi diamond preferred card and just couldn't resist. I applied, got denied and tried the recon number and they weren't of any help. So theres another inquiry. this sucks!

It's understandable that you want to be approved. However, with your util AND your derogs, CSP and Citi cc's are not in the near future. You need to have at least two good years of payment since your last derog. The longer the better.

If this forum is too addicting, do not log on for awhile. Check back in 6-9 mos with updates.

Just because you can, doesn't mean you should.

Re: I really really really want CSP

Anonymous — Tue, 18 Mar 2014 01:17:37 GMT

I actually just paid down all the cards. I'll wait til it updates on the credit report/score and then a few months to make sure theres a good payment history.

Do you guys suggest that I apply for a secured card? for example capital one or someplace you guys would recommend? I could deposit a big amount so that it reports a high CL ?

Re: I really really really want CSP

Anonymous — Tue, 18 Mar 2014 02:14:05 GMT

@Anonymous wrote:
I actually just paid down all the cards. I'll wait til it updates on the credit report/score and then a few months to make sure theres a good payment history.

Do you guys suggest that I apply for a secured card? for example capital one or someplace you guys would recommend? I could deposit a big amount so that it reports a high CL ?

You don't need a secured card. Try writing GW letters to your creditors.

Re: I really really really want CSP

Anonymous — Tue, 18 Mar 2014 15:16:45 GMT

I'm sending a letter to Target and Capital One through the address that is reported on my credit report. Do you have any suggestions as to addresses I should send?

Also thanks for replying 09Lexie... I've been creeping on the forums for awhile and noticed you're a lot of help to a lot of people.

Re: I really really really want CSP

Anonymous — Tue, 18 Mar 2014 18:02:30 GMT

@Anonymous wrote:
I'm sending a letter to Target and Capital One through the address that is reported on my credit report. Do you have any suggestions as to addresses I should send?

Also thanks for replying 09Lexie... I've been creeping on the forums for awhile and noticed you're a lot of help to a lot of people.

I would send it to the address on file.

Re: I really really really want CSP

-NewGuy- — Tue, 18 Mar 2014 18:17:05 GMT

Also, I noticed that you said you were paying all your cards to zero except the Express. Well, that one is well over 90%, UTIL, so I wouldn't do a thing until thats taken care of too. As Lexie said, try and GW those baddies, and if they won't remove, simply hold off. Continued apping isn't going to help right now. Keep your eye on the CSP prize! Good luck.

Re: I really really really want CSP

Dimanchi — Tue, 18 Mar 2014 18:48:00 GMT

Utilization is way to high. You also have a lot cards wit low CL.. Bank don't mind 30 days late, but when they see 60 they get concern. I would just bring UT down below 5% and pay on time for 6-8 months and then apply. they just approved me for 6K with 2 old CO and 1 Paid JMT. However, i have paid all my bills on time over the last 12 months... it takes time to rebuild, better to get yourself in a good credit and financial situation and then apply again.

Re: I really really really want CSP

Anonymous — Wed, 19 Mar 2014 04:39:24 GMT

During my App spree after I got declined for the CSP - I applied for the American Express Blue Cash card and was declined. I received my letter today and the reason for their decision is :

Your FICO score

"On March 11, 2014 your FICO score was 597 on Experian." Then it gave me reasons as to why the score is 597, balances too high etc etc.

So I guess with that said, if I paid things down, score goes up, wait a little bit - I should be able to get Blue Cash card.

Re: I really really really want CSP

yudeology101 — Wed, 19 Mar 2014 04:55:37 GMT

@Anonymous wrote:
During my App spree after I got declined for the CSP - I applied for the American Express Blue Cash card and was declined. I received my letter today and the reason for their decision is :

Your FICO score
"On March 11, 2014 your FICO score was 597 on Experian." Then it gave me reasons as to why the score is 597, balances too high etc etc.

So I guess with that said, if I paid things down, score goes up, wait a little bit - I should be able to get Blue Cash card.

There you go, great plan. Maintain your UTIL 1~9% for the next 6month to a year and let your scores go up as well as your positive history. Prime lenders like to see stable credit history rather than a roller coaster one.

Re: I really really really want CSP

Anonymous — Wed, 19 Mar 2014 05:16:16 GMT

I never understood this. For example, if my credit score is 600 right now, If I pay off all my credit cards and leave one with 1% used on it and my score jumps up to 650. Will it stay at 650 if I keep it as it is, all credit cards 0 except for 1 with 1% on it? or will it slowly go up?

If it slowly goes up - why does it slowly go up if everything remains the same?

Re: I really really really want CSP

NWintellectual — Wed, 19 Mar 2014 05:46:38 GMT

@Anonymous wrote:
I never understood this. For example, if my credit score is 600 right now, If I pay off all my credit cards and leave one with 1% used on it and my score jumps up to 650. Will it stay at 650 if I keep it as it is, all credit cards 0 except for 1 with 1% on it? or will it slowly go up?

If it slowly goes up - why does it slowly go up if everything remains the same?

Have a look here for how the FICO is composed: http://www.myfico.com/crediteducation/whatsinyourscore.aspx

In a nutshell, your score will continue to grow because you are (1) increasing the amount of positive payment history, (2) growing the length of time you have had accounts open, (3) your utilization [amount owed] is kept low.

Re: I really really really want CSP

SpeeDj — Wed, 19 Mar 2014 13:02:27 GMT

As has been suggested, STOP, sit back and work on your payment history maybe see about good will regarding those lates. You can find a lot of good advice here our on the web on some things too try with good will. When attempting to get prime lenders in your wallet (which is what Chase and Citi are..) you will find you really actually have to work hard at your overall picture you are presenting to lenders. At this point I would say concentrate on the advice given and also maybe take a break from here for six months or more, enjoy life, pay those bills, get that utilization down etc.

The longer you can hold of on applying the better, lenders see those inquiries pile up and they become a red flag. It's a warning sign to them that you are trying too hard to gain more credit. Your current lenders may also follow your spree with adverse action as a result of it as well.

Credit is not a race, it's a marathon and in this case time is what can help it improve. Just relax and enjoy what you have for now and be proud

Just my two cents