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I wanted to throw some info out and get a general feel from those of you in the know. I'm wanting a CS card, but I'm unsure of which route to take. Obviously, if approval for either was a certainty, I'd wait until the official launch of the CSR and go that route. Being a VISA Infinite card rather than VISA Signature, I understand their approval bar is set just a bit higher, but for which specific factors I don't know.
Currently, my only account with Chase is a Freedom card with a $10k limit that I've had for at least 6 months, however my oldest active credit account is my mortgage at 7 years, but have a credit history expanding beyond 10 years. My current FICO EQ score is 704. My current credit utilization is 38% only because of a couple recent large purchases on my Freedom card for home improvement stuff, but this will be PIF by the end of the month, or at least paid down to drop my utilization to around 10% (currently still within my 0% APR promo), as it's the only card I actively use. I've heard the magic minimum income figures for VISA Infinite being $50k-$60k/annual, and if that's the case, I meet this requirement. I have 0 accounts in collections, 0 bankruptcies, and 0 foreclosures/repos.
My main concern is my FICO score. While not horrible, it could be better, and it is improving. I only came from a pretty rough credit background and have worked hard at making my credit work for me rather than me working for my credit, and I'd like to expand this power. My other concern is that I've heard positive feedback about the reliability of Chase's pre-qualified offer screen, where my only offer right now is the Slate, which is tempting only for the free FICO scores, but otherwise not on my list of goals. However, I understand that PQ offers are not guarantees of approval nor is the lack of an offer a guarantee of denial.
As someone who travels for pleasure multiple times a year, the $450 AF of the CSR would be offset by the $300 travel expense, bringing it in as an AF of only a little higher than the CSP, but with much greater benefits that would apply to me.
So, should I just try to get my foot in the CS door now with a CSP or do you think my odds are good for getting approved for a CSR once this goes live?
I apologize for the novel, but I appreciate everyone's time and wisdom!
Given the CSR's huge bonus I don't know why anyone would apply for a CSP at this point instead of waiting for CSR. If you can justify CSP, you may as well wait and get the CSR.
As far as actually getting approved, you may be okay if you get the utilization down; that's what sticks out to me. Your score is in the average range, so it could go either way, but getting the utilization down will definitely help you.
I don't think the CSR approval odds/requirements will be that different than the CSP. If you travel enough to justify the AF and the card fits your spending needs you should definitely go for the CSR. I might wait for some data points of approvals/denials once the card becomes live on 8/21. Also if I were you I would get that UTIL down before applying just to strengthen your profile and improve your chances. With the $450 AF I think we will see a lot of approvals. IMO you have a good chance either way but YMMV.
Thanks so far, you two.
Yes, I should have mentioned that I will not be sitting on Chase's website at 11:59 PM hitting F5 over and over again waiting on the card to go live. By "apply for the CSP" now, I definitely meant after I get my utilization down.
The only reason I'd apply for the CSP over the CSR is due to the increased difficulty in CSR approval. Being a VISA Infinte card, which are limited in numbers in the US, apparently, I'm having a hard time finding out general requirements. Either way, if 680 FICO scores are the general minimum for CSP (Signature) while 720 ends up being the general minimum for CSR (Infinite), then it's obviously out of my reach at the moment, and minimizing my utilization wouldn't boost it to this hypothetical 720, so the choice will be made for me.
@Anonymous wrote:I wanted to throw some info out and get a general feel from those of you in the know. I'm wanting a CS card, but I'm unsure of which route to take. Obviously, if approval for either was a certainty, I'd wait until the official launch of the CSR and go that route. Being a VISA Infinite card rather than VISA Signature, I understand their approval bar is set just a bit higher, but for which specific factors I don't know.
Currently, my only account with Chase is a Freedom card with a $10k limit that I've had for at least 6 months, however my oldest active credit account is my mortgage at 7 years, but have a credit history expanding beyond 10 years. My current FICO EQ score is 704. My current credit utilization is 38% only because of a couple recent large purchases on my Freedom card for home improvement stuff, but this will be PIF by the end of the month, or at least paid down to drop my utilization to around 10% (currently still within my 0% APR promo), as it's the only card I actively use. I've heard the magic minimum income figures for VISA Infinite being $50k-$60k/annual, and if that's the case, I meet this requirement. I have 0 accounts in collections, 0 bankruptcies, and 0 foreclosures/repos.
My main concern is my FICO score. While not horrible, it could be better, and it is improving. I only came from a pretty rough credit background and have worked hard at making my credit work for me rather than me working for my credit, and I'd like to expand this power. My other concern is that I've heard positive feedback about the reliability of Chase's pre-qualified offer screen, where my only offer right now is the Slate, which is tempting only for the free FICO scores, but otherwise not on my list of goals. However, I understand that PQ offers are not guarantees of approval nor is the lack of an offer a guarantee of denial.
As someone who travels for pleasure multiple times a year, the $450 AF of the CSR would be offset by the $300 travel expense, bringing it in as an AF of only a little higher than the CSP, but with much greater benefits that would apply to me.
So, should I just try to get my foot in the CS door now with a CSP or do you think my odds are good for getting approved for a CSR once this goes live?
I apologize for the novel, but I appreciate everyone's time and wisdom!
1. The only real disadvantage to the Reserve is the high annual fee, but since you've got that figured out, it's not a disadavantage.
2. I have a hunch it will be easier to get approved for the CSR because (a) they're promoting it and want to get them out the door and (b) $450 is $450. Easy money.
Hey Shirtless,
Don't forget to try the Chase pre-qual page after the 21st. There will be plenty of data points next week on this board to give you a clearer idea if you are within the range for CSR. I think that it will be interesting to see how the apps that receive(d) the 7-10 and 30 messages play out. It will also be interesting to see the first 10+k approvals and what those data points are. I would wait for the CSR. There is one post that says that if you earn the rewards for CSP then you have wait two years to qualify for the rewards for CSR.
Go Cubbies,
Driftless