WARNING, long, extensive post ahead:
Hello everyone,
Been a lurker, this is my first time posting on my personal credit and I would love as much input as possible. I am currently at 4/24 and I have done extensive research by reading numerous forum posts and watching many credit card YouTubers. I've received numerous Discover It preapproved mailers for over six months now (about three a week). I was totally ready to finally jump on that card, especially with the 0% APR for 18 months offer. I have been wanting the Elan Max Cash Preffered card through my local bank (Ameris Bank in GA) for 5% back on utilities and 5% on streaming. I also had my eyes on the PayPal Mastercard, but wanted to wait until the $100 SUB offer became available. I also had my eyes on the Citi Custom Cash and SavorOne cards, but after evaluating which cards I would need versus ones I would want, I had narrowed it down to the Discover IT cash back, the PPMC, and the MCP. This month, I noticed that the PPMC's SUB is now live and is a limited time offer which expires June 30th! It would be my first flat 2% cash back card.
Then I realized something, I'm currently at 4/24. I have the CFU and the CFF cards with Chase. Why not complete the trifecta with the CSP? I was always so weary about having a card with an annual fee. I have the Prime Visa card and realized after paying for my annual Prime membership ($139) with the card, having an annual fee card under $100 wouldn't be so bad. Now the CSP has that SUB of 80k points. This is my last opportunity to try and see if I am approved before going 5/24 and over. Now for a bit of my Chase history: opened a checking and savings account with them in 2019. Prime Visa opened 11/2020, CFF opened 12/2/2021, CFU opened 1/30/2022. Current limits: Prime $2,900, CFF $13,800, CFU $9,100. I make $65k a year, so if I'm approved for the CSP, I will still have wiggle room for the minimum $5k for the card limit.
My current scores are TU: 736, EQ: 734, EX: 757
Current inquiries: TU: 0, EQ 3 (two cards and one CLI HP), EX: 6 (three cards, two renting pulls about to fall off next month, and a Bank of America inquiry).
I intend on applying in the middle of this month because my credit score will be higher than it is now due to paid balances being reported on numerous cards around the 12th. Current AAoA: 5 years, 2 months for TU and 4 years, 10 months for EQ, which will also increase by the middle of May as well due to accounts aging. AoOA: 16 years, 7 months (AU on my dad's Bank of America card), but my AoOA is 8 years, 10 months, not sure if that plays a factor. AoYA: 3 months, technically 3 1/2, but it will still be 3 on the bureaus. By the time I apply, I will be at 2/6, 3/12, and 4/24. Credit utilization is currently 14-15%, will be lower mid-May when payments report to the bureaus.
Of course, I will be applying for the CSP first, followed by the MCP, and then the PPMC. Chase will pull Experian. Elan will pull Equifax, Synchrony will pull TransUnion, with a possibility of also pulling Experian. I would not be doing any extra spend to reach any of the SUBs. I would use the CSP only for my rent: currently at $1,225/mo, increasing to $1,575/mo July 1st. Would it be better to apply online or in person for the CSP? I think this post has gone on long enough. Thank you for reading. Looking forward to all the feedback. Should I go for it?!?
@FinStar wrote:As far as the CSP application, it doesn't matter whether you apply online or the branch. In the past, branches had a limited-time running promotion with waiving the AF for the first year, so that was one of the advantages of doing so. If you feel comfortable doing the application at the branch, you can do so, but the odds of approval aren't increased by that channel (unless you're pre-approved). Also, keep in mind that regardless of what YouTubers may say or even DPs elsewhere, Chase can pull any CRA (sometimes 2) -- they're not exclusive to EX even with past applications.
Nonetheless, since you mentioned you were at 4/24, I would prioritize CSP over the others.
To add on to this, if you do decide to go for the CSP and get approved, I'd be cautious of applying for any other cards after the CSP. Chase is known for shutting down accounts post-approval if they see excessive credit-seeking behavior after approving you for their card (they SP you pretty consistently for a few months after their approval and keep tabs on you).
@FinStar wrote:As far as the CSP application, it doesn't matter whether you apply online or the branch. In the past, branches had a limited-time running promotion with waiving the AF for the first year, so that was one of the advantages of doing so. If you feel comfortable doing the application at the branch, you can do so, but the odds of approval aren't increased by that channel (unless you're pre-approved). Also, keep in mind that regardless of what YouTubers may say or even DPs elsewhere, Chase can pull any CRA (sometimes 2) -- they're not exclusive to EX even with past applications.
Nonetheless, since you mentioned you were at 4/24, I would prioritize CSP over the others.
Most definitely applying for the CSP first. If Chase does happen to pull both EQ and EX, I will probably hold off on getting the MCP for now and apply for the PPMC afterwards.
@OmarGB9 wrote:
@FinStar wrote:As far as the CSP application, it doesn't matter whether you apply online or the branch. In the past, branches had a limited-time running promotion with waiving the AF for the first year, so that was one of the advantages of doing so. If you feel comfortable doing the application at the branch, you can do so, but the odds of approval aren't increased by that channel (unless you're pre-approved). Also, keep in mind that regardless of what YouTubers may say or even DPs elsewhere, Chase can pull any CRA (sometimes 2) -- they're not exclusive to EX even with past applications.
Nonetheless, since you mentioned you were at 4/24, I would prioritize CSP over the others.
To add on to this, if you do decide to go for the CSP and get approved, I'd be cautious of applying for any other cards after the CSP. Chase is known for shutting down accounts post-approval if they see excessive credit-seeking behavior after approving you for their card (they SP you pretty consistently for a few months after their approval and keep tabs on you).
Thanks for the tip. Just going to apply for the CSP and PPMC then. The MCP will have to wait a bit longer. At least I'll go from 1.5% cash back on utilities to 2% with the PPMC.
@SaintMortichai wrote:
@OmarGB9 wrote:
@FinStar wrote:As far as the CSP application, it doesn't matter whether you apply online or the branch. In the past, branches had a limited-time running promotion with waiving the AF for the first year, so that was one of the advantages of doing so. If you feel comfortable doing the application at the branch, you can do so, but the odds of approval aren't increased by that channel (unless you're pre-approved). Also, keep in mind that regardless of what YouTubers may say or even DPs elsewhere, Chase can pull any CRA (sometimes 2) -- they're not exclusive to EX even with past applications.
Nonetheless, since you mentioned you were at 4/24, I would prioritize CSP over the others.
To add on to this, if you do decide to go for the CSP and get approved, I'd be cautious of applying for any other cards after the CSP. Chase is known for shutting down accounts post-approval if they see excessive credit-seeking behavior after approving you for their card (they SP you pretty consistently for a few months after their approval and keep tabs on you).
Thanks for the tip. Just going to apply for the CSP and PPMC then. The MCP will have to wait a bit longer. At least I'll go from 1.5% cash back on utilities to 2% with the PPMC.
@SaintMortichai I definitely agree with you prioritzing getting the CSP first. Something else for you to consider, it could possibly be more profitable for you to get the MCP ahead of the PPMC. Since you already have the Chase Freedom Unlimited with 1.5% back, the ability to get 5% on categories like Utilities and Telephone/Cable/Internet could pay off more. I have the US Bank Cash Plus and it definitely pays off a lot each month for me. I'm not sure what you're spending each month on those categories but before applying for the PPMC you might wanna run the numbers to see what makes the most money back for you with Cashback, having the PPMC or having the MCP and using the CFU?
@Jordan23ww You have a great point there. I would spend about $260 a month in utilities and cell phone services. It all depends on how quickly I want cash back. I would have a higher SUB with the MCP at $150 in $500 worth of spend in 90 days, which would be done in less than three months. (And also a larger SUB by $50 compared to the PPMC.) I would also average about $13 a month in cash back.
The MCP would cover those categories and I'd also have a flat 2% back on in-store grocery shopping for the other category.
I would use the CSP mainly for rent for the SUB, especially with my rent going up in July. No worries, I always PIF before due dates. And I'd use the 3% for streaming and online grocery.
Overall, I think the CSP and MCP combo is more important right now. I have my BoA CCC that already does 3% online purchases, so I'm not missing much by not applying for the PPMC.
You are a genius. Thank you for your input and making me reevaluate what cards I need right now, besides want. The CSP and MCP are stronger cards, especially for spend I'm going to naturally do anyway. I might as well be rewarded for it!
@SaintMortichai wrote:@Jordan23ww You have a great point there. I would spend about $260 a month in utilities and cell phone services. It all depends on how quickly I want cash back. I would have a higher SUB with the MCP at $150 in $500 worth of spend in 90 days, which would be done in less than three months. (And also a larger SUB by $50 compared to the PPMC.) I would also average about $13 a month in cash back.
The MCP would cover those categories and I'd also have a flat 2% back on in-store grocery shopping for the other category.
I would use the CSP mainly for rent for the SUB, especially with my rent going up in July. No worries, I always PIF before due dates. And I'd use the 3% for streaming and online grocery.
Overall, I think the CSP and MCP combo is more important right now. I have my BoA CCC that already does 3% online purchases, so I'm not missing much by not applying for the PPMC.
You are a genius. Thank you for your input and making me reevaluate what cards I need right now, besides want. The CSP and MCP are stronger cards, especially for spend I'm going to naturally do anyway. I might as well be rewarded for it!
@SaintMortichai awesome! You're welcome! Happy to help!😃
@Jordan23ww If I'm approved for both, I will be gardening until next year because those cards will be so strong altogether!
@SaintMortichai wrote:@Jordan23ww If I'm approved for both, I will be gardening until next year because those cards will be so strong altogether!
@SaintMortichai sounds like a great plan! Best wishes to you when you apply!